pantheo

AUDCAD: Fib confluence vs counterpin...

FX:AUDCAD   Australian Dollar/Canadian Dollar
97 6 1
... or better a classic one.

A nice pin formed but its counter, against the trend.

A possible ABCD might be completed with equal legs, but might be extended to 1,618.

Fib confluence

Gann 3/1 connecting June 11 lows with previous and current highs

I'm short and a second position will open if this week's lows break.

Mind your position sizes, above all, its countertrend

My gut instinct telling me not to take it and be patient. But I did it. Classic.
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ForceFollower
2 years ago
You may be OK. I am long, but not expecting too much and going to exit at 1.026.
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pantheo PRO ForceFollower
2 years ago
Thank you mr Force! We will see what happens. All the best my friend!
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mustard
2 years ago
Have a Gartley drawn on my daily, with MACD looking overbought, also a H&S showing on hourly.

Looks promising.
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pantheo PRO mustard
2 years ago
A first confirmation will be breaking last week's lows. All the best my friend!
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Hobgoblin
2 years ago
The XABCD is very catching, I've been watching its completion since January and now I'm short. It's low risk, can't miss it.

I think you should have calculated your ascending weekly angles from the old 2008 low (0.71853), not the 2010 low. And the current angles at work must be descending from last April's high:

snapshot


I'm far from being an expert, so I'm not sure we have hit a falling angle this week. I'm not even convinced at all that weekly angles work on this item.

Please do not use this "Gann" tool in your calculations, it's misleading.
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pantheo PRO Hobgoblin
2 years ago
Thank you my friend. As far as I have read about Gann, you can use it from highs to lows and vice versa in major swings. I'm attaching a Silver monthly which I use among many other charts to long or short silver. It works fine so far. I'm not an expert either, but when lines are working and respected by price, I am assuming that is right. This for the tip about Gann miscalculation here. Cheers, all the best!
snapshot
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