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Morning All
Gann support currently holding at 2207.
Bearish Gartley targets have been met and
with some oscillators in minor divergence we
could see a retracement northward at this point.
An eventual move south may even see a continuation
to a full grown Butterfly, and if that were to be the
case then circa 1150 is not out of the question in the
longer term.
Long term positions still signaling to remain short,
with short term positions flat awaiting directional
indication.
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Bullish Engulfing Pattern should give a short term
north bound move.
Long term the indication still looks to be south.
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If you look at the 1hour chart over that last few days, imo we have now started another 5,3 pattern down.
So far we have had a 5 down, abc retrace and now on leg 1 down again.
Not so clear but looks the same on the GBP as well with abc complete and leg 1 complete.
Looks the same on 4 hour as well
Time will tell as always;)
Cheers
Slam
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Slam
You must be finding that EW book interesting.
I've read it maybe 4 times over a period of years
and I'm still baffled in the shorter times periods.
Another of Prechters books is "At The Crest Of The
Tidal Wave". In that book he discusses the
"Point Of Recognition"
There is a point along the way in every bull (bear) market when investors suddenly seem to get the message. It always happens in the "third of third wave," the centerpoint of the entire structure.
And another little gem...........
"When the fifth of the fifth wave tops out, we need not ask why it has done so. Reality again, will be forced upon us. When the producers who are leeched upon disappear or are consumed, the leeches
who remain will have lost their life support system, and the laws of nature will have to be patiently re-learned."
(EWP, Frost & Prechter
You've seen me mention 1150 earlier.....now that seems
a long way down.....but it could happen.
arco
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Thanks for that arco
Will look for those books.
I don't profess to know diddly about EW yet but practice makes perfect (or closer to it)
Really enjoying a little more knowledge to throw into the pot
Cheers
slam
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Heres my EW count, which currently
shows EUR is due for a short term north move.
Also check out the nice divergence on the Osc.
http://forum.tacticaltrader.com/atta...06252005ew.gif
arco
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Overnight action has printed a Harami Cross reversal pattern.
http://www.leavittbrothers.com/images/bull/1117.gif
Pattern: reversal. Reliability: low
Identification
A long black day is followed by a Doji which gaps opposite the trend and is completely engulfed by the real body of the first day.
The Psychology
In a downtrend or within a pullback of an uptrend, a long black day occurs. The next day’s gap up comes as a surprise to the shorts who thought they were sitting on a great position the previous day. The stock closes where it opens to signify a churn day with neither the bulls nor bears showing much force after the opening gap up. Reliability of the bullish Harami Cross is low, so a strong following day is needed for confirmation.
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Possible minor support at 1963
Eventual next target and major Gann support - 1718.
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Nice double top for a trade,see if it keeps going?.
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hi miner
sorry mate I owe you an email[:I]
cheers
slam