The chart speaks for itself. This one is spot on. PRZ (OTE short) between the .618 BC extension (at damn near $630) and .886 of XA retracement ($667), which is also on top of the "preferred" completion point of 2.00 extension BC.
Just an update on the chart which is still in progress. Kudos to those who had patience- it paid off.
NQunlocked
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Nice call! If you use heiken ashi bars and choose the top of the first red candle towards A (regard that as the X) and draw a schiff pitchfork between the extremes then D of that bat pattern comes RIGHT at the median line of that fork AND the 0.68 retracement. so I think the reversal will be at 640. Good trading.
ninjabenja
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Thanks for the input! Yet to play with Heiken Ashi but nice to get the added scrutiny and a bit of outside confirmation.
NQunlocked
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You are welcome. It seems like a weird way to identify X but Ive been testing it for over a month now and found out that even though it increases the risk (stop loss still goes above the "conventional" X) it also made sure that I entered many winning trades based on advanced patterns which otherwise I would have missed. If you want to see an example here is an idea where Ive put it to the test upfront. Cheers
tradingview.com/v/I1bjO9oq/