Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

joshdance

The Close of a Bar is Meaningless

Recommended Posts

I'm not saying they can't be high or "too high". I'm saying they can't both be high within the same strat. It is an either or situation.

 

High win/loss ratio with small win amounts or Low win/loss ratio with high win amounts.

That is just how math works whether it is trading or sports or music or .......

 

I don't think that this is true at all. I believe it is very possible to have a high win/loss ratio with high win amounts. In fact, it is the one thing that I continually strive for on an ongoing basis. Have I achieved it yet with total consistency? No. Do I believe that I will get there eventually? Absolutely!

 

I'm curious what math you are using to arrive at this self-limiting conclusion?

Share this post


Link to post
Share on other sites
Hopefully most of the thousand readers are doing serious inner work aligning their representational system to their own perceptual type/profile, instead of assuming, the standard consensus charting methods, the bars, etc. really are the market…

 

I started this thread to accomplish that very purpose, because you may "hope" all you want, but I'm sure you would doubt that this is the case for the general trading community. As with everything in trading and most things in life, there is no right or wrong, clear cut answer. The title of this thread itself challenges one of the many assumptions that most traders hold.

 

Hopefully, we haven’t influenced anyone to come to discount the close if it actually should be ‘meaningful’ in their world

 

If they are doing well, then I hope not too; but the "world" of many traders is a world that they might be okay with if it were 'shaken up' a bit. Just look at youtube videos of trading, and you will see what the average trader learns from. Realize that this is the food they are eating and the air they are breathing, and then it may not seem so bad to introduce some conflict into their minds, and jump start the engines of critical thought. My ideas are no better than anyone else's. But when we all exchange ideas in a relatively civil way, and when we stimulate each other's thought process, then we have accomplished the purpose of coming together in a forum format to begin with.

Share this post


Link to post
Share on other sites
..... to introduce some conflict into their minds, and jump start the engines of critical thought. My ideas are no better than anyone else's. But when we all exchange ideas in a relatively civil way, and when we stimulate each other's thought process, then we have accomplished the purpose of coming together in a forum format to begin with.

 

on this vein, if you dont think the close has meaning then what does? (system specific for Zdo)

or is the point as others have touched on, the close of a 5 min, v 6 min v 241 tick bar is largely irrelevant, its just a means of triggering a trade based on taking the snapshot at that timeframe?

 

plus, the meaning part can simply be that it forms a part of a more complex system, it is merely the ignition to start an engine, so in terms of being system specific, it is crucial however its meaning by itself is only a minute part of the overall system - so maybe it is more a question of how meaningful is the close of a bar to your system/method?

Share this post


Link to post
Share on other sites

I'm curious what math you are using to arrive at this self-limiting conclusion?

The math of reality.

 

Knock 'em dead kiddo. Own the world when you are done.

 

In the meantime google terms like: probabilty theory, bell curve, statistical analysis etc.

Share this post


Link to post
Share on other sites

 

... Just look at youtube videos of trading, and you will see what the average trader learns from. Realize that this is the food they are eating and the air they are breathing, and then it may not seem so bad to introduce some conflict into their minds, and jump start the engines of critical thought...

 

Similarly, I cringe when people say" google it" to find an answer, as if the right answers are just a few keystrokes away. There are certainly answers, but they are not right by virtue of the fact that they have been put on a website. Most people will accept an answer as truth when they read or see threads that have similar or consistent answers. Research takes patience but it has turned into an .A.D.D. event

 

We only wish it was so easy.

 

Just a thought

Share this post


Link to post
Share on other sites
I'm not saying they can't be high or "too high". I'm saying they can't both be high within the same strat. It is an either or situation.

 

High win/loss ratio with small win amounts or Low win/loss ratio with high win amounts.

That is just how math works whether it is trading or sports or music or .......

...............................................................................................................................

(stupid comment (mine) EDIT

Edited by mitsubishi

Share this post


Link to post
Share on other sites
or is the point as others have touched on, the close of a 5 min, v 6 min v 241 tick bar is largely irrelevant, its just a means of triggering a trade based on taking the snapshot at that timeframe?

