I use Meta Trader (with demo account at Alpari) in addition to Oanda charting. It's a nice sofware. BTW, CF it was made relatively not far from you, in Kazan. Also I've found random noise by Oanda somewhat annoying.
hi YH, Is that what you mean by emotion? TL by wick of candle, and the tails that go beyond that, as emotion?
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.
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.
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?