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  #703 (permalink)

Bala, PA, USA
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Futures: SPY, Oil, Euro
monpere's Avatar
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,321 received

websouth View Post
OK - nice thread. I'll play. This is for spot forex.
still in a downward channel....although 100sma crossed 200sma on 1hr...significant? This was a result of the Feds intervention. Retraced about half of that now though.

Daily big picture cycles. 1-1200sma wave. Thick blue/white are 100/200 sma

Zoom to local daily. Add trendlines to continue lines from folds in wave. A lot of resistance to up moves...anything can happen here but just something to note. Fed did not push price up thru folds.

Local hourly (with color) Shows some resistance - 3 folds, a top channel trendline and 100sma. Bounded by 1.3473 and 1.3359. Folds in middle have flattened out and outsides have both wedged in. Indicating heading for a balance in price courtesy of the Fed. If wedge pattern plays out we may end in a balance point around 1.3550 ...before crashing Which on the daily is right where that blue fold is... funny huh?

People please! Throw enough stuff on a chart, something is bound to co-incidentally reverse where another thing happens to be. When that happens you are a hero, the other 10 times it doesn't happen, no one mentions it. Trading is not about predicting the markets. It is about trying to take advantage of perceived pattern repetition based on the numerically significant statistical historical behavior and observed expectancy of those patterns, using appropriate money management based on that data. (That was a mouthful!) Trying to predict the markets will lead the majority of those following that approach to the poor house.

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