Old Apr 11, 2009 11:07am (14 hr ago)
mparker's Avatar
mparker
Slow and steady wins the race
Member Since Jul 2006
2 Vouchers 665 Posts
Default MP ---- THIS is a chart to be in love with !
Ozziedave ---- that is one of the MOST BEAUTIFUL, FULLY SELF EXPLANATORY CHARTS I HAVE EVER SEEN !
give me a few minutes to send the McGivers on their way and ill get back to your questions !
I cant get over how nice this chart is --- sorry, i find beauty in some strange places - - - -
under your present candle is what i take to be the 14EMA, which deserves MUCH watching as a support area for the H1 trend --- if that gets broken, expect the price to move to the bottom of the H1 channel and if THAT is violated, the MIDPOINT of the H4 will come next, but presently i see 1505 as support
considering there remains a bit more downside on the short term DSS and that the CCI and stochastics are heading for the bottom, i would venture that the EMA 14 holds for the short term and we will have a small rally.
underneath all of this is the H4 which historically DOES NOT GET VIOLATED by the price and moves to the bottom channel once it bounces from the top, which it is doing at the moment ---- this will be a MUCH longer term move, but should definitely happen with consolidation and some whippy moves at the midpoint, if history is any judge for this pair !
essentially, with all regards to the higher timeframes and probable retraces, i would venture the SHORT to be ok to the bottom of the H1 channel, although i would wait for the smaller uptrend (which you should use the 15 minute for) to complete before entering !
NICE chart !
Quote:
Originally Posted by ozziedave View Post
Hi MP,
Here is the current USDCHF 1hr chart. I have the 4hr and 1he SHI channels on the chart. On this chart we've just touched the high trend ilne of both the 4hr and 1hr SHI channels and we've bounced downward. Now here is where I get a bit confused on what areas we are looking for a reversal in price direction. Are we looking for price to retrace back to the support areas or the resistance areas and then reverse higher (support/resistance areas I have marked)? Since the 4hr SHI channel has a slight up tilte are we expecting price to travel down...
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See I didn't make it up!!
Beauty really must be in the eye of the beholder.
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