isomorph
Long

ABCD complete with 2 harmonic legs

FX:XAUUSD   Gold/U.S. Dollar
659 9 1
An alternative to the Butterfly BUY idea on H4 is this chart where it is entirely possible mr market will retrace at least all the way to the K-area (grey box) past last week's pivot point. But if market maintains the harmonic underpinning in its moves, then the black diagonal line indicates where the retracement move might end, in the region of this week's pivot point.

then it becomes a question of whether market fails to decisively breach this pivot point, in which case the bear slide will resume and eventually gives us a 3-drive BUY pattern if it stops at the correct fib extension level, but considering the time development market has needed so far, it looks like this 2nd scenario won't find actualization until at least next week.
xtrade
3 years ago
i think this is more valid for the fact that many think it will go down more now (MR. MARKET TENDS TO SURPRISE) and what timing we are facing the FOCM
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xtrade
3 years ago
i just wonder the weekly pivots are valid... it is different than my mt4
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isomorph xtrade
3 years ago
i stopped using MT4 when i realized the platform cannot be trusted. it even had problems compute a SMA on daily properly!! can you believe this? terrible. so i wouldn't trust the accuracy of any indicator on MT4 because you simply depend on a some random guy who built the indicator not to have made any mistakes. whereas, if you use a charting app that comes fully loaded with all indicators, such as MotiveWave or Sierra Charts, you actually have a software engineering team with support that will guarantee the quality and accuracy of indicator computation. it's a no-brainer which one to choose. ;)
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isomorph xtrade
3 years ago
i should have added tradingview.com, of course. the same compaby makes Multicharts, which is ok if you are into backtesting strategies and all that, but i don't like it so much because the UI/UX is not streamlined enough to let you move quickly during volatile market conditions and does not come with a full set of indicators, etc... and expensive too!
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xtrade isomorph
3 years ago
thanks for advice. I will look at sierra if i can use it
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isomorph xtrade
3 years ago
sierra gets free feed from FXCM, so same as here on TV, or they have their own historical feed free as well, and a bunch of other brokers, both free and live feeds already built-in. but it's only for the windows platform. personally i think MotiveWave is superior both in term of UI design and UX, and has a more complete set of indicators--they even give you John Ehlers studies for free, which usually is very expensive on eSignal. and it's a Java app that is very responsive and which means you can run it on Mac OSX, or Linux, or Windows if you are stuck with that inferior OS. good thing in having a Java app as your charting app, is that you can write your own strategies and/or indicators in Java and then use a broker that allows Java API trading to automate the whole trading cycle. much easier and robust a solution than doing it in MQL.
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xtrade isomorph
3 years ago
which one of the two (MOtivewave and Sierra) is better? please advise
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isomorph xtrade
3 years ago
LOL just answered. MotiveWave. by far.
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xtrade isomorph
3 years ago
i just got it... thanks. Will try it
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