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LCForex Aug 16, 2019 10:30am | Post# 93621

That must be the final 6th it's bigger and sharper, the scale more appropriate. The one before I was looking at must have been the 4th wave and I've counted some subs as outer waves. Can go as high as 1113 before breaking down into the last 7th and 1048/1058 termination.
I see seventh already!

suthmo Aug 16, 2019 10:35am | Post# 93622

How many people gonna jump long on the top of that old devil #6?

HiddenGap Aug 16, 2019 10:38am | Post# 93623

I'm not [a] fan of "Oversold" or "Overbought" terminologies... I think they're rubbish
I'm not a fan either.

By definition, for every buyer, there is a seller and for every seller, there is a buyer. So how can a Market be "Overbought" or "Oversold"?

Usually when a person says the Market is "Oversold", what they really mean is, "The Market has moved DOWN farther than I expected it to."

As Bill Willams noted," The sole purpose of the Market is to find that point [of equalibrium] where there is an agreement on price and a disagreement on value."

suthmo Aug 16, 2019 10:45am | Post# 93624

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{quote} I see seventh already!
Wave 6 taking bulls for a premature ride?
looks like classic reverse symmetrical triangle or expanding triangle reversal.
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post Aug 16, 2019 10:51am | Post# 93625

Good Morning! Long 1.10805, SL: 40 pips , TP: Open Pending Buy: 1.1062, SL & TP the same. Trade Safe Happy Trading

Ok Closed ! my oversold "rubbish" RSI just gifted me 24 pips (and this is only in EUR)


End my day here.... Have a nice weekend pals

Happy Trading

5astelija Aug 16, 2019 10:55am | Post# 93626

I wonder what caused that spike... Mario Draghi forgot the decimal point out of his long order?

MXT Aug 16, 2019 10:59am | Post# 93627

news from Germany

LCForex Aug 16, 2019 11:01am | Post# 93628

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{quote} Wave 6 taking bulls for a premature ride? looks like classic reverse symmetrical triangle or expanding triangle reversal. {image} {image}
Here is your seventh. Breakinf 1.1120 EU will run to 1.1150.

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By the way, seven swing is not anything new, it is just a double correction.

LCForex Aug 16, 2019 11:07am | Post# 93629

I wonder what caused that spike... Mario Draghi forgot the decimal point out of his long order?
The things that rules the market BOTS! Meaning Mathematics.

Ata-Turkoglu Aug 16, 2019 11:26am | Post# 93630

{quote} The things that rules the market BOTS! Meaning Mathematics.
In a "rope pulling" contest it doesn't matter who pulls the rope.. The rope will be pulled towards the stronger side.. In the past it was humans nowadays it is robots.. So be it.. But there are still "bullish" robots and "bearish robots". For us human traders the job will be the same no matter what century and what technology is behind the scenes.. We will continue to decide which side to support is best for our profits.. Meaning: no worries for robots.. you do your job the way you always did.. If you are consistent you will continue growing..

Stay Green

MXT Aug 16, 2019 11:32am | Post# 93631

bots are just machines programmed by humans , so the human hand keeps working behind the scenes

LCForex Aug 16, 2019 11:34am | Post# 93632

{quote} In a "rope pulling" contest it doesn't matter who pulls the rope.. The rope will be pulled towards the stronger side.. In the past it was humans nowadays it is robots.. So be it.. But there are still "bullish" robots and "bearish robots". For us human traders the job will be the same no matter what century and what technology is behind the scenes.. We will continue to decide which side to support is best for our profits.. Meaning: no worries for robots.. you do your job the way you always did.. If you are consistent you will continue...
[/b]

Of course! he asked, did what move the market? I said BOTS!

Ata-Turkoglu Aug 16, 2019 11:36am | Post# 93633

{quote} I'm not fan of "Oversold" or "Overbought" terminologies... I think they're rubbish
These are basically just out of the book terms to describe a situation that has worked for certain markets where "money" or "liquidity" was limited.. But the forex market is very different since liquidity is almost unlimited.. There can't be a moment where market is overbought or oversold because there is always the chance of some extra money entering markets (legally or illegally).

If you look at oversold and overbought areas on any chart you will actually see that "often" price just begins to move into that direction. Therefore oversold often means sell even more. Overbought means buy even more.

Long story short, very very rarely market behaves according to these terms.. Since this is so rare I simply react with a contra strategy.. Oversold: I keep selling.. Overbought: I keep buying..

Stay Green

MXT Aug 16, 2019 11:36am | Post# 93634

{quote}[/b] Of course! he asked, did what move the market? I said BOTS!
yea but bots reacted to the news

Ata-Turkoglu Aug 16, 2019 11:37am | Post# 93635

{quote}[/b] Of course! he asked, did what move the market? I said BOTS!
Sure buddy.. just wanted to add some thoughts next to yours..

Stay Green

suthmo Aug 16, 2019 11:38am | Post# 93636

I wonder what caused that spike... Mario Draghi forgot the decimal point out of his long order?
Sharp wave 6 and the primary sequence of all waves. Nothing to do with humans or our behavior.
It has it's own laws and nothing out here seems to have any effect on it. No news every changed it.
No event ever altered the sequence or stopped waves unfolding according to the primary sequence.
It's a paradox.

Tenfold410 Aug 16, 2019 12:58pm | Post# 93637

I haven't been very active. Family stuff. I keep tabs here though, always good reads. Got some good sells in this week. Everyone have a good weekend.

ziggybowie Aug 16, 2019 1:16pm | Post# 93638

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now id say buy but its friday i'm in anyway close before eod

Wavegarrick Aug 16, 2019 2:09pm | Post# 93639

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Hi Guys,

Subtle little indications that Usdx wants to break out of it's 5 day upward trajectory. A daily close below 97.983 surely could be a starting point for Eu bulls. Anyway early days and no entry right now.

Cheers.
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ziggybowie Aug 16, 2019 2:36pm | Post# 93640

{image} now id say buy but its friday i'm in anyway close before eod
closed


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