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Thread: Price reversal points

  1. #291
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    Hi Mike,

    Nice use of CS.
    Gann grids can be found in some charting platforms. usually located in the drawing tools menu.
    GG's are not in many platforms though.
    Plus, much better to draw your own, as equidistant spacing is not the norm and drawing your own trend angles
    gives you a better "feel" for the market your looking at. Read chapter 8 again the method is in there.

    Steve P

  2. #292
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    Hi Steve,
    Praise from Caesar.... Would that they all lined up so nicely.

    Yes, I am inclinded to agree with you; why restrict repeating lines to 45 degrees only (unless there is a reason I am not aware of). Gann Grids are in MT4, but getting them to line up on a chart is a bit wild! Lol!!

    Regards,


    Mike

  3. #293
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    Quote Originally Posted by duggils View Post
    mike, what is the logic behind the red horizontal line and the lower channel where you exited off? How did you arrive at these locations for the lines? Thanks in advance.
    Sorry Dugggils, I only answered half your question.

    I arrived at those channel lines by drawing a trend line across the tops and copying it and placing the copy across the bottoms. When the new channel formed, I did the same.

    Did that fully answer your question? If not, please let me know.

    Regards,


    Mike

  4. #294
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    Quote Originally Posted by blott View Post
    Sorry Dugggils, I only answered half your question.

    I arrived at those channel lines by drawing a trend line across the tops and copying it and placing the copy across the bottoms. When the new channel formed, I did the same.

    Did that fully answer your question? If not, please let me know.

    Regards,


    Mike
    Thanks for the additional reply Mike. I understand the TL off tops but didn't spot the low which you copied it to. Could you please mark the low that you used to drop this TL on? Thanks again.

  5. #295
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    Quote Originally Posted by duggils View Post
    Thanks for the additional reply Mike. I understand the TL off tops but didn't spot the low which you copied it to. Could you please mark the low that you used to drop this TL on? Thanks again.
    Hi duggils,
    You're taxing my memory. I had to think hard how I did it, then I realised I must have taken the balance point of the previous small swing, as shown in pic.

    Price reversal points-20120315-pttm-233kb.jpg

    Maybe I was lucky!

    Regards,


    Mike

  6. #296
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    Ha ha Mike...sorry for taxing your mem but thanks for the clarification. That BP I can see. The brain does need some workout from time to time:-)

    Now, duplicate TLs thru BP(especially zig zag BPs) and vice versa (copying BP lines on to swing lows and highs) is something I am experimenting with currently as well. So far, some very interesting observations but not having much time to trade for the last week or so.

  7. #297
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    Quote Originally Posted by duggils View Post
    Ha ha Mike...sorry for taxing your mem but thanks for the clarification. That BP I can see. The brain does need some workout from time to time:-)

    Now, duplicate TLs thru BP(especially zig zag BPs) and vice versa (copying BP lines on to swing lows and highs) is something I am experimenting with currently as well. So far, some very interesting observations but not having much time to trade for the last week or so.
    Hi duggils,
    Yes, I too have noticed how BPs in a zigzag area seem to line up more often than not.

    Off to sand some doors now, just to prove that I have another life!

    Regards,


    Mike

  8. #298
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    Watching this one NZDUSD H4. 8210 to 8245 is good area to go short.
    Emerging 121 PRZ on H1 TF confluence with the range of 8210 to 8245- looks like a good area to short.

    All my lines on the chart are duplicate TLs (Thank you Steve Parsons!)
    Price reversal points-nzdusd-h4-3-15-2012-2-20-11-pm.jpg

  9. #299
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    Quote Originally Posted by duggils View Post
    Watching this one NZDUSD H4. 8210 to 8245 is good area to go short.
    Emerging 121 PRZ on H1 TF confluence with the range of 8210 to 8245- looks like a good area to short.

    All my lines on the chart are duplicate TLs (Thank you Steve Parsons!)
    Click image for larger version. 

Name:	NZDUSD H4 3-15-2012 2-20-11 PM.jpg 
Views:	121 
Size:	107.8 KB 
ID:	572
    I don't get a 1-2-1 on my chart, just a bullish butterfly on M15-H1 & crab bearish H4 & Daily. Must be broker differences.
    Price reversal points-20120315-4ueq-179kb.jpg

    Mike

  10. #300
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    121 is from AMP Monitor. 8212 to 8245 is also a Sam Seiden supply zone. If it doesn't turn here, the bottom channel line you have on your chart around 8300 would be the next area of interest. That would the second time back to the channel line after it flipped. All in all, a good chart to watch!

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