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well a bit of a test for weak longs last night in this and the yen crosses too.
seems that there were some signs here tho, maybe not perfect patterns but definitely bearish formations twice - my trades werent perfect but overall worked out ok.
http://img218.imageshack.us/img218/8...2007ok7.th.jpg
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Nice going Peat
Scaling down onto the weeklys we get an interesting picture emerging.
Plot currently hovering around 1272 of the red PTZ and blue PRZ.
regds - arco
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yeah Peat,
i have been standing aside waiting of late gets a bit boring after awhile,good that you have made some pips tho!
were you trading fib levels on short time frame
cheers roddy
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yes roddy just looking for gartleyesque shapes and entering when it seemed to be happening as one would hope/expect , so not exactly in at the PRZ as I should, but letting it show me it has bounced off the PRZ convincingly and then using the trading strategies in the Carney book I borrowed off Paul (DumbA**) and drawing the new trendline and never letting it go bad. All in the very short time frame of 5min candles.
At this (early) stage I am wondering if all the ratios and names in the Carney book are a little OTT and that the main value behind any Gartley is that you are entering at a level that has strong resistance (in a bearish trade) eg it has retraced somewhere between 61.8 to 88.6% and this gives a good risk reward ratio due to a 100% retracement being the stop loss.
But as I say its early days for me for this book - I've only had it two days and I'm on call for work so even evenings are soaked up by wage slavery.
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Hi Peat,
just put on a short of the break 4200,stop 4250
cheers
roddy
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this is why I'm seeing the Euro as ready to turn.
http://img251.imageshack.us/img251/1...2007mq6.th.jpg
all those three fib levels - 2x161% ext's and a 261% extension all around the 1.42 level. Oh, and the RSI is overbought and turning down through the 70 level. it hasnt shown divergence tho.
According to the strategy in the book I just leant DA the sell signal only comes thoug, when the price breaks the low of the highest day which in this case is about 1.4150. When that breaks target should be 1.39 ish and stop would be close to high 1.43's which is too high imo. probably better to have a much smaller stop and have some more ammo for later.
lets see how this goes. you can see from the pic i shorted at 1.4206 but it wasnt a highly rational trade or at least it was based on a breakout principle - highly fallible.
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Hi Peat
150 pips is big,i try to risk only 2% max per trade,then i can live another day!
i am at break even on this at present,will hold for a bit yet,4150 would of been safer than where i am at present,good strategy
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Hi Peat/Roddy
My concern at this point is that the current action on smaller timeframes
could be printing a final? bull flag before a reversal may occur.
rgds - arco
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afternoon guys
i feel this is another trade worth a look
elliot wave 5 in progress with an imminent abc correction to 140 ish
should have a close look at reversal around 144 Butterfly on hourlies
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in 4th wave
b will possibly test 61.8 of a then c down
big pips is picking the c bottom for 1.50 + long