1 Aug 2011
This pattern is define by 88.6% retracement of XA at B point and 38.2% retracement of AB at C point.
PRZ :
1.27AB=CD @0.8160
1.618XA @0.8112
2.24BC @0.8092
However i think it is quite dangerous to jump in long position at the moment. Price action is testing the PRZ and was in all time low at 0.8070. I will be looking on the retest of the PRZ. This pair still in strong predominant downtrend.
4H Bearish Channel On CADCHF.
3 comments:
How are you calculating your PRZ? I am having problems with that.
Michael
there are different fib retracement for each pattern. U can download summerize of all pattern here : http://hostogo.com/share-0DB3_4E38EAA3.html
Other than that, i'm highly recommend Scott Carney "harmonic trading" volume 1&2 book.
hey, did u catch this? http://harmonictraderafrica.wordpress.com/2011/08/03/possible-re-entry-on-chfjpy-short/
U might want to check that guy too. very good with harmonic too but has his own unique style for incorporating trend analysis.
check on him too
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