morning arco , i cant post chart at the moment i bailed on the gbpusd hourlies printed a tweezer bottom around about 9 ish last night i think
ill post a lot more detail later
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morning arco , i cant post chart at the moment i bailed on the gbpusd hourlies printed a tweezer bottom around about 9 ish last night i think
ill post a lot more detail later
usd cad still running butterfly entry sl high 94s target 98 ish i think
wave count based trade
sorry its such a crap reply , kind of hard to respond without charts will post later
Interesting correlation play.
John Jagerson has mentioned there to be a surprising correlation between oil stocks like BP and the GBP/USD.
He states 'They are both influenced by oil prices and can be used in intermarket analysis. If I see a breakout in one that is not reflected in the other - it is a trading signal. A great example was the break above resistance on BP last week that made me think the GBP/USD would be more likely to break through its July resistance level.'
Check it out yourself in the chart below.
http://www.pfxglobal.com/images/john/10302007bp.png
just just possible top in , butterfly 127 at 20900
small short at 20860 on , adding at 20820 for the much anticipated abc correction to 20570 first target.
Can the dollar push this thing back below its weekly resistance.... I guess we'll find out in the next 9 hours...
http://i191.photobucket.com/albums/z...jhu32/gbp2.gif
from ew perspective
in a B wave of an ABC correction of a larger 4th wave
safest possible trade would be the C wave as it takes out A wave low 20522
if 20250 area was breached (4 th wave level of previous impulse wave) then could be a deeper correction as lower channel would be breached
you could pick the top of current B wave and then ride the C wave all the way down
of course always an alternate count going on
wave 3 is smaller than both waves1 and 5 tho
a no no in elliot wave theory.
not that I'm any good at EW DA, but I do know the rule that says wave 3 must not be the smallest
im not sure what your getting at peat
you may be interpreting the wave degree wrong i will post with bigger text
oic
my mistake i was confusing eg (1 ) with 1
as you were !
just a note on the chart posted the critical level for the 4th wave retracement is 20370 as wave 4 can not overlap wave 1