andrewunknown

Guppy: Bearish Shark At PRZ, Cluster Res; Redlining Momentum

FX:GBPJPY   British Pound/Japanese Yen
182 5 1
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Nice chart. Please don't use the pattern tool, very inaccurate with false fib. measurements, better use fib and draw triangles, much, much better. I suppose bad coding of pattern tool. I see the RSI in overbought but could rise further before turnin' down. Look left for the next resistance. It's a long way. I hope your idea comes through, so we can short the Bitch :) Cheers
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How "bad" do you see the tool is cos I have had the same hunch
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fximperija WallStScalper
Haven't seen the code behind, but something wrong is written there. The ratios are completely wrong. It's so bad enough that you could draw a pattern that in reality something very different.
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andrewunknown fximperija
Haven't looked, but do you know if a ticket has been submitted on this? Should be a few relatively simple tweaks to fix....
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andrewunknown fximperija
I've noticed that, actually. This was a quick one so slapped it on there, but like you I much prefer to manually draw levels and triangles. Another limit to the tool (difficult to overcome by design) is that it treats PRZs as a point when in fact they are "zones", making the tool's draw inherently misleading. Great idea, but there's a few major tweaks to make the tool what it could be.

As for the RSI: just a technical marker of note - definitely nothing to enter a short on in isolation in my view. My m.o. has long been to start with monthly charts for context and zoom down from there. Sole real upshot here: 168-170 is a probable level of supply overhang.

Thanks for the heads up and chiming in!
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