This is a chart that I hope can consistently be set up the same way. There is daily pivot points and 4hr pivot points on a 30 min timeframe - looking at one week of data. The first compressions found in the new day comprise the compression - for break outs - this is the only time the compression appears. The X is drawn from R1 S1 and vice versa - they will help determine entry and trend. The daily trend is on the chart. If you follow my charts - the mid pivot point on the 4hr and the daily plus the trends determine bear or bull trend(short term). These charts are short term trading. Targets as usual are the trend lines plus S1 to S3, R1 to R3 depending if we are bullish or bearish. The Yens projected pivots at this price are presently lower - I am going to start this chart off as bearish looking for projected S1 S2 as target and rebound to projected pivot point / daily trend. Alternatively Yen could gap higher past daily trend line which turns the focus to bullish.
Comments
kate25
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below compression targeting S1 S2
jangseohee
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nice to see new post again Kate
for 5min chart, seems like price is oscillating around the daily upper triangle line
i agree with you that for the moment it is a sell signal
kate25
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agree - for the moment - see what sunday brings - hey wait a minute I am the short trader and you are the long trader what happened here - lol
jangseohee
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ahaha, i was kind of entangled into intraday because my junior followers want me to guide them :-)
kate25
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hmmm...leaving it bearish
kate25
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The projected 4hr pivots will open inside the prev 4hr pivot points causing compression - so we know price is in compression. The threat to slide onto the next daily pivot still exists if Yen opens higher then 118.77. However presently price is below the daily trend and the 4hr trend leaving it bullish