Thursday, November 11, 2010

audusd bfly

Depending on if your learning comes from the Pesavento or Carney (perfect fibs) school of thought there seems to be some confluence on the audusd.

I'm not sure if i'm çurve fitting price action here on the audusd daily.The adjustment of the B point to fit a butterfly takes poetic licence. We have some confluence with 1.618XA & 1.27ABCD

On the hourly's we have almost a mini mirror pattern of the daily's, again with the poetic licence on the B point. The fib cluster at XA 1.618 and 1.27ABCD is much tighter.

As Carney says a butterfly should only be 1.27XA, but 1.618XA then we crunch through the crab calc's and end up with the similar daily and hourly patterns mirroring each other. The dailys have minimal confluence points so I'm not worrying about them too much.

The hourly's show a nicer fib confluence, but even that isn't enough to sell into a rally. However now that we have have a dip, is a short audusd position worthy of consideration while the 1.618XA holds?

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