Triantus Shango
Sergeant Major
- Messages
- 1,371
hi michael, looks like a great DRPO to me. but what do i know?
Hi Michael, In my opinion if you have B&B , you can not have DRPO (one is continuation other is reversal ),as in this case price had reached 38.2res. during first penetration which triggered bnb . According to DiNapoli drpo can not reach support after penetrating 3x3.That`s why it is bnb-single penetration against the trend and continuation after .Now after bnb has completed it is just something else,but not drpo. Cheers!I've been watching the GBPUSD daily chart and think that I see a good B&B trade followed by a just confirmed DRPO. I've marked the chart accordingly and would welcome comments from anybody...
View attachment 4880
All the best
Michael
I've been watching the GBPUSD daily chart and think that I see a good B&B trade followed by a just confirmed DRPO. I've marked the chart accordingly and would welcome comments from anybody...
View attachment 4880
All the best
Michael
Hi Michael, In my opinion if you have B&B , you can not have DRPO (one is continuation other is reversal ),as in this case price had reached 38.2res. during first penetration which triggered bnb . According to DiNapoli drpo can not reach support after penetrating 3x3.That`s why it is bnb-single penetration against the trend and continuation after .Now after bnb has completed it is just something else,but not drpo. Cheers!
Hello Sive!
What do you think about possible butterfly on H4? 1.618 extension is at 38.2 retracement from the initial plunge on weekly (daily).
Thank you!
Sive, thanks for your views. Sorry but what does "SG" stand for? Maybe I need to reread the DiNapoli book?
thanks
Yes, I agree with Venelin. Or, this was not B&B...
Michael, you need investigate market mechanics of both patterns to understand it. If market show retracement to significant support level - many traders fix profit and that leads to lack of steam of DRPO trade. DRPO needs to have all traders aboard, because particularly their stops make DRPO works.
Something like DRPO you can see now on daily AUD/USD...
sive, how should we interpret this triangle formation on the monthly chart? did we complete the 5th wave already and market is about to go up in a 6th wave? the orange rectangle being a potential target area over the next 3 to 5 months?