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  • #2,121
  • Oct 20, 2017 8:15pm Oct 20, 2017 8:15pm
Quoting Tradingwithw
{image}
update
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  • #2,122
  • Oct 21, 2017 5:34am Oct 21, 2017 5:34am
Quoting Ata-Turkoglu
Daily Outlook and Sweetspots for Monday With chart below, you can already make use of most current sweetspots today and especially on Monday. Price tries to drop back below 1.1762 (stubborn resistance level from earlier now best friend of bulls) Day has not closed yet so we don't know if today's candle will be an engulfing candle but it shows pretty significant bearish power. Range for Monday seems to be between 1.1858 and 1.1762 (bright blue area) Monday candle opens below 55 sma.. below 6 sma.. below pivot.. below current week's opening.. in other...

If your prediction goes like you think we will have a triple top formation and that woud be triger for good short?
  • #2,123
  • Oct 21, 2017 9:37am Oct 21, 2017 9:37am
Quoting Bojan1984
{quote} If your prediction goes like you think we will have a triple top formation and that woud be triger for good short?
First of all the right shoulder on daily didn't form a double top the way I would prefer it.. the second top is not higher than the first one.. additionally I prefer a double top at the head of the H&S pattern, not on the right shoulder.. The head on daily chart (the top) is a triple top itself but looking from the weekly standpoint it is just the most recent highest high..

Therefore I think that the real double top might form on the weekly chart.. So far price came very close to the weekly fib 50% area to 1.2091 but the precise fib 50 level: 1.2160 has not been retested properly yet. Bulls reaching out to that level could create a perfect weekly double top because it will take out all the stops above 1.2090.

But too early for all this.. let's see first how new week opens..

Stay Green
Focus only on what truly matters!
  • #2,124
  • Oct 21, 2017 10:06am Oct 21, 2017 10:06am
a top is at the top
the best thing to do is keep to the rules of a professional trader how they would do it and view it
people see H&S an awful lot ,but mostly it does not fit the rules of the pattern
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,125
  • Oct 21, 2017 10:14am Oct 21, 2017 10:14am
markets trying to carve that pattern ,its getting late stage now but still we cant say it, without doubt,
this time every rule is ticked to date
the only thing I think its so obvious but then again people don't seem to believe
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,126
  • Oct 21, 2017 10:29am Oct 21, 2017 10:29am
devils is in the detail
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,127
  • Oct 21, 2017 10:34am Oct 21, 2017 10:34am
Quoting Ata-Turkoglu
{quote} First of all the right shoulder on daily didn't form a double top the way I would prefer it.. the second top is not higher than the first one.. additionally I prefer a double top at the head of the H&S pattern, not on the right shoulder.. The head on daily chart (the top) is a triple top itself but looking from the weekly standpoint it is just the most recent highest high.. Therefore I think that the real double top might form on the weekly chart.. So far price came very close to the weekly fib 50% area to 1.2091 but the precise fib 50 level:...

What happens it it makes a low of 1.1650 which is another just 120 pips down. Would you say it is heading downwards and that was the shoulder pattern.
I'm not sure the patterns should be as precise as it should be.
  • #2,128
  • Oct 21, 2017 10:41am Oct 21, 2017 10:41am
give me a break with all of this head and shoulders stuff..a H&S is NOT a good enough pattern to dictate price projection..on top of that..there is NOT a complete H&S on the daily, and even if it does complete..its really only valid if used...when the price heads back up to the neckline and gets rejected.
  • #2,129
  • Oct 21, 2017 10:44am Oct 21, 2017 10:44am
Hi ,
on what basis do you come to that conclusion
this is common bad starting point thinking things are personal no rules apply many aspects
Ive seen a professional candle guy call defective candle patterns but I doubt there's many with that type of experience to do that
most people disappear from these forums well before experience is gained
Things are way more precise than most believe imo only they have no idea where to start reading it,
if they don't believe they never look


Quoting Traderview
{quote} What happens it it makes a low of 1.1650 which is another just 120 pips down. Would you say it is heading downwards and that was the shoulder pattern. I'm not sure the patterns should be as precise as it should be.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,130
  • Oct 21, 2017 10:54am Oct 21, 2017 10:54am
to be a triple top the highs would hit a res line it does not fit the rules on that alone
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,131
  • Oct 21, 2017 10:56am Oct 21, 2017 10:56am
This is my current vantage point.

