DislikedIgrok,
The EUR/JPY broke through the 164 barrier, does this change your view on its direction? I ask because i remember you saying somewhere in this thread that once a line is broken thats it.
CheersIgnored
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DislikedIgrok,
The EUR/JPY broke through the 164 barrier, does this change your view on its direction? I ask because i remember you saying somewhere in this thread that once a line is broken thats it.
CheersIgnored
DislikedIgrok,
When u take a trade, do u plan the holding period beforehand ?
Let say u take a trade at weekly or monthly chart which is to ride out the yearly range.
U take the trade and plan the trade as it goes along in yr trade direction.. daily ??
Or u take the trade and let it be ??
Let say u take a trade at hourly chart which is to ride out the daily range.
Would u let the trade progress into a long term trade ?Ignored
DislikedBingo! Seems I have not completely wasted my time here on the forum. Finally can see some pretty good progress made by some participants in learning basic TA patterns use. I like the pictures posted by several different contributors just recently. Congratulations.
Well, the upper border is likely to come on Monday anywhere between 1.9845 and 1.9867. The direction of the main diagonal is up, thus making the downward break more probable if everything goes as it is supposed to. Then about 220 pips should be the target for profit after the break (if to start calculations from the breaking point). In any direction. So, we will either see cable at 1.9530 ( if everything goes by the texbook scenario) or at 2.0080 (if for some reason cable will chose to make this diamond to be a reversal one).
P.S. Just a small notice. Whenever a serious technical trader outlines a pattern of draws a trendline, such line should never cross the chart somewhere in the middle. TA is in fact a very precise thing. Rough drawings are for pussies only.Ignored
Dislikedthanks for the input.
i was expecting a breakout, from what i read it seems that price fills about 75% of the diamond and then breaks out. usually. this is not the case with this one, looks like cable is going to fill the entire contour.
i really want it to go down... that's probably why it's gonna go up.Ignored
DislikedYour picture at #360 makes a lot of sense. In fact, much more sense than someone's idea about that 75% fill. Also, there is no need to want the market to do anything. Just go with it.Ignored
Disliked#360? hm... you mean, the first or the second chart? well anyway, my analysis would be the same based on those 2 emas.
sometimes i look at macd, and in this case i had to. 12,26,9 shows up in h1, h4 and d1. no clear direction yet.Ignored
Dislikednow, is this diamond pattern a reversal or a continuation? if it's a reversal, we can expect 2.0052 (at least) in the very near future; if it's a continuation, i'm thinking about 1.9530 - but that depends on the breaking point.Ignored
DislikedI have a question that only a rookie like me would ask about the chart posted.
I am not understanding how your lines, as the criteria used, are drawn. What is the reason for the one line being drawn on 5/8 and such to form the diamond?
Sorry if I missed this information if posted earlier.
Thanks
kevinIgnored
Dislikedto save time and understand it is essential to read the book.
all chart formations are detailed in the book. the current topic is of a diamond forming on cable. we are considering a break up to the higher border of the major channel around 1.9870 early this week. I am cautious to carry traders flooding into the market on a green light from US inflation data that printed friday. US equities and carry trades are very strong now so bettering against them is nearly futile until the bulk of funds has found it's home for the near term in their instruments ie. gbpjpy, S&P500. this relates to cable because massive inflows to gbpjpy will influence cable with support.
if you have any questions about the book you can save time on the thread and IM me personally.
"Beat the Odds in Forex Trading" Igor Toshchakov (L.A. Igrok)
Amazon will allow you to read it online when you buy it. Barnes and Noble and other local retailers typically have 1-2 copies on hand.Ignored
DislikedScrat Chinese markets just dropped again so i'm changing my tune.
GBPUSD will selloff today while GBPJPY drops like a stone starting anytime now.Ignored