FOREX PRO Weekly August 13-17, 2012

[Triantus Shango]

pragmatic,

i don't understand your question. why wouldn't anyone not use the most recent ABCD?

i guess most recent depends on the TF under consideration, so if you start with M1 and up, you will get many ABCD patterns. not all of which will be valid.

my understanding is that the key is to consider the immediate context, meaning on H1 for example, the past couple days or so, and look for significant inter-relationships between any harmonic patterns, ABCDs, and fib levels and other RSST/SPPT levels.

and if currently price is approaching a key level identified on a longer TF, then of course that needs to be taken into account, even if trading intraday. if not trading intraday, then weekly and monthly and daily, sure. otherwise, i'd say drop your time frame.

Hello Sive!

I perfectly understand your view and I might say it is a delight to see you at work. I am wondering if I will ever come close to your expertise. So, why do you use the most recent ABC to appoint the target? Is this something like a rule or it is just your view, based on your feeling (talent)? I am asking this because I always use the target based on the initial ABC.

Thank you!

P.S. I hope my software is wrong!!!

 

[D.R.&Quinch]

also, look at rules about harmonic patterns. the last leg may require a smaller bdegree abcd and may add to your conflunce in a prz(reversal zone)

hope this is what u meant prag?

 

[Sive Morten]

Triantus is right as well,

in fact, you need to find start-up thrust. Both of these AB-CD's have their own initial thrust. As you've done this, all other frame work is simple. But task to find most suitable and more valuable thrust among many of them demands some experience.

 

[Damian1987]

We may ask Damian to confirm this or not, since now he have access to EUR Futures by Genesis software.

Hey guys! I've checked this info and last week it was NOT a SG, Only confirmed trend shift from bull to bear. and this week either...(so far it has only traded above macdp )

 

[Sive Morten]

Hey guys! I've checked this info and last week it was NOT a SG, Only confirmed trend shift from bull to bear. and this week either...(so far it has only traded above macdp )

Thanks buddy,
looks like Alpari UK quotes are not as bad as they could be...

 

[BenOm]

Hi Sive,

First, thank you and FPA for being there for us.
The un-natural move to the downside which was not a typical reversal had puzzled you (and eventually us) during the last two days. Now we see that it was prelude to a stop grabber (hopefully, as we have already long trades open).

I believe there is a lesson here to be learned but I do not know how to phrase or formulate it.
Am I right?
If yes, can you formulate it for our future reference, please?

best regards, Bernard

 

[Triantus Shango]

i know you are asking sive, but when i read your post i couldn't help thinking:

don't jump the gun.

that's the lesson for me.

Hi Sive,

First, thank you and FPA for being there for us.
The un-natural move to the downside which was not a typical reversal had puzzled you (and eventually us) during the last two days. Now we see that it was prelude to a stop grabber (hopefully, as we have already long trades open).

I believe there is a lesson here to be learned but I do not know how to phrase or formulate it.
Am I right?
If yes, can you formulate it for our future reference, please?

best regards, Bernard

 

[Damian1987]

i know you are asking sive, but when i read your post i couldn't help thinking:

don't jump the gun.

that's the lesson for me.

Very true. I would say aswell be carefull Bernard on this thinking "the un-natural move" . There's no such thing us unnatural moves. Market reflects perfectly the general consensus of the traders on what the price should be, so..u might not see any causes for such move, but it doesn't mean they are inexistent. Market is always right. Is not even about the "causes" it just about cleaning the most possible participants. I heard one floor trader saying "I call the market a big whore...she's trying to fu.ck as many people as possible" .
So, in this orgy i reccomend keeping your ass against the wall ..how? Not jumping the gun is one thing, if you doubt your edge is present..then stay out. protect positions.

 

[georgeta]

Gbpjpy

For those who are interested, I am posting an analysis for GBPJPY. There is a chance for catching the 222 Sell from current 61.8 expansion of the Daily ABCD. This is strong area of resistance and I hope I will get the chance to move stops to BE. I am anticipating the H4 DRPO with the H1 Butterfly Sell, and I will add more positions only after confirmation.

I will be careful because if market will proceed higher it might accelerate hard towards 100 expansion due to the trend shifting on Weekly chart. Also, MM could lick the stops above previous Highs. So, I am placing tight SL. If any of these unwanted scenarios will happen, I have another good chance of entering Short.