Eurjpy Cross Spot

[fabrizio]

Scott,

Let's start with a Hot Topic....

[Steve Perrott]

Can you explain all that is happening

You have a lot of things on this chart.

Can you explain what they are and how to use them?

Thanks.

I am glad to see a FOREX area on eSignal.

I really like eSignal.

Steve

[fabrizio]

Steve

what you see is esignal with ADVANCED GET Software.

Let's start from scratch . This is a good chance to show you the power of ESIGNAL ADVANCED GET integrated.

Background
An EFS turns the color of BCKND according to the market trend.

THE CHANNEL WITHIN THE PRICES
An RTC channel Set at +2/-2 STD : simply means that until the price remains INSIDE the upper and lower lines there is 95% of odds that he will not change direction.
As you can see the price touches and bounces at least 8 times ( days WITHOUT closing the bar OUT and keeps its pace downward.

COLOR OF THE BARS
This is the XTL, a proprietary study of Tom Joseph who created the Soft. Indicates the direction and the strenght of the price . bar Blue= Trend Up
Bar Black= Neutral
Bar Red= Trend down

XTL is a very powerful tool and a actually can be used even as a trading system "per se", since -according to the volatility of the first bar coloured after the black
( break out) - you can define your trade entry level, your stop loss level and your exit level that normally with XTL is a "risk reward ratio (R/R)" of 1.6 times from your stop level;
more simply : [PRICE OF YOUR STOP LOSS LEVEL * 1.6= PROFIT TARGET]
Pay attention in the chart how the colour change according to the direction of the trend

GREEN COLORED NUMBERS
Indicate the CLOSE OF AN ELLIOT WAVE.
This example is perfect : the end of the first downtrend is labelled 3 , is the end of a impulsive Wave 3.
Price than goes up and retrace in a corrective wave 4
Than reverse again and goes down directed towards the beginning of a impulsive wave 5.

BLUE COLORED NUMBER 5
Indicate the projected level of the end for the impulsive Wave 5.

3 COLORED LINES AT THE VERY TOP Of THE CHART
Represent the " WAVE 4 CHANNELS" Another proprietary study by Tom Joseph.
If the price Stay within the first blue line we have the 80% of statistical odds that the contrary movement will be a strong one with no indecision W5. As much as the price goes up breaking the green and the red the chances diminish.
Here is perfect, since the price just touched the blue and then reversed.

FIBO RETRACEMENTS
the important point is 0.50: If one is SHORT if the price hold that 0.50 will be a weak down trend , viceversa will be strong.

NUMBER 34
It is the PTI , Profit taking Index, again another proprietary study of T.J.
Indicates the propension to enter or not what is called a TYPE 1 trade , simply try to catch the end of a W4 and therefore buy or sell following the direction of the W5

Should be >35 at the supposed beginning of theW5 tah coincide with the supposed end of the W4

THE COLORED FUSCIA AND BLUE RECTANGLE
It is the MOB ( Make or Brake) and indicates ion this case a level at wich the price will much likely stop and bounce .
we can define it " THE HIGHEST LEVEL OF EXTENSION AFTER WHICH THE price MOVEMENT BECAME IMPULSIVE"
In few words: 7 times out of 10 the Mob stop the trend . But if the trend "brake" the mob the price became impulsive.

THE LOWER oscillator:
Is the 5/35 TOM JOSEPH OSCILLATOR (in this case is the 5/17 because I used a "short wave count")
Is the core of the wave count

Well, I hope I helped you and stimulate you to know more about ADVANCED GET.

[fabrizio]

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[fabrizio]

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