 

It's the "triggering a trade" part that mostly concerns me. I've had conversations with traders who were looking to enter a trade, and heard them practically praying that the 5 or 3 minute bar would close at the price they wanted, so their R:R would be better -- in other words, they were looking to buy, but per their "rules" they could not enter before the close of the bar, and they were hoping that it wouldn't go up until the bar closed, so that they could get in, and so that the bar would be smaller, because they would place their stop on the other side of the bar.

 

Many times we will wait to see if the market will support a price before buying before blindly jumping in, allowing others to engage in price discovery first so that we can piggyback. We can either wait a certain amount of time, until a certain number of shares or contracts have traded, or use some other criteria, to have a greater degree of confidence that we are with the side of the market that is stronger. But why should how long we wait, be it time, or activity, be predetermined by a bar periodicity? Why not say "I will buy if it stays above X for Y minutes," rather than the trigger always happening or not happening at 1:15, 1:30, and every other 15 minute interval, for example? What if the price trades that you want at 1:14 -- is 1 minute really enough to verify for you? Or what if it trades at 1:16? You then have to wait 14 minutes?

 

I've attached 5 minute charts of ES for today, each starting at one minute offsets from each other. The beauty is that the market's intention and direction is very clear--up. Do you need to see where each bar opens and closes? The range of price movement continues up.

 

What does each closing price of the bar, or opening price of the bar, tell you that you cannot see without them? Look at the other two charts. One is a 5 minute, the other is volume based for smoothness, but neither shows the open or close. When I look at these, my eye is drawn to the direction of the market, and particular areas. On the other charts, you see red and green (again, based on open/close), bodies and wicks, and more data to interpret. I might add, data that is NOT generated by the market, but imposed by the structure shown. We all must impose a structure on top of the market's free flowing, continuous nature. The question is, does the structure you impose help you? If the answer is yes, then that's all you need to know. If it is "maybe" or "no" then it may be good to reconsider how you view the market.

00.png.b46b625cc925367d5bd86b52a0c85a63.png

01.png.e7eda62bed27166f1761d415ed4080dc.png

02.png.15211758f4a92fb628549bc4a3810289.png

03.png.50a31907fc234f6e9f988cc21a6c4339.png

04.png.80d2dbecef1a18a3fa4175b177d46f83.png

noclose.png.c9dfae8490ff1b59f64583a9bcbd4b45.png

noclosevol.png.931bbb6f4f13d40bf4585e4acd7796ae.png

Edited by joshdance

Share this post


Link to post
Share on other sites
It's the "triggering a trade" part that mostly concerns me. I've had conversations with traders who were looking to enter a trade, and heard them practically praying that the 5 or 3 minute bar would close at the price they wanted, so their R:R would be better -- in other words, they were looking to buy, but per their "rules" they could not enter before the close of the bar, and they were hoping that it wouldn't go up until the bar closed, so that they could get in, and so that the bar would be smaller, because they would place their stop on the other side of the bar.

 

Many times we will wait to see if the market will support a price before buying before blindly jumping in, allowing others to engage in price discovery first so that we can piggyback. We can either wait a certain amount of time, until a certain number of shares or contracts have traded, or use some other criteria, to have a greater degree of confidence that we are with the side of the market that is stronger. But why should how long we wait, be it time, or activity, be predetermined by a bar periodicity? Why not say "I will buy if it stays above X for Y minutes," rather than the trigger always happening or not happening at 1:15, 1:30, and every other 15 minute interval, for example? What if the price trades that you want at 1:14 -- is 1 minute really enough to verify for you? Or what if it trades at 1:16? You then have to wait 14 minutes?

 

I've attached 5 minute charts of ES for today, each starting at one minute offsets from each other. The beauty is that the market's intention and direction is very clear--up. Do you need to see where each bar opens and closes? The range of price movement continues up.

