D leg hits daily downtrend line
Tuesday, September 28, 2010
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5 komentarze:
love your site!
By the way, isn't this pattern more like a Gartley than a Bat?
It depends on how flexible (or not) you wish to be with your B point. How near to .618 does it need to be to qualify as a Gartley versus Bat and then subsequent price expectations. I use to worry about this required to be very precise but now prefer to let the internal multiple fib convergences let me know the structure along with other S/R or trend lines. I sometimes call it a Bartley or Batley as it has done enough of one but not the other for the B and XA to not match up to conventional Carney ratio's. I've seen .618B's go to .9XA, and .3s &.5B's fail at .786, so I like to look deeper at the internal fibs to see where the best probability lies. I tend to place more emphasis on where ABCD (or extensions ) finish rather than pure XA ratio's.
very nice explanation. I actually feel the same way. lol.
It's great to check your blog after i do my homework. So far we have like 90% of the trade setup in common.
Thanks again for spending your valuable time to blog some of your analysis!
-Dave
appreciate your comments...i'm still on the learning curve myself but getting more proficient on sorting out rubbish from real high probability set-ups so if you see anything that looks strange or incorrect in my analysis then please let me know...a couple of more experienced guys have opened my eyes to a few diferent things that I was doing wrongly and have helped in improving my success rate. I'm glad the gbpcad,usdcad, and gbpjpy are working out real nicely...the eurjpy is really testing my patience though lol
it would be great if you can give me hints on the some of the things you've learned to filter out "rubbish". What do you think about AUDUSD on D1? It showed a great Butterfly pattern coupled with Wolf Wave, so i shorted it last night and now it looks like it'll turn into a Crab! :-(
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