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And just becasue the confluence just keeps coming, here is the same chart with two more fib additions that fall right in the middle of the previous mix;
1) The displaced exhaustion alternate from possible wave 1 down (April-June 2011)
2) An exhaustion extention from the same presumed wave 1
Going long on 10-03-2011 may be counter trend on weekly basis etc.. but at 11.30 am longs were in the trend, whether the up move was due to short covering rally etc.. Time filter is a tool i use to day trade.
Gary, this is my 60m chart and the zone I drew last night (shaded in blue). It is primarily based on the POC of the entire down move, good to see that your confluence zones line up with what I have here, though after the strength today I'll be careful with shorting.
EDIT: for any pivot followers, the weekly pivot is right there as well. Also looks like the red lines I drew (again, based solely on the profile) also are very similar to the lines you have above (except maybe the top one). Interesting how different methods of analysis can have similar targets.
looking at charts of 10-03-2011 along with 10-05-2011, very similar A up ;evels and price action. On 10-03-2011, A up level was broken to the downside later in the day after run up of 160 ticks or so. Today, it was up and up. A up level was never violated today.
btw, from your chart comments... there is only one A during the day... I also noticed that you trade 1m charts... so unles price traded for half the OR above/below the A, it wasnt a confirmed A.. an A-up didnt really take place until mid-afternoon.. the rest was just range trading..