EURUSD - Trends, Forecasts and Implications (Part 2) - page 484
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Comrade, on the right track.
"It's cool to see from the outside who's on what path. Too bad you have to know the wrong path yourself, at the very least."
RekkeR
The stop triggered -50.
I don't expect more than 50-60pp to move up at the beginning of next week.
Completely agree with Galina that next week will be a correction (4th wave), I expect something like this (blue rectangle):
I will try to describe in my own words how the channels work, if it turns out that I am wrong I will accept your FORUM comments
So, to draw (parallel) channel needs 3 points in our case we have 2a LY and 1n HAY, on =LY we draw a trend line, then move it to HAY, so as practice shows that during the 2nd approach to the trend line price bounces in the opposite direction and in 95% of cases (5% will be left for some force majeure) should be the 3rd approach to the breach of the trend line in our case, drawn on LY
Actually I am lazy, but I wanted to understand - 5% of what? I drew these very channels on the daily chart. There are only 5 force majeure events in the last two years.
Actually, I'm lazy, but I wanted to understand - 5% of what? I plotted these same channels on the daily chart. Only five force majeure events in the last two years.
The correct way to put it would be
Actually, I'm lazy, but I wanted to understand - 5% of what? I plotted these same channels on the daily chart. There were only 5 force majeure events in the last two years.
It is possible to draw not channels but just a trendline:
For Torgus:
The correct way would be to draw it like this
That depends on what is the right thing to do. I'm based on the applicability of the channel for trading.
Because the 1st is support and the second trendline acts as the strongest resistance
You can draw not channels but just a trend line:
For Torgus:
Because the first one is support and the second trend is the strongest resistance
I am trying to make predictions using my own channels and Cowan's ellipses. On the pound, I think a trend reversal is in the making.
On the chart you can see that the price has crossed the trend line (red) from top to bottom.
I would especially like to ask Strangerr's opinion