I wanted to start a thread to share any charts i spend time on.
I am learning to put my primary focus on price action, as defined by harmonic swings to different fib points
Any input on how anything i show can be improved or augmented would be greatly appreciated!
Im sure i will post charts with some indicators attached, as i would like to keep an eye on what many people do.
i.e an macd, a stochastic or rsi measurement, an eliiot wave oscillator etc.
I am far away from the goals i have set myself, and this thread is for me work in progress.By always publishing my chart/reasons for a position, i will keep myself focussed.
Please dont laugh too much as my trades develop badly!
I think this is how Scott Carney manages his trades.
any opinions welcome
The price has turned rounD at 100 AB=CD
Now retesting prz of shape shown in earlier post
0.382 of upswing a to d has been hit
For my money, the getout point is a break of the plum line
In ELLIOT terms, this seem like we have had an abc correction and now may proceed towards the 1.618 expansion on daily. Crossing back above the cyan line would invalidate this , also volating the terminal price bar which pins at 2673 would be against this idea.
i think it unlikely this is a cardinal wave 4,as we closed inside what would be wave one. also, the overlapping waves suggest a correction is underway
Last edited by MajorMagnuM; October 29th, 2012 at 05:32 AM.
this reversal has hit its first target
It shows a retest of a low which failed to make a lower low
I have added bollinger bands to show that the seconf low also closed outside.
the bounce failed to hit the middle BB
I think this means close longs and look for shorts