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Been neglecting the thread for a while, thought I'd post a few charts of what I've been looking at. These are 60 minute charts, actually they are the exact same chart only expanded out to show some detail. Not sure if anyone will find them useful but the idea can be used on most any time frame. This first chart shows where these trend lines originated (yellow fuzzy line). I anchored off the low of January 31, and drew my line to the low of February 12. I've said before the software will automatically locate the HIGH and the LOW between those two dates and and draw the parallel lines (red lines).
Again, the chart below shows the same lines only expanded out to offer more detail. Obviously these lines are defining a "longer" term trend and it isn't to difficult to see the Medium and Short term trends "inside" the channel. However these are 60 minute bars and a smaller time frame chart will reveal a much clearer view of those moves. I wanted to post these charts as an example of watching a longer term view.
This is the 6E and of course the big moves such as today's move are most often generated by economic news or reports. Look back at the last time the ECB President gave a press conference on February 6, (white bar) it also generated a nice 100 plus tick move. I don't want to get into a pissing match over this trend or that trend, or there can be up-trends in down-trends and all that but I do want to point out the "sideways" trend. We all knew Mr Draghi was going to speak and the sideways movement of the last few days isn't that uncommon. These sideways movements or sideways trends also happen on smaller time frames, the rule of thumb is the longer the sideways "line" the bigger the move.
This is the last of the three charts, I don't know about you but I for one was getting sick of seeing 1.3735 every time I opened a chart this week! These were the levels I had on my chart this morning the blue line (1.3846) was the HIGH of Dec 18, and the yellow line (1.3893) was the high of Dec 27. When the news that the ECB left rates unchanged the 60 minute candle stopped to the tick at the 2X resistance level of 1.3775. When a full blown trend develops old support and resistance levels are next to meaningless, it's like a train leaving the station.
