What can be said here with certainty?
There was a break outside the house after a lengthy consolidation.
The move is not gonna be over until a new house is formed (pink shaded area), and it can only fail at the edge of it or on the inside. The cyan highlights are tangible pro volumes. No sign on this hourly of a cover, the day ended on the low tick. A carryover to Monday is possible based on this; however, I think that the into the weekend last-minute shorters may have arrived late to the party: the market is freshly deep-oversold. A minimum pullback before the move down is out would be 36 pips. Barring a lower open, this value currently stands at 1.1553. Any up move should be capped by the lower black arrow, where the long bag holders would be made whole, just shy of 1.16.
The 3 little ovals are markers of 3 covers on the 30-minute.
Back to the rant.
If you had asked me over the last 13 years of my Forex venture what I was doing, I would mostly have answered that I was “calibrating”.
This implies a great deal of investment, along with the faith you must have that something tangible can be found. The fuel was made of losses and the need to admit that you were wrong again.
I have known about RSI2-2 since 2009. Doc Severson used it as a signal for taking on / off vertical option spreads (one side of an Iron Condor) on daily charts over indices.
I have used the 30-minute time frame from whenever I started trading, and it did not take much to conclude that the best match for automation was this time frame. There’s very little to be gained by going below, and for the hourly, where it would take 2 more hours to confirm a fractal print, it is mostly too slow.
I eliminated the use of closing prices for all oscillators and substituted medians.
As for the most recent developments, I have 2 signal suggestions to consider.
1. Tres Cool & Tres Fool
Consider the 30-sample 30-min Bollinger to be your implied volatility line.
3 blood diamonds is your prompt. Falling short of the implied volatility means a failure or “Tres Fool”. Those 3 were stupid enough to buy into the very end of a move.
Tres Cool has fulfilled the prophecy. The pullback (beyond E-16, S-30) is a continuation buy.
The black line is the E16. Circled the entries.
I would suggest the combination of being inside the house and a Tres Fool plot to fade heavily. If a volatility compression is present, you may get an explosive move like that on Friday. I may do a 30-minute plot of the house in the future.
///tres fool up
if (RSI2[i]>98 && RSI2[i+1]>98 && RSI2[i+2]>98 && i>0 && RSI2[i-1]<98){
if (High[i]<iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_UPPER,i)
|| iStochastic(symbol,0,120,3,3,MODE_SMA,PRICE_MEDIAN,MODE_MAIN,i+1)<79 || RSI2[i+3]>98){
ObjectCreate("Nixt"+DoubleToStr(i), OBJ_TEXT, 1, Time[i+1], 40);
ObjectSetText("Nixt"+DoubleToStr(i), "TFool to [3] or 5. to 8+", 33, "Impact", clrBlue);
dir[i]=-1;}
else {ObjectCreate("Nixt"+DoubleToStr(i), OBJ_TEXT, 1, Time[i+1], 40);
ObjectSetText("Nixt"+DoubleToStr(i), "Tres Cool", 33, "Impact", clrDarkGreen);
dir[i]=1;}
}
///tres fool dn
if (RSI2[i]>2 && RSI2[i+1]<2 && RSI2[i+2]<2 && RSI2[i+3]<3){
if (Low[i+1]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_LOWER,i+1) && Low[i+2]>iBands(symbol,0,30,2,0,PRICE_MEDIAN,MODE_LOWER,i+2)){
ObjectCreate("Nixt"+DoubleToStr(i), OBJ_TEXT, 1, Time[i+1], 80);
ObjectSetText("Nixt"+DoubleToStr(i), "Tres Fool", 33, "Impact", clrDarkGreen);
dir[i]=1;}
else {ObjectCreate("Nixt"+DoubleToStr(i), OBJ_TEXT, 1, Time[i+1], 80);
ObjectSetText("Nixt"+DoubleToStr(i), "Tres Cool E16", 33, "Impact", clrCrimson);
dir[i]=-1;}
}
2. Free Ball
Now, the identity of a fresh yellow print on the directional logic is “Tossing it up”. The ball is up for grabs, and the next 2 30-min candles would tell of who took the opportunity.
I marked up the Free Balls with a blue vertical line and circled the next two candles.
The market would have to test the BB30 again, which is at 1.1480 right now, but this can happen 2 different ways: either the market goes down further, or the market goes sideways to up, and the band starts curling back up.
////diamond bleed up if (RSI2[i]>93.6){ ObjectCreate("Darchellen"+DoubleToStr(i), OBJ_TEXT, 1, Time[i], 86); ObjectSetText("Darchellen"+DoubleToStr(i), CharToStr(117), 21, "Wingdings", clrDimGray); if (RSI2[i]>98) {ObjectSetText("Darchellen"+DoubleToStr(i), CharToStr(117), 21, "Wingdings", clrPurple); if (RH>3 && volup[i+1]>16) { if (volup[i+1]>29) ObjectCreate("PitussY"+IntegerToString(i),OBJ_TREND,1, Time[i], 50, Time[i], 100); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_COLOR, clrPink); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_WIDTH, 10); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_STYLE, 2 ); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_BACK, 1 ); if (dir[i+1]<0) ObjectSet("PitussY"+IntegerToString(i), OBJPROP_COLOR, clrPurple); } if (volup[ArrayMaximum(volup,10,i+2)]>volup[i+1]) dir[i]=0; } } ////diamond bleed down if (RSI2[i]<6.4){ ObjectCreate("Darchellen"+DoubleToStr(i), OBJ_TEXT, 1, Time[i], 26); ObjectSetText("Darchellen"+DoubleToStr(i), CharToStr(117), 21, "Wingdings", clrDimGray); if (RSI2[i]<2) {ObjectSetText("Darchellen"+DoubleToStr(i), CharToStr(117), 21, "Wingdings", clrPurple); if (RL>3 && voldn[i+1]>27) { if (voldn[i+1]>30 && i>0 && RSI2[i-1]>2) {dir[i]=1; ObjectCreate("PitussY"+IntegerToString(i),OBJ_TREND,1, Time[i], 50, Time[i], 0); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_COLOR, clrPurple); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_WIDTH, 10); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_STYLE, 2 ); ObjectSet("PitussY"+IntegerToString(i), OBJPROP_BACK, 1 );} } } }
Here’s the house. Must be upright to get a fill.
ExtUpperBuffer[i]=iLow(symbol,0,iLowest(symbol,0,MODE_LOW,12,i))+460*Point;
ExtLowerBuffer[i]=iHigh(symbol,0,iHighest(symbol,0,MODE_HIGH,12,i))-460*Point;
Here is stuff from others, so that you cannot say that I only promote my own works.
They sold the prominent weekly POC twice.
I would go to full hedge between 1.1553 and 1.1560 and add to shorts upon coming into the low made by the previous week, 1.1580-1.1596
ForexFore - Internals, indicators, algorithmic trading 