Here is an example on a 1 hour chart for the gbpchf. Just judging from the chart, we were in a move up. However, notice how price has broken the recent wave up. This could be the start of a bigger fall to come.
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DislikedZoopy,
Great posts
This has got to be the ultimate K.I.S.S.
Once again, very intertesting posts.
Much appreciated
Colin.Ignored
DislikedZoopy,
I hope you don't mind me posting in your journal but regarding your recent posts I'd be interested to read your views on price breaking the support or resistance area and then there is a retest before moving on. I.e. as you suggest with a TL break.
Please see the chart below of GBPUSD
Price broke below last valley but then came back to test it before moving down again.
(might not be the best example but hopefully you get what I'm harping on about)
Cheers
Colin.
P.S. Dopey question of the day - How do you draw short lines your charts?Ignored
DislikedNice posts Zoopy
when i first started trading i was only using FXCM and the basic charts they provided, using only TL. strange thing is my rate of growth was much higher then, i then found FF and MT4 and lost the basics, masive drawdown and growth slowed.
strange world, but thanks for the reminder looking forward to the rest of the lessons, is there a prefered TF for this? from a discussion point of view.Ignored
DislikedIt better collapse... I'm in it. By the way great virtual graphic line chart presentation.Ignored
DislikedWe're about to break a wave on the Aussie 4 hour. Lets see if this wave collapses too (also note we have a head and shoulders pattern which is basically your weekly pinbar)Ignored
DislikedBy far one of the most recognizable patterns in technical analysis.
OK. I'm just bored.Ignored
Dislikedlol. Is that your new approach to trading? I noticed you posted something similar in Tiki's journal.
I think everyone is bored. Might explain why Jacko's thread turned to poop. Indicators and what not flying around in that thread trying to catch pips when the market clearly isn't moving much.Ignored
DislikedMy new approach has failed me. I'm going back to reading the trend lines and trading in the sweet spots. I don't know enough about PA to trade solely with it yet. I cannot argue with success and I know that I'm supposed to know PA. It's just coming to me slowly. I've been demoing and getting my backside kicked. Just not posting demo stuff. I'm ready to make some money again.Ignored