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  • #9,801
  • Dec 7, 2010 3:45pm Dec 7, 2010 3:45pm
Quoting lite27
Amic, please, tell me do you mean midpoind of Daily candle? So, if Daily candle closes higher than the midpoint of previous Daily candle it means that price has intension to go up the next day? Thank you,
Hi Lite

On the charts I posted above for au and eu when I was saying midpoint I was meaning the green dotted line on the centre of the charts. The charts are 4hr bars and each set of green lines represents a day based on gmt time. The idea of the charts is that price will spens its time rotating from the midpoints to the highs and back to the midpoints again, but as long as it is above the midpoint then it is bullish, a 4hr close below opens up the downside.

For example au is moving back to test the midpoint, it should hit Wednesdays level which is 9808 currently. If my thinking is right that this pair is bullish then once it is hit price should continue to move up for the rest of the week. If there is a 4hr close below then this is probably not going to happen.
Attached Image (click to enlarge)
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  • #9,802
  • Dec 7, 2010 4:13pm Dec 7, 2010 4:13pm
S&P came off the highs on Tuesday, 1235 was also my monthly target for December so it is a significant resistance it hit. Price will probably make its way back to the green lows over the next few days. I am bullish on equities so if it gets there I will add to my longs.
Attached Image (click to enlarge)
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  • #9,803
  • Dec 7, 2010 4:14pm Dec 7, 2010 4:14pm
Amyc thank you very much for your explanation. Very clear. Whats are your expectations for eur/usd for tommorow? I have sold euro many lots as long term trade.
  • #9,804
  • Dec 7, 2010 4:20pm Dec 7, 2010 4:20pm
For eu it depends on the next 4hr close which is in 1.5 hrs, for bulls it needs to be above the midpoint, for bears below. Currently I am holding longs on eu still from last week and I have higher targets but if it is bullish it shouldn't be below the midpoint for the rest of the week.
Attached Image (click to enlarge)
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  • #9,805
  • Dec 7, 2010 4:47pm Dec 7, 2010 4:47pm
Amyc, Thank you very much for your help. So, if I understand the strategy correct, then I should mesure every day the previous day Daily candle and 50% of this candle will be the midpoint. If 4h. candle close above midpoint it is bullish and vise versa. Am I correct? Can we do the same thing with every previous Weekly candle? I find your strategy very interesting. Thank you,
  • #9,806
  • Dec 7, 2010 5:08pm Dec 7, 2010 5:08pm
Quoting lite27
Amyc, Thank you very much for your help. So, if I understand the strategy correct, then I should mesure every day the previous day Daily candle and 50% of this candle will be the midpoint. If 4h. candle close above midpoint it is bullish and vise versa. Am I correct? Can we do the same thing with every previous Weekly candle? I find your strategy very interesting. Thank you,

No the midpoint on the charts I am showing is nothing to do with the daily candle. It is calculated by using the last 5 days ranges including Sunday as a day. First calculate the midpoint (pivot point) by using the last 5 days high, low and close. Then take the range and multiply by whatever fib levels you want to use, I use .5 and .618. Then add that level to the midpoint to get resistance and subtract from the midpoint to get the support.

Have a look in the journal section, I have a journal called amyc trade journal. Everything is in there if you read through and find it.
  • #9,807
  • Dec 7, 2010 5:33pm Dec 7, 2010 5:33pm
Amyc, can you please show me an example of how to calculate midpoint for eur/usd. Low for the last 5 dais is 1,2971. High 1,3422, Close 1.3288. So, I should not use 1, but simply add 2971 plus 3422 plus 3288 and it gives 9681. Then I multiply 9681 on 0,5% and 0.618% . Both to use 0,5% and o,618? All others is clear. Just,please, show me example of midpoint calculation using eur/usd. Thank you very much Amyc and sorry that I could not understand it faster,
  • #9,808
  • Dec 7, 2010 5:55pm Dec 7, 2010 5:55pm
Amyc, I hope I ve got it. So, in order to find the midpoint in eur/usd I add High plus Low Plus Close and divide on 3. h 3422 plus L 2971 plus C 3288 it gives 9681 and I divide this number on 3 and it gives me a midpoint number 1,3227. Is it correct? But to calculate SUpport and Resiatance I have a problemm here. I must multiply 1,3227 or simply 3227 on 0,5 and 0,618% or simply 0,5 and 0,618? That the last question which I do not understand. Please, help me Amyc. Thank you,
  • #9,809
  • Dec 7, 2010 6:53pm Dec 7, 2010 6:53pm
amy

how significant is the double top on the 4 hour chart?

