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Sejake
03-25-2006, 10:30 AM
Anyone catch this very nice Advanced ABC on USD/JPY.
Unfortunately I was away and missed it....:(
Sejake
03-26-2006, 01:28 PM
Sorry this was meant for another forum...........
Steve Griffiths
03-27-2006, 05:59 AM
Hi Sejake,

No worries........... it was a very nice trade, as I see the USD/JPY has continued to delcine sharply from the Wave C high.

Nice to see how the Advanced Wave C module automatically idenitified this and how Typical Wave C WPT nailed this high perfectly :)

Great trade though............

Thanks

Steve
mrkam
03-27-2006, 11:11 AM
I don't see this as a valid setup, so maybe you all can help a little here....

Yes, the ABC tagged the high, but the reversal bar is HUGE, meaning the entry/stop points would have been very wide at that bar (big risk)... so... it would take a huge drop to get to our minimum 2R reward point, which probably won't happen.

So, I would not have traded this based on the min 2R, and the size of the reversal bar...

Is there another view that would have been more applicable as this unfolded? Shouldn't we let this (VERY impulsive) move play out, then look for our ABC correction and trade that?
Steve Griffiths
03-27-2006, 11:28 AM
Agreed, on my eSignal data, the reversal bar was too large to be a good set-up... but I was just follwing up on SeJake's origional post, where the data looks to be sightly different from mine, so the initial risk for him may have been smaller.......

Thanks
Sejake
03-27-2006, 11:54 AM
Hi, sorry again....as mentioned this was meant for a different forum....pre-MTP days....:)

Just to explain though.....I was watching for a Gartley pattern which is basically an Advanced ABC on MTP. End point for the Gartley is at the .78 retracement level of the larger move.
All requirements for the Gartley were met so entry could have either been directly at the .78 retracement with a stop just above the .78.
Easy manual entry could have been made using smaller time frame on hourly chart in MTP with very low risk at WPT resistance with a red reversal bar.

Very low risk trade.....I've taken many times...except this one, as mentioned I missed it...:(

Sejake