I want to see if I'm seeing the same things you guys are. I'm not sure if my PP is set up right, the price points look different to the chart yoohoo posted earlier. CFerret, refering back to your 3:44am post about the missed no-brainer long. On the 1 min chart I see a morning star formation at the PP of 1.5827. Then your 6:45am post I don't know what you call it, but I see the 6:45 bar has no overlap on the body of the 6:44 bar and the 6:45 bar broke the sideways congestion to the upside. And your 8:38am post, I see the same pattern as above, this time with 4 bars in a row (8:23, 8:24, 8:25, and 8:26) all setting new highs with no overlap on the bodies. Finally the 8:26 bar broke through the congestion/sideways movement. This run up ended with a test of the R1 at 1.5944, and reversed, although the reversal wasn't quite as convincing it did retrace about 30 pips before getting into the range we're at right now.
I got more or less a similar question about PP, how do you calculate them for monday, having the market close early on friday and having data on sunday using GMT, do you use both days ?
I went yoohoo's way (was easy as I use same charting package as he does in addition to QT)... Simply get PP's calculated by software (which counts them off GMT time). As for Friday's close it used the day close before w/e AFAIK.
thanks, nice box btw on the 3 min and 5 min charts about 40 minutes ago. I do it the other way around, CF, I'm used to taking the patterns on 1 minute, now I try taking the ones on the longer timeframes
guys hope you got the double top 5940' ish. Been short from there and going to bed leaving it to ride with 20 pips gtd profit. Up about 50 pips now but could be whippy. 4 hr is fluid reversal with good energy - not strong but good enough to leave. Need higher for strong downside energy. Deja - Morning/Ev Stars and any 3 bar set up is only if we miss the more aggressive signal. Too slow but great with hindsight to know those guys are following Here's how my squashed 1 min chart looks... break of the congestion 1.5880 important on 4 hr.
lol I'm tired - setting up s/ware - pain in butt. Just looked at 1 hr and there's bags of upside energy so if I was awake I'd not hold this. PIB and don't care, will leave them to fight it out.