Technical Analysis Fallacy

I read the first page, but after 41k posts these threads tend to go off in different directions. The topic interests me so I figured someone can quickly brief me on important or cool posts by FTI or anyone else. That's all. I will gracefully exit the thread. Thanks.

Need. To read 200 pages before things comes into the picture try you might enjoy it

I think it is vital to read all the associated material that was recommended by fti in the early days too. Some of it may come in handy and some of it you may find does not help you to trade better so you can perhaps put it to one side. However, it would be silly to dismiss chart patterns and other clues without knowing what it is that you are throwing away.

I have been studying candlestick formations in more detail recently and it has definitely improved my ability to spot when the market is stalling or possibly about to start retracing. I'm not sure how many of us have actually studied the material I am talking about but speaking for myself, I tried to fly by the seat of my pants when I first started, without building a solid foundation for my trading activities.

Is it frowned upon to post charts in this thread?

I'd love to hear some discussion (general stuff only) about what people are looking at in terms of major trends.

Looking at the daily I like Long EUR/USD and USD/CAD (more so EUR/USD tho because H1 is also up trend, but I feel USD/CAD could be turning)

These are not predictions, just my sentiments at this time - and I'm am a complete novice - so please no-one take this as advice or anything like that.

Hey Acs,

In my current underfunded state I've also come to the conclusion that leaving profits on the table is actually a good thing. Preservation of capital at all costs. Funny how writing things down helps make it clearer in your head, I find it works in all lifes problems. Articulate the problem, and before you're done you usually have the solution.

How about the dynamic exciting strategy? Do you utilize that? My broker has this 'one click trading' add-on for MT4 which lets me close all positions at a click of a button. So that is what I have been doing.

It seems from your response you are dynamically adjusting your troops as things unfold. What is your usual MO there? Exit all except the scout when you see signs of price stalling, and then add back in if it goes your way again?

Well, as I am in Japanese candlestick pattern mode, I will say that GBP/USD looks bearish to me. I see a dumpling top (albeit without a window because this is a 24-hour market), a hanging man from last Friday and a bearish belt hold candle yesterday (with a near doji on Monday - call it a spinning top if you like).

I would not be running to sell the GBPUSD just yet, better wait another 3 hours, and buy it for a rebound instead if a buy setup develops.

In think he may have been referring to longer term than the next 3 hours.

Some pretty detailed candlestick patterns you're describing there. Might have to start brushing up on all that.

I already sold it from 60 down to 14 but nomadic is right, we were discussing daily charts.

I find them really useful although you don't want to get married to your analysis of course. Whatever is said later tonight could have a big effect.

I don't know exactly why but the area in the GBP/USD chart that I have circled in blue looks a little odd to me - too regimented. It doesn't seem like a natural move; not from my experience of following Cable over the last few years anyway.

Attached Image (click to enlarge)

the rise is smooth. what bothers you? can you try tell?

regards

Yeah, it's too smooth. Four very similar steps up and super mild retraces. It looks like the market makers decided where they wanted to go but didn't want to get there too quickly. Of course, there could be many other rational explanations and maybe I've been sitting here staring at charts for too long recently but it just strikes me as a little odd.

EDIT: If you think it looks normal, it's probably just me losing my mind Cuthbert!

My friends, beware fomc at 2.

regards