Triantus Shango
Sergeant Major
- Messages
- 1,371
hi guys, i thought iwould write down the important levels i see on my charts for very short termtrading. i don't mean to steal sive'sthunder ;-), it's just a process to help me double check with all of you what thehell it is i see on the charts and what i am missing.
so here's what I seeon the charts--but some explanations first:
all prices are SPOTrates taken from MT4 on EST time zone. also i don't mention pivot levels unless they converge with some other levels.
TI = technicalindicator
OB = overbought
OS = oversold
TF = time frame
BB = bollinger band,so BB1 = bollinger band standard deviation 1, and so on; period is 20 on all TFs except on H1 where iuse period 17.
Stochastic =Dinapoli's preferred Stochastic
regarding fibretrace levels, although dinapoli doesn't use levels beyond 100%, I do becauseoften market will stop, pause, and reverse from those levels. levels are: 113, 127.2, 141, 161.8, 200. ifind 127.2 and 161.8 to be more significant usually.
UPSIDE:
MONTHLY: price has crossed over 38.2% fib node of dropfrom 4370. 50% node comes in 3493 and at3505 we have the 38.2% node of the drop from 4866. 100MA has been pierced and 89MA (some peopleuse fib numbers for Mas) comes in at 3446.
OB/OS: williams %R failed to enter the OS areadeeply and is already pointing up but no confirmation until 50 isbreached. Stochastic has crossover andalthough still in OS is pointing up. MACD is still bearish although indicatingthat downward momentum is waning. finally, price action has been contained by within the midBB and lower BB1.
WEEKLY: price is at 38.2% fib of the drop from 4549and holding slightly above the midBB. itis quite conceivable that price will pull back under the midBB as midBB moreoften than not works as RSST/SPPT on the first approach.
DAILY: to the upside we have 61.8% fib at 3373 ofthe drop from 3838; 38.2% fib of the drop from 4197 at 3413; 38.2% fib of thedrop from 4531 at 3353 and coincides with the 61.8% fib extension of thefollowing ABCD: A(2634), B(3315),C(2975)--100% fib ext comes in at 3654. MACD is still bullish but momentum is loosing strength.
OB/OS: both Williams %R and Stochastic are in the OBzone.
So we have a K-area around 3353/3373 to 3413.
H4: around 3364/66we have 3 fib retrace nodes converging: 113, 127.2, and 161.8 of the drop from 3321, 3283, and 3216respectively. And around 3415 we haveanother 127.2 and 141 fib nodes from 2 of the previously mentioned drops. MACD is also losing momentum.
OB/OS: Williams %R and Stochastic are in OB zone.
H1: same as H4 for the levels; MACD turned bearish; Williams %R andStochastic are in the middle of the road and therefore inconclusive.
M15: ABCD: A(3235), B(3342), C(3270) --> 100% ext = 3375 which also coincides with the abovementioned K-area andmarket has been holding flat at that level now for the past couple ofhours. currently bullish divergence onMACD and price is attempting to break to the upside.
DOWNSIDE: i ran out of time so can't write it upnow. your homework ;-)
so here's what I seeon the charts--but some explanations first:
all prices are SPOTrates taken from MT4 on EST time zone. also i don't mention pivot levels unless they converge with some other levels.
TI = technicalindicator
OB = overbought
OS = oversold
TF = time frame
BB = bollinger band,so BB1 = bollinger band standard deviation 1, and so on; period is 20 on all TFs except on H1 where iuse period 17.
Stochastic =Dinapoli's preferred Stochastic
regarding fibretrace levels, although dinapoli doesn't use levels beyond 100%, I do becauseoften market will stop, pause, and reverse from those levels. levels are: 113, 127.2, 141, 161.8, 200. ifind 127.2 and 161.8 to be more significant usually.
UPSIDE:
MONTHLY: price has crossed over 38.2% fib node of dropfrom 4370. 50% node comes in 3493 and at3505 we have the 38.2% node of the drop from 4866. 100MA has been pierced and 89MA (some peopleuse fib numbers for Mas) comes in at 3446.
OB/OS: williams %R failed to enter the OS areadeeply and is already pointing up but no confirmation until 50 isbreached. Stochastic has crossover andalthough still in OS is pointing up. MACD is still bearish although indicatingthat downward momentum is waning. finally, price action has been contained by within the midBB and lower BB1.
WEEKLY: price is at 38.2% fib of the drop from 4549and holding slightly above the midBB. itis quite conceivable that price will pull back under the midBB as midBB moreoften than not works as RSST/SPPT on the first approach.
DAILY: to the upside we have 61.8% fib at 3373 ofthe drop from 3838; 38.2% fib of the drop from 4197 at 3413; 38.2% fib of thedrop from 4531 at 3353 and coincides with the 61.8% fib extension of thefollowing ABCD: A(2634), B(3315),C(2975)--100% fib ext comes in at 3654. MACD is still bullish but momentum is loosing strength.
OB/OS: both Williams %R and Stochastic are in the OBzone.
So we have a K-area around 3353/3373 to 3413.
H4: around 3364/66we have 3 fib retrace nodes converging: 113, 127.2, and 161.8 of the drop from 3321, 3283, and 3216respectively. And around 3415 we haveanother 127.2 and 141 fib nodes from 2 of the previously mentioned drops. MACD is also losing momentum.
OB/OS: Williams %R and Stochastic are in OB zone.
H1: same as H4 for the levels; MACD turned bearish; Williams %R andStochastic are in the middle of the road and therefore inconclusive.
M15: ABCD: A(3235), B(3342), C(3270) --> 100% ext = 3375 which also coincides with the abovementioned K-area andmarket has been holding flat at that level now for the past couple ofhours. currently bullish divergence onMACD and price is attempting to break to the upside.
DOWNSIDE: i ran out of time so can't write it upnow. your homework ;-)