I'm showing the very same Dollar chart from 2 posts above but I noticed that the Fib % markings were not visible, so I'm zooming out a bit. The darker grid is the current wave response grid, the lighter one is the older one, still valid.
There is no fan for EurUsd - that's just the way it is.
But the trendline shown earlier in the quote is now with a 4th contact point - I consider this a 4th contact even though there was no actual touch, but close which I attribute to coming close, smelling the support and bolting north from the scene of the crime due to the battalion stationed there. There was also a significant scout party at 61.8% that absorbed the blow from Price, so Price in a weakened state could not confront the magnitude of the battalion.
If we get to the trendline again on the next drop, its quite possible that the battalion, having seen an easy victory, got careless and is now busy partying and drunk and will be fcked in their sleep.
Mission and CALL for arrival in the Target Box is now complete. Done, done, done. All called in advance.
Dow arrives at not only into the Target Box but also at the confluence of the French Connection, namely the conglomeration of RESISTANCES known as Trendline, Fibs 38.2%, 161.8%.
Can she go further? Sure, why the heck not? Let's wait for the inevitable 1H drop and then we can have a better idea of how much farther she can go.
Close out 60% of position on open and the rest on/if TLX
Resistance levels previously greyed out are now shown as they become important.
A very nice grid at extreme right is also shown - it shows that wave 3 within the current rally of wave C is 261.8% x Wave 1 and we gots a perfect hit currently.
That was about 1 year ago. There were some good calls and there were some bad calls, aka mistakes. But see Baron's Crystal Ball comment to truly dig that ET is a rear-view mirror kinda place. Nobody got the balls to look ahead.
An apt aphorism comes to mind ......
THE INCREDIBLE IS INVISIBLE
And how many years or centuries has the Market been in existence?
And how many books have been written on methodology and technique and whatnot?
Surely within the 5% that succeed, there are a few who can read the Market. I have no idea who they are but would like to meet them face t face and learn more if they have anything to offer. There has never been and never will be a better student than the dead one and that is his strength - when he don't got something he breaks down walls to get it - there be no other way.
And this is only he dead one's beginning - there are 9 more rungs of the ladder and then there might even be yet more ladders. The dead one will take them one at a time and somehow even try to bypass the intervening body death to dispense with the liability of interruption.
Baron
ET Dictator
Registered: Apr 1999
Posts: 1955
06-03-10 03:17 PM
Quote from deadbroke:
Read ET-ers' comments - especially noting that last year they called $ death and now they are calling Euro death. See how fickle these mothers are?
So you're criticizing people for not having a crystal ball? Based upon some of your more recent market predictions, you don't have room to talk
Now quarter end equity rally has presumably ended, EURUSD etc
overdue retracement can begin. Recent DOW/SP500 candles indicate recent rally involved significant short covering.
The EurUsd SHORT is threatened by the drop only being a wave 4 within the entire 1H rally. Need more time to ascertain this but its my suspicion. If it is a wave 4 then Euro will take out the recent 1H top and this trade will be a marginal loser. I can give it some room.
STOP as usual is right over recent 1H TOP.
