Maybe 4h DRPO sell with current target @1.7090 would be perfect development for this scenario...so, we just hit 262 expansion @1,7173 as last projected lenght of 5th..rertace would be appreciated...but not lower than 1,7 and into c of 3ED which might exceed lenght of 1ED @1,7228 so 5th will have no limits to up side..4th must come into 1st, below 1,7 and stay in channel..
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Looking at USD/JPY chart I have the feeling that tomorrow, after payrolls, enormous moves are due! We will see!
Hi Sive
May I please ask with respect to drawing fib retracement from the "thrust" on GBP hourly, I notice you start the thrust at 1.70501 on the big marubosa like bar. But I am finding difficult to understand why you not start the thrust at the bar before this or any of the bars before this for that matter as they were all part of the main thrust? For example in your GOLD analysis you have a Fib "thrust" starting from the bar prior to a marubosa like bar.
As there is grey area to determing where "thrust" starts, could you please explain what your logic is to determine where thrust will start?
Thanks
Thanks very much for your reply, I have read dinapoli book and understand the concept of the hidden reaction level starting from the thrust but my understanding from this was that the reaction level would be from the low of the large bar that started the thrust, but I see for gold this week you sometimes start the thrust from a bar before the large thrust bar. I want to understand how u interpret where a thrust will start as I thought it was from the low of the large bar where thrust start? Hope this makes senseHi Geehog,
Since this is DiNapoli levels, he treats long thrusting candles as "hidden reaction points" and uses them as foundation for Fib levels. You can know more about it, from his book - Trading with DiNapoli levels
Thanks very much for your reply, I have read dinapoli book and understand the concept of the hidden reaction level starting from the thrust but my understanding from this was that the reaction level would be from the low of the large bar that started the thrust, but I see for gold this week you sometimes start the thrust from a bar before the large thrust bar. I want to understand how u interpret where a thrust will start as I thought it was from the low of the large bar where thrust start? Hope this makes sense