Great Post, Peter:
I see that you are looking at Point D on the GBPJPY.
I have something equally interesting on the EURUSD. But, instead of looking at point D being formed, I am looking at the possible end of C on the EURUSD.
I am looking at the active phase of a Gartley possibly starting.
The Active Phase, for those who may not know the term, is the arm from C to D. In other words, D has not been made, yet. Instead I am talking about Price heading from C down to point D..
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On top of all this, I also see timing. I have included a picture to illustrate the timing:
On this picture, there is actually a Time/Price square. . . This is a special relatiionship between the time axis and the price axis.
If the fib Time/Price Square holds up, then, price may head south and hit the cluster of fib support at around 1.4160.
cheers.
chin.
cheers.
On Jan 4, 2008 10:58 PM, Peter McIntyre <mcpetetrader@yahoo.com > wrote:
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> I reponse to a question i have put the following information together...
>
> So, the ab=cd is the basis of most if not all patterns. Lets exclude some of
> the classic patterns like wedges etc. So for the trader with a keen eye we
> are able to pick up ab=cd patterns on just about any chart. We also know
> that the ab=cd pattern is the back bone of the Butterfly, gartley etc...
> Now lets assume we have an x to a donw that then moves into a b through
> rising price. The ab is set. Now we watch price fall to a (simple) higher
> low than the previous a. Now we have the ab=c.
> The part of the ab=cd leg I like to play is the cd leg. Through experience I
> have learned that there are two really safe entries into a cd leg. One is
> off divergence and the other is above the area of stochastic consolidation
> that incorporates the a to b to c and then to the high of b. This area
> without divergence should be approached with entries above this channel
> area.
> Now we are into a trade on the cd leg and we are asking how high will price
> rise?
> The biggest variable is the time frame one is trading. The larger the chart
> the longer the potential distance. The larger the chart the more the pull
> back.
> Now we have figured out when and where to get in but how do we know the
> direction of the trand is valid. Better figure that one out before you
> start. Entering with the trend- price allways moves futher and the pull
> backs are usually less substantial.
> So here is the setup. lets say I am clued into the bc leg of a daily chart
> and the move is long. This is my Global Positioning System <GP(S)> I.e. this
> gives me direction on the big chart. Now knowing how to cycle into a trade
> with momentum (indicator of your choice- mine is a 10 3 3 stochastic) we
> identify the setup as a ab=c and enter based on the criteria above. This is
> very effective for this trader on a 3 minute chart as mutltipe entries are
> placed(my cluste.) Although there are multiple entries during the cd rise
> (the cluster of trades) the trade is treated as a single trade. As you can
> imagine when you see an exit signal all trade should be removed
> simultaneously. Even if you are late and the last one or two entries go
> against you your cluster should be QUITE positve.
> So this takes some sophistication to implement and manage a trade as such
> but in reality the whole method is straht forwrd. (ie study)
> The following charts were traded this week. The first chart is a 3 minute
> projection chart, the second is the same chart that meets the projection.
> The 3rd chart was traded off specific signals as taught by Derrik S. Hobbs
> in his book, Fibonacci for the Active Trader (Cw 2004)(ISBN 0-9755513-2-9)
> chapter 9, The Shark Attack. The chart explanation is found on the chart.
>
> Have a great weekend!
>
> Peter
>
> ________________________________
> Never miss a thing. Make Yahoo your homepage.
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