AUD.USD

[arco]

The old red Butterfly is still flying north.

Intermediate Gann had minimal EOD effect so we look to Major Gann to
provide a concrete wall of resistance.

He's dug in a little way above yet, so its watching and waiting time.

[dumbass]

hard to get too excited , a bat, but not much sign of usd strength across the board

close to new high

[dumbass]

this could turn into an example of carneys rsi bamm


look for a complex m reversal patern in overbought

when rsi crosses 70 line on way down , note price bar ( trigger price )

must retest below 50

enters overbought again but must reverse with a simple spike

sell at trigger point

really would be a better set up if was a alternate bat where d point is above x point eg 113
and then may get a divergence of price to rsi

[arco]

DB

How about you start up a new thread on BAMM and we will see if we can
find any examples to work on?

In my personal opinion after reading about Carneys BAMM it is very similar
to Alexander Elders divergence rules in 'Trading for a Living'. P144/165.
Elder goes a step further and tells you actual trading rules.

Aussie. Yes, we just have to wait patiently. If we consider the XA leg
from 9/8 this potential Gartley could actually become a BF.

If anyone is still hanging in with the Red Butterfly trade.....keep following
up with a trailing stop.

I notice Tricom were advising a long trade on Aussie yesterday...... (bit late in the day!!!).

[dumbass]

this alternate bat set up progressing nicely , divergence printing on rsi assuming nothing

changes overnight

carney recommends short entry 87.04 at trigger point,

[arco]

HI DB/All

How does Carney define his 'trigger point' ?


Current action is testing the double top area - change of polarity principle.
We must also bear in mind the old red BF is still basically in play, and always has the potential to run further into the 1128-1618 area. (or maybe to 1272 if 'X' = 8/8. (1618). QStick is in divergence now.

10.05 before I get the EOD, so lets see what the daily candle offers.

rgds - arco

[dumbass]

trigger point for trade

rsi prints complex m retracement associated with A point , rsi breaks out of overbought (70) THIS IS TRIGGER CANDLESTICK

this is entry for short , the only thing i may have stuffed up is if you take the high or low of this candlestick

logic would seem to say from this trade that the high of the candlestick would give a more relevant entry , however i marked on low of this candlestick
i will get his book out and check

clear as mud...... excellent

[roddy]

Hi DB

What period rsi and does it need to break 50 level before entering trade!

cheers roddy

[dumbass]

hi rod

default rsi settings

the short trade is on when trigger point price reached rather than level of rsi

i will post full chart tonight to make it a bit clearer

[arco]

Trade still in play.

The old red Butterfly has flown a little further north into the Red Target Zone.

This has been a very good trade, and technically still has potential to move around further in the zone.

Carneys RSI Bamm has failed this time?????? DB?

rgds - arco