Well I will say one thing, you have the coolest looking screen I have ever seen. Put everything in an envelope and I would like to at least look at it. What is neat about 10.7 is I think it puts the final touch on any system. You take what you already know or use and add 10.7 and it adds clearness and clarity. Each person is taking their own system and finding 10.7 fits in nicely with it.slowkey » Sat Apr 12, 2014 3:04 am wrote:Bob the NZDUSD below on the four hour. I still have a lot to learn. However just a quick look at the indicator. Love Tom Demark. I have vertically compressed this a little to make the daily clear below.
Not a whole lot to say here but the 240 is support at the moment.
Now as a ribbon narrows it become more resistant or supportive of price. As it widens it become less resistant or supportive. I like to think of it as rejection or acceptance of price. It may take a few runs at the edge to see if price will cross. Often price will go right through the x cross of a ribbon. Good trades go from bottom up. This is a bottom up system. So Grey Blue and Green will be classic ordered trades that you will see repeat. Trading into any Black area is a Great Trade however there may be a round number or pivot everyone is looking at.
So now the same area on the 15 minute Below. The indicator is fantastic Bob. This can be made to work intraday just fine. I need to better understand your Stoch and I may have a different setting for intraday. I think you can see the pattern that is highlighted by the ribbons. The edges of the ribbons are the area of stronger support or resistance. They also get retested a lot. The area in between the colored area is the chaos zone. It is usually clear sailing. It is thought that traders here are clueless.Trading inside a huge zone like the weekly is like trading in Black areas. However beware the edges. If you like chart patterns and S/R you will love ribbons. I designed them for intraday trading. That is where they excel. I can use 10.7 up on the higher time periods. So what is happening on the 15 minute. There was support on the 240 but now you can see there was resistance on the 60. You can see how all the time periods are coming together as traders come to an agreement on price. A pattern is being formed. Even the averages are headed into the center. Fundamentally the Dow is down and it look like a correction is starting. Could be a damper on commodities.
An upper trend line break would extend the ordered pair movement of price and a widening 60 minute would be more receptive of price crossing it. However it is Friday and all the momentum is drying up. There could be a false break out than a complete consolidation could follow. However that is where understanding the use of the Stoch will come into the picture and as always CSS.
Thanks for developing this Bob and for all the coding by milanese what a terrific guy. Looking forward to getting deep into the threads this weekend.
Many traders here have heard my story and I trade the 4H chart. It fits my work schedule and my trading style fits my work schedule. I can get to my computer about every 4 hours and candle changes are done right at my break times, start and end of work, and the time I get up and go to sleep. So I am almost 100% 4H trader. Now when I see a setup I will sometimes go to a lower end chart to find my entrances and exits (especially CT trades) but that is my reasoning. So it is hard for me to comment on lower TF trades. I simple dont use anything lower than the 30 and most of the time it will be the 1H. But I do say that is one cool looking screen and I would be more than happy to look at that one.
