Disclaimer: I'm still new to forex
- #757,722
- Feb 12, 2013 6:09am Feb 12, 2013 6:09am
damn you forced me in to knocking up some charts - I was going for coffee....
your view is fine and of course possible here is my current take....
Daily: has been on the rise and is potentially on the 5th wave of a trend move targeting lines on the chart range 1.377x to 1.40xx
H4 if we look at the retracement that is shown w4 on the daily but look at it on the h4 chart we can see that it has:
1. retraced 50% of the last full swing (w2-w4 on daily) 1.299x to 1.370x
2. it is a good ABC retrace from 1.370x turning right...
coz i have the same chart for the 4HRS as his
and i can see a strong trend line going down
- #757,726
- Feb 12, 2013 6:17am Feb 12, 2013 6:17am
- Joined Mar 2010 | Status: Trader | 42,434 Posts
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
- #757,728
- Feb 12, 2013 6:19am Feb 12, 2013 6:19am
- Joined Dec 2011 | Status: Trader | 4,013 Posts
Good one ...
;-|
- #757,729
- Feb 12, 2013 6:19am Feb 12, 2013 6:19am
- | Commercial User | Joined Feb 2010 | 8,031 Posts
Founder of Sutherland Wave Principle
- #757,730
- Feb 12, 2013 6:23am Feb 12, 2013 6:23am
- Joined Mar 2010 | Status: Trader | 42,434 Posts
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
- #757,731
- Feb 12, 2013 6:28am Feb 12, 2013 6:28am
- | Commercial User | Joined Feb 2010 | 13,260 Posts
well how can u know that these are ABC waves how can u calculate them on the charts
coz i have the same chart for the 4HRS as his
TLs
you say it is a strong trendline but it is coming from 370x and has just two touch points three if you include the current h4 bar it is also quite steep.
I would argue that this is a TL on a retrace at present because the down move from 370x is much smaller than the up move to it in the first place - you could call it a bull flag if you like.
I personally would place more weight on a TL in a trend move with many touch points than in a retrace move for a fade trade, but I would look to a break of this one to confirm the next push up, but it is just my opinion and I am not trying to change yours.
ABC
The move from 370x is clearly in retrace at the moment and just about all retraces form a minimum of an ABC pattern as in this case so far, it may become more complex it may become a new downward trend, we don't know that we only know what we can see has already happened.
- #757,732
- Feb 12, 2013 6:28am Feb 12, 2013 6:28am
- Joined Dec 2011 | Status: Trader | 4,013 Posts
Might be a 50% retrace here then but we're sitting nicely on the 23 fib line then up to 3580 pullback to 3550 for the next leg. Almost at the top of this run. 3414 for the reload.
3412-14 should be a level to load on up imho as well lets see
- #757,733
- Feb 12, 2013 6:32am Feb 12, 2013 6:32am
- | Membership Revoked | Joined Mar 2009 | 16,693 Posts
- #757,734
- Feb 12, 2013 6:32am Feb 12, 2013 6:32am
- Joined Apr 2011 | Status: Hiroshima and Nagasaki | 8,060 Posts
looking for investors . pm me
- #757,735
- Feb 12, 2013 6:33am Feb 12, 2013 6:33am
well you raise a number of points..
TLs
you say it is a strong trendline but it is coming from 370x and has just two touch points three if you include the current h4 bar it is also quite steep.
I would argue that this is a TL on a retrace at present because the down move from 370x is much smaller than the up move to it in the first place - you could call it a bull flag if you like.
I personally would place more weight on a TL in a trend move with many touch points than in a retrace move for a fade trade, but I would look to a break...
so if we agree its a bull flag it still has to be broken for the next upwards movement dont u agree - #757,736
- Feb 12, 2013 6:34am Feb 12, 2013 6:34am
- | Joined Jan 2010 | Status: Trader | 1,012 Posts
I've been short for a little while here.
- #757,737
- Feb 12, 2013 6:34am Feb 12, 2013 6:34am
- | Joined Jun 2011 | Status: You can if you think you can | 2,969 Posts
Trade What You See Not What You Want To See
- #757,738
- Feb 12, 2013 6:36am Feb 12, 2013 6:36am
- Joined Apr 2011 | Status: Hiroshima and Nagasaki | 8,060 Posts
looking for investors . pm me
- #757,739
- Feb 12, 2013 6:36am Feb 12, 2013 6:36am
- | Joined Jun 2011 | Status: You can if you think you can | 2,969 Posts
Trade What You See Not What You Want To See
- #757,740
- Feb 12, 2013 6:37am Feb 12, 2013 6:37am
- Joined Apr 2011 | Status: Hiroshima and Nagasaki | 8,060 Posts
looking for investors . pm me