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  • #141
  • Feb 18, 2008 6:13am Feb 18, 2008 6:13am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
to me support sits around 1.4600 +/- 10, we've just had a spike lower on the 1h but the pair is still inside the 4h long channel.

Attached Image (click to enlarge)
Click to Enlarge Name: 4h eu.gif Size: 29 KB


watching 1.4600 to see what happens, Raz what do you call the last 1h closed candle?

should add pivot is 50% fib, could be a good entry point.
  • #142
  • Feb 18, 2008 6:22am Feb 18, 2008 6:22am
Hey MPP,
Ive got the last close at 4628 on my mt4, Im watching your fib area as well at around 4575, but thinking that if this bar doesnt breach the last hourly we might be nearing the bottom, hate to say that though because its bound to take a big dive LOL, speak soon, Raz
Never say never.
  • #143
  • Feb 18, 2008 6:30am Feb 18, 2008 6:30am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting razldazl
Hey MPP,
Ive got the last close at 4628 on my mt4, Im watching your fib area as well at around 4575, but thinking that if this bar doesnt breach the last hourly we might be nearing the bottom, hate to say that though because its bound to take a big dive LOL, speak soon, Raz
what i was trying to work out is the name for the spike on the 1h candle, looks like a good indicator for a bull run - (pin bar type thingy) or does it not count as the price was outside the previous candle?
  • #144
  • Feb 18, 2008 6:35am Feb 18, 2008 6:35am
Hi razldazl

Why is your level 2 break at 1.4677? Should it be lower than that?
  • #145
  • Feb 18, 2008 6:37am Feb 18, 2008 6:37am
Quoting MPP
what i was trying to work out is the name for the spike on the 1h candle, looks like a good indicator for a bull run - (pin bar type thingy) or does it not count as the price was outside the previous candle?
Yeah its not quite a pin, because open and close are not inside the previous pin, but does show rejection of that area below, 1hr pins are not as reliable as higher timeframe pins either, but like I said, Im watching to see if the low is breached, if not that support is still intact...Raz
Never say never.
  • #146
  • Feb 18, 2008 6:41am Feb 18, 2008 6:41am
Quoting pegasus95s33
Hi razldazl

Why is your level 2 break at 1.4677? Should it be lower than that?
Yes youre right, it broke the same line lower down, and that coincides with the joint around 4670, so could be considered a stronger support(?) What do you think...Raz
Never say never.
  • #147
  • Feb 18, 2008 6:43am Feb 18, 2008 6:43am
I'm watching 1.4600 too!

MPP are you referring to a "hammer" candlestick?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_support1.gif Size: 10 KB
Click to Enlarge Name: eurusd_50retrace.gif Size: 13 KB
  • #148
  • Feb 18, 2008 6:49am Feb 18, 2008 6:49am
Quoting razldazl
Yes youre right, it broke the same line lower down, and that coincides with the joint around 4670, so could be considered a stronger support(?) What do you think...Raz
i would probably stick with what was written in his book, at around 4670. So in this case, i would add on as per your second sell point with S/L at the top yellow line. What would you choose at your S/L?
  • #149
  • Feb 18, 2008 6:57am Feb 18, 2008 6:57am
Quoting pegasus95s33
i would probably stick with what was written in his book, at around 4670. So in this case, i would add on as per your second sell point with S/L at the top yellow line. What would you choose at your S/L?
As per the book, it would be above the yellow line around 1.4689, so sell at the break sl at maybe 1.4695 looks right to me, Raz
Never say never.
  • #150
  • Feb 18, 2008 7:10am Feb 18, 2008 7:10am
Quoting razldazl
As per the book, it would be above the yellow line around 1.4689, so sell at the break sl at maybe 1.4695 looks right to me, Raz
i concur. it is just the i was running through past data with other pairs and found that they sometime will go past one level and only to return past the previous before it before going continuing with the original direction, thus prematurely stopping you out early. Do you face such problem?
  • #151
  • Feb 18, 2008 7:10am Feb 18, 2008 7:10am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
I'm watching 1.4600 too!

MPP are you referring to a "hammer" candlestick?
Hi Zoopy
as far as i know it's a hammer, but i'm still learning candle patterns and there effects on market, i've always treated this as a rejection candle and look for movement in the oposite direction, my 4h chart is also currently looking like a hammer, almost a pinbar (on a bar chart) as the open is just below (1pip) the close of the previous candle. we wait for the close. but i'm long anyway so holding on to it.

