I've been long since the bounce off support .88540 but I've raised my stops to lock in profit because volume is lacking to make this a true head and shoulders..., yet..., I'll add to longs if we break the neckline.
I'm adding my chart with a volume indicator, OBV, which should ideally be above 0 for the formation of the right shoulder. It's hung below 0 since the drop.
I've been long since the bounce off support .88540 but I've raised my stops to lock in profit because volume is lacking to make this a true head and shoulders..., yet..., I'll add to longs if we break the neckline.
I'm adding my chart with a volume indicator, OBV, which should ideally be above 0 for the formation of the right shoulder. It's hung below 0 since the drop.
Hello Grin,
I was just wondering if you were using the "zigzag" indicator from the MT4 for identifying the waves? Or at least how this indicator can be of use&/or help?
I thank you in advance!
Edwards,
Is this in the making of 2nd wave of a new down cycle?
Hi Market Wave. If I follow the count of daily chart, seems GBPUSD is going to initiate a new downtrend cycle or already making a zigzag of wave 2 in a new down cycle. Please comment.
Hello Grin,
I was just wondering if you were using the "zigzag" indicator from the MT4 for identifying the waves? Or at least how this indicator can be of use&/or help?
I thank you in advance!
Edwards,
In a word, "no". I occasionally throw it on my charts as another perspective but I rely on my own counts and those of the mentors here far more. In fact, I only use indicators for confirmation and then not very often. In this case the volume indicator is far more important because it's an important part of head and shoulder formations.
In situations like these, where we open with a gap, what are the odds that the gap gets filled?
Here's my 2 cents worth. The gaps nearly always get filled. Having said that I'm not confidant enough to trade based on gaps but I know a trader that does. I'm watching GBPUSD for the gap to be filled, then possibly short. The gaps on the other pairs I'm watching have already been filled.
In a word, "no". I occasionally throw it on my charts as another perspective but I rely on my own counts and those of the mentors here far more. In fact, I only use indicators for confirmation and then not very often. In this case the volume indicator is far more important because it's an important part of head and shoulder formations.
How 'bout some help on your interpretation of these longer term USD/CHF charts.
Weekly and daily.
Here's the count I'm following from last week. Basically the same as yours. I expect one more push up and then the correction that Jamie is talking about.
How 'bout some help on your interpretation of these longer term USD/CHF charts.
Weekly and daily.
As far as the weekly goes, I have no clue what the count is but
the daily looks crystal clear for now. This is what I see so I have to go with it. Its all about risk mamangement.The profit potentil is HUGE if this is right.
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