 

What does each closing price of the bar, or opening price of the bar, tell you that you cannot see without them? Look at the other two charts. One is a 5 minute, the other is volume based for smoothness, but neither shows the open or close. When I look at these, my eye is drawn to the direction of the market, and particular areas. On the other charts, you see red and green (again, based on open/close), bodies and wicks, and more data to interpret. I might add, data that is NOT generated by the market, but imposed by the structure shown. We all must impose a structure on top of the market's free flowing, continuous nature. The question is, does the structure you impose help you? If the answer is yes, then that's all you need to know. If it is "maybe" or "no" then it may be good to reconsider how you view the market.

 

That pretty much sums it up.I used that phrase a couple of days ago on another thread.When i first started trading i realised (for me) that unless you have an unfair advantage in terms of insider knowledge and the ability to move a market,then the quickest route to succeed might be to impose a model on what to the beginner seems random.Somehow during this process the models that got "imposed" became progressively better as the learning curve grew.But since it is all, in the end just numbers,lot's of things can work,even if the theory behind them is flawed.

Anyone who has a deeply flawed theory that is making a lot of money isn't going to change their view based on threads like these.

Share this post


Link to post
Share on other sites
It's the "triggering a trade" part that mostly concerns me. I've had conversations with traders who were looking to enter a trade, and heard them practically praying that the 5 or 3 minute bar would close at the price they wanted, so their R:R would be better -- in other words, they were looking to buy, but per their "rules" they could not enter before the close of the bar, and they were hoping that it wouldn't go up until the bar closed, so that they could get in, and so that the bar would be smaller, because they would place their stop on the other side of the bar.

 

............

What does each closing price of the bar, or opening price of the bar, tell you that you cannot see without them? ........

We all must impose a structure on top of the market's free flowing, continuous nature. The question is, does the structure you impose help you? If the answer is yes, then that's all you need to know. If it is "maybe" or "no" then it may be good to reconsider how you view the market.

 

absolutely - if you are a trader waiting in hope then you have other issues. You do need the context and the trigger be it a 5 min, 1 min, 30 min is a RELATIVE measure. Your context in terms of something is going up has to be based on what you are looking at. Trying to tell the trend of a daily chart by looking at the 5 min is next to impossible, but using a 5min chart to try and time daily entries makes sense......and its in the timing that makes the difference, as this can be linked to how much you want to stop yourself out for.

 

eg; do you want to take a $1000 risk once, or ten trades at $100 risk to try and achieve the same result. (now while the brokers may want you to take the 10x) I would rather take more trades with less loss.

 

So thinking something is going up and just buying might work, trying to improve the timing should help, the key will be in the trade management afterward - ie; if you are right, how long you run it for v the losses, and how small your losses are relative to how long you expect to be able to run it for......similar themes arise - cut losses, run profits - no matter the time frame, or the trigger.

Share this post


Link to post
Share on other sites
We all must impose a structure on top of the market's free flowing, continuous nature. The question is, does the structure you impose help you? If the answer is yes, then that's all you need to know. If it is "maybe" or "no" then it may be good to reconsider how you view the market.

 

Spot on! Not the entry is important but the direction.

 

I shifted to volume and tick based charts - and it's working for me. As long as you are using a chart you need to deal with closes. In your case you don't display them but they are there.

 

The bar close is what it is - a dead sentence. Now that the bar is done and over we can assess it's life - high, low, volume, speed of formation (for tick and volume charts) and, yes, if this helps you make right decisions - bar open and close.

 

I appreciate this thread because many gurus out there put too much importance on candle types and bodies and wicks... At best you can break even without having the bigger picture and the direction in mind.

Share this post


Link to post
Share on other sites
I'm not saying they can't be high or "too high". I'm saying they can't both be high within the same strat. It is an either or situation.

 

High win/loss ratio with small win amounts or Low win/loss ratio with high win amounts.

That is just how math works whether it is trading or sports or music or .......

 

ST,

 

again what do you consider "high".

