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my netdania skills arent that great but you get the picture... those solid horizontal lines are the std fibs and somewhere around 9956 would be the 78 % retracement. about 10 pips lower than it is now... stop would be 9936. I havent showed it but there is RSI divergence from the 22:00 low.
http://img440.imageshack.us/img440/2...5102007bv6.jpg
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Hi Peat
Might be a little trade......
Did you see/trade the Gartley prior?
Yellow horizontal is 786
arco
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no I never saw that one. do you think two in a row means double the power? it has after all been a massive decline... surely theres no one left to go short anymore. should really investigate those COT stats or whatever it is that publishes the number of open positions
I also been thinking about what Carney says re time as well how its less important than price and thats good coz clearly nothing significant will happen till after midnite....
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Hi Peat
I havent read Carneys 1st book, so I'm in not up with his thinking re timing. My personal thoughts on timing would be uniform 'shape' - which can be created with perfect timing.
Interesting re the Loonie harmonics.......there was actually another little tuquoise Gartley hidden away in the belly of the red number. (see diagram....I've also added TLs which can be considered for potential reversal areas).
rgds - arco
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and that is why we have stops!
100 pips down below where mine were now.
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Hi Arco/all
Keepinp a watchful eye on this one,as it has dropped through the shorter term butterfly at fib 161 level,and it is now nearing the fib 261 medium term butterfly starting Aug 06 level.
Carney maintains that .618 and 1.61 are the most important numbers,however could it be possible that there could be a base forming at .9790 with
the 261 level at.9700.
cheers roddy
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Roddy
I think Carney stipulates B786/D1618 as the ideal BF,
however Loonie is at D200 and 423 of BC so a little
extended presently. Q-Stick is in divergence.
We away the magical reversal signal
rgds -arco
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Arco/Peat
yes you are right regard butter fly, i made a random statement out of context as i had just listened to a mp3 from Carneys site with him being interviewed on radio and in that he mentions .618 and 1.618 as being of high significance generally!
And Peat his preferred time frame to trade is 15 min chart
cheers
roddy
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5th wave elliot count on dailies
divergence on q stick
bat on the hourlies
watching for a north move
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Morning All
The Loonie may have formed a STICK SANDWICH candlestick pattern.
Also note the Tweezer (bottom?) on the Reuters EOD chart.
http://www.candlestickforum.com/stor...k-Sandwich.jpg
The Stick Sandwich looks somewhat like an ice cream sandwich. it consists of two dark candles with a white candle in between. The closing prices of the two black candles are equal. This demonstrates an obvious support price. The probability of a reversal in the trend is high from this area.
Criteria
1. A downtrend is concluded with a large black candle followed by a white candle. The white candle opens above the black canldes close, and closes above the black candle's open.
2. The final day completely engulfs the white candle and closes at the same level as the previous black candle.
Pattern Psychology
The Bears have been in control for awhile. At the end of the downtrend, the last black candle is followed by a large white candle. The white candle opens higher than the lcose of the last black candle. It trades up for the rest of the day, closing above where the previous day opened. This action makes apparent to the Bears that the downtrend may be coming to an end. The next day opens higher but trades down for the rest of the day. It cannot close lower than the previous low close of two days prior. The shorts take notice and start covering upon any buying strength over the next couple of days.
GTA -arco