Another quick question about the setup, On the EMA and SMA do we leave the shift level zero????? Thanks.
- #4,386
- May 14, 2007 12:34pm May 14, 2007 12:34pm
[quote=BoredToLoose;1440608]
Hey, you are already 4 pips ahead of me ! Let's see how it turns out. I am taking the risk which is a dotted red line on the daily chart. You can see that the price recently broke out from the figure which is to me a variation of a diamond. Yes, we are very close to the descending trendline, therefore, if this one gets busted (i.e. bulls will win), the next barrier is the red line after which the upside potential is bigger. Just wanted to share some of my thoughts.
I have done the same observation like you did, my upper Trendline was touched and I have used too R2 at 0.6844.
My trade at 0.6844
SL 0.6882
TP 0.6819
My luck is your luck!
BYE
MIKE
! Let's see how it turns out. I am taking the risk which is a dotted red line on the daily chart. You can see that the price recently broke out from the figure which is to me a variation of a diamond. Yes, we are very close to the descending trendline, therefore, if this one gets busted (i.e. bulls will win), the next barrier is the red line after which the upside potential is bigger. Just wanted to share some of my thoughts.
- #4,387
- May 14, 2007 1:00pm May 14, 2007 1:00pm
- Joined Apr 2007 | Status: Trader | 2,303 Posts
[quote=tamkras;1440646]
The upper Trendline is at +/- at 0.6860, and if it breaks it and stays there for a couple of hours there is the danger to keep that way.
Tomorrow CPI will be the judge. Let's see if it goes down at least 15 pips before that CPI report.
Hey, you are already 4 pips ahead of me
Tomorrow CPI will be the judge. Let's see if it goes down at least 15 pips before that CPI report.
- #4,391
- Edited 5:12pm May 14, 2007 5:00pm | Edited 5:12pm
OK, On Phil's message he talks about the evening star formation on the G/U. I saw this occurring but did not know whether to take it or not as a sell order. How do I know when an evening star is forming and what is the definition of and evening star? I guess knowing the definition would go a long way for me huh?!!
I think the reason Philip liked the idea of a trade here is that this candlestick formation is considered HIGH PROBABILITY when taken in conjunction with a MACD signal.An added bonus was that it fell in that "buy/sell zone" between the 8EMA and the 21EMA in arecently established downtrend...and the trend is your friend!!In the GBPUSD attachment,the first Evening Star co-incides nicely with RT and the second with TC.We need to familiarise ourselves with the 12 basic candlestick reversal formations, of which the Evening/Morning Star is one.As Philip said in his recent Summary, do a Google Search for 'forex candlesticks' and study these formations carefully. Here is a good e.g. of these 12 basic patterns.There are more,but these 12 tend to occur more often than the rest.Check out this site:http://www.candlestickforum.com/PPF/...andlestick.asp
I've attached a few screenshots showing Evening /Morning Star formations in GBPUSD and USDJPY 4hr charts.They tend to give accurate reversal signals.
- #4,395
- May 14, 2007 8:48pm May 14, 2007 8:48pm
- Joined Mar 2006 | Status: THANK YOU MERLIN,TWEE and FF Team | 4,603 Posts
- #4,396
- May 14, 2007 8:51pm May 14, 2007 8:51pm
- Joined Mar 2004 | Status: Senior Member | 1,633 Posts
download the free acrobat 8.0 at this address
http://www.adobe.com/products/acrobat/readstep2.html
thanking you smjones
- #4,398
- May 14, 2007 9:25pm May 14, 2007 9:25pm
- Joined Mar 2006 | Status: THANK YOU MERLIN,TWEE and FF Team | 4,603 Posts