NZD weakest currency today, JPY strongest.
Forex Ideas & Comments 18 replies
Fibonacci thoughts & ideas.... 13 replies
DislikedNZD weakest currency today, JPY strongest.
DislikedOn NZD/JPY I see what potentially may be a diamond (too early to make any conclusions), but not really a big fan of the placement so I'm thinking it could be something else. I also see what appears to be a wedge in there.Ignored
DislikedEDIT: On the 4 hr close up of the wedge I notice a 3 touch TL and thinking a 20.6 could be played.
DislikedEDIT2: Apologies if this should be posted in the indicator thread. It shows MMOW as up, but as far as I can tell, the MMOW is down until 64.41 (my feed) is taken out. Correct?
Disliked20.6 would make sense, price is inside a larger channel and if you believe price moving down would be the next logical move, but then this would invalidate your even bigger diamond. The next sequence in your diamond should be up. So now you need to decide whether the diamond is real or not
DislikedI believe the main move indicates the latest trend, so from what I can see it is right, with the last main move showing as an uptrend. I don't believe it measures the distance in moves, which is maybe why you believe it should be down, as the previous down move covered more distance than the latest upmove?
DislikedHi there I need to ask that how do you know if a currency is strongest or weakest?Ignored
DislikedHelp please I wish to lay out a sreen instead of it turns out at me who can..Ignored
DislikedHmmm....not sure I follow that. If bottom was formed first, and then top, the direction is up. If top was formed first and then bottom direction is down.
When I look at the NZD/JPY chart from opening of last week I see bottom formed first, and then top = MM Up. Then the low is taken out which means sequence is now top formed then bottom = MM Down. I think MMOM is Up though.
My understanding is MM is dependent on the opening of whatever time scale I choose, the sequence of moves after that opening, and the extremes holding - in the case of MM...
Yes, I see what your saying, although I still think it just tells us what the last main move was, and on your chart it shows an upmove. I don't think it cares about previous extreme lows or highs, just the move in relation to the open price possibly.
Anyway, forgive me if I'm wrong, I do feel like the blind leading the blind somewhat, and I've tried to find more info on this part of the indicator, but have failed. I hope someone who knows exactly how this indicator works can give us a proper explanation. Belekas, Mr.C, anyone?Ignored
DislikedGood morning niteshift02 and FXChi. Which pair MM got you confused?Ignored
DislikedApologies if this should be posted in the indicator thread. It shows MMOW as up, but as far as I can tell, the MMOW is down until 64.41 (my feed) is taken out. Correct?
DislikedGood morning Belekas,
This was to do with FXChi's query regarding the Weekly MM for NZDJPY
Here is the chart:
We both have differing opinions on how the MM indicator should work. Are you able to explain exactly how it defines what the main move is. Thanks very much for your time Belekas, you are a legend mateIgnored
DislikedPrevious weeks MM was DOWN. Your interpretation is correct. Sometimes the indi might spit a bug out so I would recommend following pure PA until you are confident with the concept. I'll ask my programmer to see whats up. Appreciate the support.Ignored
So just to clarify, the main move on the indicator should be the latest move, and is that in relation to the open price? For example if price moves up above the weekly open, it is considered UP for the week?