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  • #1,209,781
  • Feb 6, 2022 10:15pm Feb 6, 2022 10:15pm
Quoting here2there
It's looking more and more like we might not get that deep pullback I am hoping for on EURUSD. Bulls are still strong.
It’s too early to make any assessment. We’re in the Asian session. Wait for London premarket (around 1:00 am ET) to get an early indication on which way it’ll shake out.

You should focus on the JPY pairs right now, they have good movement. That’s what I do. Except for tonight because it’s Sunday.
  • #1,209,782
  • Feb 6, 2022 10:18pm Feb 6, 2022 10:18pm
Quoting fxpipper
{quote} That reminds me of something I heard a moving average guru say about those lines. He was teaching hidden divergence, (which is a legit technique, and does work, but I don’t use it because you miss out on too many opportunities), and he said how price “gravitates” towards the MA. I was thinking to myself, uh no I don’t think so. It’s actually the other way around.
I find that also. It might seem it "gravitates" towards an MA, but looking closer, at the same time, it is always pulling away from another; being all too relative of a statement in the end. Good to look at the direction of ma/price and other factors like quality of slope because of this ! On another note, the first perspective can be useful especially for trending strats, the second for ranging strats, at least they are for me...

I maybe see them more like that effect of the mirror in a mirror, and infinity it goes. When utilizing different forms of MAs and many different TFs, makes for quite the hallucinatory adventure!

Cheers Eurusd thread!

Quoting moondoggie
Is it weird that I just don't get TA? I've read the book by Murphy and portions of the older one by Edwards and Magee, and while I understand and even implement some of the concepts, technical analysis still only feels like one piece of the greater puzzle. But if someone is making money off of some obscure shapes and animals and furnitures that price candles form, who am I to judge?
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #1,209,783
  • Feb 6, 2022 10:28pm Feb 6, 2022 10:28pm
I should add that my cup is basically empty from a learning perspective (live account only 4 months old), so the internet and FF has had a few months to fill my head with nonsense theories/systems/hypotheses/etc. What I discovered in my beginner's journey is that everyone's TA is better than the other's, the guru on social media is copy-pasting from babypips, and also that the angrier a person is on this thread, the more at-risk their positions are.
Trying my best.
  • #1,209,784
  • Feb 6, 2022 10:32pm Feb 6, 2022 10:32pm
Quoting fxpipper
I am still leaning bearish on this, and believe this zone is valid for sells. While it's true that early Friday price action pierced through the supply zone, it only wicked above it, and did not close above the opening price of January 14th. This was absorption, clearing the liquidity above. See the daily chart below, with the wicks removed. I've also attached a 4H perspective. Of course I could be proven wrong early next week, and that's fine too. {image} {image}
No matter where the price goes from here, I find your analysis spot on. It will be nice to see how the situation evolves. I have to say, love that "wickless" chart ! Wicks/shadows could be overused in common strategies. I use them, but I know of just as many strategies that don't take them into consideration at all.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #1,209,785
  • Feb 6, 2022 10:40pm Feb 6, 2022 10:40pm
Quoting mtako
{quote} No matter where the price goes from here, I find your analysis spot on. It will be nice to see how the situation evolves. I have to say, love that "wickless" chart ! Wicks/shadows could be overused in common strategies. I use them, but I know of just as many strategies that don't take them into consideration at all.
You’re absolutely right, buddy.

I stand by my belief (for now) that this daily supply zone will hold, and this pair will drop. Fundamentals support it as well.

I don’t know if you’re a Wyckoff guy, but I’m fascinated by it. If it does head down in the next couple of days then it could look something like this distribution on the 1H:

