No -I haven't had any positions in Kiwi for some months Arco. And yes, the Major indeed put up a particulary ferocious defence around that 6560/90 level - the enemy seems to be running for the hills at the moment [B)][B)]
regards
Xerof
Printable View
No -I haven't had any positions in Kiwi for some months Arco. And yes, the Major indeed put up a particulary ferocious defence around that 6560/90 level - the enemy seems to be running for the hills at the moment [B)][B)]
regards
Xerof
Re mentioned recently on the Butterfly/Gartley thread...............
"Looking pretty strong at the mom.....depending on ones stance, an EOD reversal pattern btw 6600-6720 on the daily might be the catlyst for a nice short IMO".
6658 was the high this week and the weekly chart has printed a Harami pattern, with the EOD looking like it might complete a 3 Falling pattern next week.
Watching this one closely now for the possibility of a confirming reversal signal.
regards - arco
Hi Arco
Yes i have been watching this pairing as well and picked up a few pips on a straddle on last weeks annoucement,which never followed through.
also of interest is standard error channel,though i suspect its not a stand alone indicator each time it has hit the upper extreme it has retraced significantly further adding to the likehood of a reversal
it appears this butterfly might be double brooded?
http://img219.imageshack.us/img219/3949/noname03oc9.jpg
cheers cadet roddy
Hi Roddy
I don't personally find the SEC of any use in forex trading - it may be of more use in share trading where volume is available.
My charting tip - keep everything as simple as possible.
regards - arco
Hi All
Worth watching closely now....we are hovering within a potential reversal point IMO.
http://www.khalsaspad.com/files/092206.gif
regards - arco
hope no one jumped in prematurely.... up 3/4 of a cent today....
I read on the global view forum a few days ago when quite a few were recommending shorting NZD just after the trade deficit figures came out and one of the older wiser posters said 'shorting the kiwi is fraught with difficulty'. I thought at the time that it didnt go down very far after that figure which struck me as being quite bullish
I might give this a go (short ) at 6720 level where we hit the 61.8 fib retracement from 71 ish.
Hi Peat/All
No one should have jumped short yet as there has been no confirmed reversal signal.
The chart I posted shows only the potential reversal zone to be aware of.
I have not entered short yet - still watching for that magic signal.
Regards - arco
Hi Arco,
i welcome any advice, thank you for your tip Yes i will try to keep it simple,
my comment about being double brooded was referring to the red admiral butterfly which can reproduce twice in the one cycle, just a little bit of rhetoric there; so for my future reference is this butterfly still valid after already having one retracement at at 127 ish
http://img98.imageshack.us/img98/6633/nonameadc2.jpg
cheers cadet roddy
Hi Roddy
Yes, I consider the Butterfly still in play. The reversal at 127 turned out to be just a short term profitable part of the normal wave action, but we can now keep our eye open for another nice reversal signal.
There is a Gann calc circa 6720 which could come into play (mentioned a few posts ago).
Regards - arco
the 161.8% target zone is looking very attractive at the moment. Looking for signs........
Xerof