ChowClown said:
Agree with you. if 9123 stands, and 75 taken, a 123 triggers short, and target is 9030 in my case, and probably a long at those levels to retest highs at 9150 ish.....
however, so far, yellow line rejected, and now targets bottom pink line (i.e. 9030 ish zone). if target surpassed tomorrow and pink lower line broken clearly (at the very least a close and open below it on the 4hr chart), then its change of trend and shorts only back to 8700 and beyond. (too early to call though
)edit: sorry missed chart
ChowClown said:
Morning, good call Chow. still an uptrend in force, but signs that it may be changing direction. for me reversal levels (or key resistance for that matter) are in the 9095-9110 region. agree with shorting levels. relevant support levels 9015-35.
Charts say up, head says flat.
Harmonic 5-0 Pattern
This has played out quite well during the week so far, i don't profess to knowing the best way to trade it, but the turning points have been interesting to watch.
Found this public domain explanation describing the set up far better than i could:
[font=FHBDFI+TimesNewRoman][/font]
[font=FHBDFI+TimesNewRoman]Although the pattern incorporates 5 points within the structure (X, A, B, C, D), the starting point of the structure (0) can be the beginning of any extended price move. However, the initial point X must possess a specific alignment with respect to the A and B point. The X, A , B formation of the structure is usually some type of impulse move. The XA projection that defines the B point can not exceed a 1.618. Any extension greater than a 1.618 will negate the structure, as smaller impulse moves are preferred. Again, this is the failed wave 3 or wave 5 – in Elliott Wave terms – that establishes the rest of the structure.[/font]
[font=FHBDFI+TimesNewRoman] [/font]
[font=FHBDFI+TimesNewRoman]The BC leg is the longest price length of the structure and must be at least a 1.618 extension of the AB length but it must not exceed 2.24. This tight range of 1.618-2.24 is a defining element of the structure. If the 1.618 minimum limit is not reached, the structure is not a valid 5-0.[/font]
[font=FHBDFI+TimesNewRoman] [/font]
[font=FHBDFI+TimesNewRoman]After the BC leg has reversed from that zone, the 50% retracement is measured from the B point to the C point. In addition, the Reciprocal AB=CD is projected from the C point (an equivalent length of the AB leg) to compliment the Potential Reversal Zone (PRZ). [/font]
This has played out quite well during the week so far, i don't profess to knowing the best way to trade it, but the turning points have been interesting to watch.
Found this public domain explanation describing the set up far better than i could:
[font=FHBDFI+TimesNewRoman][/font]
[font=FHBDFI+TimesNewRoman]Although the pattern incorporates 5 points within the structure (X, A, B, C, D), the starting point of the structure (0) can be the beginning of any extended price move. However, the initial point X must possess a specific alignment with respect to the A and B point. The X, A , B formation of the structure is usually some type of impulse move. The XA projection that defines the B point can not exceed a 1.618. Any extension greater than a 1.618 will negate the structure, as smaller impulse moves are preferred. Again, this is the failed wave 3 or wave 5 – in Elliott Wave terms – that establishes the rest of the structure.[/font]
[font=FHBDFI+TimesNewRoman] [/font]
[font=FHBDFI+TimesNewRoman]The BC leg is the longest price length of the structure and must be at least a 1.618 extension of the AB length but it must not exceed 2.24. This tight range of 1.618-2.24 is a defining element of the structure. If the 1.618 minimum limit is not reached, the structure is not a valid 5-0.[/font]
[font=FHBDFI+TimesNewRoman] [/font]
[font=FHBDFI+TimesNewRoman]After the BC leg has reversed from that zone, the 50% retracement is measured from the B point to the C point. In addition, the Reciprocal AB=CD is projected from the C point (an equivalent length of the AB leg) to compliment the Potential Reversal Zone (PRZ). [/font]
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Offshore Trader
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EUR/GBP following EUR/USD again today unfortunately
ChowClown said:
Chow, thanks.
for me, blue triangle represents resistance zone. and what is apparently a change of trend in force. still not confirmed for shorts, but bias is increasing on that direction. how the 60 min closes will give more clues. so far, nice pinbar for short.
errr, missed chart again, sorry
Thanks Jacinto. My head is pounding short too, but my plan has me long for now. Had a squint at the 5min and i might be lucky with a last wave up from this morning's low to get out for b/e or beyond....if it's going to bounce, expecting about now.jacinto said:Chow, thanks.
for me, blue triangle represents resistance zone. and what is apparently a change of trend in force. still not confirmed for shorts, but bias is increasing on that direction. how the 60 min closes will give more clues. so far, nice pinbar for short.
errr, missed chart again, sorry
Offshore Trader
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Out of long at -20
rav700
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jacinto said:
Thanks Guys I have move my stop to b\e...saw the momentum.....took the chance...out @68 =+17
On days like these you grab what you can......................Thank god for T.A
Thanks chow clown .....Dont worry about your entry there is a good chance of visiting 120 before falling....best of luck
ChowClown said:
Chow, good luck, it could be the place for a bounce. for me, head is dominating chart which says longs with caution or speculative shorts at the top, so prefer staying flat. hope u get a decent exit if it is to go down.
im expecting chop chop with an increasing bias down. EURGBP appears to have changed trend, and that could hurt..
