Quoting Tiki TraderDislikedWell price has begun to move on my oanda chartsIgnored
- #4,143
- Jan 1, 2007 2:10pm Jan 1, 2007 2:10pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
- #4,144
- Jan 1, 2007 2:12pm Jan 1, 2007 2:12pm
- | Joined Dec 2006 | Status: Trader | 1,104 Posts
trading on demo is not trading
- #4,145
- Jan 1, 2007 2:16pm Jan 1, 2007 2:16pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
- #4,149
- Jan 1, 2007 2:48pm Jan 1, 2007 2:48pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
- #4,151
- Jan 1, 2007 2:59pm Jan 1, 2007 2:59pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
- #4,152
- Jan 1, 2007 3:01pm Jan 1, 2007 3:01pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
- #4,153
- Jan 1, 2007 3:04pm Jan 1, 2007 3:04pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
- #4,155
- Jan 1, 2007 3:07pm Jan 1, 2007 3:07pm
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #4,157
- Edited 3:49pm Jan 1, 2007 3:12pm | Edited 3:49pm
Monarch, RE Daily GBP/USD.
I appreciate your input to this thread. As we all share, we all gain knowledge as well. I have been monitoring the forming triangle as you have. As you stated, the probability would be with a break to the topside as the triangle was entered from an upward move. My reservation with this pattern at this time is our proximity to the apex. My experience has shown a false break becomes more likely as the depth of the pattern no longer exceeds the average daily range of the currency in question.(Depending on time frame being used. In this case daily) We appear to be close to that point currently. Another concern is only two fractal point touches on each boundary of the pattern. Three touches tends to establish a more reliable indication. This said, I do consider the pattern worthy of taking a position if we break out today or tomorrow. Especially to the up side.
Another indication I have been following that supports a break north is a descending channel on the daily chart also. The upper boundary is the same as the triangle. Lower boundary is formed by the fractal points being the 12/11 and 12/18 candles. As the triangle, the channel was entered from an up move.
My observations to this point. Will put in my 2 pips worth if I see anything else I think may be of interest.
And also; Happy New Year Everyone !!
I appreciate your input to this thread. As we all share, we all gain knowledge as well. I have been monitoring the forming triangle as you have. As you stated, the probability would be with a break to the topside as the triangle was entered from an upward move. My reservation with this pattern at this time is our proximity to the apex. My experience has shown a false break becomes more likely as the depth of the pattern no longer exceeds the average daily range of the currency in question.(Depending on time frame being used. In this case daily) We appear to be close to that point currently. Another concern is only two fractal point touches on each boundary of the pattern. Three touches tends to establish a more reliable indication. This said, I do consider the pattern worthy of taking a position if we break out today or tomorrow. Especially to the up side.
Another indication I have been following that supports a break north is a descending channel on the daily chart also. The upper boundary is the same as the triangle. Lower boundary is formed by the fractal points being the 12/11 and 12/18 candles. As the triangle, the channel was entered from an up move.
My observations to this point. Will put in my 2 pips worth if I see anything else I think may be of interest.
And also; Happy New Year Everyone !!
- #4,159
- Jan 1, 2007 3:29pm Jan 1, 2007 3:29pm
Somewhere further up this thread you asked about how to interpret indicators. Well here is some constructive help, I hope (any other interested parties please join in).
Read books. Read several books. Particularly anything that discusses Technical Analysis. There is no substitute for education and books help you gain some of the lessons before you actually have to ride the horse.
I spent some years tradings stocks and had my most successful period ever between Q3 2004 and Q2 2006. However with stocks you only make money in a rising market unless you trade futures or CFDs ( I never got into either of those ). Forex is great because you are never denied opportunities to make money just because of the direction of market trend. The other interesting thing is that all the learning to be had from people like Bollinger or Mr.Elliot with his waves remains applicable to forex even though the rules were derived from the stock market.
In books you will find most are talking about end-of-day price tracking, and talk about stocks as though there is nothing else. The good news is that the time frames are not relevant to a great number of price-chart features that you will see, and the time-frame is whatever you have the period of your chart set to (10-min, hour, for me 4-hour is a good one thinking about market behaviour). So MACD is valid for looking at behaviour on a 10-minute chart just as much as it is valid for end-of-day pricing.
News and perception drive the forex market in the same way that they drive the stock market. Accept the fact that thousands of traders have spent many days demonstrating that certain patterns can repeat and read about them in books so that you have a chance of spotting them when they arise. Some features have been mentioned several times in this thread, channels, flags or pennants, support and resistance lines.
I have read two books on technical analysis. One was called 'Technical Analysis' by somebody called Kahn. It was slow going to start with, but a lot of things were covered (some in detail) to give a broad exposure to what there is to learn and watch for. Particularly there is discussion of the instance of flags, trends, double-top, showing themselves in all kinds of charts such as coffee or cotton prices and not just money or stock markets.
The second book I must confess I still have the other 80% to read, but it is better for dealing with the particular detail of some indicators, it is not too pricey - and I like the title. 'Technical Analysis for Dummies' is available from e.g. Amazon and is available around the world (probably).
The one message that is consistent in these books, and has come from respected contributors on this thread, is that nothing you do will affect what the market does - so trade what you see and not what you would like to see.
It is all great fun !
Read books. Read several books. Particularly anything that discusses Technical Analysis. There is no substitute for education and books help you gain some of the lessons before you actually have to ride the horse.
I spent some years tradings stocks and had my most successful period ever between Q3 2004 and Q2 2006. However with stocks you only make money in a rising market unless you trade futures or CFDs ( I never got into either of those ). Forex is great because you are never denied opportunities to make money just because of the direction of market trend. The other interesting thing is that all the learning to be had from people like Bollinger or Mr.Elliot with his waves remains applicable to forex even though the rules were derived from the stock market.
In books you will find most are talking about end-of-day price tracking, and talk about stocks as though there is nothing else. The good news is that the time frames are not relevant to a great number of price-chart features that you will see, and the time-frame is whatever you have the period of your chart set to (10-min, hour, for me 4-hour is a good one thinking about market behaviour). So MACD is valid for looking at behaviour on a 10-minute chart just as much as it is valid for end-of-day pricing.
News and perception drive the forex market in the same way that they drive the stock market. Accept the fact that thousands of traders have spent many days demonstrating that certain patterns can repeat and read about them in books so that you have a chance of spotting them when they arise. Some features have been mentioned several times in this thread, channels, flags or pennants, support and resistance lines.
I have read two books on technical analysis. One was called 'Technical Analysis' by somebody called Kahn. It was slow going to start with, but a lot of things were covered (some in detail) to give a broad exposure to what there is to learn and watch for. Particularly there is discussion of the instance of flags, trends, double-top, showing themselves in all kinds of charts such as coffee or cotton prices and not just money or stock markets.
The second book I must confess I still have the other 80% to read, but it is better for dealing with the particular detail of some indicators, it is not too pricey - and I like the title. 'Technical Analysis for Dummies' is available from e.g. Amazon and is available around the world (probably).
The one message that is consistent in these books, and has come from respected contributors on this thread, is that nothing you do will affect what the market does - so trade what you see and not what you would like to see.
It is all great fun !
Minesweeper target: 284
- #4,160
- Jan 1, 2007 3:48pm Jan 1, 2007 3:48pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts