USD.CHF

[arco]

Ah Mr Gann, you tested my patience, but perhaps
I will be well rewarded.......action certainly
looking a little better at the moment.

[peat]

plenty of room for your short to have done okay Arco.
I'm rebuilding longs now.... I meant to get in at 1.2367 but somehow have now an av of 1.2383. stops below 1.23 , could consider buying more under 1.2350 if it goes there again.

[arco]

Hi Peat

Yes I jumped out a bit too early on the original trade,
half doubting my original calculations.
However, I got back short yesterday mid afternoon, and
this trade idea was placed on DailyFX at 6pm.

My Gann calcs for possible support/reversal area sit at 1.2322-2315.

IMO this could give an opportunity to short to around this level,
or to wait for a reversal off that area to add longs.

Longer term possible target area 1.2984-3257

regards -arco

[peat]

cheers for that Arco , I'll add cautiously then since I've already jumped in a bit soon. If I hold off a bit then stop wont need need to be compromised.
What happend was that last night I was playing the short side picking up 5 here and there but after I closed them all I had left a stop buy in at 1.2398 and it got taken ! so with that and the 1.2367 limit buy I already had in this has raised my entry points more than I intended. Duh. but not the end of the world.

Your long term target matches Mr McKegg so thats good for me to hear.

[peat]

I did this fib level setting last night (before the overnite low occurred )and then was amazed to see how accurate it was).

[arco]

Peat

The way I use the Fib is to base it on the 'seed' wave
(first retracement 1-2). That is often more accurate.

Try it on the same chart - you will see what I mean.

regards - arco

[peat]

i thought thats what I did.
I consider it a wave when there is at least a 38% retracement - hence I see the first wave or seed wave is from 1.2490 to 1.2440.

Am I wrong because I used the spike up to 1.2490 as my starting point or because of 1.2440?

[arco]

Peat

Fibonacci Seed Wave is another method of estimating where waves will terminate/retrace. You take the measurement of the first retracement wave (1-2 below) and project it forward. The Fib points are possibly where the waves will terminate and start.



arco

[arco]

I got back short earlier at 1.2408, took 50 pips off
one position, and the rest is TP at 2330 (stop at 50)
so whatever happens, happens as I sleep). Mr Gann
may assist. You still in Peat????

All other trades closed now and will reposition on
Mon/Tues.

Good weekend all - arco

[arco]

Nice fall directly to the Gann levels as previously mentioned (with yesterdays confluence of Gann calcs @ 2300-2320).

Mondays Gann calcs are 2308-2318 so we can look for possible support (reversal pattern?), or a break down below with that support turning into resistance. In that case keeping an eye on a lower Gann support area circa 2235.

My target was hit while I dozed blissfully unaware. All in all a very good week.

arco