My charts (and yours too........)

V

vinst

Well-Known Member
#681
#681
4xpipcounter said:
http://img688.imageshack.us/i/usdjp

I've mentioned quite a few times the need of having a methodology that is bale to discern reversals, supports, and resistances. I also have a proprietary set of S&R's that is able to discern the range of a trend. I'm posting this chart of the USD/JPY to show past actions within the scope of my methodology, and to give a prospective of what will happen in the future.

I do not claim to have the only methodology that works, but I do claim that if yours is able to discern Supports and resistances, and key reversal areas that is will yield you lots of pips and $$$$. It is up to all traders not to copy someone else's method of trading, but to design the methodology that is best catered to them for their style and personality.

The colors pertain to the encircled areas on the chart:
Black: In trading any market, the best way to make a decision to get in the market is through a confluence of events. At least 2 agreeing, or 3 or more is better. This is how it was easy to see how this pair was headed south. The candle hit the bottom of the cloud, and the cloud was on a bear run as it peered into the future. Notice the apex on the TL's. The stochastics were OB.
Green: When your TL's are drawn correctly, this is a facsimile of the nature of it being broken, a strong move to and through the TL. Once the TL is broken,
there is usually a retracement (The oddity is we did not get one on this cross through.) and then back in the new trend for several candles.
Yellow: The tenken acting as support.
Brown: The kijun acting as support.
Purple: Tenken and kijun both merged upward, price got squeezed, and then the strong move.
Pink: That is what is called an apex. Invariably, if price hits an apex, there is always a strong move. If price does go sideways that far, then it is favorable for a reversal and not a break further south. The reason is the daily is fresh. Other than the 2 points that distinguished the TL, the TL has never been hit. Another point is the black line was drawn off the 4-hour chart, and the blue off the daily. The daily would win when everything else is even.

As far as the future is concerned, it is favorable to see a drop further for the USD/JPY. Notice how price entered the cloud. Once in the cloud, 85% of the time price will see its way to the other side. Right under the cloud is the TL, which means it is strong support. I could be wrong, but 82.09--81.80 appears to be containment.

BTW, the quantity of opportunities that were spotted on this chart and the prognosis for the future move is seen on every chart. I monitor 28 pairs, and it drives me nuts, at times, trying to decide what I want to trade.
There are also myriad of opportunities in sideways markets, just like in trending markets.
Click to expand...

Hi 4xpip,

thanks for nice write-up. I cudn't see the image, so partial use cud only be made of ur write-up. Can u pls check on the image?

regards
vin
 
B

babukraman

Well-Known Member
#682
#682
4xpipcounter said:
http://img688.imageshack.us/i/usdjp

I've mentioned quite a few times the need of having a methodology that is bale to discern reversals, supports, and resistances. I also have a proprietary set of S&R's that is able to discern the range of a trend. I'm posting this chart of the USD/JPY to show past actions within the scope of my methodology, and to give a prospective of what will happen in the future.

I do not claim to have the only methodology that works, but I do claim that if yours is able to discern Supports and resistances, and key reversal areas that is will yield you lots of pips and $$$$. It is up to all traders not to copy someone else's method of trading, but to design the methodology that is best catered to them for their style and personality.
Click to expand...
Hi 4xpipcounter,
Thanks for taking your time out to give the details of the chart. However, the chart isn't openable. Please recheck the link.
What is your b l o g ' s name?
Cheers!
Babu Kothandaraman
 
4

4xpipcounter

Well-Known Member
#683
#683
4

4xpipcounter

Well-Known Member
#686
#686
http://img708.imageshack.us/i/usdjpyz.png/


The pair has broken lose from the daily bearish trend line. The only thing left to be settled is the nature of the break. There is usually a very long candle that precedes or breaks through the TL. As long as the exception prevails then the low at .9497 is in place for a long time.
That being the case, the circa area of .9720 should contain this leg. It is the apex directly overhead. To the far right is an apex formed directly on the bottom of the cloud, which is strong R.
The daily cloud (posted) gives the appearance of there being no R. It is the 4-hour that tells the story. The 4-hour chart has more overriding obviations, at this point, which is why it is the boss. A low flying bearish cloud is directly overhead which is leading to the consolidative activity. It has done nothing but struggle with the WP (weekly pivot) at .9627. Once this area is taken out, then we get the move to circa .9720. Any downside turn needs to be supported by the 4-hour kijun at .9581, or things turn ugly.
 
R

Romeo and Elliott

Well-Known Member
#687
#687
BHARTIARTL :

Apart fm comments on the chart :

The general setup does not seem to be behaving like a breakout should, in therms of volumes, and todays price behaviour.

So this may not be a thrid, but the composite-b of a larger term ABC ?? which means its heading down ? or too early to say ?

 
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