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

FX:GBPJPY   British Pound/Japanese Yen
182 5 1
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
How "bad" do you see the tool is cos I have had the same hunch
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.
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....
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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