also rsi bullish broken
Attached Image
  • #9,810
  • Dec 7, 2010 7:21pm Dec 7, 2010 7:21pm
Quoting lite27
Amyc, I hope I ve got it. So, in order to find the midpoint in eur/usd I add High plus Low Plus Close and divide on 3. h 3422 plus L 2971 plus C 3288 it gives 9681 and I divide this number on 3 and it gives me a midpoint number 1,3227. Is it correct? But to calculate SUpport and Resiatance I have a problemm here. I must multiply 1,3227 or simply 3227 on 0,5 and 0,618% or simply 0,5 and 0,618? That the last question which I do not understand. Please, help me Amyc. Thank you,
you have the midpoint calc correct. Now you need to take the range of the period you are using, multiply that by the fib level you are using and then add it to the midpoint to get resistance and subtract it to get support.
I have Wednesdays midpoint as 1.3248 but that is bc I am counting Sunday as a day, if you only had 5 days in your week because you based your daily open on the NY close then your calculation is correct.
  • #9,811
  • Dec 7, 2010 7:26pm Dec 7, 2010 7:26pm
Quoting nick7r
amy

how significant is the double top on the 4 hour chart?

also rsi bullish broken
I am not giving it any significance at the moment, as it still has a higher move to make this week and has a strong bias to close the week on its highs, but it still should pullback a little further today I think, somewhere between 9804 and 9776 would be good.
I don't use rsi so can't comment on that sorry.
  • #9,812
  • Dec 7, 2010 9:42pm Dec 7, 2010 9:42pm
Just as a matter of interest.. i track the USD dec futures contract.. and notice how it respects the pivot points standard and fibo points.. last night.. or pre the US open.. abt 11 am it bounced off the day st at 79.22 almost exact..previous it stopped at abt 80.00 which was the current week PPX and day R1..
current situation..we have an R1 daily at 80.25 and on the hour range we have 2 fibos at.. 80.30.. one a 50% point and the other a .618% point..so tech wise it is strong resistance..
Was wondering if you would care to comment on the USD and wether u chart it Amyc..??do u bother much with it..??
  • #9,813
  • Dec 7, 2010 9:53pm Dec 7, 2010 9:53pm
Quoting danc
Just as a matter of interest.. i track the USD dec futures contract.. and notice how it respects the pivot points standard and fibo points.. last night.. or pre the US open.. abt 11 am it bounced off the day st at 79.22 almost exact..previous it stopped at abt 80.00 which was the current week PPX and day R1..
current situation..we have an R1 daily at 80.25 and on the hour range we have 2 fibos at.. 80.30.. one a 50% point and the other a .618% point..so tech wise it is strong resistance..
Was wondering if you would care to comment on the USD and...
I chart the futures on dx as well, I couldn't trade without it. I have resistance at 80.28- 80.31 on the dec contract, so it seems we matchup pretty well there.
  • #9,814
  • Dec 7, 2010 10:05pm Dec 7, 2010 10:05pm
AU, it has taken a while but price has finally made it back to the midpoint and now the 4hr has closed on top of support, lets see if London buys it.
Attached Image (click to enlarge)
Click to Enlarge Name: au.GIF Size: 14 KB
  • #9,815
  • Dec 7, 2010 10:11pm Dec 7, 2010 10:11pm
Quoting amyc
AU, it has taken a while but price has finally made it back to the midpoint and now the 4hr has closed on top of support, lets see if London buys it.
I hope so. I bought it at 9804.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #9,816
  • Dec 7, 2010 10:13pm Dec 7, 2010 10:13pm
Quoting amyc
I chart the futures on dx as well, I couldn't trade without it. I have resistance at 80.28- 80.31 on the dec contract, so it seems we matchup pretty well there.
Pleased to hear u say that.. seems almost a secret.. to me seems the key to so much.. and not that much said abt it..I went to bed last night and it was trying hard to go throu that 79.22 point.. below day week and mth PPX..thought i was up for the cup..was bldy amazed to get up this morning and see.. it at 80.. all most like it is manipulated..If it was a horse they would swab it..
  • #9,817
  • Dec 7, 2010 10:16pm Dec 7, 2010 10:16pm
Quoting MarcVUM
I hope so. I bought it at 9804.
same, it all looks ok on my charts, only problem might be i am not expecting an up night for us indicies, so might be hard for au to go up if that is the case. But the trade is good rr so worth the risk.
  • #9,818
  • Dec 7, 2010 10:22pm Dec 7, 2010 10:22pm
Quoting amyc
same, it all looks ok on my charts, only problem might be i am not expecting an up night for us indicies, so might be hard for au to go up if that is the case. But the trade is good rr so worth the risk.
I'm going to add a little more at 9779.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #9,819
  • Dec 7, 2010 10:28pm Dec 7, 2010 10:28pm
Quoting danc
Pleased to hear u say that.. seems almost a secret.. to me seems the key to so much.. and not that much said abt it..I went to bed last night and it was trying hard to go throu that 79.22 point.. below day week and mth PPX..thought i was up for the cup..was bldy amazed to get up this morning and see.. it at 80.. all most like it is manipulated..If it was a horse they would swab it..
I have wondered the samething over the last year, it seems to me that the dollar is running the show on most days.
I thought the samething this morning, less than impressed with the position of the euro / dollar when i got up.
  • #9,820
  • Dec 8, 2010 1:16am Dec 8, 2010 1:16am
Do i see a glimmer of HOPE>>???????????
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