FOREX PRO WEEKLY January 16-20, 2012

[Marketjoy Trader]

georgeta, pls kindly explain what price is 78.6 retracement on monthly. thanks

I am short at 1.274. Context: nice Bearish engulfing and reversed candle on H4. From my experience, this is prety strong pattern. Stops at 1.2805. I will move stops to BE if some significant down move will occur. TP at 78.6 retracement on Monthly (I will see about that).

PS Take care of your wife Triantus. Wish her all the best!

 

[Triantus Shango]

I am short at 1.274. Context: nice Bearish engulfing and reversed candle on H4. From my experience, this is prety strong pattern. Stops at 1.2805. I will move stops to BE if some significant down move will occur. TP at 78.6 retracement on Monthly (I will see about that).

PS Take care of your wife Triantus. Wish her all the best!

thanks. much appreciated.

now, 78.6 on monthly, that would be 0.9995. wow! a tall order, don't you think?

 

[georgeta]

78.6 is about 1.254 on my chart (1.2527 on Sive analysis).

 

[Triantus Shango]

oh my mistake... i thought it was drawn from 0.8349.

 

[Triantus Shango]

ok guys, as you can see, back to normal. the mrs is fine now but with crutches. more pain than harm. thank god for that.
but now back to business...

sive, et. al. could you please take a look at the attached screenshots... one is M15 and the other one is H1. 2 different charts, 2 fib extensions in 2 different directions.

the question is: in a case like this, how do we decide which one takes precedence?

 

[Triantus Shango]

forgot to add that the yellow lines are the fib extensions.

 

[Triantus Shango]

and what a day! beautiful price action today, isn't it? nice harmonic patterns as far as the eye can see.

 

[Triantus Shango]

guys, sorry, ignore my question above re extensions. obviously when the first CD leg starts appearing, it becomes clear which is valid and which isn't.

 

[Triantus Shango]

sive, can we consider the broadening bottom on daily as in the process of failing?

 

[Aldo Colombo]

guys, sorry, ignore my question above re extensions. obviously when the first CD leg starts appearing, it becomes clear which is valid and which isn't.

I believe both can be right (or both wrong FWIW), the higher time frame in pinciple should be stronger.