EUR.USD

**arco** · 20-10-2005, 09:50 AM

Thats a very wise move Peat.....

I am also short @ 1985.......target Gann 1719.

FX - fingers crossed.

arco

**Xerof** · 20-10-2005, 11:00 AM

Peat,

you see now how Max was thinking? He said yesterday to sell the rally up to 12015. His prevailing medium term view is down, and I think he was waiting for that rally which appears to be wave 4

I'll be joining you guys with a short, as even my lousy EW skills can pinpoint the waves on this one (on short term charts up to 120 mins). Just waiting for confirmation of wave 4 ending

Xerof

**peat** · 20-10-2005, 11:49 AM

what i saw yesterday was a qualification that was confusing

eg "Whilst 1.1955/70 caps,Downside Break imminent.Otherwise 1.2015 then Down"

.... isnt this in effect hedging your bets

maybe in hindsight its correct but then , I wasnt sure how to play it.
Now its risen up as he said I am prepared to give it a go.

When this short hits 1.12 I will use it to continue my subscription lol

**peat** · 20-10-2005, 04:11 PM

quote: Just waiting for confirmation of wave 4 ending

Xerof

what will confirm for you Xerof?

**Xerof** · 20-10-2005, 04:52 PM

I usually wait for a couple of bars on the hourly (or should that be a couple of hours at the bar), to identify a minor high or low.

Once you have a new high, go back a candle to see if it had lower high and lower low, then wait for a bar that has a lower high and lower low compared to the potential 'minor high' bar. (ignore 'inside' bars)

In this case the 8.00 bar is the minor high, by a pip, and was confirmed by the 9.00 bar. I waited for the 10.00 bar as a confirmation.

By this time, I was in the garden bar adn I swa gtteing prttey pssied.....but managed to find the sell button at 83.

There's a much better illustration of a minor low set-up, on yesterday evenings turn off the 11875 lows. Nice and clear, well defined minor low.

Xerof

Sorry, I was 1 bar out, the sequence is 9.00 bar, preceded by 8.00 bar, confirmed by 10.00 bar, and clearly by 11.00 bar. I gave it the benefit of the doubt regarding highs, as there was only a pip in it.

**Xerof** · 20-10-2005, 05:07 PM

Peat, there's a perfect example of a minor high on the GBP hourly chart.

**peat** · 20-10-2005, 08:11 PM

thanks for that Xerof
I actually closed my short out +10 and will now watch for higher entry point which its starting to look like might happen

(half an hour later) or not.

(12 hours later@8:45AM ) shorted at 1.2015 with 33 pip stop and 50 pip take.
(4 hours later still) Stopped ! Nasty.