I updated my currencies charts illustrating Median Line techniques for 07/20/09:
July 20, 2009
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I updated my currencies charts illustrating Median Line techniques for 07/20/09:
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Dear Mr. Fisher, i have a question about the EUR/USD Chart from 07/20.
Why do you use as Pivot (P1) the high from 07/20 3PM CEST and not the high from 07/16 4PM CEST? I see the pivit in this have a good result but what is the rule behind this decision? Because the high at 4PM CEST is evident higher. Thank you for youre reply, and sorry for my bad english.
Best regards from Germany, Thomas
Comment by Thomas — July 20, 2009 @ 10:42 pm
Thomas,
I chose the high on 07/15 rather than on 07/16 because I noticed the range and wanted to capture the width of the entire range. However, I see now that the high on 07/16 would have been perfectly appropriate to use, and may have been a better choice.
To summarize, whenever price ranges, I will sometimes use a lower high just to capture the entire width of the range. Sometimes it does a better job of containing price, sometimes it does not.
Greg
Comment by admin — July 21, 2009 @ 6:25 am
Hello Greg, thanks for youre fast reply. So now it looks as have the price reached the greater pitchfork in the 4 hourly chart. Starting low at the 06/16 12 AM high 06/24 8 AM and low 08/07 8 PM.
Thomas
Comment by Thomas — July 21, 2009 @ 7:18 am