Thread: Price reversal points

Hi Duggils,blott Foxy and everyone posting charts, nice work if we keep this discussions alive we share a lot together and its a win ,win situation for all.

Here's a BP I am watching at the moment. It also has a nice harmonic pattern whose PRZ coincides with the BP target. Let's see what happens.

The pair is EURAUD H4/H1



http://content.screencast.com/users/...2-19.59.18.png

HI Duggils,
Aren't there nearly always two touches of the TL before it moves up? I'll see if the same appears on eurusd.


Mike

Hi All,
Here is eurusd H1 chart. Looks like the area with green circle is BP, so target should be somewhere at red circle. If anyone thinks the green circle is not the BP, could they please explain why not; many thanks.


Mike

Originally Posted by blott

HI Duggils,
Aren't there nearly always two touches of the TL before it moves up? I'll see if the same appears on eurusd.


Mike

Mike, please explain. EU or EA?

I was referring to your pic in post 204 where price had come up through the balance line (after two up-touches of the line) and came down once to touch the line from above. Would you not expect a 2nd down touch at the balance line before price moved higher?

Mike

Nice one blott on target, it also coincides with the 38.2% fib retracement on the daily.

Originally Posted by blott

I was referring to your pic in post 204 where price had come up through the balance line (after two up-touches of the line) and came down once to touch the line from above. Would you not expect a 2nd down touch at the balance line before price moved higher?

Mike

Hi Duggils,
This is what I mean by two touches, though in hindsight the balance line is a bit high.



Mike