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- redpip61 replied Jan 25, 2013
Damien1881, To add confluence to this pattern there are two points to mention. On the daily it is near the bottom of a Lower Rising Trend Line, also you can see a doji forming (though the day isn't over yet, but whether these count as part of this ...
- redpip61 replied Jan 21, 2013
I think based on your timeframe and chart the BE would be around the 9925 with a TP @ 9915, however if you were fortunate (which in this game so few are) this might be the A-B leg of a pattern. Worst case scenario is this is the B-C leg of an AB=CD. ...
- redpip61 replied Jan 21, 2013
My only concern would be the 38% to BE would only give you a few pips. And perhaps Mr Pip would verify if the XA is not further down to the left of chart. I'm still learning too so I expect to be corrected. But these examples are good practice to ...
- redpip61 replied Jan 21, 2013
Thought this was Upper Trend Line, Lower Trend Line?
- redpip61 replied Jan 18, 2013
Hi Kyurem, Yes, entered at 15914, BE @15944 and TP @15964, placed SL @15900, it's a bit of a ride at the moment though still looks positive, not sure if it will hold during the NY open. I would have thought the support at 15907 would be tested ...
- redpip61 replied Jan 18, 2013
Had a similar trade, but think we were let down by fundementals due to the poor UK retail sales causing the spike down. I was banking on a good figure as the bulls looked strong at the 944 level. Further down there may be confluence around the 15918 ...
- redpip61 replied Jan 18, 2013
Can't say for sure but would have thought that you don't know if the B-C pattern is nearing completion on an AB=CD until the C-D starts to form , where as an aggressive C on an ABCD would have a much deeper retrace and more probable outcome. Just my ...
- redpip61 replied Jan 15, 2013
A few reasons to be honest, it was against order flow and in quite a volatile market so was combining the bounce off support with the confluence of the pattern, but my late entry meant my target had been reduced. I'd originally planned an entry of ...
- redpip61 replied Jan 15, 2013
Congrats, great call
- redpip61 replied Jan 15, 2013
While I'm still experimenting with this method and I look on the 4Hr, 1Hr for an overview and chart, then move in to the 5M for entry. I had set 177.64 as an entry target with a very tight 20 pip SL, but it only reached 177.66 and didn't want to ...
- redpip61 replied Jan 15, 2013
I agree, setting the PRZ off the 15M keeps it tighter, but I was looking for other reasons. Anyhow, got 10+ pips off this, but plenty more to be had there.
- redpip61 replied Jan 15, 2013
Hi Kyurem, I'm no expert, but confluence would be around the 11764 area. See 1Hr 38.2% area.
- redpip61 replied Jan 14, 2013
To be honest I couldn't say. It may stay in consolidation and move higher until nearer that time. The fundamental problem is with the RBA as they've been trying to devalue the currency and hasn't really worked so far probably a further rate cut is ...
- redpip61 replied Jan 14, 2013
One quote was that the US Treasury could hit dept ceiling by mid Feb, this could cause a risk off.
- redpip61 replied Jan 12, 2013
Thanks for your rapid response, much appreciated, And now having read your previous chart of the GBP/JPY and discription about order flow, the Aus/Usd break above of the X at point D might suggest that the order flow on the Aus/Usd has changed to ...
- redpip61 replied Jan 12, 2013
Firstly congratulations Mr Pip on an excellent thread. Holy Grail for me is to do something I enjoy doing and earn money in the process. Happy to say with the help of your thread the first part is just about there, just need to work on the second ...
- redpip61 replied Dec 21, 2012
I don't drink and drive, but I do greed and fear...
- redpip61 replied Dec 21, 2012
I was originally planning on 410, but jumped in early due to my inexperience and lack of patience (getting better though ). There may be more opportunities as I'm sure the bears are not finished yet.
- redpip61 replied Dec 21, 2012
Healthy looking morning star on the 4Hr, might just be a light repreive, Long from 417 with TP 455 (23% of Fib)
- redpip61 replied Dec 11, 2012
Currently sits on the 38.2% fib retrace @ 12971 of the 4H downtrend, this is also on the 60EMA. If it breaks above will probably hit the 13000, if not then it will continue its downward move.