FOREX PRO Weekly October 08-12, 2012

[Anu]

Problem is as Sive said, where this going to stop

 

[minimax]

Problem is as Sive said, where this going to stop

for me, as written in chart, critical price level is 1,2960

 

[Lolly Tripathy]

SIve sir and all my senior and friends can you plz suggest abt this pattern..
As per sive sir we know butterfly,crab,gartly but i got this while searching something else
is this a working pattern ...??
please advise me...

 

[Lolly Tripathy]

its a W&R on 4hr eurodollar (broker fxyard)
and bearish engulfing (FXopen)

 

[Synchronicity]

As another week closes I'd like to thank Sive and all who post here for all the help you give.

Have a great weekend

Michael

 

[Sive Morten]

SIve sir and all my senior and friends can you plz suggest abt this pattern..
As per sive sir we know butterfly,crab,gartly but i got this while searching something else
is this a working pattern ...??
please advise me...
View attachment 6992

Hi Lolly,
if you will closely look at this so-called "sharks" you'll see that this is nothing else but either "222" pattern or Butterfly. Looks like some people want to make new name for any new ratio. If retracement to 0.618 - this is "222", but if it is 0.786 this is Bat, but if 0.88 - this is shark. To me this is absurd. Never mind what retracement it will be - anyway this is "222".
The same is for Butterfly. Here is two major extensions 1.272 and 1.618. IF at some market better works, say 2.0 extension or 1.786 - you may apply these numbers, but nature of the pattern is the same. Is it really neccesary to apply numerous different names?
I look at suspicion even at Bat and Crab, since they are the same "222" and Butterfly. All patterns have the same major condition - initial swing X-A should hold. And whether to adopt different names for different retracement ratios inside of that swing - that is personal. To my mind this just increase confusion, but may be this is helpful for someone.

 

[papao]

Hi Sive. Isn't the pattern posted by lolly different from butterfly and gartley because the B point is beyond the X?