Yes agreed....
For clarification here are the two specimens being discussed.....
http://img205.imageshack.us/img205/4393/nzdci8.gif
Xerof
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Yes agreed....
For clarification here are the two specimens being discussed.....
http://img205.imageshack.us/img205/4393/nzdci8.gif
Xerof
Hello Xerof
Thanks for the pic.
Just thinking that the yellow pattern probably falls into the CRAB* harmonics catagory.
*The CRAB is a harmonic pattern discovered by Scott Carney in 2000. This pattern is one of the most precise of all the harmonic patterns. The critical aspect of this pattern is the tight Potential Reversal Zone created by the 1.618 of the XA leg and an extreme (2.24, 2.618, 3.14, 3.618) projection of the BC leg.
Regards - arco
Hello Arco/Xerof
i am finding your posting quite challenging and have been using my calculator to work out the crab formation and how it relates to the nzd.its not hard to draw fib levels on metastock,but not so easy when faced with numbers like 2.24,2.168
math has never been my strong point so please correct me if i am wrong but to manually arrive at 1.618 extension of the XA leg, i took X-A times the diference by 1.618 and added that to point A
As follows.6440-.59300=.051 * 1.618=.0825 +.59300
=.67551
so to extrapolate to have a harmonic pattern do you mean that each leg has to be in the right Fib proportion to each other,whether its a Gartley/Butterfly or Crab so in the crab but not the other patterns
the BC projection leg would have to be one of the following numbers * the differnce of BC (2.24, 2.618, 3.14, 3.618) as per your post Arco and should be close to .67551 area
Cheers
Cadet Roddy
Hi Roddy
In Metastock you can add any Fib numbers without difficulty.
Right click for properties/retracement lines - and then add in value lines you requre.
However remember 2.24 converts to 224, and 3.618 to 361.8, etc
Now you should see the PRZ areas/confluences.
regards - arco
Hi Arco
thanks you for that Arco, will make things a lot easier!
kiwi moving south currently trading .6473
Cheers
Cadet Roddy
Don't fret, it's likely to only be a minor retracement.....under 64 cents would probably change the picture somewhat
http://img168.imageshack.us/img168/9274/nzdlw0.gif
Xerof
17/8....6560-6590 could even be possible, but at that point Mr Gann could put up some strong resistance.
Good to see Mr Gann managed to repel the invaders first advance and in doing so handed us circa 140 pips on a plate.
Thankyou once again Mr Gann - keep up the good work.
Your pal arco in QLD [8D]
Heres something a little different,basic theory i believe is price is supposed to remian within outside lines and have a preferance for the median /middle ground.
will be interesting to see if it can hold the .6420
area with Fib just below as well!
http://img68.imageshack.us/img68/6902/noname7bi8.jpg
cheers Cadet roddy
Placed a long trade at .6420 tading off the 15 min chart, thinking it had found support and Andrews Pitchfork had held only to be stopped out very quickly at 6390 something after Cullen comments!
USD seems to be strong across the board today,
cheers cadet roddy
Hi Roddy/Xerof
IMHO Pitchforks can be used selectively, but they should be confirmed using other signals for major benefit.
Now that manky ol' Crab is still giving off its bounty with a max 220 pips.
Are you still holding long XEROF.
Good weekend all
arco in QLD