Hello, here we can have a good entry. going short
http://img293.imageshack.us/img293/5...dcad020510.jpg
What do you think?
http://img293.imageshack.us/img293/5...dcad020510.jpg
What do you think?
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DislikedHey Dhb,
I have checked out that pattern before on the NBT webpage. There is just one point about that I dont' get and that is the FLAG. I don't see what he's talking about. Do you have an image of of a spike base where you could point out a "FLAG" to me?
Sorry for being so dense.
Thanks
TexIgnored
DislikedHello, we possibly have a good entry going short at 94.64
looking at H4 and daily chart
What do you think?
Greetings!!Ignored
DislikedHey Tex,
First of all, I'm not Steve, so I can only give you my interpretation of what he refers to when mentioning a flag. That doesn't necessarily mean my interpretation is correct.
I hope the quality of the image below isn't too bad. The motherboard of my laptop has died on me recently, and for the time being, I'm forced to use an old pc that's only equipped with Paint, lol.
The second example on the NBT page that discusses the base pattern imho shows a flag pattern most clearly. In the chart below, I've tried to show where I think it's...Ignored
DislikedHey Dhb,
thanks for the flag pic.
Am I looking correctly at this chart? Is this a spike base pattern inside the ellipse?Ignored
DislikedHi Tex,
I wouldn't want to classify that as a spike base pattern for two reasons.
First of all, to me, the breakout is not as significant as you would see in Steve's examples. Granted, it is a breakout, but it's not really a spike, if you know what I mean.
Secondly, there's not enough time between the "flag" and the "base touch".
If you check out Steve's examples, hopefully you see the difference. The pattern really sticks out, so to speak.
Yours is a nice "support-becomes-resistance" trade though (see chart below for another example,...Ignored
DislikedUh, I did some backtesting and it backfired on me big time. I prefer to test with real time prices.Ignored
DislikedAfternoon people
CADJPY is moving back up to 92.00 - 92.11, strong support/resis zone before the dramatic moves of last week.Ignored
DislikedI can see what you mean about that level and other JPY pairs seem to be moving towards resistance. To me it doesn't stand out, you know, like a no brainer. It's a mess of resistance with 92 as the big round number where we might see a reversal. This is where I sometimes,..... shhh... don't tell the James16 crowd,.... use indicators. What!!
Love your films, by the way, Vincent.Ignored
DislikedHi NB Traders,
I haven’t posted here for quite awhile but as I am going to try to change my style of trading, I thought I would log the experience here for others to comment on. If it generates some interest, I will continue; hopefully I will be able to determine that interest from the comments.
[font=Times New Roman][size=3]What I am going to try to do is move my normal NB day trading into a long term style where I can simply study the market for one or...Ignored