 

Since math is involved we need to deal with numbers to asses your statement.

50% win probability and 1:1 win/loss ratio will give you a flat curve.

 

At what point for you see these two (yes, both of them) become too "high" mathematically?

60% and 2:1? Or 90% and 5:1? Or in between?

 

Thanks!

Share this post


Link to post
Share on other sites
ST,

 

again what do you consider "high".

 

Since math is involved we need to deal with numbers to asses your statement.

50% win probability and 1:1 win/loss ratio will give you a flat curve.

 

At what point for you see these two (yes, both of them) become too "high" mathematically?

60% and 2:1? Or 90% and 5:1? Or in between?

 

Thanks!

At the risk of repeating myself - over and over. :doh:

 

No overall win rate (other than can't go over 100%) or winning individual trade is too high(depending on how long trade is held).

 

It is the combination. Repeat combination of the two.

 

High win rate with high winners.

 

Horse racing like trading is another form of gambling. Life is a gamble. Everything is so don't misunderstand my use of the word gamble. Doesn't bother me in the least.

 

At the track you can bet on the favorite or on the long shot. Favorites win more often but pay out less, longshots rarely win but when they do they pay big.

 

Now why is that? Might it have something to do with the math involved, i.e. how much the track takes in and can afford to pay out but still make a profit? Hmmm.

Share this post


Link to post
Share on other sites

It is the combination. Repeat combination of the two.

 

High win rate with high winners.

 

 

With risk to bore my self - I am kindly asking for numbers, SunTrader. We can talk in general as much as we want about math and probabilities.

 

Fortunately, math uses numbers! Show me the numbers, please!

Share this post


Link to post
Share on other sites
With risk to bore my self - I am kindly asking for numbers, SunTrader. We can talk in general as much as we want about math and probabilities.

 

Fortunately, math uses numbers! Show me the numbers, please!

Start with 1+1 then and let me know when you are done.

 

Because I sure am.

Share this post


Link to post
Share on other sites
Start with 1+1 then and let me know when you are done.

 

Because I sure am.

 

 

You can expand on horse races all you can.

 

Until you don't pull out some numbers your talk is not about math and probabilities.

 

I hope you have someone to talk to because I am done will taking a condescending attitude.

Share this post


Link to post
Share on other sites

It is really Nice thing to share with you..i just read the opinions and eagerly want to share mine.First of all i believe that closing is absolutely effective on long term analysis. i am using line charts for trading and all we know that line charts are totally based on closings. As far as my observation i believe that one level is break when it close below or above the level. beauty of line chart is that there is no shadows. so if i need to open or close a position than i will wait for various closings.if a level breaks in 30 M and 1H chart respectively it will indicate me that now there is more chances to break that level in 4H chart and 1Day chart which clear my mind to sit on a long or short direction.if it resist some levels i will think about to stand a side.

So as far as my observation i believe that close of a Bar or Candle is not meaningless.

Share this post


Link to post
Share on other sites

The only close that has a higher relative importance is the close of a day.

Because it forces those working on very small time Horizons to close positions.

 

Multiples of this Day .. week month YEAR will have also a (less) relative importance.

Divisions will have even less relative importance ( but yes, some )

 

Still all these even are of only relative importance.

 

What has an absolute importance.. IS not the close of a time frame.

 

But the end of a Buying or Selling wave..

 

Something that is very educative is to draw a 1 box reversal P&F chart.

 

2x 5x or 10x the bid/ask spread ( depending on the price ) . make sure you use the course of trades ( they are the absolute reality ) and not any H/L of a time framed bar.

 

Then look at what you have drawn

Ask what is it that makes the chart change columns ?

 

It is not any time frame or the close of any time frame. it is when buyers and sellers become exhausted .

 

Those tops and bottoms of the alternating columns.

Have an Absolute Reality. They have Absolute Position in Space and Time.

 

Just like looking at a Mountain from varying distances.

 

Its top is THE TOP etc

 

Changing the BOX size is not changing time frame it is just changing the distance you are viewing the absolute reality FROM.

