Another variation on this theme is to draw the trendline extensions along a visual mostly flat area of a trendline that is lagged by 25%. Here a 45ema is lagged by 11 bars and various TL's drawn.
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Combining Art with Science a new way to enhance moving averages is by extending portions of them with trend lines fitted to mostly straight areas of moving...
Have been observing the 12 hr retest phenomena with interest in several markets. Today AUD very briefly raced down to the prev 12 hr low and then reversed up, consolidated and exploded above recent days action. Trigger seems to be to let the other side of the world take a look at a price level and react accordingly. 12 hours in this case was 6 mins off but...
Retest and go of significant lows or highs seems to be the key in this market lately! Single 15min bar retest, preferably only a wick or chopsticks at the boundary time of bars.
Basic retest of daily low with only a wick on a 15m bar and price reacted up and away! That simple test of a level and price rejection was "the signal" to go long! watch for the next one!!!
Early evening (Asia) saw major bottoming and reversal upwards with only minor profit taking before close resting at 75850 support. If this holds next week then the first 2 targets are 76800 and then 78125. If 75850 breaks then expect a retrace to 75600.
After thoroughly testing daily pivot on Monday, 21st AUD headed up late in the day and overnight to hold above and miss touching pivot on 22nd. 23rd and rest of the week saw pullback to test levels of missed 22nd pivot but price held well above Monday pivot level. Targets of May monthly pivot and missed April pivots from 76290 to 77530 still valid !
Details: I prefer to monitor 4m candles but TV makes us post 15m minimum. Still price action can be seen, 23rd began with price declining and at 00:01 in Asia decline accelerated for an hour before slowly reversing and churning for the next 8 hours to finally tag and reverse at the daily pivot just after 9am Asia. Minor 9:30a news of Construction Work report...
Hourly picture shows Oz double bottom at last missed daily pivot on low side for last 30 days and now heading higher to recent highs in May at 75600 and likely recent missed weekly pivot at 7600.
Today it looks like there is little chance of AUD reaching down to touch the daily pivot after not doing so as well yesterday. 1 missed pivot with a touch and go in the same direction the day after a miss is a strong signal usually lasting about a week, but missing the pivot as well on the 2nd and now maybe even the 3rd day on Monday is a STRONG BULL TREND...
