A 100 Percent Extension on a Daily USDJPY Chart in VS .NET

Generate QR Code in VS .NET A 100 Percent Extension on a Daily USDJPY Chart

A 100 Percent Extension on a Daily USDJPY Chart
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Figure 5-35 shows an example of a price move, in this case a rally, followed by a second rally several weeks later of nearly identical height and time This is a classic case of market symmetry Note the pattern of higher lows and then the two equal lows in May, which would also be called a double bottom A double bottom is a classic chart formation that will be covered in the next part of this book This is a very interesting chart Note how in early June there was a close above the old May high, or a market breakout, and USDJPY quickly extended its move to replicate the earlier rally Studying charts like this during off-market hours in a relaxed environment is great experience for market students
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Figure 5-36
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A 1618 Percent Extension on a Daily GBPUSD Chart
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Figure 5-36 shows a late summer rally in 2007 in GBPUSD and then a sharp correction lower by approximately 66 percent of the up move into mid-September, which provides a retracement from which to draw an extension higher In this case the market pulls up short of the 100 percent extension in early October and proceeds to move sideways for much of the month before slipping higher toward the end of the month The second close above the 100 percent extension proves to be a breakout above both that level and the isolated high back in July, and we get a very fast rally, or a climax rally, up to the 1618 extension level
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Figure 5-37
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A 100 Percent Extension on a Daily GBPUSD Chart
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The extensions we see most are the 100 percent measurements, and Figure 5-37 shows one on the daily GBPUSD chart after a brief sideways correction in late February-early March 2008 We have seen how important support and resistance levels are to markets and traders We see support and resistance in the form of previous daily highs and lows and the trendlines created by them, pivot points on all time frames, and retracement and extension levels As you can see, there are plenty of levels for traders to be concerned about on a chart, but the most important thing to remember is that we don t respect the level unless the market does that rst Although you may be concerned about having so many lines on your chart, you can relax because as you will see, the markets will tell you which lines are signi cant Technical analysis is, after all, an art and is based on the assumption that the charts tell us everything the market knows about itself It s up to us to stay loose and keep an open mind so that we can see what the market is telling us
C H A P T E R
Chart Patterns
ow that we understand how a chart is constructed and how price action identi es signi cant support and resistance levels, we will discuss chart patterns, which are formations created by multiple support and resistance points and trendlines Whether we know it or not, pattern-recognition skills play a big part in our lives and those of the people around us To talk about price patterns on nancial charts, we also must cover price volume, which is the total number of actual securities or contracts traded for a particular bar or candle; it tells us whether the trader participation rate is high or low relative to what it has been and whether volume is increasing or decreasing The candle pattern gives us the length of a price movement, and the volume tells us the size of the participation rate For securities, commodities, and currency analysis, volume is of particular importance at the potential in ection points in the chart patterns where the trend shifts Volume is displayed at the bottom of the chart in a histogram and is used to con rm direction If a breakout, or penetration of an important price level, occurs on rising volume, it is considered more viable; if it occurs
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