My, that move on Friday sure has sparked a lot of heated debate...lol
I'm strictly an S/R & PA guy and a newbie at that so I won't pretend to "predict" what will happen this week. In fact, I don't honestly think the "experienced" ones can either as exampled by a roughly 50/50 split in "opinions" Friday.
However, it's my newbie "opinion" that, from a strictly S/R point of view, there are no surprises here at all. this puppy has been confined in a range between 5930 & 6730 for the past 56 trading days. IMHO, it still is as of Friday. Will it break out? Maybe, maybe not.
On the daily, the upper S/R I have is 6730. That's the exact center between the high and low in the blue box. Well, within 1 pip as 111 pips doesn't split in two perfectly...lol What was the high on Friday? Low and behold it was 6731. Now it may seem like a large candle but in fact, it's not much bigger than most and in fact smaller than some within this 56 day range. Again, not much to write home about.
On the 4H (just learning TL folks so bear with me), we seem to have a pretty clear up channel. It's also clear that we're almost at the top of it. So, we're at a strong PPZ at the top of this channel and I think it can go either way. I'll let "PA" decide. Which brings to me my last point.
I started live at the beginning of June. Using JUST S/R & PA I made $6100 from my $5000 account. I have to withdraw anything above my deposit to live on so each month I get to start out all over again with 5k. I lost 25% of it in July because a couple of losses in the first week rattled my confidence and I went searching here for "other" ways and opinions hoping to find a way to "Predict" how she'd move. BIG MISTAKE because you CAN'T!! Pure & simple.
I'll go back to letting the market & PA "tell me" what's going on and see how I do this month. I did very well in June and as such, seem to have accumulated 10+ vouchers in that month. In each PM to thank those who gave them to me I stated I didn't feel worthy of them. I still feel this way because the proof is in the results. In the first month I let the market dictate to me what it was doing. In the second month I "thought" I could predict what would happen and developed "expectations" based on that.
DON'T let this happen to you! Me and my humble account are perfect examples of the "probable result" of such thinking. Sorry for the long post folks but I both felt it important to say for new traders, and to help me solidify the lesson learned for myself. Try to "out think" this market and she'll crush you every time. Just go with the flow and make some dough...
I'm strictly an S/R & PA guy and a newbie at that so I won't pretend to "predict" what will happen this week. In fact, I don't honestly think the "experienced" ones can either as exampled by a roughly 50/50 split in "opinions" Friday.
However, it's my newbie "opinion" that, from a strictly S/R point of view, there are no surprises here at all. this puppy has been confined in a range between 5930 & 6730 for the past 56 trading days. IMHO, it still is as of Friday. Will it break out? Maybe, maybe not.
On the daily, the upper S/R I have is 6730. That's the exact center between the high and low in the blue box. Well, within 1 pip as 111 pips doesn't split in two perfectly...lol What was the high on Friday? Low and behold it was 6731. Now it may seem like a large candle but in fact, it's not much bigger than most and in fact smaller than some within this 56 day range. Again, not much to write home about.
On the 4H (just learning TL folks so bear with me), we seem to have a pretty clear up channel. It's also clear that we're almost at the top of it. So, we're at a strong PPZ at the top of this channel and I think it can go either way. I'll let "PA" decide. Which brings to me my last point.
I started live at the beginning of June. Using JUST S/R & PA I made $6100 from my $5000 account. I have to withdraw anything above my deposit to live on so each month I get to start out all over again with 5k. I lost 25% of it in July because a couple of losses in the first week rattled my confidence and I went searching here for "other" ways and opinions hoping to find a way to "Predict" how she'd move. BIG MISTAKE because you CAN'T!! Pure & simple.
I'll go back to letting the market & PA "tell me" what's going on and see how I do this month. I did very well in June and as such, seem to have accumulated 10+ vouchers in that month. In each PM to thank those who gave them to me I stated I didn't feel worthy of them. I still feel this way because the proof is in the results. In the first month I let the market dictate to me what it was doing. In the second month I "thought" I could predict what would happen and developed "expectations" based on that.
DON'T let this happen to you! Me and my humble account are perfect examples of the "probable result" of such thinking. Sorry for the long post folks but I both felt it important to say for new traders, and to help me solidify the lesson learned for myself. Try to "out think" this market and she'll crush you every time. Just go with the flow and make some dough...
Ghost Rider - WWTBMD?