From P&F market environment recognition, trying to trade EURUSD on the 1-hour chart
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Inquiries into FX, this is Satori.
Today, we deliver “From P&F chart environment recognition, trying to trade EURUSD on a 1-hour chart.”
The figure below shows EURUSD weekly, daily, 4-hour, and 1-hour charts of Point and Figure charts.
http://livedoor.blogimg.jp/fxmt4indicator/imgs/5/7/57c35a1e.gif
The figure above is EURUSD on the weekly chart.
The transformation frame is a 3-frame transformation of 200 pips, and it has currently retraced 1000 pips from the latest high.
Overall, the highs are being held down, and the downtrend continues.
http://livedoor.blogimg.jp/fxmt4indicator/imgs/c/0/c0077216.gif
The figure above is EURUSD on the daily chart.
The transformation frame is a 3-frame transformation of 50 pips, and it has currently rebounded 400 pips from the latest low.
Overall, from the upper consolidation, selling pressure holds the highs, and the downtrend continues.
http://livedoor.blogimg.jp/fxmt4indicator/imgs/9/0/904172c8.gif
The figure above is EURUSD on the 4-hour chart.
The transformation frame is a 3-frame transformation of 20 pips, and it has currently retraced 120 pips from the latest high.
Overall, highs are held down, and selling pressure continues.
http://livedoor.blogimg.jp/fxmt4indicator/imgs/a/d/ad4e8808.gif
The figure above is EURUSD on the 1-hour chart.
The transformation frame is a 3-frame transformation of 10 pips, and it has currently retraced 110 pips from the latest high.
Overall, highs are held down, and selling pressure continues.
On the 1-hour chart above, buying from the lower buy signals and selling from the upper sell signals would yield +230 pips with a realized gain of +50 pips in the unrealized profit.
In the horizontal count calculation, the take-profit value for the lower buy indicated by the arrow is 1.1490 (the bottom of the consolidation 1.1310 + 6 bars × 3 frames × 10 pips), which is cleared.
However, in the horizontal count calculation, the buy occurs beyond the consolidation's highest price; since you would buy two frames (20 pips) above the blue upward arrow, you would buy at 1.1430 and settle at 1.1490 for +60 pips.
There are various viewpoints, but it is easy to confirm whether the higher-timeframe highs are being held, so including environment recognition, P&F charts help with decision-making.
The indicators related to today’s article are as follows.
Also, the Point and Figure Chart Indicator now displays the most recent high and low on the right side of the chart.
A free version upgrade will be available soon.
