Don’t assume reversal simply it is a different colored candle next day. I was almost caught in this train of thought too. Why?
1-Look at the results given by SB, that guages the quality of the higher highs and higher lows / lower lows and lower highs. The results are almost the opposite! In fact the percentages given by SB are so much more significant that it does deserve further attention and research. This also confirms that the SB wave indicator might have something to tell.
2-Colored dojis have color too. Especially hard to find neutral bars in D1.
3-Opens and Closes create the bodies, hence the color of the candle. The strengthes and positiions of the bodies are not measured, compared and justified.
So if based on color alone to guage PA in D1, its not enough.
All this seems to be telling me again, certain price levels are important in D1, rather than volume.
So for today as Friday, EUR has gone about 250 pips since Monday so the weekly budget gone. Meaning high chance of reversal today ? If Friday is green instead, we have got 5 day all green. So we have the first of 2 weeks of September all up. Considering EUR’s monthly average range about 700 pips. So we got remain 200 pips for the rest of the month if that monthly range respected ? 200 pips up to 1.3200 and it might be too TIGHT for the last 2 weeks for EUR to have a room to move, regarding the weekly average range about 250p ? Just try to dig into traders’ mind. Considering Sept is the most cruel month. 1.3000 is hit , meaning a lot of options being called and option barriers to be lost, what your implication?
Hey guys, i admit that i dont know how to make USD/xxx or Eur/xxx. Rela showed me the post about concept of axbxc= 0.99. Do i need the code for that kind of chart ? Where i get it ? Or i should code mt4 for myself ? Tk
an easy quick and slightly messy way to do it is just with excel charts. thats how I did it during the summer because I was trading high time frames so I didn’t need a really continuous stream of data. You can google export Mt4 data to excel and a bunch of stuff comes up. Once you got the data in excel, you just have to take the pairs that are lets say eur/usd and usd/jpy and consider them as fractions, and you need to have everything denominated in usd. so think of it sort of like KM/H thats lets say 10 kilometers every 1 hour.
so you have x amount of eur per 1 usd, and x amount of usd for 1 jpy but you need x amount of jpy for 1 usd, so you gotta put it to thepower of -1 aka 1/ ( usd/jpy) and that equals jpy/usd and then you add those two numbers up to get an index of the value of usd according to its strength against euro and jpy.
Thats a really basic explanation because you also have to account for the relative effects cause 1 yen shouldn’t have the same amount of effect as 1 euro against the value of the usd so you have to reduce the effect of the yen by multiplying it by a constant and different indexes have different values for the constant for each contributing currency so you just have to experiment with that and do a bit of research as to how each currency really affects the other. Another thing you can also do is add in commodities into the mix and then over really long tern you can throw in something to account for inflation for each currency and whatnot. But see what works best for you.
oh and as for charting it just take the data import it into excel and do a bit of data manipulation. I think excel is the simplest way to learn but of course if you can program you can make it look all nice and make it be less work for you.
For example at the moment I’m taking a part time class in university about unix/linux and an online course on statistical analysis using a program called R (which supposedly a lot of the big finance quant guys use) and I’m gonna try setting up with an old computer to take a tick price stream and log the data on a database and then instead of programming on mt4 and whatnot just using R to analyze the data and output whatever I need at the moment. So I can completely customize what charts I want to have at what time, I can customize the analysis that it does, and I can even make it just give me any custom charts I want.
Rel if I remember correctly you work in IT right? any tips? I’m actually going into this completely blind like almost no experience with linux/unix or php or mysql but I figured its a good learning experience not just for forex but theres obviously a pretty big job market for IT stuff and the degree I’m studying in college is somewhat related to this anyways so it’d probably look good on a resume.
Was out for the weekend and could not see the charts clearly on the phone… Wow… thats amazing :)) I’m all smiles…
Rela I have been wondering about this…
Considering all the confederated movement between numerous currencies where each currency is targeting towards a price level at any point in time with up / down moves… there are only some patterns that would be possible; to be able to achieve the prices and the up down moves across currencies all at the same time, with it keep the balance so economically all the currencies can still viably exist… And when I started drawing the moves in the chart I could see more patterns than others (its a small sample)… But the proof is in the stats pudding that you have shown above I suppose.
Some questions on the chart… what are the Upwaves 1, 2, 3, & 4 meant to signify, what are the colours in the charts… maybe I should have asked them earlier… Can you please help clarify…
Am not sure why am losing the replys… not sure if am writing this twice…
If I can comment Colmex,
I agree mostly with Rel, I’ve been in these areas for a while and slowly moved out to do other things… but I’d say SQL skill is like a must have and the deeper you go on this the better as its going to be common across all application layers (like C / Java etc).
You could setup SQl in Linux and thats the best way to learn the OS as you will start looking at the OS as you learn SQL and it’ll be good fun…
Excel is a great skill to have and its not easy to always get some advanced excel skills in the market… its a great way to express your thoughts quickly before you delve into more advanced development with SQL and other apps. So this might be really worth.
On the application side I’d say C++ can give you a great foundation and understanding, this way you can pick up Java very quickly too…
There are tons of R resources out there, the one that I tried sometime back was from Berkeley it was good.
I`m pretty sure its like instead of H0 having 10 volume, and H1 having 12 volume and H2 having 16 volume. It shows H0 as 0 volume, then H1 having 2 volume, then H2 having 4 volume. So just like difference in volume between bars.
So then the idea is it would clearly show the volume increment in each interval and not cumulative, which would be useful to see weakening and strengthening of the momentum… Is there any other purpose Rela…
I’ve tried this with site snagger…And used this to do all my offline print outs for reading. I wish there was a way to get the entire thread … Hope this does it…
… This seems to work well I have the whole thread locally now… cool…
Its again just offline HTML and this is the same problem although, I have a good copy of the offline HTML’s(with links to images) in printable version… It is possible to concatenate these HTML’s into 1 and PDF it…
But am trying to see if we can get the images alongside… and then do the same… not sure how clean this will turn up…
if you have access to a UNIX terminal maybe you could try a small script to clean up the files and concatenate it… I could point you to some links once we have the files out… and I can mail it to you…
I think I found something but it may not totally clear now…
Looks like the white horizontal lines are very strong S/R and it might become tomorrow kind of upper bound / lower bound. There maybe some small wicks or bodies try to penetrate this bound and then reverse or continue yesterday’s trend afterwards. Do you mean you intend to calculate this statistics (how long the wicks/bodies penetrate these bounds?).
Thanks Rela. I’m looking forward to seeing your results.
I think I may try my effort on this also.
Actually, I did refactor your RELA_StatisticsDailyWicksAndBodies indicator a lot to do nearly the same things.
I post it here if anybody interested.
I see that if there are subsequent volume surges pushing price in the same direction thenthen the last volume surge and the close of that candle is the actual close as again its not to do with the hourly volume but really how far the price can be pushed by the volume. And this serves as the S/R… at least this is what I am observing…
Same here… but I cannot comprehend the last 5 major moves… how do you explain this… or is it about… just do it… just trade it thats it…
I think this is a beautiful manner of going with PA… in fact I checked FIBO’s for a year on the chart with this from yesterday night they all seem to mostly tally… but the question above worries me… especially the last few big moves… whats the explanation…
Sure. I can’t seem to reason the peculiar ranging where there was high volumes, candles marked in the Orange box. I am trying to comprehend a reason as to why price would do such a things.
I can understand if the market is flat in the absense of volume, but ranging when there is such high volume, is this common?!
