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  • #2,221
  • Apr 8, 2008 7:16am Apr 8, 2008 7:16am
Quoting rrram2
The last 180 minute bar is closing in 15 minutes and the last 2 are very much looking like a double bottom.

Using double bottoms to pick reversal points is very effective I think but what is the smallest time frame you would consider double bottoms valid on?

ON a 5 minute chart, a double bottom for me isn't really valid. BUt on a 60 min and for sure on a 180, I think a double bottom is a good indication of direction.

And if a double bottom forms at 201.15, what are your targets to the upside?
I had a buddy that used to take piss out of me for picking double bottoms on a 1 min chart .. till he saw me make 100 pips one day by doing it.,

Chart patterns can be applied to any time frames , depending on your trading style.
Blogging daily now at www.volume.zone
  • #2,222
  • Apr 8, 2008 7:18am Apr 8, 2008 7:18am
201.4 is weekly pivot
201.24 is daily s2

get thru these 200 here we come
Blogging daily now at www.volume.zone
  • #2,223
  • Apr 8, 2008 7:25am Apr 8, 2008 7:25am
Quoting piptrain
since malcomb left i will tell you my upside targets:

15m 50ema would be first target
203.16 would be second target

but for me i only see SHORTS are good, unless m1 is retaken at 201.96

cheers
I had a short last night before bed, but I got short too early and it ran up to about 204 and triggered my SL, I should have set that SL higher.

I always seem to set my shorts and buy too early, then it hits my SL then falls hard, Perhaps my Short SL's are too tight.

This has happened several times to me, where I go short too early and it runs up triggers my SL then falls hard.

I am not so sure we are going to be getting a short trigger this morning.
But it is likely we will run down like M said another 100 pips or more,
even then I will stay long down to 199.99 and buy more in those dips.

I have scalped a few this morning and am not in too deep this time.
I am prepared for some more drawn down on my account. And I will try to hold my longs so that I make a minimum of 21 pips on each one.

Sadly in situations like this I probably do the wrong thing and scalp a few lots and try to get in long lower.
  • #2,224
  • Apr 8, 2008 7:28am Apr 8, 2008 7:28am
Quoting piptrain
since malcomb left i will tell you my upside targets:

15m 50ema would be first target
203.16 would be second target

but for me i only see SHORTS are good, unless m1 is retaken at 201.96

cheers
I don't really understand the difference between SImple and Exponential moving averages. I get the idea that EMA's more closely follow the price than the SMA's.

And I use 55 instead of 50 and 21 instead of 20 for my EMA's and SMA's because these are FIb numbers.

I do not think I am the only one that uses a 55 instead of at 50.
  • #2,225
  • Apr 8, 2008 7:31am Apr 8, 2008 7:31am
Quoting malcolmb14
I had a buddy that used to take piss out of me for picking double bottoms on a 1 min chart .. till he saw me make 100 pips one day by doing it.,

Chart patterns can be applied to any time frames , depending on your trading style.
Theoretically double bottoms should work on all time frames and I see why it should be valid on ALL time frames.

And in fact I will change my beliefs on this one and from here on out consider double bottoms valid on all time frames.

I rarely look at the 1 minute, I prefer the 2 or 3 minut to the 1.
  • #2,226
  • Apr 8, 2008 7:44am Apr 8, 2008 7:44am
The Simple Moving Average indicator is generally used to identify or confirm a trend and works best in trending markets. It will not signal that a trend change is imminent, but it will help determine if an existing trend is still in motion and help confirm when a trend reversal has taken place.


The Exponential Moving Average indicator assigns more weight to recent price data, and less weight to prices further back in time. It is more sensitive to price activity than the simple moving average and tends to stick closer to the trend.
  • #2,227
  • Apr 8, 2008 7:45am Apr 8, 2008 7:45am
Quoting rrram2
Theoretically double bottoms should work on all time frames and I see why it should be valid on ALL time frames.

And in fact I will change my beliefs on this one and from here on out consider double bottoms valid on all time frames.

I rarely look at the 1 minute, I prefer the 2 or 3 minut to the 1.

I am with you ..i like 2 min , 3 min and 5 min for scalping , rarely trade off a 1 min.

My fav time frame for daytrading is 5 min
Blogging daily now at www.volume.zone
  • #2,228
  • Apr 8, 2008 7:49am Apr 8, 2008 7:49am
Be careful of the US Pending homes sales number.

On the Local Las Vegas news last night the media was reporting that the existing home sales were up 20% over the previous months numbers. They also said that the average price of the home was down by about 12.5% over sames sales this time last year.

