its the 60min pivot together with the 4 hour pivot. i trade the 2 together which looks a little like this.
all pullbacks on 5 min that stay below the 4 hour pivot is a shorting signal which is more significant if we are also below the 200MA.
1 min is a closeup of the 5 min which is good for scalping...... pretty much, if we below we only look to sell and above we look to buy.
in theory, u could use this kind of play will all kinds of TF, but the higher the TF the higher the pivot has to be.
if u have to many kinds of charts showing diff TF ranging from 1 min to daily, you will get a little confused as i did when i first started out. over time i got a feel for it and now its second nature, so to speak check out daily EURUSD with the monthly pivot...... chances are, if we stay below, then most likely target is 1.2290.....
its easy to use since u dont have to move a finger and the pivot refreshes its self........
in order to use this kind of play u need to stick to Fibonacci calculation. if u use the "classic" all the support and resis will turn out less accurate from back testing i did for over a year and half.
What are you levels and direction gauge based on? Would you mind posting a chart? Thanks
I use Fib lines from a close to an opening of highs to lows or vice-versa.
I find a majority of the time the price reaches the 200% extension but NOT always (I still haven't figured out why).
Check my track record in this thread over the past few weeks and you'll see it's pretty accurate.
Anyway, based on my fibs I have the E/U headed down to around 1.2545 or MAYBE to 1.25 if the 4H closes below 1.2490. Than up to around 1.2789.
Hope this helps.
Sorry, added a different cahrt as the other version was missing a fib line.
Last edited by NHAppraiser; 06-18-2012 at 12:22 PM.
Will it help us???
Eur. Central Bank @ecb_europa_eu
SMP transactions settled last week: EUR 0 mln. Matured: 1,364 mln. Total amount to be absorbed: EUR 210.5 bln
For months the ECB has been urged to ease, by buying up sovereign debt to inject liquidity into the system. Now they are finally buying some debt paper-- and then taking all the liquidity out of the system, to make sure that it doesn't do the slightest lick of good for the economy. The ECB wants to keep the euro high, at any cost in accelerating the recession. This is suicidal, but is nothing new.
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Not completely sure what your chart is saying here. Looks like a bearish turn is in order, did I miss that?
Originally Posted by jogold18
not really sure what to look for........... are you saying we will head back down to a low 1.2290 before a break UP passed 1.3...????? did i get that right????
Dark dots indicate time window to move downward while white dots indicate time window to reverse upward. Bias trades short near turn down window and bias long near up window. Current turn date is June 18th for down move while next up date is July 3rd. Use traditional technicals to find the turn point as turns can come early or late. Strong moves tend toward the late side while weak moves tend to be early.
From the LPI chart as posted; RSI was approaching upper "bear zone", price action was approaching 40dma and upper channel line resistance, i.e. trade downside.
Levels to keep in mind. EUR/USD has open gap at 3080 and USD (continuous contract) has 3 open gaps lower down at 80.43, 79.95 and 79.6 (not filled line based). These will be filled. Lowest USD gap corresponds to EUR/USD gap. USD chart to show gaps: http://www.tafool.com/Charts/usd061812GapChart.png
My personal opinion: up move has not quite finished, maybe 2800? Hit that level with 15m RSI divergence (use line, bars/candles hide divergence with spikes on 3rd waves) and should be good till next turn date. Once larger bear move is done, don't be surprised to see the "New and Improved Euro 2.0".
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