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First post has not shown up yet but thought I'd send along another. 38% time
retracement of the secondary low did not hold the low, now we have
confluence of the 38% primary time retracement and 62% secondary
retracement. Also a cluster of price targets in a 2 handle range. This is
not the nice clean looking chart I like to work with but you work with what
you have.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, April 17, 2002 11:29 AM
Subject: Fibo example
> Another fib chart in emini, this is 5 minute.
>
> a) major rally stopped 2 ticks short of the 68% retracement back to the
> 1156.25
> pivot high.
>
> b) W.C stopped 2 ticks short of the 100% expansion where W.C = W.A. This
> would be a minimal price correction.
>
> c) left vertical cyan line is the 38% time retracement of the rally from
the
> 1102.50 secondary low, right cyan line is 38% time retracement of the
rally
> from the 1100 primary low. I do not consider a correction complete until a
> minimum 38% time retracement has been met.
>
> d) heavy green lines at 1122.25 and 1121.25 are the 38% retracement levels
> measured from the primary and secondary lows ... I generally look for a
38%
> retracement level to be reached following a major price move.
>
> e) also shown is a retracement tool to measure the rally from the last low
> and so far, the 62% + 1 tick has contained the rally.
>
> Should retracement time, retracement price, and correction expansions come
> together in confluence, I would consider a long position with tight stop
to
> have a very high probability of profit. As the chart evolves, I may see
> other opportunities should the "ideal" not show up.
>
> Now, if some of the programming genius' here want to program this stuff,
be
> my guest. At one time I was a programming maven, did a lot of work on this
> stuff, and never succeeded in getting close to the kind of eye and hand
work
> I can do very quickly on a manual basis.
>
> Earl
>
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