EURUSUD Charts - A picture is worth a thousand ticks
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tradethechart
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tradethechart
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I like puzzles. This one needs a bit of explanation. It is just a fun game, not a sound trading tool. I like to check on this from time to time to see how it is playing out. 
Since I have no idea about EWave or the like, I do this...
A price extension projection needs 3 points. I know point 1 (the high), and I now know point 2 (last years low). So I ask myself, where would point 3 need to be in order to make the 1.61% price extension = parity or 1.00. The chart shows the answer. Okay, now what is interesting about this is that the 2500 level that we are currently trying to bounce out of is the 38% level of this puzzle. Kind of interesting. I have no basis for this except that it is fun to work on.
Since I have no idea about EWave or the like, I do this...
A price extension projection needs 3 points. I know point 1 (the high), and I now know point 2 (last years low). So I ask myself, where would point 3 need to be in order to make the 1.61% price extension = parity or 1.00. The chart shows the answer. Okay, now what is interesting about this is that the 2500 level that we are currently trying to bounce out of is the 38% level of this puzzle. Kind of interesting. I have no basis for this except that it is fun to work on.
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tradethechart
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Ali Son,
While I respect your question, whether or not I made any decisions based on these charts is really not important. SOme of these charts are in fact long term, some are short term in nature. My purpose in posting these charts is simply to give traders additional perspective to consider when evaluating their own methodology. Sometimes seeing a technical analysis that is outside the trader's own box can help a trader with his own decisions.
In general, I do not place trades based on these charts. Although, I must admit that occasionally I will have the conviction to do it. What I use these studies for is to help compliment levels that I see in my studies for price distribution. If I see a major weekly level that corresponds to a key fibo or Gann study, then I will give this level more significance when making decisions.
I trade from a price distribution perspective that encompasses short, intermediate and long term distributions. I rarely trade in the spot forex marketspace, rather I trade currency futures. I like to watch the bid/ask volume in my tradestation matrix and see the day's distribution develop.
I hope this helps a little. I can assure you I do use these charts for "real trading". I was hoping others would post their charts also.
While I respect your question, whether or not I made any decisions based on these charts is really not important. SOme of these charts are in fact long term, some are short term in nature. My purpose in posting these charts is simply to give traders additional perspective to consider when evaluating their own methodology. Sometimes seeing a technical analysis that is outside the trader's own box can help a trader with his own decisions.
In general, I do not place trades based on these charts. Although, I must admit that occasionally I will have the conviction to do it. What I use these studies for is to help compliment levels that I see in my studies for price distribution. If I see a major weekly level that corresponds to a key fibo or Gann study, then I will give this level more significance when making decisions.
I trade from a price distribution perspective that encompasses short, intermediate and long term distributions. I rarely trade in the spot forex marketspace, rather I trade currency futures. I like to watch the bid/ask volume in my tradestation matrix and see the day's distribution develop.
I hope this helps a little. I can assure you I do use these charts for "real trading". I was hoping others would post their charts also.
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TheRumpledOne
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tradethechart wrote:I like puzzles. This one needs a bit of explanation. It is just a fun game, not a sound trading tool. I like to check on this from time to time to see how it is playing out.
Since I have no idea about EWave or the like, I do this...
A price extension projection needs 3 points. I know point 1 (the high), and I now know point 2 (last years low). So I ask myself, where would point 3 need to be in order to make the 1.61% price extension = parity or 1.00. The chart shows the answer. Okay, now what is interesting about this is that the 2500 level that we are currently trying to bounce out of is the 38% level of this puzzle. Kind of interesting. I have no basis for this except that it is fun to work on.
Should be simple to figure out the equation and then write an indicator to calculate this in real time.
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