So this morning brings a further drop into a butterfly pattern on the 15 minute chart and a setup and building ab=cd on the 60 minute chart. The pullback was terminated at the ,618 level which is a very predictable level with this pair. As a side note the pull back late last yesterday into this morning, if you go back and check was a butterfly that extended to the 1,414 fib level.
The problem now is that we find ourselves on the brink of the opening of the US session and, well lets say hang on for the ride....will the interest rate drop yesterday hold the markets in position or willl they flail around? Who knows. Simply believe what you see....The ab=cd terminates at the 209 level,,, wonder if we will make it right off?
Have a great day!
Peter
Peter McIntyre <mcpetetrader@yahoo.com> wrote:
Peter McIntyre <mcpetetrader@
Another rate decison and action. The pair has dropped out of a 240 channel -franlky left me flat in a cash position for a couple of days. I should have gone fishing or something else fun.The 240 has to take resposibility for the divergence we see now. Ecpecting an even lower price to be hit. The verticle drop off the 60 is akin to great momentum and should also be a sign of great momentum.I have included a 15 minute (called the pattern 3 min...) and a couple of developing 60 minute charts....as you can see the development was quick and then reactionary You guys have to low that before I set the first entry order i have a pttern drawn and a termination point in mind unless...well lets say that would be determined aon strength and weakness of my signals.Having a cluster to manage I will let you guys ponder on the coming drop...Peter
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