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is this 100+ pips in the bag ????
09-09-2010, 01:13 AM (This post was last modified: 09-09-2010 01:32 AM by peternz.)
Post: #1
is this 100+ pips in the bag ????
This chart looks like a Wave C on the EUR/GBP daily if so the following wave count could indicate that the price will now descend below the extreme of the previous wave 3. Over 100 pips.

Just to re-phrase this I have ALREADY placed a trade based on my own convictions of this wave count, if anyone has any alarm I would appreciate hearing from you. Please feel free to make any comment as I hold only myself accountable for my own trades.

Any thoughts??

peternz


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09-09-2010, 09:19 AM
Post: #2
RE: is this 100+ pips in the bag ????
I would beware of the possibility that the move you labeled
.a to .b is an incomplete bull A wave.

That would send it somewhere above 7/20 high.

My view agrees with your 3 and your a.

But I see it as different for arriving there.

Consider that 10/13/09 and 3/1/10 are the 1st and 2nd nested C4's.

Smile

TS Hennessy
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09-10-2010, 02:38 AM
Post: #3
RE: is this 100+ pips in the bag ????
Ah!
A much bigger picture, this means that everything passed 3 could be the 1st part of wave "a" heading up. From my current position a rise above whats currently marked as .b would negate my count which is currently where my stop is so I'll just leave it for now and see how it behaves. Come to think of it I didn't do much multi time frame corroboration - A lesson perhaps!

I am quite exited by this discovery Tom and have made my mind up to give it a full measure of effort, as I see it the main requirement is to become skilled in the new counting method and the dropping of the wave 1 intrusions rule, which actually makes the whole process quite a lot simpler and will most likely provide a better explanation to price movements.

Many Thanks
Peternz
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