Chart 1
CHART 2When analyzing the forex market I used two charts from two different brokers to ascertain data stability. Technical analysis depend almost entirely on price data. Any compromises or error of price data affected the resulting analysis.
Take for example this morning.
Chart 1 is a 15 MTF of USDJPY by FXDD while Chart 2 is a 15 MTF of USDJPY by ActivTrades.
For both charts, Point A occurred at 11:45 GMT with a price of 98.63 while the swing bottom at point B happened at 15:00 GMT at a price of 98.00
Than the two chart differed at 21:15-21:30 GMT (the aqua color ellipse) with ActivTrades spike widely for two period candles. The spike at ActivTrades breached the support at C (98.10). The spike caused difficulty to ascertain the validity of fibo expansion and subsequently the target point D.
Normally, for analysing the market I refer on the FXDD chart but my trade will be with ActivTrades.
My current technical analysis is base on the following indicators.
1. Laguerre
2. MACD
3. Centre-of-gravity (COG)
4. EMA
5. Pivot points
6. Bollinger Bands
7. Fibo
Early morning sentiment for USDJPY is expected to be bullish based on my perception that
1. US session was in a downtrend and expected a reversal at asian session.
2. Wall Street slipped into red territory in late session with S&P closed slightly lower by 0.4%. Nikkei is expected not to be affected.
Looking at Chart 1, price at Point B is at the lower green curve line of COG indicating an oversold position. From point B, prices inched upward by early Australian session and hovering around the 60 period ema,, 38.2% retracement and the middle of COG (blue curve line). By 24:00 GMT prices moved over the 50% retracement and 98.20 level. The red lag is also above the 15 level. Prices is expected to touch next round number 98.50.
