I don't trade on summer Fridays. If you do, be careful. The lower liquidity means extreme moves are possible.
See you Monday.
Subscribe to:
Post Comments (Atom)
A blog that combines philosophy, psychology and technical analysis in regards to Forex trading
Dianne,
ReplyDeleteFib extension(projections) should one take it from the C retracement or the B from the high or low of the swing. Many charting platform calculate their extension the B. However, I recently studied works of Joe DiNapoli that take the extension from the C retracement. what is your view on this? Hope you don't mind me asking these type of questions.
Grant
Hi Dianne, In your view, What is the significance of analysing the 3 hours chart rather than the common 4 hours chart. Is it just personal preference or any added advantages?
ReplyDeleteThanks
Grant
Hi Trevor,
ReplyDeleteThanks for your questions. There's nothing magical to me about the three-hour chart. I analyze several timeframes in setting up a trade. For presentation purposes in the blog, the 3-hour is often a nice mix between the 2- and 4-hour charts.
I don't follow DiNapoli and use a standard interpretation of Elliott Wave as laid out in Prechter's Elliott Wave Principle. Lots of people have variations on wave theory--none of them have submitted their methods to a rigorous test (not even Precter) and until they do, it seems to me that it's sort of a waste of time to debate them. Wave theory is a guide to market psychology. I think it's useful for explaining things or as another piece of evidence in the puzzle but I don't trade it by itself.
Dianne