There was no reversal in the lower TF at that time, it was just about the best R/R
FOREX PRO Weekly November 12-16, 2012
- Thread starter Sive Morten
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There was no reversal in the lower TF at that time, it was just about the best R/R
4xpipsense
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Sive, I am grateful for the analysis. God bless you and FPA.
Hey Sive,
Please correct me if I am wrong but we have hit 61.8% target of AB-CD pattern on H4 (1.2790). The 61.8% here COINCIDES with the k-resistance we have on 4hr TF (1.2793 - 1.2800)
Does this mean this is an AGREEMENT on H4? Since K-areas are small directional patterns itself, does this mean that this will be even greater of a "pattern"?
Also, this agreement is ~30 pips away from WPR1. Since WPR1 usually holds price during bear trend, can we say that the 1.2800 - 1.2830 zone is an area of GREAT resistance?
Thanks, Sive!
Please correct me if I am wrong but we have hit 61.8% target of AB-CD pattern on H4 (1.2790). The 61.8% here COINCIDES with the k-resistance we have on 4hr TF (1.2793 - 1.2800)
Does this mean this is an AGREEMENT on H4? Since K-areas are small directional patterns itself, does this mean that this will be even greater of a "pattern"?
Also, this agreement is ~30 pips away from WPR1. Since WPR1 usually holds price during bear trend, can we say that the 1.2800 - 1.2830 zone is an area of GREAT resistance?
Thanks, Sive!
Sive Morten
Special Consultant to the FPA
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Hi Brandon,
yes, your thoughts are correct. Still it's better to be more accurate with treating K-areas and Agreements as directional patterns. I try to avoid this. It's safer to look at them as on stronger level and as a kind of indicator. If K-area or Agreement will be broken or disrespected this tells something about market strength.
Concerning Great resistance, well yes, why not, we can call it like that. Here is a cluster of levels of different kind - harmonic swing end, Fib level, Fib extension, classical support/res. line and Pivot.
I like that sort of resistances.
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