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  • #61,341
  • Nov 19, 2018 3:22pm Nov 19, 2018 3:22pm
Quoting BillionareFx
{quote} true, but sooner or later 4H will have a correction due to current overbought situation
I would agree with your H4 view BUT for this particular situation I rely more on DAILY. (Since my rule of thumb says the higher timeframe comes first).

So, on the daily chart I am waiting for the close of current candle (40 minutes left and we don't know yet if this current daily candle will close above or below the green line). If it closes above my Green LWMA 49(Shift:1) line, I would still keep my bullish bias during a potential retest of the 1.1434 level (which is the touch point to Green line).

In other words: The 1.1435/40 zone is critical support area to me and while H1 candles stay above it (based on Daily), I would first prefer to see a drop below on H1 before looking for any sell setups. My two cents.

Stay Green
Focus only on what truly matters!
  • #61,342
  • Nov 19, 2018 3:23pm Nov 19, 2018 3:23pm
there is no such thing as "overbought/oversold" in forex. the correct expression for such conditions is "strong trend"
As Above, So Below
  • #61,343
  • Nov 19, 2018 3:31pm Nov 19, 2018 3:31pm
Topside resistance at 1.1430 is curbing further gains for now. A break above could see 1.15 tested. However, there is still some way to go to change the bearish sentiment in the pair, whereby a breach of the descending trendline is needed. Support is sitting at 1.13 yet...
Time Will Show on Next 3 hour I see
A little beginner trader since 2006
  • #61,344
  • Nov 19, 2018 4:34pm Nov 19, 2018 4:34pm
strongtrend sounds nicer but basically denotes the same thing.
  • #61,345
  • Nov 19, 2018 4:51pm Nov 19, 2018 4:51pm
Interesting burst up! Price is not even allowing people stuck at 1.1430 to he out. Lol...

Buy sell ratio on Oanda's order book is about 39:61 (%) for today.. I saw it on Friday but the imbalance wasn't this much so I knew this thing was go in up. With this current ratio it was obvious from the start that price would tear resistances like paper. When the herd gets long then price will be crashed down. Lol
  • #61,346
  • Nov 19, 2018 5:02pm Nov 19, 2018 5:02pm
Quoting Mitiblotch
Interesting burst up! Price is not even allowing people stuck at 1.1430 to he out. Lol... Buy sell ratio on Oanda's order book is about 39:61 (%) for today.. I saw it on Friday but the imbalance wasn't this much so I knew this thing was go in up. With this current ratio it was obvious from the start that price would tear resistances like paper. When the herd gets long then price will be crashed down. Lol
wrong
As Above, So Below
  • #61,347
  • Nov 19, 2018 5:04pm Nov 19, 2018 5:04pm
Quoting Mitiblotch
Interesting burst up! Price is not even allowing people stuck at 1.1430 to he out. Lol... Buy sell ratio on Oanda's order book is about 39:61 (%) for today.. I saw it on Friday but the imbalance wasn't this much so I knew this thing was go in up. With this current ratio it was obvious from the start that price would tear resistances like paper. When the herd gets long then price will be crashed down. Lol
When the herd gets long the price will crash? You said what now?
Patience is key
  • #61,348
  • Nov 19, 2018 5:19pm Nov 19, 2018 5:19pm
Quoting seenkat
{quote} When the herd gets long the price will crash? You said what now?
The herd is still selling. Price will keep going up. Maybe the ratio will change again when price climbs over 1.15.
  • #61,349
  • Nov 19, 2018 5:24pm Nov 19, 2018 5:24pm
Quoting Mitiblotch
{quote} The herd is still selling. Price will keep going up. Maybe the ratio will change again when price climbs over 1.15.
That is a contradiction, my man.

Selling will make the leading currency depreciate, and therefore the cross's rate goes down. So are you saying the 'herd' is selling dollars, and therefore buying euros?

In a way, I agree that the market has set itself up for a nasty short wash-out, which is why I'm weary as of last week. But you should understand that your phrasing is going to get you seared on the forums.

Let us assume the 'herd' is selling EUR and the rate is going up... well that means the herd is buying EUR, sir.

I think what you're implying is that long term bears are still selling and building their shorts during this brief bounce upward.
Patience is key
  • #61,350
  • Edited 6:53pm Nov 19, 2018 6:36pm | Edited 6:53pm
Quoting digger1
If ya all remember that M1 I posted earlier ,, got a chance to walk by big cp ,, the levels I was pointing out to my bud m ,, all that shit means something traders ,,an M1 can show how lousy your entries are sometimes ,, good poke thru last weeks high now ,, see if it gets used as a shoulder area oe if it whacks this weeks R1 ,, the level i pointed out earlier was last weeks R1 ,,any rate ,,dont matter the news or the fundis it will go thru its little list of daily givens that we know it will do ,, the how far it may go ,,when the majority of it...
There are plenty of good charts posted on this thread.
But very few actually trade their charts.
This means that very few understands what their own charts say.
They didn't do the research why they put up the indicators or trendlines on their charts. They copied it from someone else who posted it. Such charts serve no purpose to the trader.

