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MR
mreiserer
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Posts: 2,220
Don't know if anyone followed this, but this hit an area just about as well as you could hope for.



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JI
jimkane
Rep: 3,058
Posts: 33,089
Oh, you know I'm watching that. Now add on a trendline from the mid-Jan high to the early Feb high. Very interesting. If it doesn't turn down here, watch out.
MR
mreiserer
Rep: 110
Posts: 2,220
Might be re-testing that TL from below.
And in addition cable is either doing a Wave 2 here or....



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JI
jimkane
Rep: 3,058
Posts: 33,089
So far so good on this last one...
JI
jimkane
Rep: 3,058
Posts: 33,089
You should post a follow up on this one so far.
MR
mreiserer
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Posts: 2,220
Here it is



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JI
jimkane
Rep: 3,058
Posts: 33,089
Looking good. Bullish 'wave 2' ABCD here at this line covergence, or 'wave 3' down off that upper // reversal area? Now we see. Notice the Euro, too, sitting on those key lows, day after day after day...
MR
mreiserer
Rep: 110
Posts: 2,220
I would guess wave 3, but it should bounce here.
MR
mreiserer
Rep: 110
Posts: 2,220
I find this a fascinating example. Reacts off the 786 ABCD (wave 1?), now a potential DT ABCD, curling around the upper //.Usually I see this as a sign of stength signaling an impending breakout.Could this be Wave 2?
I know they say trade what you see, but do I really think cable has the strength to make a run here? I also note the DT ABCD in the AB leg here. Usually a red flag, however in currencies ABCDs frequently look like abortions.
Or is this Wave 3 down off the 786 abcd. If the expectation that the reaction off the large ABCD would eclipse the current bottom then this would have to be an extreme Wave 3, hence I doubt that scenario. Maybe a Wave 1?
Posting two charts, one close up, one zoomed out.



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MR
mreiserer
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Posts: 2,220
Nice reaction



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MR
mreiserer
Rep: 110
Posts: 2,220
Anybody followed this? 1400 pips up from the reversal.
MR
mreiserer
Rep: 110
Posts: 2,220
anyone been watching this?
I was so ready to trade this as wave 2 and it triggered...at 3am...sound asleep....
Maybe it's not a Wave 2 and just a retest of that big upper line.
I find this a real weakness in my trading, to convince myself to get in at a later point after I have missed the PTA. Something to focus on.



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