Monday, November 8, 2010


5 komentarze:

Scorpio said...

Wow brillant trade idea been tracking this trade with you. Fanstics job as i gained about 900 Points on the recommended short. My entry was 84.732 Stop loss 84.19 Price presntly at 83.779
.. Question is will prices hault at the 83.60 Support 2 which is the 90Day Moving average and the 200DSMA on the daily time frame.if this is the case Could this possiably be a wave 2 dwn then a 3rd wave up to 87.55. A 1.618 expansion from 81.0 to 85.00 on the 4hr time frame??

Scorpio said...

sorry Stop loss was oringally above the highs at 85.00. ive just brought it dwn to 84.19

Scorpio said...

Thanks China Wicked!!!!

Scorpio said...

P.S above I was talking about the Chf/Jpy post..cheers,Oh and The Cadjpy is working out nicely looks look a beraish Bat

China Wombat said...

thanks Scorpio, I hope you can scoop in some pips with the patterns. I'm not interested in the elliot wave count (apologies to the ew professionals out there) apart from a simplistic 5 waves up, and a corrective wave, if, and only if, it fits to the harmonic pattern, and not the other way around.I want to keep this simple. My concern is profitability, not in being right with a perfect count. I just look for the patterns to get me to a b/e status on the 1/3 position as quickly as possible, as per Pasavento, then .618 of AD on the second, and then let the 3rd run to 1.27XA or a floating s/l. Moving averages I don't concern myself with, as it is what it is, an average of the last n prices, so price will always be moving toward it and away, there is nothing magical about an n period moving average.

As I'm trading fibs, my concerns would be more for price action at the .382 of AD to see if it will continue or fail.

I'm still learning these harmonic patterns, and probably hitting around 45-50% success ie .618of AD (TP2), which is much less than the 70~80% quoted in the various texts.If you have any suggestions on how to improve, or can see faults in my analysis them I'm more than happy to receive your comments.

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