EURGBP to rally to .7800 through year end

FX:EURGBP   Euro Fx/British Pound
109 8 4
Analysis on chart
Where do you start counting?
NickCoulby PRO IvanLabrie
the 19 week is based on the higher time frame (no new weekly low in 5 bars well exceeded)
NickCoulby PRO NickCoulby
the mode includes the prior decline legs because the ultimate bear trend for this perspective started years ago
IvanLabrie PRO NickCoulby
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Hello Nick - The steps of Time At Mode are just about 7.
1. Start at a major low or high. (Low in this case).
2. Begin counting if after 5 periods (in this case, weeks) there is no new low. An uptrend should be considered from the low.
3. Count how many weeks there are at one price. The most frequent level is the mode.
4. If the price is ABOVE the mode, then the trend is up.
5. The trend can accelerate once there is an entire time period (week) above the mode.
6. The move up can attain a level of the range traded around the mode, added to the mode (and from the low to the mode, added to the mode).
7. Time and price expire logically when the target(s) are reached and time runs out (6 week mode = rally for 6 weeks) and expect a return to the mode.

So, with this in mind, you wouldn't count the time to the left of the low, or the time prior to the low as that is part of the decline and not part of the advance.


+2 Reply
Great! Thanks for the tips
When price returns to the mode before a time expiry, is that declared a failure or only when it rally's through the mode in the opposite direction?
IvanLabrie PRO NickCoulby
It usually rebounds if the trend is still up, when coming back down.
If range bound, it tends to cross back down (the market profile 80% rule comes to mind).
Usually, modes and targets being hit offer good rebound trades.
+1 Reply
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