FOREX PRO Weekly October 01-05, 2012

dharma1

Private
Messages
18
hi Sive , I am trying to find the video from this week in which you talk about Gold and Nasdaq ,I think it was 2nd October , it doesnt seem to be in the archive any more,can you help please ? Thanks .
 

D.R.&Quinch

Sergeant
Messages
661
Hey,

I actually believe you are confused with the Gartley pattern and Butterfly pattern. In the charts you posted above, why does point D not exceed point X?

For butterfly pattern, point D ALWAYS exceeds point X............
Hi man, those pictures i posted were only to illustrate the differnt ab retracements of xa. to show there were specific points to different animals, which made them distinct. the bc retracements seem to be shared by bat, gart, butter and crab
 

D.R.&Quinch

Sergeant
Messages
661
Hi Guys,
Quinch has attached Bat pattern or "222" - they are the same, while Butterfly looks different.
0.618-0.786 retracement is perfect for butterfly, but showing 0.5, 0.88 or even 1.0 will not cancel it.
Quinch, have you read out Forex Military School, chapter dedicated to harmonic patterns?
There are a lot of info, that might be interesting for you.
Hi sive, those attacments wer simply to show different ab retracement points.
I got the idea from harmonic trading volume one, that
AB HAD to be 0.786 of XA? (page 150)
if the retracement was, for instance, 0.618, does that not mean , when doing projections, we can rule out butterfly ratios, and focus on a crab alignments or gartley alignments as they permit 0.618 ab retracement of xa. (the bat would not qualify either, as in Carney`s text he describes for the bat:

"The B point retracement must be less than a 0.618, preferably a 0.50 or 0.382 of the XA"
I would really like to understand the essence of this as i feel harmonics are the easiest paradigm for a novice to access this complex world of tech analysis. Still struggling with Dinapoli!


leg.
 

D.R.&Quinch

Sergeant
Messages
661
fpaichi1.PNG
fpaichi2.PNG
i know there is pivot R3 just above, but this breakout of this line confirms long for conservative ichimoku traders
H4 &H2
 

D.R.&Quinch

Sergeant
Messages
661
Just to add, the price action up to thie PRZ on H4 has dimished with each bar, but is in NO way gradual. it had stalled at top, but not bounced down hard. There are no Gaps up to prz and it has not gapped through.
fpah4.jpg
 

BeeKay8

Sergeant
Messages
208
Hey Sive,

Is there any particular reason why you have been choosing 50% retracement as an area of good potential support?

If I recall correctly from your previous video, you stated that you expect market to make an AB-CD retracement on daily down to POSSIBLY 50% of whole thrust up (1.2600). And previously, you also took 50% of most recent thrust up on daily (1.2840) and obviously it has been solid support and even went up to 1.3030 from that 50%.

So, my question is, why is it that you keep taking the 50% retracements? Do you usually do this after a huge thrust up or down?

Take a look at my chart. Without your guidance last week to tell us to watch out for 50% support (1.2840), I probably would have placed buy orders at k-support (1.2740) which would have NEVER been hit
OR
I would have placed buy order at 3/8 support on daily (1.2901) which would have eventually gone down another 100 pips before starting move up.

Obviously my tactics would not be very good because I would have either
1) missed the entire trade if I placed order at k-support (1.2740) or
2) be nervous the whole time because market would eventually drop another 100 pips.

Looking forward to your reply, Sive.

I sincerely hope you and your family have a great weekend.

Take care, my friend.
Brandon
why50.png
 
Last edited:

Sive Morten

Special Consultant to the FPA
Messages
13,811
Hey Sive,

Is there any particular reason why you have been choosing 50% retracement as an area of good potential support?

If I recall correctly from your previous video, you stated that you expect market to make an AB-CD retracement on daily down to POSSIBLY 50% of whole thrust up (1.2600). And previously, you also took 50% of most recent thrust up on daily (1.2840) and obviously it has been solid support and even went up to 1.3030 from that 50%.

So, my question is, why is it that you keep taking the 50% retracements? Do you usually do this after a huge thrust up or down?

Take a look at my chart. Without your guidance last week to tell us to watch out for 50% support (1.2840), I probably would have placed buy orders at k-support (1.2740) which would have NEVER been hit
OR
I would have placed buy order at 3/8 support on daily (1.2901) which would have eventually gone down another 100 pips before starting move up.

Obviously my tactics would not be very good because I would have either
1) missed the entire trade if I placed order at k-support (1.2740) or
2) be nervous the whole time because market would eventually drop another 100 pips.

Looking forward to your reply, Sive.

I sincerely hope you and your family have a great weekend.

Take care, my friend.
Brandon
Hi Brandon,
My experience tells that very often B&B starts from 50% levels (although that was not pure B&B). Since we have weekly overbought, then 3/8 support was too close and was not suitable. Besides, we have inner AB-CD that creates an Agreement with 50%.
Usually if market at overbought, and I expect B&B I prefer to get it from 50% or nearest K-support with major 3/8. IF I market is not at overbought, then I look at 3/8 - 0.5 levels for B&B.
Speaking simpler - look for deeper levels if this is overbought.
 
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