1.1860x being very heavily defended, especially recently. The most recent rejection also falls nicely into the bearish trend line that is on the chart.

Near term possibilities that I'll look out for --

1. Range market between 1.1860x and 1.1660x
2. Bullish break above 1.1860x
3. Bearish break below 1.1660x

I do not have a current position, but my bias is bearish at the moment. For me, an ideal short entry point would be around 1.1830x.

Penny for your thoughts?
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  • #2,132
  • Oct 21, 2017 10:57am Oct 21, 2017 10:57am
Quoting Traderview
{quote} What happens it it makes a low of 1.1650 which is another just 120 pips down. Would you say it is heading downwards and that was the shoulder pattern. I'm not sure the patterns should be as precise as it should be.
It will complete the longer H&S pattern, but wait until there's a retracement before selling ...
Market is not random but unpredictable
  • #2,133
  • Oct 21, 2017 11:06am Oct 21, 2017 11:06am
Quoting Traderview
{quote} What happens it it makes a low of 1.1650 which is another just 120 pips down. Would you say it is heading downwards and that was the shoulder pattern. I'm not sure the patterns should be as precise as it should be.
My emphasize was not on the word "precise" but on the word "properly"... If it goes down 120 pips I probably will have made profit around 60 to 80 pips.. that's all I care.. I trade what I see and I don't put my trades just because of believing H&S will play out or just to satisfy my ego.. We are only sharing possibilities here to stay alerted at certain levels or areas.. in the end the real trade decisions are made by very basic logic and elementary indications..

In other words, detecting patterns and S/R levels should be the quickest and easiest part of trading.. discussing these is waste of energy.. it is really not a big deal to precisely detect these areas of interest.. The devil lies in the details.. I can't agree more.. so what a trader does once price arrives at these specific sweetspot levels is the true core for his/her success or failure..

Long story short: Price didn't touch weekly fib 50% properly.. that's all I tried to emphasize and once/if price revisits that level (precisely or not) your skills will tell you what to do.. that's all I'm saying..

Stay Green
Focus only on what truly matters!
  • #2,134
  • Oct 21, 2017 11:07am Oct 21, 2017 11:07am
I defy anyone to dispute that was the channel to the pip on a weekly
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,135
  • Oct 21, 2017 11:12am Oct 21, 2017 11:12am
Quoting Bones
I defy anyone to dispute that was the channel to the pip on a weekly {image}
price breaks solid channels all the time...and frequently goes to retest the bottom of the channels if it breaks south, or test of the top if it breaks up...and EVEN happens to reenter the channel sometimes..so how much is that channel really worth
  • #2,136
  • Oct 21, 2017 11:13am Oct 21, 2017 11:13am
I'm sorry you don't know how to draw

Quoting Venomousssss
{quote} price breaks solid channels all the time...and frequently goes to retest the bottom of the channels if it breaks south, or test of the top if it breaks up...and EVEN happens to reenter the channel sometimes..so how much is that channel really worth
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,137
  • Oct 21, 2017 11:15am Oct 21, 2017 11:15am
argue it someone?
this is weekly over many months it's another reason to my reasoning

Quoting Bones
I defy anyone to dispute that was the channel to the pip on a weekly {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,138
  • Oct 21, 2017 11:16am Oct 21, 2017 11:16am
Quoting Bones
argue it someone? this is weekly over many months it's another reason to my reasoning {quote}
I'm not sure that I follow what point(s) are trying to be made, here?
  • #2,139
  • Oct 21, 2017 11:17am Oct 21, 2017 11:17am
it had to gap under the support line the only thing I thought is it could close that gap now or later
or best bullish case is test that line ,
but im thinking that will be later now
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #2,140
  • Oct 21, 2017 11:19am Oct 21, 2017 11:19am
you can not see the market worked to the pip on that
its right I know it for that reason

Quoting Luzbay
{quote} I'm not sure that I follow what point(s) are trying to be made, here?
On-site guru & also FF member's' psychiatrist, when not drinking tea
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