 

Motorway

Share this post


Link to post
Share on other sites
The only close that has a higher relative importance is the close of a day...........

 

What has an absolute importance.. IS not the close of a time frame.

 

But the end of a Buying or Selling wave..

 

Finding tops and bottoms definitely is more important but it wasn't the question.

 

In any case P&F is good in hindsight.

Share this post


Link to post
Share on other sites
As always, this is solely my opinion as there is little "truth" in the markets but rather we merely have opinions and our own view of things.

 

Bar closes are not "important" in the sense that they mean anything significant to any significant number of people.

 

The close of a bar is a snapshot of a price traded in the flow of market activity.

 

Is the close of a bar truly meaningless? Let's have a look...

 

1. There is little truth in the markets. If this is a true statement, then the only truths are price, and more importantly, change in price. So far, so good.

 

2. Bar closes are not important to any significant number of people (variable time frame distortion, etc, muddles the picture, ...) I'm not so sure that this is a true statement. A more accurate statement might be "no single time frame's close (or range bar, or tick bar, etc) is more significant than any other time frame's close."

 

3. The close of a bar is a snapshot of price traded in the flow of market activity. So very true.

 

And at some point, since we are taking measurements of the flow of market activity, we are going to have to choose a price somewhere in the price bar to make our trading decision. If we are going to "measure" price action, we are going to have to pick some point and call it personally significant, or we'd never enter the market!

 

And if we are using price bars, what are we going to call "significant" if not the open, or the close, or the high, or the low, or all of the above? The only wrong answer is "none of the above."

 

So JD's title is relative. One man's meaningless is another man's bread and butter...

 

 

Luv,

Phantom

Share this post


Link to post
Share on other sites
1. There is little truth in the markets. If this is a true statement, then the only truths are price, and more importantly, change in price. So far, so good.

 

Actually you lost me here phantom -- I don't see how price can be "true" or "false."

 

A more accurate statement might be "no single time frame's close (or range bar, or tick bar, etc) is more significant than any other time frame's close."

 

Possibly, but after further thinking, if we measure significance by how many traders (or the potential trading volume of such traders) view a specific time frame, then perhaps we could say that one is more significant than another. If 50% of all market participants watched exactly the same chart, then it would be more significant than any other, assuming that those who watched it used its bar closes in making trading decisions.

 

we are going to have to choose a price somewhere in the price bar to make our trading decision.

 

Let me fix that: "we are going to have to make a decision, and are going to have to enter the market at some price." For example, those who do not trade with bars, and who have no concept of a "bar," do not need such a bar to make a choice on when to enter the market. They must, however, enter at some price, of course. This goes along with the intent of this thread.

 

So JD's title is relative. One man's meaningless is another man's bread and butter...

 

Agree, and thank you for your contributions and opinions, they are appreciated and valued!

Share this post


Link to post
Share on other sites
The only close that has a higher relative importance is the close of a day.

Because it forces those working on very small time Horizons to close positions.

 

Bingo.

 

But the end of a Buying or Selling wave..

 

Something that is very educative is to draw a 1 box reversal P&F chart.

 

2x 5x or 10x the bid/ask spread ( depending on the price ) . make sure you use the course of trades ( they are the absolute reality ) and not any H/L of a time framed bar.

 

I have never gotten into P&F charts but am going to use this an example to learn some new things. I have two settings: a box size and reversal size. For the ES, what settings should I use to start with in my quest here motorway? Sorry, I'm just not familiar with the terminology of what "1 box reversal" is.

Share this post


Link to post
Share on other sites

Try box size .5 and reversal size 1

 

As alternate ( depending on your software )

 

You could try BOX size .25 and reversal 2

 

 

Try also Box Size 1 X Reversal 1 (alternate Box size .5 X Reversal 2 )

 

Should give you nice charts.

 

.25 being the min increment on the instrument.