(I marked this up for fun yesterday but didn’t get a chance to post it. So far it’s doing the opposite. LOL but it’s still early).
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  • #1,209,786
  • Feb 6, 2022 10:59pm Feb 6, 2022 10:59pm
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yes yes yes
  • #1,209,787
  • Feb 6, 2022 11:00pm Feb 6, 2022 11:00pm
Quoting moondoggie
I should add that my cup is basically empty from a learning perspective (live account only 4 months old), so the internet and FF has had a few months to fill my head with nonsense theories/systems/hypotheses/etc. What I discovered in my beginner's journey is that everyone's TA is better than the other's, the guru on social media is copy-pasting from babypips, and also that the angrier a person is on this thread, the more at-risk their positions are.
That explains why you have that impression about "everyone's TA is better than the other". I think you'll have a much better chance of learning if you ignore that side of it and focus on the TA Cheers mate, good luck on your live account. My own first live account was with one of the first internet "brokers" Marketiva, 15 some years ago. Fixed spreads of 3 eurusd 5 gbpusd was the norm. Anyways, thanks for the memories. P.s light suggestion, don't try to make a penny. try not to lose two pennies Good luck in your learning, too many things out there, but in the end its your own hard work, analysis and discoveries that will make the difference.

Quoting fxpipper
{quote} You’re absolutely right, buddy. I stand by my belief (for now) that this daily supply zone will hold, and this pair will drop. Fundamentals support it as well. I don’t know if you’re a Wyckoff guy, but I’m fascinated by it. If it does head down in the next couple of days then it could look something like this distribution on the 1H: (I marked this up for fun yesterday but didn’t get a chance to post it. So far it’s doing the opposite. LOL but it’s still early). {image}
I am not a Wyckoff guy but since you are I am a bit more interested in it. yes so far it is doing the opposite and that often happens, but I wouldnt take too seriously what happens within Fridays candle, especially not since you are looking at 1H and it just didnt have much of anything new last friday, in my view. I also see you have many "predicted" levels and many predicted steps in future. Is that typical of Wyckoff's approach?
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #1,209,788
  • Feb 6, 2022 11:10pm Feb 6, 2022 11:10pm
Hehe thanks for the well wishes, mate! Indeed it's been quite the journey and I have so much further to go. I hope to earn my stripes just like you folks over the years trading. Looking forward to learning a lot this year, especially after the last couple crazy weeks!
Trying my best.
  • #1,209,789
  • Feb 6, 2022 11:17pm Feb 6, 2022 11:17pm
Quoting mtako
{quote}I am not a Wyckoff guy but since you are I am a bit more interested in it. yes so far it is doing the opposite and that often happens, but I wouldnt take too seriously what happens within Fridays candle, especially not since you are looking at 1H and it just didnt have much of anything new last friday, in my view. I also see you have many "predicted" levels and many predicted steps in future. Is that typical of Wyckoff's approach?
The predicted levels are just forecasting, which is admittedly a bit too detailed here. The important areas to look at are the imbalance zones and possibly the next higher 1H supply zone.

Of course anything predictive is mostly speculative, but with Wyckoff it’s easy to recognize when the first couple of phases have shown their hand, especially seeing as how price is playing around in a daily supply zone, and some kind of reversal formation is within the realm of possibility. It’s still early but if we see an upthrust (UT) then it’ll hold a little more water. How you trade it depends on your own parameters and criteria, of course. Just because I think it’ll come back down doesn’t mean I won’t buy into an up move if the right entry criteria presents itself.
  • #1,209,790
  • Feb 6, 2022 11:31pm Feb 6, 2022 11:31pm
Quoting fxpipper
{quote} The predicted levels are just forecasting, which is admittedly a bit too detailed here. The important areas to look at are the imbalance zones and possibly the next higher 1H supply zone. Of course anything predictive is mostly speculative, but with Wyckoff it’s easy to recognize when the first couple of phases have shown their hand, especially seeing as how price is playing around in a daily supply zone, and some kind of reversal formation is within the realm of possibility. It’s still early but if we see an upthrust (UT) then it’ll hold...
Very interesting. Thanks. And might I add, if it wasn't for your detailed chart, you would have lost me. You would be a good teacher. Keep that in mind when you retire from your trading but need to keep your toes wet !
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #1,209,791
  • Feb 6, 2022 11:43pm Feb 6, 2022 11:43pm
Quoting moondoggie
.. that the angrier a person is on this thread, the more at-risk their positions are.
thanks for the laughs !
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #1,209,792
  • Feb 6, 2022 11:58pm Feb 6, 2022 11:58pm
Quoting mtako
{quote} thanks for the laughs !

