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Added at 11740, as suggested yesterday, but with a VERY tight stop on both at 11730.
On a closer look, and to add another formation into the mix, I wonder if this is the slightly bigger piccy for USD.CAD
http://img416.imageshack.us/img416/2939/usdcad0dl.png
Interestingly, if I were to add another line at the beginning of this formation, and join points 1 and 4, I can also get a WW, meaning it should drop immediately and head for 11550. Hence my tight stop.
BTW, Mr Wolfe's waves look very similar to classic falling and rising wedge formations. Anybody willing to pay USD3k to do his course, with a requirement to sign a confidentiality agreement?
Xerof
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Morning Xerof
Yes I think thats all WW's are bascially, perhaps with a few additional refinements. I looked at the idea several years ago and at that time realised they were still not the Holy Grail.
I havent got the EOD yet from Rooters,,,,15 minutes to go before its available, so I will be getting a better idea then (I hope).
Perhaps a good idea to scalp some pips off CAD until the direction is more clear.
arco
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Morning Arco, seems we were both beavering on this one at the same time. If you take your 60 min view, and my daily view, should be heading to 11900+ [8)][8)]
As I say, my only concern is a direct loss of the short term trend line, which would only add to Mr Wolfe's credibility and subtract from my capital[xx(][xx(]
Xerof
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11963 perhaps.
The new uptrend line is intact on the EOD, but I would prefer to see the oscillator above the zero line. Action is still struggling to exit the Buttefly traps.
arco
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Sleepy scalpers or even techy traders with a million units can breeze home now with 20 pips ($1700).......then again - who knows, there may be more).
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I closed at 68. Not sure about it so out for some pin money[|)][|)]
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Well, I will see what it looks like later this evening and make the decision at that point. Currently +21
As I'm off for a long weekend I may take the profit and spend it on some (more) new clothes for the better half....or perhaps even a deposit on a Med cruise :D
arco
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Good call last night on this Xerof:)
All over the place atm
Cheers
slam
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Hi All
I mentioned on Thursday "Falling wedges can be either reversal or continuation patterns. When they occur in downtrends they are [u]almost always reversal patterns</u>".
We now see that reality giving those who held for the short term a maximum of circa 185 pips
arco
http://www.khalsaspad.com/files/102505_846.gif
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Agreed and very nicely called Arco, but see daily chart below - welcome your opinion. Stumped by the false break down to 11715. There was also a lovely bullish flag formation on Friday on the 60 min chart which yielded a full cent or so by late Monday
DAILY is forming a [u]rising</u> wedge, which is usually a continuation pattern (but can also sometimes signal a reversal, although rare, Murphy pg 147)
Last nights activity stopped dead in its tracks at 11920, so still wondering about this one - I guess its best to watch and wait and trade the breakout either way huh?
http://img484.imageshack.us/img484/5660/usdcad4hl.png
Xerof