In Trading Strategy Examples: Quick Charts

At last night's event I mentioned the 3220's as a potential stalling point, and said I would post a chart in regards to how I came up with this number. So I am just filling the promise here. This is the result, and it is nothing I haven't posted on here before: 92% spike base to low and give it a little room due to the depth of this range. Next major area of interest follows the spike base high. We also have some basic price symmetry going on here and any lunges to the highs again would have some tangible targets.

Thanks again to everyone that joined us yesterday.  My portion was recorded so I'll get that up here (along with a pdf of the PPT slides) when it becomes available.

EURUSD Forex Technical Analysis Review

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Showing 8 comments
  • David
    Reply

    Nice webinar Steve, thanks for that. Only thing is that I haver never heard you talk about the 92%, only the 77-78%.

    • Steve W
      Reply

      Thanks David. I have said it but in somewhat of a passing sense, so I would not be surprised that it gets missed.

      Essentially it’s stalling directly ahead of the major level, and the same story shortly above it. The fib guide is just a meter or heads up on it (because it is directly not a fib level itself, of course).

      • David
        Reply

        Ok, many thanks.

  • Confama
    Reply

     Great presentation Steve, it is worth every bit of time i put into it.
    Remember to put up the note on Clearance trust here too.

  • Edgar
    Reply

    I dont know if its just me, but how do you come up with that starting point drawing your fib ? It doesnt make sense to me. Were you just adjusting so that the fib levels fits in as many s/r as possible so it made sense?

    It wasnt in the break of a Support line, that was supposed to be  1.32571(blue line). it wasnt a daily candle or anything like that.. How did you find that starting point to draw fib from? I hope im not missing anything here! i am sure alot of people is wondering that as well..

    The only explanation i can come up with is that , Once the price breaks, the highest pull back was that 1.32370, thus the support was broken and 32370 became the new resistance that the new bear trend is forming. Still, in hindsight, How is anyone going to draw that kind of fib, from that level. to where market chop and slop a few times and made a low at 29936. Would you not rather draw from the high near 92% 1.32175 towards the low of 29936?

    So my question is, how did you find that starting point of that fib, when did you started to draw this fib, and what could we get out of this fib, the only conclusion is the price will be stalled at 92% and thats already when price reaches that level, or going to reach before the closing friday . not suprising as it is also the 20’s level( which just made a new high)

    is the fib really necessary? Was it really useful?  I wonder when you started to draw that and how you find that point to start with. I would be grateful if you could shed some light into the curiosity of one amateur here. 🙁

    Thanks, Edgar

    • Steve W
      Reply

      Hi Edgar,

      The starting point of that fib is the peak of the spike base (in the price patterns section).

      I usually outline 3 major potential stalling points on that: 1. around 76% of the peak to low, 2. 92% (which is essentially just ahead of the level and no, many times you don’t really need a fib for this. I have it on there as a regular heads up) and 3. just above the spike spike base itself. This is just one of those patterns that I’m always seeing consistency surround for a number of different reasons, the main one being that there are no other major reference points fromt the last leg available.

  • Edgar
    Reply

    Also EURUSD right now looks awfully similar to this

    https://paracurve.com/wp-content/uploads/2011/12/EURUSD-15-Minutes.png 

    I just happened to clicked on it, dejavu it seems.
    This m15 chart looks totally the SAME as what we’re having in EURUSD now in the H1 TF.Would you not agree? ofcourse, it went up to 1.32000 all the way after that. then boom all the way down.not that i want to predict anything, it just crossed my mind as i clicked on that picture, and what.. same picture on my chart, and thought i would share it.Edgar

    • Steve W
      Reply

      Yes, thank you Edgar….this is the chart I was looking for the other day (couldn’t even find it on my own site!). And yes, same scenario.

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