@ http://www.dailyfx.com there are a lot of good free Java charts as well...
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Intraday FX Player
- Thread starter CFerret
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Quote from tom123:
Yoohoo,....when you look at candlesticks....looking at the big picture.... do you place any interest in curious things....like this little spot...looks very curious to me...and I keep thinking it means something....like certainly pointing in a direction but where....and when....
do these odd things come into play in your experience?
Morning all.
Tom try to see everything in multiple TF's and not just the TF you are looking at. Your 1st falling TL connects 3 daily bottoms. Think of a 1 hr chart with 3 pushes to a low - this is how it looks on the daily.
Your red TL is a simple EMTL.
You last short S&R's is how I use wicks and bodies for S&R as described in the thread earlier.
Everything speaks - you are learning to hear! Everything works - you are learning uses for tools that most traders use every day but don't understand.
Quote from Willleung:
hi YH,
Is that what you mean by emotion?
TL by wick of candle, and the tails that go beyond that, as emotion?
Willl the 1st thing I do is look at the 1st reaction to try to get a Time & Price for a likely reaction.
After that I want to find lines that pass thru as many of the 5 points of emotion as possible and it's much easier to see this in a Bar Chart than Candles.
I'd say this is closer to Classic TL's as you don't have enough evidence.
On your chart I have market the 1 st thing I'd do and if there is a strong TL that meets it I would have Time and Price.
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Quote from yoohoo:
Willl the 1st thing I do is look at the 1st reaction to try to get a Time & Price for a likely reaction.
After that I want to find lines that pass thru as many of the 5 points of emotion as possible and it's much easier to see this in a Bar Chart than Candles.
I'd say this is closer to Classic TL's as you don't have enough evidence.
On your chart I have market the 1 st thing I'd do and if there is a strong TL that meets it I would have Time and Price.
thanks for that YH, i misunderstands it..
With such a line, Price and time are in a linear relationship, rite? so if it drops excessively you would expect the see it comes back to the emotion line, much like VWMA we talked about yesterday?
Willl here's my daily chart showing EMTL's. I didn't mark the blue falling EMTL as it would make the chart too messy. When I saw the rising dashed line squeeze PA against the blue I knew we were in for a good move (yellow box)
I want to see evidence most times that Price touches a EMTL.
I want to see evidence most times that Price touches a EMTL.
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Quote from Willleung:
thanks for that YH, i misunderstands it..
With such a line, Price and time are in a linear relationship, rite? so if it drops excessively you would expect the see it comes back to the emotion line, much like VWMA we talked about yesterday?
Not quite. VWAP is a complex calculation and not just a MA on Price. There is a mathematical reasoning why price should go to the VWAP based on weight of money.
An EMTL is different - there isn't a reason why it MUST return to it. Sometimes we get a Bo and run - the Bo was all I was interested in but if I get a reverse signal I expect the return to the EMTL before recommencing the impulse move.
Quote from yoohoo:
Not quite. VWAP is a complex calculation and not just a MA on Price. There is a mathematical reasoning why price should go to the VWAP based on weight of money.
An EMTL is different - there isn't a reason why it MUST return to it. Sometimes we get a Bo and run - the Bo was all I was interested in but if I get a reverse signal I expect the return to the EMTL before recommencing the impulse move.
hi YH,
From da chart, i see that you use EMTL much like classic TL, will practice on this after market hours..
key is the 5 points price (all tops? or bottoms) touching the line and in a linear fashion across time? or no time requirement?
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