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Commodity Trading Discussion Forum

Re: Gold--nice bounce *PIC*

Posted By: charleydan
Date: Thursday, 2 July 2009, at 7:20 a.m.

In Response To: Gold *PIC* (charleydan)

As I mentioned in my SP post. I am changing some labels and trying a different approach in an effort, to make it is easier to understand. I hope it helps.

I understand--but heard many are confused for my lack of communications.

In this one I am showing a label that is called a 3 of 3 or B. Used to say 3 of 3 or C, because it was end of a -c- wave of the larger -B- wave. Try to recognize this pattern quickly--it is crucial.

What the implications of that is. If it is end of -B- wave a deep correction is coming in the following -C- wave.

If it is end of 3 of 3 a fourth wave follows.

You do as you wish---with that bit of info.

It will help many traders, no matter what style they trade. Knowing that pattern alone. Many styles recognize this pattern--but do not have the wave understanding of it.

I have mentioned often to look for these. I like to get out or reverse position if deep correction is coming or if it appears it is an -B- wave end.

In this chart--937.2 should have held if it was a 3 of 3 and wave four followed. That would confirm an analyst/traders analysis.

It did not. So wave -C- follows and can fail at or after .618 @ 932. Without a complete impulsive wave count yet. It will not fail here, but could do it lower yet as the anlyst/trader looks for a complete impulsive wave(12345) pattern. For getting out or reversal as one chooses.

The line is drawn to identify wave four. An trader can also look for that 3-3 pattern to exit before the fourth wave. Giving them a quick profit from yesterday.

Just some ideas.

If you want to print this message, you might have better results, and waste less paper if you print this printer friendly page.

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