Jpy

[Raj]

Just a heads up, Im banking my jpy long at the 162% extension of the latest ab swing. hoping for some pullback now.

:)

[Rob123]

Hello Raj, Glad to see you back buddy - we was getting worried.

[Raj]

LOL, thanks Rob...too much happening right now, so little time for markets, although some pairs have been behaving so nicely according to the fibs...will try to post when I can.

:)

[Raj]

If jpy can make it to the 162% extension around 91.90, then there may be a short opp with the gartley setup.

:)

[Raj]

Only some minor pips at prior resistance, but today we hit D ext on the 60min chart....I'm going to wait to set-up the next swing.

:)

[Raj]

Jpy chart has taken out our "a" support, and set-up nicely for a bear crown. RT entry was 618 with backside of trendline res. On the 60min, we had a nice bear move at the 618 res on the smaller swing, and now I'm currently waiting on a "b" low to pull another swing.

:)

Happy Pipping

[Raj]

Watching this one because we're re-testing the 382 resistance for a possible RT of the crown.

:)

[Raj]

Nice textbook tweezer tops on the 60, and we're laughing

:)

Happy Trading

[Raj]

Well this is the type of day I wish was the forex had everyday. Rarely do you find that both point "C" and "D" are achieved in one day. Today it happened after 6 hours of consolidation. 86 fib bouce on the 60min chart hit 127 target to the pip. 240 target still remains at 88.83.

Stellar day!!!!!!!!!!

Happy Pipping

:)

[Raj]

I'll be watching what the 60min chart does at this res level.

:)

[Raj]

Got the nice CF I was looking for yesterday, and the trade has kicked into high gear this morning.

Happy Pipping

:)

[Raj]

I know Jpy is been in a big downtrend, but the daily chart has also set-up for a possible bull crown scenario, so be careful of the supports.

:)

[Raj]

I had mentioned the possible RT scenario on Jpy daily chart in the last post. I have a subsequent long from 89.30 when the market came back to test the first MS, and today we had a nice up move finally. I'm still watching the 240 as we are still bearish on that swing approaching the 786 and 86 fibs. Hopefully we break them for more long pips.

:)

Happy Trading

[Rob123]

Hi Raj what is your thoughts on the chf/jpy ? - my interbank feed is showing a morning star on the 61.8 level of the last swing down on the daily chart. I'm going to check something else.

Thanks,Rob

[Raj]

Rob, two daily charts attatched - one showing confirmed Morning Stars, and the 60min has a confirmed bull crown, currently on a second swing.

:)

[Rob123]

ThanksRaj ,Your the man :) Rob

[Raj]

LOL, Rob forgot to include the 240 chart...its still bearish from 618 res, but holding the small up trendline at the moment.

:)

[Raj]

I took another entry this morning after the 240 bullish CF for 40 pips so far.

:)

[Raj]

Rob, hope you caught the 60min bullish engulfing candle for some pips!!

:)

[Raj]

60min latest AB boundary attatched

:)

[Raj]

Daily chart still in that bull crown setup with a MS currently at the 618 fib.

240 chart has hit the D target the bears were after and is pulling back currently sitting at the 382 res.

60min chart has a bull crown set-up.

So...we may pull back down from the 382 res, but we'll watch the support fib for anything bullish to appear just in case we get our bull crown.

:)

[Raj]

Shoulderless crown on the 60min. Market took me in long at 89.66 - I had a short order also below the channel which I cancelled after NFP. Cashed out at 90.08 on the long.

:)

[pipsqueakr]

congrats Raj, I think i see it but for clarity could u pls outline the associate strategy. Have a gr8 weekend

[Raj]

Kurt, it was just a consolidation breakout trade.

:)

[Rob123]

Hello Raj and Kurt, I've been pretty busy this week with work and looks like you all had some good action. Raj, I can't remember what post are thread it was but you said if the 86 fib gets taken out that would be a good possibility of a trend change.What time frame is this most reliable on in your experience ? Kurt you can put your imput as well.

Raj the reason i ask this is i seen a brief seminar on a guy that trades gartleys and of course he was trying to sell a 5k sytem with software etc and then i cut loose pretty quick lol

Let me give an example scenerio. Lets' say we are in a down trend we complete or abcd 38.2 or 62 to 162...ok we completed our move now we have AB boundries...let's say now price has retrace back up to the 86.fib we get crown pattern or double top with CF formation and signifying it could go down : Where do you normally look for to take profit at the 38.2 fib or 61.8 if we were going down ? I don't know the answer yet but now let's say price shot back up from 38.2 and cleared the 86 fib would you consider this a trend change now ?......would you try to get in after the first retrace crossing the 86 fib or would you let it compete the abcd pattern again....of course i know we allways try to look for a retrace at the 61.8 or 78.6 level with CF once the abcd pattern is complete.

I hope i'm too confusing.


Sorry for the rambling Raj had to ge this off my chest lol

Thanks,Rob

[pipsqueakr]

I hope i'm too confusing.





Not sure if i'm following you Rob... if u were trying to be confusing... you may have succeeded. Lol... how about a pic :) if u had 1 it may easier to discuss.

P.S. i checked... the markets seem to be closed. LOL

[Rob123]

Hi Kurt,Maybe i'm just dreaming lol I'll try to leave a chart Kurt ....this darm mozilla have been giving me problems and locking up.I'll change IE and maybe i can post something here soon.

Basicaly Kurt what i'm saying is let's say we made an abcd pattern going down =AB boundries...127 and 162 targets. Ok we draw our fibs from C all the way down to the B boundry this will give us our sell zone from the bottom to the 86 fib....lets just say price cleared above the 86 level and never came back down that would be a change in trend...we recalculate our fibs now.

Vise versa say price touch the 86 fib and never cleared above it and hung around a awhile and then dropped below 86 fib we would still be in a down trend till we have a change in trend..

The 86 fib is very important i think because because the gartley players are keeping their eyes on the 78.6 level and placing their stops above this and calculating their stops and TP.

Maybe i'm wrong and Raj can elaborate since he is the master of fibs and making all the money :)

Take care,Rob

[Raj]

Hi Rob, I hope I'm not making this too simple, but we only only get a trend change when point "A" is taken out, not the 86 fib. In a down trend, when we have our latest AB boundary, the market can retrace even within 1 pip from point A and then fall beyond point B then its still a downtrend.

Look at example on Aussie chart. We were downtrending for a while, but then we had a trend change on the 60min. Now latest AB started retrace, bounced at 618, market came all the way back to 86 and gave a bullish engulfing candle. Now if it didn't, and point "A" was comprimised, then we have no choice but to pull down fibs for another trend change - but this didn't happen. And just now bulls hit their 127 target. I've taken a short at the D ext now.

Rob I hope this helps.

:)

[Rob123]

Hi Raj, You make a lot of sense ...where your A is on the left of the chart would have been my C which turn to A after it completed to 162 DB....so it never took out the 86 fib competely so we are still in an uptrend ....so we would redraw out fibs once 86 was completely taken out and made another abcd . ...that is how i see it...and no it's not too simple. Thanks,Rob

[Raj]

Chart still meandering at the 618 res....theres a possibility today to sell the res and buy support if there is no news. Look for small tf CF, failing that a breakout trade of the cons.

:)

[Raj]

We finally broke the cons and headed straight to the 162 D ext. I was speaking with some colleagues today and we decided to take the short, hopefully back down to 382 at least, or untill we get CF against our counter trend trade. We will look to buy "c" when the time comes.

:)

[Raj]

chart has taken me in on a 786 hit...let's see what happens

:)