 

Motorway

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • This should really be very easy, but I can't find an article or video to walk me through it. I picked 20 ticker symbols where the stocks are in a tight trading range. I got them all into one list I call "Channel". I'd like to add several indicators that apply to all, such as MACD, volume, 3 moving averages. Then I'd like to scroll through the list, adding trendlines, or horizontal lines to mark the top & bottom of the price channel for each. Then set an alarm for a breakout in each direction that indicates a breakout. Could you point me to an article or video that walks me through how to do this? ...or give me the steps? Thank you, RichardV2, Experienced stock trader back before the Internet was invented.😁
    • The Economic Proscription of U.S. Farmers by China Maybe Forever   Similar to a black eye on the face, it’s placing an indelible imprint. The retaliatory levies by China over U.S. commodity producers, such as soybeans, which seem to be forever. The moment such happens for the market it becomes irreversible.   It’s a dread numerous farmers from North Dakota to Mississippi have recognized for as far back as last year. They worry that they’ve put millions in soybean development on account of China. Since Chinese focus is now transferred towards Brazil rather, that market might be gone forever.   Once the confidence merchants have in the U.S. declines as a steady provider because of the trade dispute, the more vital its important for them to support and further broaden other avenues.   The developing danger for American agribusiness presently is that a great part of the piece of the overall industry lost throughout the year will be hard or difficult to win back at any point shortly, the Boston Consulting Group said in a detailed analysis discharged on Wednesday.   This is for the most part because of long term contracts that are regularly recorded among purchasers and sellers, contingent upon the item. The lesson from the analysis shows that U.S. farmers need to turn out to be less reliant on China, and simply trust in the best concerning those customers organizing a rebound sooner or later.   For the time being, China is going to Australia, Brazil, New Zealand, Russia, and also for its domestic producers as an option in contrast to American developed crops and animal proteins.   From the detailed analysis: “The risk that U.S. agribusinesses may for all time lose foreign market share of the overall industry isn’t only hypothetical. In past trade disputes, for example, one with China including beef, the US has not recaptured its lost share. As a result of the increase of U.S. crops and food materials more costly than other choices, high duties bring down the price to merchants who plan to expand. Also, the fewer confidence merchants have in the US as a steady provider, in perspective on the potential for future trade disputes, the more important it progresses toward becoming for them to support and further expand. After some time, merchants could loosen up complex associations with suppliers from the U.S.”   China Receives Blames for the Pressure And this is so because China is important to American farmers. China purchased $19.5 billion in U.S. agricultural items as of 2017, representing 14% of exports of farm produce, in light of BCS analysis. In July 2018, China slammed a 25% levy on U.S. agricultural items.   Exports at that point declined by an incredible 53% for the year. While exports to China have declined also for this year, over past years free fall.   There is another motivation behind why some China customers may not come back to the U.S. China is extending its very own crop acreage, particularly for soybeans. After some time, China will turn out to be progressively independent. Except if request increases generously, China will purchase its very own soybeans, regulating export development and under control in any case.   “Individuals in the business were in a condition of cheerfulness, believing that a bargain would soon be reached,” says Michael McAdoo, associate, and related executive for BCS in Montreal. “Our analysis demonstrates that regardless of whether there is a bargain, there is worry that a similar volume won’t return. They need to try different markets,” he declared.   Source: https://learn2.trade 