MPP
  • #152
  • Feb 18, 2008 7:24am Feb 18, 2008 7:24am
Quoting pegasus95s33
i concur. it is just the i was running through past data with other pairs and found that they sometime will go past one level and only to return past the previous before it before going continuing with the original direction, thus prematurely stopping you out early. Do you face such problem?
How close are you putting your stops to the levels, maybe they are too tight...
Never say never.
  • #153
  • Feb 18, 2008 7:39am Feb 18, 2008 7:39am
Quoting MPP
Hi Zoopy
as far as i know it's a hammer, but i'm still learning candle patterns and there effects on market, i've always treated this as a rejection candle and look for movement in the oposite direction, my 4h chart is also currently looking like a hammer, almost a pinbar (on a bar chart) as the open is just below (1pip) the close of the previous candle. we wait for the close. but i'm long anyway so holding on to it.

MPP
If it closes above 1.4627 it will be a very nice 4hr pin! Raz
Never say never.
  • #154
  • Feb 18, 2008 8:18am Feb 18, 2008 8:18am
Ok new chart with latest fan

My big yellow arrow is pointing to the double trendfan which shows where price has broken the last two trendfan lines, the first at 1.4625, which now will act as support, and secondly at 1.4634...the ascending trendline and the descending form a triangle which looks like it has been broken out of to the upside and is testing the lower trendline again now...lets see where it goes from here...
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 22 KB
Never say never.
  • #155
  • Feb 19, 2008 1:33pm Feb 19, 2008 1:33pm
Quoting razldazl
Ok new chart with latest fan

My big yellow arrow is pointing to the double trendfan which shows where price has broken the last two trendfan lines, the first at 1.4625, which now will act as support, and secondly at 1.4634...the ascending trendline and the descending form a triangle which looks like it has been broken out of to the upside and is testing the lower trendline again now...lets see where it goes from here...
That chart worked out nicely. It went up from the 1.4634
  • #156
  • Feb 19, 2008 1:56pm Feb 19, 2008 1:56pm
I was reading your journal, nice work there! I particularly like the trendline info, really nice to have it all together there, you are putting together a lot of valuable information, its really good, and handy (like borrowing sugar from the neighbor) lol..
Im going to post another eur chart here, kind of a follow up of the last one, with trendfans. As you were talking about the steepness of a trendline and how its usually short-lived it is,the steeper it is, (very true) Im going to see how(whether) my lines are an accurate way to judge where price may go..so I will have a look at this one again tomorrow hehe..the theory is they will ride longer along a more manageable angle for a longer time..anyway thanks for dropping in Zoopy, speak soon, Raz
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 20 KB
Never say never.
  • #157
  • Feb 19, 2008 2:13pm Feb 19, 2008 2:13pm
Quoting razldazl
I was reading your journal, nice work there! I particularly like the trendline info, really nice to have it all together there, you are putting together a lot of valuable information, its really good, and handy (like borrowing sugar from the neighbor) lol..
Im going to post another eur chart here, kind of a follow up of the last one, with trendfans. As you were talking about the steepness of a trendline and how its usually short-lived it is,the steeper it is, (very true) Im going to see how(whether) my lines are an accurate way to judge where price may go..so I will have a look at this one again tomorrow hehe..the theory is they will ride longer along a more manageable angle for a longer time..anyway thanks for dropping in Zoopy, speak soon, Raz
Thanks Raz!

I wanted my journal to have a lot of the information I use plus possibly other ideas that I may consider in the future. I figured if I have a journal here I can always refer back to it instead of creating a pdf document for myself. It's just easier this way, plus I can post charts.

A lot of the trendline information that I have comes from information that Jacko posted in his thread. The one with rules on trendlines he found off another site.

Since I prefer easy, simple approaches, I'm trying to create a "journal for dummies" where things are easy to follow. It's more about the basics and applying it than actual trade data like entries, stops, profit etc. Speaking of which... I just got another idea on what my next post could be on. The chart data that is displayed and how traders can actually distort information they see on charts without realizing it.


zoopy
  • #158
  • Feb 20, 2008 3:45am Feb 20, 2008 3:45am
Update on eur, so far we are hugging this descending trendline but seem to be pushing upwards along there..ie we arent dropping far, which leads me to believe we are gearing up for a break upwards..we have also just had a buob on the hourly and the last bar spiked through the top...I am long this pair with my stop at breakeven now, because, lets face it anything could happen here (especially when I say I think we are going up hehe)Raz
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 23 KB
Never say never.
  • #159
  • Feb 20, 2008 5:53am Feb 20, 2008 5:53am
will look for an entry around 1.4630 area, if that holds...
Never say never.
  • #160
  • Feb 20, 2008 11:56am Feb 20, 2008 11:56am
Quoting razldazl
will look for an entry around 1.4630 area, if that holds...
Where did you buy your crystal ball? :
I might need to get me one of them.
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