Updated Chart with new targets
Attached Image (click to enlarge)
- #1,890
- Edited 10:40am May 10, 2012 8:57am | Edited 10:40am
- Joined Dec 2009 | Status: Trader | 2,319 Posts
- #1,894
- May 10, 2012 11:45am May 10, 2012 11:45am
- Joined Dec 2009 | Status: Trader | 2,319 Posts
I try to draw as many circles I can with center on a different timeline and the edges of the circle touching price action.
The radius has to go to a different timeline.
Sometimes the times are very close by, and sometimes, even if you draw several circles for the next time line then the times fall far apart from the current one. I have shown the best fit in this case through the blue circle, but I draw few other ones too, that I have erased and choose the best fit in this case (blue one) for the post.
When the times are close by, it denotes strong moves, specially when they fall within openning of the EUR session or close of the EUR session.
When the times fall far apart, then it tells you motion could be rangebound or in odd cases it could go one way until the timeline is reached.
Within a timeslot, you can have both up and down motions, but they would not be very significant.
Sometimes the mid point between the timeslot is also a point to note. I have seen that at times motion travels one way to the midpoint of the timeslot, and then reverses goes a different way.
The timeslots are approximations, as you get close to the timeslot, you could be about 15 min to 30 min off, so you have to again draw your circles to see whether its going to be slightly earlier or later.
Once you have the timeline, then you have to see where the support / resistances are, and using that and the relative desire of the motion to go through those levels, you can roughly gage whether its worth it to trade within that timeslot or not.
In this case right now, I guess you can put a sell at 2960-70 level and get out at 2935 - 2940, thats all that there is for now aside from headache of thinking a major 100 pip move will happen which it wont.
Good question though
The radius has to go to a different timeline.
Sometimes the times are very close by, and sometimes, even if you draw several circles for the next time line then the times fall far apart from the current one. I have shown the best fit in this case through the blue circle, but I draw few other ones too, that I have erased and choose the best fit in this case (blue one) for the post.
When the times are close by, it denotes strong moves, specially when they fall within openning of the EUR session or close of the EUR session.
When the times fall far apart, then it tells you motion could be rangebound or in odd cases it could go one way until the timeline is reached.
Within a timeslot, you can have both up and down motions, but they would not be very significant.
Sometimes the mid point between the timeslot is also a point to note. I have seen that at times motion travels one way to the midpoint of the timeslot, and then reverses goes a different way.
The timeslots are approximations, as you get close to the timeslot, you could be about 15 min to 30 min off, so you have to again draw your circles to see whether its going to be slightly earlier or later.
Once you have the timeline, then you have to see where the support / resistances are, and using that and the relative desire of the motion to go through those levels, you can roughly gage whether its worth it to trade within that timeslot or not.
In this case right now, I guess you can put a sell at 2960-70 level and get out at 2935 - 2940, thats all that there is for now aside from headache of thinking a major 100 pip move will happen which it wont.
Good question though
How do you determine the next action/reaction level time?
- #1,895
- May 10, 2012 11:51am May 10, 2012 11:51am
I try to draw as many circles I can with center on a different timeline and the edges of the circle touching price action.
- #1,896
- May 10, 2012 11:57am May 10, 2012 11:57am
- Joined Dec 2009 | Status: Trader | 2,319 Posts
You can draw circles on MT4 by adjusting the scale factor on the fibonacci arc tool, but the problem is that because it remembers the setting for the whole time for the software, then if you make a perfect circle on one time frame and then go on a different time frame to use the fibonacci arc tool, then your circle becomes a ellipse and then you fix it on that time frame and on your previous one it gets messed up.
Thanks for the answer. I've been watching this thread the last while, and your post are very interesting. But I don't believe I can draw circles in MetaTrader
- #1,900
- Edited May 11, 2012 5:41am May 10, 2012 11:54pm | Edited May 11, 2012 5:41am
- Joined Dec 2009 | Status: Trader | 2,319 Posts
