Sean K
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I agree. Nice green and yellow chart too!Looking pretty bearish right now.....falling pennant only had two up days. Sitting on medium term support, if we go down, next pause at the 3200 mark...maybe, maybe not.
PERSONALLY
think a nice lil bounce tommorow and MAYBE friday ........in fact punting on it
amen
Nun I'm with you on that one. No real technical indicators telling me to buy today, just was a bit bored of being on the sidelines and had a good feeling. I think i have to go back and re-learn money management.
No real technical indicators telling me to buy today, just was a bit bored of being on the sidelines and had a good feeling. I think i have to go back and re-learn money management.
Nun I'm with you on that one. No real technical indicators telling me to buy today, just was a bit bored of being on the sidelines and had a good feeling. I think i have to go back and re-learn money management.
What about idea and strategy development
https://www.aussiestockforums.com/forums/showthread.php?p=387655#post387655
APOLOGIES if you were being sincere . I thought you may have been takin the pisss for my entry plans
So that's our lowest close in about 5 years. How are you guys going with your longs?
So that's our lowest close in about 5 years. How are you guys going with your longs?
So that's our lowest close in about 5 years. How are you guys going with your longs?
um that was a cupla days ago but just because you asked the result was .stopped out of 2 small losses , 6% gain on other ,
overall result was just below breakeven , so yes i suppose it was a failure
ya get that
Our banks... ANZ you mentioned getting closer to 10 than 15... is still way over there. Don't wanna repeat that one yet eh.
Feb 2003 = 2800 ; Oct 2007 = 6750 ; Leg = 3950
Retracement by Fibonacci ratios 21 34 55 89 - classic, not the generally accepted trading Fibonacci ratios.
Retracement to: 6750 - (% of 3950)
21% = 5920
34% = 5407
55% = 4577
89% = 3234
So there is a convergence with the 1.618 retracement level of ~ 3200 in the chart posted by bankit above. But to get there it would first have to breach the 3400 - 3500 level - previous resistance, being (hoped for) new support.
Hi Logique,
You are quite correct in using the 89% figure as it (or more precisely 88.6%) does feature in major turning points in a number of Geometric Price patterns like the Bat, Crab, Butterfly and Gartley patterns.
However I have that 88.6% figure as being 3146 on the All Ords and not 3234. I get that figure from a low of 2666 and high of 6873....
Bankit
Any other quotes that may have been incorrect?Thought it might be interesting to quote these posts from mid-October 2008, where I had used a Fibonacci 89% retracement to get a projected XAO low of 3234, but Bankit with more precision corrected this to 3146. With the current level at 3300, these calculated retracements are rapidly approaching, and if breached - I guess we'll have to look for a new paradigm, or the next Fib ratio in the sequence.
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