Quoting Fredrick7
Markets can stay overbought/oversold for a long time.
The word overbought implies the price is suppose to be lower but current market activity has sent the price higher than it should be.
Overbought conditions can only exist if price is suppose to be valued lower.
Therefore, the important key is to know price is suppose to be valued lower and the current price is temporarily overvalued thereby giving this 'overbought' condition.
Vice versa.

Overbought does not mean there is overly too much buying as most understand it. There is no such thing as too much buying in price movements.
  • #61,351
  • Nov 19, 2018 6:51pm Nov 19, 2018 6:51pm
Quoting Mitiblotch
{quote} The herd is still selling. Price will keep going up. Maybe the ratio will change again when price climbs over 1.15.

i believe the herd is buying already.
so, i'm shorting for the week...bias, i mean.
but since i don't trade bias, i will go as it unfolds...
If you don't know how to earn money, don't loose it.
  • #61,352
  • Nov 19, 2018 6:53pm Nov 19, 2018 6:53pm
Quoting Mitiblotch
Interesting burst up! Price is not even allowing people stuck at 1.1430 to he out. Lol... Buy sell ratio on Oanda's order book is about 39:61 (%) for today.. I saw it on Friday but the imbalance wasn't this much so I knew this thing was go in up. With this current ratio it was obvious from the start that price would tear resistances like paper. When the herd gets long then price will be crashed down. Lol
correct,
If you don't know how to earn money, don't loose it.
  • #61,353
  • Edited 7:33pm Nov 19, 2018 6:56pm | Edited 7:33pm
Quoting tashkent
{quote} it is better for a trader to remove words "believing" and "hoping" from the vocabulary.
Predict what the market will or will not do is another word that is a major hindrance to the trader.

It is only natural that the trader believe and hope that price will do according to their prediction.

Edit - the number of traders who predict conciously or subconciously is far more prevalent than one appreciate the extent of this activity.
There is no literature offered on forums to help identify this habit.
Believe and hope go hand in hand with prediction.
To remove the word believe and hope, the word predict has to be removed first.
  • #61,354
  • Nov 19, 2018 7:00pm Nov 19, 2018 7:00pm
Quoting skyway
{quote} Predict what the market will or will not do is another word that is a major hindrance to the trader. It is only natural that the trader believe and hope that price will do according to their prediction.
natural. not profitable.
As Above, So Below
  • #61,355
  • Nov 19, 2018 7:03pm Nov 19, 2018 7:03pm
Quoting tashkent
{quote} i am also looking for shorts around 1500 if pa allows but until then, no reason to short.
Note from here how long the wait before there is any reason shown by price.
  • #61,356
  • Nov 19, 2018 7:05pm Nov 19, 2018 7:05pm
Quoting skyway
{quote} Note from here how long the wait before there is any reason shown by price.
patience
As Above, So Below
  • #61,357
  • Nov 19, 2018 7:08pm Nov 19, 2018 7:08pm
Quoting skyway
{quote} Predict what the market will or will not do is another word that is a major hindrance to the trader. It is only natural that the trader believe and hope that price will do according to their prediction.
Believers should join ISIS, not FOREX.
When you're not sure Short or Long - toss a coin! Chances are 50% !!!
  • #61,358
  • Nov 19, 2018 7:11pm Nov 19, 2018 7:11pm
Quoting Montrealer
{quote} Believers should join ISIS, not FOREX.
he is only missing the word "praying" besides "believing" and "hoping" then you will have a perfect church goer not a trader.
As Above, So Below
  • #61,359
  • Nov 19, 2018 7:17pm Nov 19, 2018 7:17pm
somehow a trader must believe in what he is doing.
but ok,a good semantic once in a while is also good...
If you don't know how to earn money, don't loose it.
  • #61,360
  • Nov 19, 2018 7:18pm Nov 19, 2018 7:18pm
I will always say and repeat this:

-Market Overview
-Idea generation
-Trading Plan
-Currency Market Drivers
-Risk Management
-Day Trading Setups
-Long Term Setups
-Trend Following Setups
-Range Trading Setups
-Fundamental Analysis
-Technical Analysis
-Trading Psychology
-Technical indicators(Which one's are useful and which one's are not. They are optional).
-Metals: Silver, Platinum & Palladium|(optional if you want to trade metals).
-Crude Oil
-USDOLLAR index and other currency indexes.
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