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Beyond the Candles

Telefonica S.A. now at top of RM ( weekly chart ).....

Watching for breakout and confirmation, or back into RM. The chart looks quite bullish so far....

Good trading to all !

M.

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Be like water.
Quoting Ttf
{quote} Thanks for the tip! I googled it and it seems like a common problem... The thing is, if I fit the trendline to the daily chart it doesn't fit to the weekly anymore. So how can I then interpret a weekly close? BTW it seems like the problem is worse on mt5 than on mt4
I understand, sorry, on this point I cannot give you a precise answer, but I think that if we have a strong closing, the information we receive is visible on both timeframe.
Quoting Ttf
{quote} Thanks for the tip! I googled it and it seems like a common problem... The thing is, if I fit the trendline to the daily chart it doesn't fit to the weekly anymore. So how can I then interpret a weekly close? BTW it seems like the problem is worse on mt5 than on mt4
Trendlines provide informations, not confirmations. Even when you get a strong confluence, you have to pull the trigger (set up an order) based on confirmations, informations just reinforce confirmations and give you feedback on the quality of your choices.

As such, use them wisely. On the weekly chart you check the weekly bars and see if they do something relevant (a breakout, retracement...).
On daily is should happen the same action. If it does not, by this method's basic rules you have to avoid trading when there'd discrepancy between timeframes.

If it does, then you may refine your analysis by moving the trandline to hit the bars on daily. But even then, it's an information. You shall not enter "because price broke the trend line". You actually could not take such decision even for static levels, that is usually stronger levels than dynamic levels.

Also, do your best to avoid filling your charts with trend lines, 1-2 tops and only close-ish to where price is now. Lots of trend lines may be drawn at any given moment, easily inducing the dreaded "analysis paralysis". This also applies to horizontal lines.

By the very mechanics that drive price, it HAS to continuously face levels and break them. Therefore you HAVE to figure out only the 2-3 levels tops that actually influence price at any given moment. The others levels are just minor slowdowns and you have to keep them out of your mind, else you become undecided and paralyzed.

This is how you recognize an absolute beginner: tons of irrelevant levels everywhere.

Here is one of my first posted weekly charts (on another forum):

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Notice how much I "sucked" at levels. That killed my ability to really analyze the market.


Here is one of my latest weekly charts (on yet another forum and my Facebook page) and a daily chart:

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They have no less information than the first. Actually they are better.
Quoting vinke
{quote} I understand, sorry, on this point I cannot give you a precise answer, but I think that if we have a strong closing, the information we receive is visible on both timeframe.
Hey,
I experimented a few hours and I fortunately could solve the problem!
First step is tools-options-magnetic sensitivity-50
Second step is that if select the trendline you can see three small coloured rectangles. Now it is important to put the first and the last one exactly at the wick. Because we maximised magnet sensitivity they will move to the end of the wick and stick there. But it only works with the rectangels, not with any point of the line.
See charts.
That definitely safed my day... how do you want to learn PA without working charting software?

EDIT:
@dfumagalli: Thank you for your explanation! It is very nice to know that I'm not too late for this thread, as you guys are still keeping up the good work.
About the number of levels: I learnt that kind of fast, as it was impossible to trade. Now I use not more than 3 static and 3 dynamic lines. Sometimes
much less, if I think it is confusing me.
Btw, I would like to take a look at your fb page. How I can I find it?
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EURUSD

Monthly in downtrend.
Weekly in downtrend.
Daily in RM.

I entered at the top of the daily RM. 2D PB at the weekly level.
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Quoting Ttf
@dfumagalli: Thank you for your explanation! It is very nice to know that I'm not too late for this thread, as you guys are still keeping up the good work. About the number of levels: I learnt that kind of fast, as it was impossible to trade. Now I use not more than 3 static and 3 dynamic lines. Sometimes much less, if I think it is confusing me. Btw, I would like to take a look at your fb page. How I can I find it? {image} {image}
You are not late, FXGroup will probably take years before he explained all what he knows. I read his posts since 2011 and yet I still know I can learn for more years.
My FB page is in Italian so it'd be of limited use to you. Also, it's a "mixed bag", it's not a "trading page".
I live on a tropical island, busy doing what I love and don't spend so much posting stuff on finance forums. Life is too short.
Quoting Beertje
EURUSD Monthly in downtrend. Weekly in downtrend. Daily in RM. I entered at the top of the daily RM. 2D PB at the weekly level. {image}
Hey,
thank you for posting!I like that you also post the entry and I'm not talking about a signal service.
I have the same level on my chart, but I unfortunately didn't recognize the 2DP, maybe I flip the charts to fast, but I guess that will come.
Btw do you guys know a book that supports the method in here?
Oh I just had the idea that fxgroup should write one, I'm sure it would stir up the PA community

