In order for a market to move in one direction or the other, it has to go from BALANCE to IMBALANCE . . . in other words either the BULLS or BEARS have to win out at some stage otherwise the market would stand still.
"Market Profiling" is one way to ascertain these areas but with experience it's pretty easy to just look to the left and see where PRICE has hit the most times and the least times in any one time segment. If you plotted those times, you could build up a "bell curve" and visualize it on your charts even better.
I don't use Tradingview to work with so I've just done the best I can to show you using ellipses instead.
Both BALANCE and IMBALANCE areas act as a staircase to the next level either up or down and are as equally important in providing both SUPPORT or RESISTANCE areas. Once you know them, you can be more confident in knowing where the next potential target is.
This is a 60M chart so the profiling on this chart is for this time frame only but it's easy enough to do on any time frame.
PROGNOSIS for the USDJPY . . . I've gone NEUTRAL waiting to become LONG again after a healthy pull back. The 100SMA (weekly) is bang on an IMBALANCE area which is also coincides with one of my 23.6 FIBS from the November LOW, so until something screams at me that is where I think it will head for in conjunction with the DXY retesting the 100 mark.
I may go quiet for a while . . . plenty to keep me occupied meanwhile :)
NB. The lines/ellipses are approximate . . . close but approximate +- and MAs move of course.
"Market Profiling" is one way to ascertain these areas but with experience it's pretty easy to just look to the left and see where PRICE has hit the most times and the least times in any one time segment. If you plotted those times, you could build up a "bell curve" and visualize it on your charts even better.
I don't use Tradingview to work with so I've just done the best I can to show you using ellipses instead.
Both BALANCE and IMBALANCE areas act as a staircase to the next level either up or down and are as equally important in providing both SUPPORT or RESISTANCE areas. Once you know them, you can be more confident in knowing where the next potential target is.
This is a 60M chart so the profiling on this chart is for this time frame only but it's easy enough to do on any time frame.
PROGNOSIS for the USDJPY . . . I've gone NEUTRAL waiting to become LONG again after a healthy pull back. The 100SMA (weekly) is bang on an IMBALANCE area which is also coincides with one of my 23.6 FIBS from the November LOW, so until something screams at me that is where I think it will head for in conjunction with the DXY retesting the 100 mark.
I may go quiet for a while . . . plenty to keep me occupied meanwhile :)
NB. The lines/ellipses are approximate . . . close but approximate +- and MAs move of course.
