Intraday FX Player

THOUGHT FOR THE DAY: WHERE DO INTRADAY TL’s BEGIN?
Everything works, but learning to pull the power out of any technique and possess it as a well-honed skill requires lots and lots of time, effort, discipline, organisation, record-keeping, reading, experimentation, study, imagination and quality information. I can point you in the right direction so you have a fast track to run on but the hard work is still up to you. Today I want to pose a question: on your 1 min chart, where should you begin to take your TL’s from? So before you read on, take a look at what you show on your charts now, as that’s your answer.

From as far back as your 1 min chart will go, or further back? If further, then how far back? Daily?

When I was studying Gann I learned how to commence with a bottom or top and project years into the future. I remember being invited to present a lecture at a university to stockbrokers and accountants on The Random Walk Theory Vs Technical Analysis. The accountants loved Random Walk and the stockbrokers were looking for someone to blow it out of the water. It was easy for me to let them call out any share and with an acoustic coupler on the phone handset I was linked up to a mainframe in London could pull down years of data. Then with a few weeks of daily PA I was leaving them spellbound as to how Gann Angles and Natural Levels from a would catch reactions years in to the future. I cringe now when I look back at how little I knew then but in the land of the blind the one-eyed man is king! This was leading edge technology that cost a fortune.

Anyway, my point is the EurUsd last daily channel top around 1.6020 was a KR in the 1 min on a TL from months back. How far back should you go? As far back as you can find a major top or bottom with TL reactions and bring those lines into your charts and even to your 1 min charts.

I have attached the daily oil chart that I posted a while back just to show how these lines from the monthly chart 12 years back provide high quality information today. These daily reactions are valid right down to the smallest intraday TF’s. The blue lines are providing horizontal zones of S&R while the white angulars are channels providing a similar “Zone” feedback.

Understanding Zones like this lets you know when PA has moved into another trading band so significant strength or weakness is expected meaning Time will play a major part in the move. To get a better view of how steep these angulars are refer back to my prior posts of this chart. The pink dotted lines are standard TL’s and have no Zone value.

What I mean by Zones is very simple. For e.g. if a (white) multiple channel line is broken downwards PA is now caught in the next channel which is weaker then the one above. If PA breaks a horizontal (blue) channel then it’s caught in a weaker band.

While TL’s have a similar influence (especially Gann Angles based on Time & Price) what makes multiple channels and horizontal bands so powerful is their equal spacing. So look for a major top or bottom way back and see how related top and bottoms are to each other and how good the TL reactions are and bring them into your 1 min charts. 12 years back worked great for oil!

 

oh well...over estiamted cause of fear

Pivot EURUSD Short Long
1.5459 Today 1.5655 1.5236
1.5438 T+1 1.5633 1.5214
1.5415 T+2 1.5610 1.5192
1.5391 T+3 1.5586 1.5168
1.5366 T+4 1.5560 1.5143
1.5340 T+5 1.5534 1.5117

this guy seems to be bullish

Pivot CADJPY Short Long
105.6977 Today 107.8401 103.8814
105.7241 T+1 107.8670 103.9075
105.7512 T+2 107.8945 103.9343
105.7792 T+3 107.9229 103.9618
105.8078 T+4 107.9520 103.9901
105.8374 T+5 107.9820 104.0193

 

Thanks a lot YH,

You really encouraged looking into longer terms for 1hr and really take a look at the daily too

Here is the daily, all lines are at the same angle

 

and the hourly.

I do get lost a lot on the hourly with 10 days worth of data, but using the daily as a reference and 20 days worth of hourly, things are so much more clear to me..

 

YH,

Chatted with CF on this, nowadays i look at the charts and automatically sees a lot of channels, guess I got use to the micro dynamic of price movements..

 

Correct Willl.

 

YH,

CF and I got to know Batterup/BigHog and Spytrader from the chat, each of them have a speciality, Hog sees S&R, while Spy sees channels. You see and use both..

Need to train my eyes on that too..

 

Gameplan is looking like a consolidation before further move down...

 

Not so clear that it's going down now... Can turn out to be a bottom as well...

 

Missed the good long @ 5424, but then longed @ 34 and squared @ 46 for 12 pips PIB...