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  • #93,601
  • Aug 16, 2019 9:02am Aug 16, 2019 9:02am
Quoting Adam.k
{quote} I'm not fan of "Oversold" or "Overbought" terminologies... I think they're rubbish
To each there own. But when the rsi is in “overbought/oversold” territory. Usually a good turning point or a decent bounce
  • #93,602
  • Aug 16, 2019 9:07am Aug 16, 2019 9:07am
Quoting Adam.k
{quote} And it will stop you continue buying uptrend or continue selling downtrend
Thanks for the advise but I survived happy with my own strategy...

as for record oversold and overbought conditions are associated with uptrend or downtrend channel nothing goes straight up or down...

in a uptrend continue buying means you sell at a point and wait for dip buy or sell at high in a downtrend over and over until you see a reversal

Anyway leave it man...you do your own I do mine ....

we continue to post around EUR/USD Only


Happy Trading
Trades technical moves enforced by fundamentals
  • #93,603
  • Aug 16, 2019 9:14am Aug 16, 2019 9:14am
Based in the actual price action support should come at 1.1060/52
Don't believe me just watch!
  • #93,604
  • Aug 16, 2019 9:16am Aug 16, 2019 9:16am
Quoting post
{quote} Thanks for the advise but I survived happy with my own strategy... as for record oversold and overbought conditions are associated with uptrend or downtrend channel nothing goes straight up or down... in a uptrend continue buying means you sell at a point and wait for dip buy or sell at high in a downtrend over and over until you see a reversal Anyway leave it man...you do your own I do mine .... we continue to post around EUR/USD Only Happy Trading
What he said
  • #93,605
  • Aug 16, 2019 9:18am Aug 16, 2019 9:18am
Quoting post
{quote} Thanks for the advise but I survived happy with my own strategy... as for record oversold and overbought conditions are associated with uptrend or downtrend channel nothing goes straight up or down... in a uptrend continue buying means you sell at a point and wait for dip buy or sell at high in a downtrend over and over until you see a reversal Anyway leave it man...you do your own I do mine .... we continue to post around EUR/USD Only Happy Trading
So well said.
  • #93,606
  • Edited 9:35am Aug 16, 2019 9:23am | Edited 9:35am
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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im not saying buy, but it seems to be reaching a bottom
  • #93,607
  • Aug 16, 2019 9:28am Aug 16, 2019 9:28am
That must be the final 6th it's bigger and sharper, the scale more appropriate.
The one before I was looking at must have been the 4th wave and I've counted some subs as outer waves.
Can go as high as 1113 before breaking down into the last 7th and 1048/1058 termination.
Founder of Sutherland Wave Principle
  • #93,608
  • Aug 16, 2019 9:30am Aug 16, 2019 9:30am
Quoting suthmo
That must be the final 6th it's bigger and sharper, the scale more appropriate. The one before I was looking at must have been the 4th wave and I've counted some subs as outer waves. Can go as high as 1113 before breaking down into the last 7th and 1048/1058 termination.
I see seventh already!
Don't believe me just watch!
  • #93,609
  • Aug 16, 2019 9:35am Aug 16, 2019 9:35am
How many people gonna jump long on the top of that old devil #6?
Founder of Sutherland Wave Principle
  • #93,610
  • Aug 16, 2019 9:38am Aug 16, 2019 9:38am
Quoting Adam.k
I'm not [a] fan of "Oversold" or "Overbought" terminologies... I think they're rubbish
I'm not a fan either.

By definition, for every buyer, there is a seller and for every seller, there is a buyer. So how can a Market be "Overbought" or "Oversold"?

Usually when a person says the Market is "Oversold", what they really mean is, "The Market has moved DOWN farther than I expected it to."

