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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
weren't you shouting shorts @ 1.44... and saying it's headed lower already?
your BOT telling something different today?
most of the time? lol.... :)
a little deadCAT bounce and CAT gets all worked up.... what a pity....
he'll surely learn to trade someday without depending on his BOT....
you were happy for a while(thinking it strated to head to parity...) i guess not so much today...
started to be vocal... but i guess you have to shut up for now... if it dips below 4300.... can't bear to think you pop up again and start creating noise as usual....
good luck..
Very useful by-product of EWA is knowing how to apply fibs. How often do you see traders applying fibs incorrectly ?!
a Wave 4 must not enter the territory of Wave 1. Generally a close above/below wave 1 is permitted. I allow a little more tolerance these days but not much.
Rule of alternation applies to your count. ie, because your wave 2 was a simple ABC corrective, the wave 4 will be a complex series. Yesterdays move down was definitely not simple ABC.
Corrective cannot exceed more then 100% of that being corrected. Many EW gurus modify this rule to suit themselves when confused :-)
A wave A will most often be 5 waves within but can sometimes be 3 waves within.
A wave B will either be a simple a,b,c three wave affair or acn be one of several complex patterns.
A wave C is ALWAYS five waves within.
Lots of rules but these are a few of the more salient examples for our guidance.
prophecy? See how wonderful EUR performs vs CHF.
if 4600 tops and we break lower and break below 3861... your alternate count would likely be correct... then i reckon... we may see a five waver like the last drop from 4282....
below 3861... i see support coming around low 36xx level... where i expect a bounce back up to 4100 then another fall to 32xx level....
this is my alternate scenario.... break below 3861... and i see this possibility....
weekly close below 4150.... then i should start preparing for this scenario.... :)