You're welcome! Have a great trading week, mate. See ya on the other side
Trying my best.
  • #1,209,793
  • Feb 7, 2022 12:01am Feb 7, 2022 12:01am
USD will bounce off support this week, then that top will go.
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Compulsions can be hard to resist
  • #1,209,794
  • Feb 7, 2022 12:13am Feb 7, 2022 12:13am
Quoting mtako
{quote} Very interesting. Thanks. And might I add, if it wasn't for your detailed chart, you would have lost me. You would be a good teacher. Keep that in mind when you retire from your trading but need to keep your toes wet !
Thanks for the kind words bro! You’ve actually given me a great idea, I should just skip trading and go straight to being an educator. Get a sweet IB deal with a broker.

Just kidding, I am having a good time trading. Especially now that I have a much better understanding of how to do it properly. The other day I was looking through some of my very early posts on FF, and man I had no clue WTF I was doing. Even as late as last year. I’m actually thinking of starting a journal soon in the trading journal section, just to share some trades I’ve taken and the logic behind them. Maybe mid-week.

Have a great trading week!
  • #1,209,795
  • Feb 7, 2022 12:22am Feb 7, 2022 12:22am
Weekly price action is neutral, but bullish on the Daily, I am not selling, or buying yet, just waiting for more facts about the EU bullish trade. Lagarde is speaking some hours after the US open, so it may hint more details about the interest rates and bond purchases.

Some spots of interest

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Looking for profitable short term trades ...|
  • #1,209,796
  • Feb 7, 2022 12:26am Feb 7, 2022 12:26am
Quoting fxpipper
{quote} Thanks for the kind words bro! You’ve actually given me a great idea, I should just skip trading and go straight to being an educator. Get a sweet IB deal with a broker. Just kidding, I am having a good time trading. Especially now that I have a much better understanding of how to do it properly. The other day I was looking through some of my very early posts on FF, and man I had no clue WTF I was doing. Even as late as last year. I’m actually thinking of starting a journal soon in the trading journal...
You worried me ! I was going to say, don't you dare !!!! I went to see some "teachers" here and there on the web and let me tell you the vast majority have clearly not traded real long-term. I am certain some of them don't even realize how different their teachings would be if they had really gone down the professional trader's path and for long enough, or how heavy in consequences their incomplete teachings are or will become with further changes in price dynamics. Thank you, you have a great week also mate.

P.S having a good time at this did change everything for me, and that idea of yours with a journal, great idea, and consider me subscribed !
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #1,209,797
  • Feb 7, 2022 1:10am Feb 7, 2022 1:10am
More then half way we gone already
Drop like a stone mf
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yes yes yes
  • #1,209,798
  • Feb 7, 2022 2:22am Feb 7, 2022 2:22am
Quoting fxpipper
{quote} Thanks for the kind words bro! You’ve actually given me a great idea, I should just skip trading and go straight to being an educator. Get a sweet IB deal with a broker. Just kidding, I am having a good time trading. Especially now that I have a much better understanding of how to do it properly. The other day I was looking through some of my very early posts on FF, and man I had no clue WTF I was doing. Even as late as last year. I’m actually thinking of starting a journal soon in the trading journal...
I'll be interested to see if she maintains and builds on her tone, or says something to the effect of: "Our words and intentions have been misinterpreted" etc etc... which is not altogether unusual.
Compulsions can be hard to resist
  • #1,209,799
  • Feb 7, 2022 3:36am Feb 7, 2022 3:36am
Break it up mfeu is allready at 1.14180
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yes yes yes
  • #1,209,800
  • Feb 7, 2022 4:17am Feb 7, 2022 4:17am
Quoting moondoggie
Is it weird that I just don't get TA? I've read the book by Murphy and portions of the older one by Edwards and Magee, and while I understand and even implement some of the concepts, technical analysis still only feels like one piece of the greater puzzle. But if someone is making money off of some obscure shapes and animals and furnitures that price candles form, who am I to judge?
You really don't need to use it. It's not a must to become profitable. You have seen my track record, i use 0 TA, but still enough to make money.

I use charts for only studying the past, to see how market reacted to the news. That's all. Otherwise i don't even need a chart, just give me buy and sell buttons that's enough
You have to have an IQ higher than 90 to interact with this user.
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