yeah i like that u can see the bias in it. 61.12%for under and 63% for above. much rather be long when above the 20 ema or short below it.
the significance is like this is one way to evaluate movement by how the bar itself forms the first step.. you can trade this profitably.. but i try to move on to talk about using tick data when evaluating to gain precision. this basically says the shorter distance side X% of the time is y distance and the shortest distance on the long side x% of the time is A difference so if we set entrance to y+1 distance from open and take at A-1 distance and stop to the candles opposite side .. if the risk reward ratios are right we can generate profits just form statistically measuring how bars form... you can take this to the next point as you see in the one post... the significance i draw on as well is if you see a 3hour candle form down with a short side of X pips from open and a long side that says continuance to X pips distance should occur y% and you are wanting to trade that hourly or 30 min bar be with the 3hour bar statistics... i show that using something as simple as bar formation statistics can be traded profitably but this is an example.. everything needs to be refined and precision needs to be found of course and i go on to talk about measuring with tick data to see exactly how the fluxuations occur to create the bar.
not quite.. im grouping the distance not from open low or open-high but which one is shortest side or longest open low maybe shorter than the open high but it could be grouped with a open high if that side is the shorter side... its about evaluating the bar. short side and long side of the bar using open-low or high-open to get which side is longer or shorter.
yeah the image size is fine here.im cool with that the 20 ema is just a bias tool if price is above the 20 ema bias is up likely to form green candles if under 20 likely to form red u can see that in the other chart u post its a nice indicator.
wave high - wave low = distance of previous leg or d1 previous wave high - newly created low= new distance or d2 d2/d1*100= % retracement run that on everywave and u start to see results.
Just thought I would compare ema(20) vs. ema(5). The Support/Resistance is for 21 bars since that's what you are using in your formula.
You got me thinking... Looking at the ema(2) for the above/below stats.... Hmmmm...... May be on to something!!