As Bill Willams noted," The sole purpose of the Market is to find that point [of equalibrium] where there is an agreement on price and a disagreement on value."
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #93,611
  • Aug 16, 2019 9:45am Aug 16, 2019 9:45am
Quoting LCForex
{quote} I see seventh already!
Wave 6 taking bulls for a premature ride?
looks like classic reverse symmetrical triangle or expanding triangle reversal.
Attached Image(s) (click to enlarge)
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Founder of Sutherland Wave Principle
  • #93,612
  • Aug 16, 2019 9:51am Aug 16, 2019 9:51am
Quoting post
Good Morning! Long 1.10805, SL: 40 pips , TP: Open Pending Buy: 1.1062, SL & TP the same. Trade Safe Happy Trading

Ok Closed ! my oversold "rubbish" RSI just gifted me 24 pips (and this is only in EUR)


End my day here.... Have a nice weekend pals

Happy Trading
Trades technical moves enforced by fundamentals
  • #93,613
  • Aug 16, 2019 9:55am Aug 16, 2019 9:55am
I wonder what caused that spike... Mario Draghi forgot the decimal point out of his long order?
Pension fund Return This Month: 2.2%
  • #93,614
  • Aug 16, 2019 9:59am Aug 16, 2019 9:59am
news from Germany
  • #93,615
  • Aug 16, 2019 10:01am Aug 16, 2019 10:01am
Quoting suthmo
{quote} Wave 6 taking bulls for a premature ride? looks like classic reverse symmetrical triangle or expanding triangle reversal. {image} {image}
Here is your seventh. Breakinf 1.1120 EU will run to 1.1150.

Attached Image (click to enlarge)
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By the way, seven swing is not anything new, it is just a double correction.
Don't believe me just watch!
  • #93,616
  • Aug 16, 2019 10:07am Aug 16, 2019 10:07am
Quoting 5astelija
I wonder what caused that spike... Mario Draghi forgot the decimal point out of his long order?
The things that rules the market BOTS! Meaning Mathematics.
Don't believe me just watch!
  • #93,617
  • Aug 16, 2019 10:26am Aug 16, 2019 10:26am
Quoting LCForex
{quote} The things that rules the market BOTS! Meaning Mathematics.
In a "rope pulling" contest it doesn't matter who pulls the rope.. The rope will be pulled towards the stronger side.. In the past it was humans nowadays it is robots.. So be it.. But there are still "bullish" robots and "bearish robots". For us human traders the job will be the same no matter what century and what technology is behind the scenes.. We will continue to decide which side to support is best for our profits.. Meaning: no worries for robots.. you do your job the way you always did.. If you are consistent you will continue growing..

Stay Green
Focus only on what truly matters!
  • #93,618
  • Aug 16, 2019 10:32am Aug 16, 2019 10:32am
bots are just machines programmed by humans , so the human hand keeps working behind the scenes
  • #93,619
  • Aug 16, 2019 10:34am Aug 16, 2019 10:34am
Quoting Ata-Turkoglu
{quote} In a "rope pulling" contest it doesn't matter who pulls the rope.. The rope will be pulled towards the stronger side.. In the past it was humans nowadays it is robots.. So be it.. But there are still "bullish" robots and "bearish robots". For us human traders the job will be the same no matter what century and what technology is behind the scenes.. We will continue to decide which side to support is best for our profits.. Meaning: no worries for robots.. you do your job the way you always did.. If you are consistent you will continue...
[/b]

Of course! he asked, did what move the market? I said BOTS!
Don't believe me just watch!
  • #93,620
  • Aug 16, 2019 10:36am Aug 16, 2019 10:36am
Quoting Adam.k
{quote} I'm not fan of "Oversold" or "Overbought" terminologies... I think they're rubbish
These are basically just out of the book terms to describe a situation that has worked for certain markets where "money" or "liquidity" was limited.. But the forex market is very different since liquidity is almost unlimited.. There can't be a moment where market is overbought or oversold because there is always the chance of some extra money entering markets (legally or illegally).

If you look at oversold and overbought areas on any chart you will actually see that "often" price just begins to move into that direction. Therefore oversold often means sell even more. Overbought means buy even more.

Long story short, very very rarely market behaves according to these terms.. Since this is so rare I simply react with a contra strategy.. Oversold: I keep selling.. Overbought: I keep buying..

Stay Green
Focus only on what truly matters!
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