Best regards
Drawing some lines in a chart is not the hardest part. But after that you have to read what is going on, I have to learn that.
I think EURGBP is interesting at the moment, because the Price is in a bearish channel in a range market and in a triangle
WPG: if the weekly and monthly candles close inside the triangle, I guess price will go up to the triangle's resistance and reverse there breakout.
Is it possible to take trades in the triangle now? I don't now if long or short would be countertrend because on one hand it is a strong bearish channel, but on the other hand price just reversed at a strong monthly resistance, so it might be a bullish trend now...
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The EURGBP is in bearish trend on all the TFs...I woulf be very carefully with long PTT&TTP !

Personally I am waiting for the P to close below 0.7784 and its confirmation as R in order to sell it itll 0.7488 ( 0.75 BRN )..this is MY PTT&TTP...will P respect my plan ? I don't know...but this is what I belive in and I will keep and put in practice it !
Regarding trading, the psychologycal part is a very important one..this is my plan and if the P will not respect my PTT&TTP , I will stay out !
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Nothing personal,just business
Friday 12.05.2014 at 16:00 ( 4 pm ) Eastern time free webinar !

The partecipation requires the TeamViewer9 ( meeting option ) and all you have to do is to use the ID I will post five minute before the webinar starts and join the meeting !
Nothing personal,just business
Quoting fxgroup
Friday 12.05.2014 at 16:00 ( 4 pm ) Eastern time free webinar ! The partecipation requires the TeamViewer9 ( meeting option ) and all you have to do is to use the ID I will post five minute before the webinar starts and join the meeting !
For the European guys, I think 4pm EST = 9pm GMT / 10pm CET.
Quoting Ttf
{quote} Hey, thank you for posting!I like that you also post the entry and I'm not talking about a signal service. I have the same level on my chart, but I unfortunately didn't recognize the 2DP, maybe I flip the charts to fast, but I guess that will come. Btw do you guys know a book that supports the method in here? Oh I just had the idea that fxgroup should write one, I'm sure it would stir up the PA community Best regards

I think this setup on EURUSD was not easy to to recognize.
You dont need any book to learn this method, every information is on this forum what you need. Improve your ability in chart analisys. Clear your lines each week, and redraw it, this is the best way to learn. And never give up....
Thanks Beertje,it is definitely an idea not only to adjust levels on a weekly basis, but redraw them completely.
I just looked at the Eurusd setup again and it is a really nice trade because it is not only a swing at the trend line but also at a weekly support that turned into R!
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On xauusd daily we can find a nice Inside Bar at the bearish trendline. But before taking a setup at this level it is safer to wait for the weekly bar to close, right?
If the weekly bar closed as we want it to, would it then be possible to trade the IB (signal of same week), or should we wait for a new daily signal after weekly bar closed (next week)?
Thanks in advance!
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We wait daily signal after the information of higher timeframe, after their closure.
Quoting Ttf
On xauusd daily we can find a nice Inside Bar at the bearish trendline. But before taking a setup at this level it is safer to wait for the weekly bar to close, right? If the weekly bar closed as we want it to, would it then be possible to trade the IB (signal of same week), or should we wait for a new daily signal after weekly bar closed (next week)? Thanks in advance! {image} {image}
Questions like this would be most appropriate during today's webinar.
I'm already looking forward to that. I've written down a lot more question over the last days.
Quoting Ttf
I'm already looking forward to that. I've written down a lot more question over the last days.
Excellent.
Because FXGroup does not hold the usual "Guru speaks for 2 hours and everybody else just listen". He just asks if somebody got any questions and if they have them, he answers them. There's no written canvas, there is bidirectional talk. Therefore getting enough questions to fill the time is quite good, you get your own "personal trader" telling and explaining you what you have issues with.
ID meeting : 47-189-123..remember to keep the initially " m " !

Please up date to the last version of the TeamViewer !
Nothing personal,just business
Hey,
I have a question about the PB on EURAUD weekly (see chart). How do I know if it is bullish information (rejection of new support) or bearish information (inverted PB showing selling pressure) which might indicate price turning back into the range?
Thanks in advance
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