todays pyramiding did not go well...
despite all the evidence: -135 pips in the usdcad pair.
Yeah, gold just got whacked...down $23 an ounce today...so that's helping to give the dollar some near term strength.
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Gizmo .. If you are here.... Here is the daily chart of CAD/JPY... She's a bit sloppy but it looks like a short opportunity is about to present itself....
You could be correct..Quote from the book..."In a Barrier Triangle Wave D and B end at essentially the same levels"...does not say B cannot "breach" D.
Either way..thought I would trow it out there....
Could move the B and D over one and wave E down could happen overnight and then the final fifth wave.
Last edited by EZCashDreams; 12-21-2009 at 04:32 PM.
You could be correct..Quote from the book..."In a Barrier Triangle Wave B and D end at essentially the same levels"...does not say B cannot "breach" D.
Either way..thought I would trow it out there....
I also wonder if in thinner trading, like we have in the last couple of weeks of a year, if the rules can be adhered to as strictly.
For instance, Prechter once wrote that "in a levered market" a wave 4 can occasionally cross over a wave 1 but it can't close there.
Think stuff like that applies in thinner markets as well? Just curious as to what you guys thought.
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Gizmo .. If you are here.... Here is the daily chart of CAD/JPY... She's a bit sloppy but it looks like a short opportunity is about to present itself....
Thanks Brad. I have been patiently watching it. I see the daily candle close bullish, but the last closed 4 hour candle seems to be a hanging man with the current 4 hour being bearish. This also coincides with the top downtrend line of the larger daily chart triangle (invalidated) I posted a few weeks previous.
Correct me if I am wrong, but the short area looks to be around the 86.50 - 87.00 level on your chart. My target was around the 86.50 level to cut loose and look for the drop so I should be right in that area.
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