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Sunday, May 30, 2010 10:55:17 AM
Quad Tunnel Charting Part2D
In my laststudy I said it was last in that series on the EMA(400) but I think it only fitting to look at the 30 minute chart and show what trading action it provided last friday.The longer term look proved a boxed condition between EMA(400) on a 15 min chart and the 1 hour chart but the short term trading opportunities were on the 30 minute chart.
Notice that EMA(400) 30 minute was ragged support but nonetheless a strong area of support..but the tunnel top was resistance as can easily be seen...I think I mentioned friday that this area I was working.Sweet little box in there and it measures at about 35 to 40 pips from top to bottom and this area bounced around like a game of Pong for app 6 solid hours..a good eye for candles would provide numerous contrarian trades..IOW trades going both long and short.
In my laststudy I said it was last in that series on the EMA(400) but I think it only fitting to look at the 30 minute chart and show what trading action it provided last friday.The longer term look proved a boxed condition between EMA(400) on a 15 min chart and the 1 hour chart but the short term trading opportunities were on the 30 minute chart.
Notice that EMA(400) 30 minute was ragged support but nonetheless a strong area of support..but the tunnel top was resistance as can easily be seen...I think I mentioned friday that this area I was working.Sweet little box in there and it measures at about 35 to 40 pips from top to bottom and this area bounced around like a game of Pong for app 6 solid hours..a good eye for candles would provide numerous contrarian trades..IOW trades going both long and short.
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