I was asked to do an analysis of this chart and here is what I have come up with. I do not follow this market and I'm simply showing you how to analyze these bars using the "time at mode" concepts that I have show in other markets on other time frames.
See if you can follow along with the logic.
1. A trend forms. 2. A trading range forms. 3. A breakout of that range occurs (when an entire bar is above the "mode" of the range. 4. A continuation move happens which takes as much time as was at the "mode" AND/OR the price range of the range. 5. A retest of the "mode" occurs after the time expires or else the market is extra strong and will likely make another range and another trend. 6. The power of the market is proven by the market moving in the direction of the breakout in the time suggested. 7. A reversal of the trend is possible if there is no new high (in an uptrend) for 5 bars. (or a new low in a downtrend for 5 bars). At the end of the 5-bars where there is a new trend in place, the price must be above the new 5-day mode to be an uptrend, or below the 5-day mode to be a downtrend. 8. Continue this logic as long as possible. 9. When you are in a consolidation phase that is more than 25 bars at one price, move up to the next time frame (from days to week, or from weeks to months. Move up by a factor of 5. 10. When you are in a consolidation, you may also have multiple trends occurring at once - that is what a triangle, or sideways pattern is like. 11. The more choppy action you get and losses your sustain trading from failed breakouts, the market will soon be ready for a move. Be patient. Nothing is perfect in life and especially not in markets. 12. Be willing to learn how to add to your winners and learn to keep your trading size the same, even after a losing period. If you trade small after a losing streak, you have to increase your trading size quickly or else you will never climb out of the losing streak. 13. Send me any trades to review - I'm happy to help you learn this methodology. 14. Send 10% of your profits to charity!! Life is about helping others.
Trade well - and send me your thoughts.
Tim 11:20AM 107.93... I started typing at 108.13... I wonder if this trade will pan out...
Comments
ChrisMoody
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Fantastic Analysis. Many people don't realize how much time it takes to to put together a chart like this with so much detailed analysis/education.
You could have easily looked at this chart and within a couple of minutes, you would have known all of your analysis. But you probably took 30 minutes of your time to share with the community.
Thanks for consistently providing such outstanding education.
IvanLabrie
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+500 Some top notch people roam these parts...TV is the best.
ChrisMoody
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Agreed...being someone who owns every major trading platform...I can say TradingView offers something "Unique", "Valuable", and with the new capabilities coming over the next few months...it's only going to get better...
The Future is Bright....
legendarymae4
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TradingView - You will never trade alone, no more. :)
TomPower
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Just found this site, amazing technicians here, just hit play on the above trade, wow, it followed the shaded path.
timwest
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Pretty good trade so far...
IvanLabrie
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Amazing, love the trayectory's accuracy :D Gets me every time. Is that on purpose?
timwest
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Note there is a terminal at the high - and that could spell the end of the end of the end for the rally in the Dollar vs the Yen - just a simple observation from my knowledge of Elliott Wave Theory from Glenn Neely's "Mastering Elliott Wave". There is more to consider, no doubt, as noted by David Alcinder @4xForecaster who has some excellent charts posted here on USDJPY. Teamwork = power.
legendarymae4
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That is the most beautiful chart analysis ive ever seen.
IvanLabrie
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Indeed, the weekly ending diagonal and subsequent smaller versions of the same thing are interesting...signaling trend exhaustion I guess. Shame I got out too early and was busy to find a second entry :/
You could have easily looked at this chart and within a couple of minutes, you would have known all of your analysis. But you probably took 30 minutes of your time to share with the community.
Thanks for consistently providing such outstanding education.