Replies to post #92980 on Simple's Green Room

[gitonwithit]

I think I'm going to give up using anything other than my own extensions for trades and that being 1.272, 1.618, 2.618. This first chart was where I took the 100+ pips the other day, the second chart is what I see now on AJ (similar things on GJ and AU). I set my fib tool up to have both positive and negative extensions (didn't really know you could do that) so that up top projected up I have 1.272, 1.618, 2.618, and on bottom projected down I have .272, .618, 1.618 (they are named 1.272, 1.618, and 2.618 since they start at the bottom) so that way they are equidistant from each other. When I do this look at the bottom AJ chart at the top 1.618 and the bottom 2.618. This is why I added here on AJ.

I believe in that last chart that tells me that this is a perfect AB = CD pattern.

[pennies2007]

Looks like we had a nice drop overnight there but still not enough yet. Hopefully things will fall apart during the US session.

[pennies2007]

The only problem I see with what I came up with is that it doesn't allow for much of a pullback on the market at all. It would only be a very light pullback.

So now I'm wondering if where I had Wave A was the end of Wave 4 and the new high was a very short, brief Wave 5 peak.

If so, AU is gonna drop long and hard along with the market.

Hmmm...I like that idea better. It makes more sense.