07-16-2013, 02:47 PM #1761
yes, true, can be considered AB=CD
I agree with concept of continuation patterns. It's also described in the materials. What is important for me is the degree of the waves. I see on some screenshots people attach that they use swings coming from different degrees to form harmonic pattern. Obviously for my approach it's not proper.
thanks for the link. I will take a look.
07-16-2013, 08:42 PM #1762
j10da: Thanks a lot for your post, it has helped me to 200+ pips in a day! It has drawn my attention to look into the additional possibilities at the right moment.
Originally Posted by j10da
Now I am with you on the other end waiting to enter short btw - at a higher TF trend line + abcd+ bear bat... adds up nicely, and hope will work out fine as well .
I like two heads more than just one, I think thisa is the purpose of co-operation. Please post more!
07-16-2013, 09:34 PM #1763
market weakness so time to short? Why not when we predict on audusd short too ; )
Target: trend line or bottom of gold rectangle
07-17-2013, 09:32 AM #1764
I took yesterday this Bat pattern. Opened at 0.9256. Want to take 80pips profit to the 38.2 Fibo. What's your opionion regarding the exit point for this trade???
07-17-2013, 09:45 AM #1765
Gold looks promising, now I need to wait for a good entry, I missed the ABCD at 1295 level need either retracement, or breaking the smaller trendline.
07-17-2013, 09:51 AM #1766
abdelaziz: general recommendations usually tp1: @38,2 or @level B whatever is sooner (stop to break even) and tp2: @61,8 or you might trail it as you prefer. I know it is general, but I do not know better.
07-17-2013, 10:10 AM #1767
Thx Lobogabor for your answer. What do you mean by level B???
07-17-2013, 10:25 AM #1768
The B point in the Bat pattern (fib retracement of the XA leg 38,2-50%). In case of the AudUsd bat it was around 0,9120.
The B point is generally a strong S/R in the pattern. According to Carney one could use this level also for entry on the way from C to the direction to D. He called it in his book as BAMM.
My entry missed the ABCD completion level by a hair, and the 88,6% D level by more than 10 pips, so I am not in it (yet).
07-17-2013, 10:29 AM #1769
Thanks a lot Lobogabor! I understand now and I already Red Scott Carnex books very interesting. I'll try to get of of this trade before 14:30 (GMT+1), before some important news on the USD. Thanks a lot
07-17-2013, 11:37 AM #1770