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Hi Peat
530 pips and counting
Yes, I think we did quite well for longer term holders with a run up of around 410 pips on the long trade - the yellow box target was just touched. Over the last 3 days I've been suggesting a retrace, and additionally last nights short term chart also gave members up to 120 pips
http://i43.tinypic.com/ve82l3.gif
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Attachment 2579
I had almost convinced myself that butterflies were caused by the machinations of those who manage/manipulate currencies. But could someone have been working on AUD/NZD for 20years? To me it seems likely that this is a butterfly and it will complete but what will the target be? Probably one for ARCO. Where will it go from there? Probably what John Key is working on?
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butterfly
Hi DA
I was long from 1.275 area i am now thinking its ripe for a short with the prospects of RBA possibly lowering AND THE D leg 1.161 seems to be acting as resistance
Attachment 3677
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Hey Rod, nice trade , funny you should bring this cross up as i have been doing some trading on it over the last couple of months.
its a nice technical cross respecting technical patterns nicely.
the harmonic pattern you have drawn actually works a little better if you view it as a bearish crab even though the 1.61 reversal level is the same.
I can give you some links if you want more info on it.
features are:
reversal zone is 1.61 XA , XA 88.6 , BC 2.61
this has been a nice example and have had some good trades out of it.
personally i think were close to a short but i would like to see one more run to challenge 1.32 , it may have done its dash but the low risk short entry is around 1.32 area. looks like a triangle on h1 which may mean a little further to go
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maybe something like this rod but i wouldnt trade it , it doesnt look like a top and we havent got divergence on indicators yet.
im going to wait and follow action a little before pulling he trigger.
http://i183.photobucket.com/albums/x...99/NZDH1-4.jpg
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Hi DA yes if it gets to 1.32 would be good its also a major support resistance level going back early 2010 apart from its .618 level
i kind of lump anything which isnt a gartley into a butterfly irrespective whether its a bat or crab etc a bit of laziness on my part!
thanks for the charts , i will wait for the top to develop and hopefully divergence
cheers
roddy
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wow look at the yen crosses , looks like BOJ has been busy.
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DA yes i was tempted to chase it but thought better of it, probably because i havent got a reasonable expectancy day trading system !also surprised just how much aud and nzd have moved against the buck. looking at my daily charts the last daily spike jumped from similar levels to 80 but on that occasion the BOJ may of had nothing to do with it