Timing is key
Short

Cable's double top at a perfect 88.6% retrace

FX:GBPUSD   British Pound/U.S. Dollar
1108 8 22
Hello all,

Price and Pattern Analysis

Today's idea is based upon a Fibonacci 88.6% retrace which can be a the beginnings of a bearish CIT. The figure is derived from the golden ratio 0.618 ie, Square             Root of the ( Square             Root of 0.618) = 0.886. So the 0.886 retracement of the previous MAJOR swing gives us 1.56585 being the EXACT high ( and rejection ) of the second double top. Confirmed double tops can go 200% of the previous swing ( if target 1 is taken out ) which could take us down to around 1.54853 our 2nd target.

Time Analysis
I also ran some time counts to see if the second double top had any significance. and found some interesting relationships between the swings.

1. The previous Top to Bottom Swing (A-B) is 168 Trading Hours. The number 168 is a Natural Square             that repeats in nature and is derived from taking a 7 day week and multiplying it by 24 hour in a day = 168 Calendar Hours. If I was to convert that number into Degree's of a 360 Degree Circle it is sitting on 308 Degrees.

2. The next Bottom to Top Swing (B-C) is 120 Trading Hours or exactly 7 Calendar days ( Remember the previous swing? 7 Calendar days multiplied by 24 hours = 168 ). The number 120 is also sitting on 307 Degrees ( Only 1 Degree of separation from the previous swing of 308 Degrees.

So both A-B & B-C Swings have also SQUARED out in TIME ie. 168 ( 308Deg ) & 120 ( 307Deg)

3. We also have a Top to Top Time Count of 288 ( Gann regarded 144 as one of his most important discoveries ) so we have 2 cycles of 144 coming together to confirm point C as a possible important turning point.

Let's see how this evolves next week.
Excellent, looks good.
Reply
URIFX
a year ago
Love it! Thank TIK!
Reply
AdrianG7
a year ago
Maybe a modified schiff on the 30 min? looks better as you can see
Reply
AdrianG7 AdrianG7
a year ago
snapshot
Reply
Timing is key AdrianG7
a year ago
Nice Shiff picking up the second DTop, early days yet, however a nice low risk opportunity.
Reply
silver0sk8
a year ago
I sure do love it when the numbers come together :)
Reply
forker PRO
a year ago
Hi TIK

Very nice analysis, tnx!

Why is the C point from the down fork not on top of the swing?

Her's how i use the reverse forks:
snapshot


Happy Day
Reply
Timing is key forker
a year ago
Because, it was there before the spike C. Hindsight has 20/20 vision! I new time was up as we got the initial bounce off the 88.6%. If that was breached it would have been an exhaustion move back at 100% retrace....The market obliged. I wider stop at a few pips above 100% retrace would have kept you in the move.....Thanks again for the updated fork, if I could update my original I would:) all the best
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out