Billser
It's All About Attitude ...
  • #2,229
  • Apr 8, 2008 7:50am Apr 8, 2008 7:50am
Quoting rrram2
The Simple Moving Average indicator is generally used to identify or confirm a trend and works best in trending markets. It will not signal that a trend change is imminent, but it will help determine if an existing trend is still in motion and help confirm when a trend reversal has taken place.


The Exponential Moving Average indicator assigns more weight to recent price data, and less weight to prices further back in time. It is more sensitive to price activity than the simple moving average and tends to stick closer to the trend.
sma is easier to use for pivots . entry. It is smoother than ema
Blogging daily now at www.volume.zone
  • #2,230
  • Apr 8, 2008 7:57am Apr 8, 2008 7:57am
Quoting Billser
Be careful of the US Pending homes sales number.

On the Local Las Vegas news last night the media was reporting that the existing home sales were up 20% over the previous months numbers. They also said that the average price of the home was down by about 12.5% over sames sales this time last year.

Billser

Thanks Bill
Blogging daily now at www.volume.zone
  • #2,231
  • Apr 8, 2008 8:02am Apr 8, 2008 8:02am
I think the foreclosures will skew the numbers a bit and make it look like things are improving and things are better than they really are.....



Quoting malcolmb14
Thanks Bill
It's All About Attitude ...
  • #2,232
  • Apr 8, 2008 8:40am Apr 8, 2008 8:40am
Quoting Billser
I think the foreclosures will skew the numbers a bit and make it look like things are improving and things are better than they really are.....
The USGOV has been robbing us and lieing to us for almost 100 years.
Sure now is the time for change, but as long as we have a monkey in the oval, we have no chance of getting any truth out of that office or anything it controls or manipulates.

And exciting news from the IRS HAH! ANY info you give to them is easy picking for hackers and identity thieves. Sounds like thier computer security
and thier sys admins could be cracked and OWNED by a 10 year old in Romania. Next thing you know IRS.gov, will have little script kiddies attacking (from Romaina) China with thier Bandwidth.

The ignorance and incompetency of the old geezers in the USGOV is
amazing.
  • #2,233
  • Apr 8, 2008 8:51am Apr 8, 2008 8:51am
Quoting rrram2
The USGOV has been robbing us and lieing to us for almost 100 years.
:surprised:thinking_face:
I have to laugh....people shout from the mountain top about W and the current administration(I'm not exactly W's biggest fan), and their solution is to vote for the lefties who want nothing more than to increase every aspect of government. Nice solution that is.

p.s. "Lieing" isn't a word......lying is...........j/k Just a little wisecrack
  • #2,234
  • Apr 8, 2008 9:04am Apr 8, 2008 9:04am
Pending home sales -1.9 % twice as bad as expected. G/J doesn't seem to care? Old news? Where now? North or South?
  • #2,235
  • Apr 8, 2008 9:14am Apr 8, 2008 9:14am
I would have thought there would have been at least a 75 pip move.....I guess G/J was out partying last night and too hung over to move....


Quoting 13.1 Runner
Pending home sales -1.9 % twice as bad as expected. G/J doesn't seem to care? Old news? Where now? North or South?
It's All About Attitude ...
  • #2,236
  • Apr 8, 2008 9:21am Apr 8, 2008 9:21am
I think the market is waiting on this

1:00pm USDhttp://www.forexfactory.com/images/m...mpact_high.gifFOMC Meeting Minutes
Patience + Discipline - Greed = Success
  • #2,237
  • Apr 8, 2008 9:24am Apr 8, 2008 9:24am
Quoting 13.1 Runner
Pending home sales -1.9 % twice as bad as expected. G/J doesn't seem to care? Old news? Where now? North or South?
Previous month was revised up a bit.....
  • #2,238
  • Apr 8, 2008 9:43am Apr 8, 2008 9:43am
worse house sales = fed lowers interest rates to spark housing markets = investors putting money in markets not bonds = weak USD and markets up = gj up
Blogging daily now at www.volume.zone
  • #2,239
  • Apr 8, 2008 9:47am Apr 8, 2008 9:47am
We have a breakout north...now looking for a retest of the breakout line.

If we go down to that level from here we will have a 5 min rsi trigger south.

Who do you listen to?
  • #2,240
  • Apr 8, 2008 9:50am Apr 8, 2008 9:50am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Open Range breakout strategy could be played here if we get a test of 201.69.
"Wishful thinking dies hard." Igor T.
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