    • Trade Dispute Responsible for China’s Overwhelming Gold Purchase Rate   China has included more than 100 tons of gold to its stores since it continued purchasing in December, fortifying its position as one of the significant authority collectors as national banks load up on the valuable metal.   The People’s Bank of China grabbed progressively gold a month ago, raising reserves to 62.64 million ounces in September from 62.45 million in August, as per information on its site. In tonnage terms, the most recent inflow sums 5.9 tons and comes in as an expansion of about 99.8 tons over the earlier nine months.   Bullion hit the most noteworthy in over six years in September as more slow development, the trade dispute and rate reductions prodded financial specialist request. National banks have been significant purchasers as well, particularly in developing markets. Administrative demands will probably proceed as protectionist strategies and geopolitical concerns add to the request, as forecasted by Suki Cooper, the valuable metals investigator at Standard Chartered Bank.   “With the stressed partnerships with the U.S., China requires support against its enormous possessions of the dollar, and gold serves that capacity,” said Howie Lee, a financial specialist at Singapore-based Oversea-Chinese Banking Corp. “As China turns into a superpower in its very own right, I anticipate progressively gold-purchases.”   China’s High Gold Appetite The PBOC’s continuos running of bullion-purchasing has come against the difficult setting of the trade dispute with the U.S. furthermore, a stamped lull in development at home. While high-level discussions are set to continue in Washington this week, Chinese authorities are flagging they’re progressively hesitant to consent to an expansive bargain.   Spot gold spiked to as much as 0.4% to $1,511.31 an ounce on Monday and exchanged at $1,505.84 in early London exchange. While the value declined 3.2% in September, they remain high at 17% this year. The PBOC information was discharged at the end of the week. Alongside China, Russia has additionally been including generous amounts of bullion. In the initial half-year, national banks overall got 374.1 tons, supporting the overall gold request to a three-year high, the World Gold Council declared.   While a tenth straight month of amassing, shows an unfaltering purchasing trend for the PBOC, China has in the past gone for significant stretches without uncovering moves for its gold possessions. At the point the national bank declared a 57% bounce in savings to 53.3 million ounces in mid-2015, that was the first update in quite a while.   Source: https://learn2.trade   
    • GBPJPY Reverses Its Sell-Off Around the Level at 130.75  OCTOBER 9, 2019  Azeez Mustapha  No Comments   GBPJPY Price Analysis – October 9 In the prior session, the pair closed lower for the second day in a row, but currently, the GBPJPY displays a weakness further downside of the pair while retaining its wider medium-term outlook by temporal reversal on the level at 130.75.   Key Levels Resistance Levels: 148.66, 137.80, 135.774 Support Levels: 130.75, 128.68, 126.54   GBPJPY Long term Trend: Bearish In the bigger picture, the GBPJPY consolidation structure is still forming from the technical support zone on the level at 126.54 low.   A further upward move may be recorded towards the level at 146.57 and 148.66 in an extension where its resistance is glaring before completing the structure. However, the overall trend remains bearish while displaying an intact downtrend in the medium and long-term.   GBPJPY Short term Trend: Bearish On the 4-hour time frame, its price is trading narrowly between the moving average 5 and 13 close to the key technical support level at 130.44.   As it is presently, the intraday bias in GBPJPY remains on the downside at this point where a corrective rebound from the level at 126.54 low should have completed. Meanwhile, its 4-hour RSI is bearish and pointing lower suggesting further weakness.   Source: https://learn2.trade 
    • USDCHF Breaks Below Its near Term Support Zone on the Level at 0.9926 but Recovers Abruptly USDCHF Price Analysis – October 8 The FX pair breaks below the horizontal zone on the level at 0.9926 but reverses again after recovering from its early selling pressure. The USDCHF was able to find buyers again around the level at 0.9908.   Key Levels   Resistance Levels: 1.0231, 1.0126, 1.0015   Support Levels: 0.9897, 0.9870, 0.9843   USDCHF Long term Trend: Ranging The price of the pair has moved back towards the moving average of 5 and 13 areas on the level at 0.9950. This area requires to be broken to give buyers more upside potential to move higher.   However, the decisive break of the level at 1.0231 is required to indicate bullish resumption. Meanwhile, the medium and longer-term may remain neutral first.   USDCHF Short term Trend: Bearish After trending downwards to about 50 pips lower after the open, the forex pair managed to reverse during the session as bulls took control and may exit the day above its opening price.   The USDCHF’s pull back from the level at 1.0015 extends lower today but stays well above the lower horizontal zone on the level at 0.9843 support. While still in a long-term uptrend, the short trends have turned bearish already.   Source: https://learn2.trade   
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.