I know that this is not much help, but I think that I'm going to stick with my old fall back position of......staying out
. I'm going to wait and see....
RSQ
. I'm going to wait and see....RSQ
- #2,485
- Feb 5, 2007 2:49am Feb 5, 2007 2:49am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Hope everyone didn't indulge in too much bar action over the weekend 
Here's something I saw:
Even though Gold seems to be trundling at the moment, there was a bona fide NZDUSD setup at a fib and wave target confluence, which I naturally saw 40 pips too late this morning
Shoulda gone over my charts better last night...
Anyway, this one may or not end up great, but it IS a superb r/r setup as it may be the end of an ABC correction or something that now continues in trend up(zoom out, you'll see it...). well, maybe we'll retrace
My experience is that price comes back at least once to the pins high to visit the grandchildren one last time....
Here's something I saw:
Even though Gold seems to be trundling at the moment, there was a bona fide NZDUSD setup at a fib and wave target confluence, which I naturally saw 40 pips too late this morning
Shoulda gone over my charts better last night...
Anyway, this one may or not end up great, but it IS a superb r/r setup as it may be the end of an ABC correction or something that now continues in trend up(zoom out, you'll see it...). well, maybe we'll retrace
My experience is that price comes back at least once to the pins high to visit the grandchildren one last time....
Trust price. Know yourself.
- #2,486
- Feb 5, 2007 3:14am Feb 5, 2007 3:14am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hope everyone didn't indulge in too much bar action over the weekend
Here's something I saw:
Even though Gold seems to be trundling at the moment, there was a bona fide NZDUSD setup at a fib and wave target confluence, which I naturally saw 40 pips too late this morning
Shoulda gone over my charts better last night...
Anyway, this one may or not end up great, but it IS a superb r/r setup as it may be the end of an ABC correction or something that now continues in trend up(zoom out, you'll see it...). well, maybe we'll retrace
My experience is that price comes back at least once to the pins high to visit the grandchildren one last time....
- #2,487
- Feb 5, 2007 4:13am Feb 5, 2007 4:13am
- | Joined Jul 2006 | Status: Will take it all off for Pips! | 1,105 Posts
Hope everyone didn't indulge in too much bar action over the weekend
Here's something I saw:
Even though Gold seems to be trundling at the moment, there was a bona fide NZDUSD setup at a fib and wave target confluence, which I naturally saw 40 pips too late this morning
Shoulda gone over my charts better last night...
Anyway, this one may or not end up great, but it IS a superb r/r setup as it may be the end of an ABC correction or something that now continues in trend up(zoom out, you'll see it...). well, maybe we'll retrace
My experience is that price comes back at least once to the pins high to visit the grandchildren one last time....
- #2,488
- Feb 5, 2007 4:14am Feb 5, 2007 4:14am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
hope its good seeking, this is the only trade i am in so far
I'm waiting to see whether we get a 1h or 4h setup near a fib retracement of the low of the PB to the last high and will check it out then.
Cable just reached a .618, but isn't near an eye level yet....I'm currently waiting for the market to hint at whether it's gonna go this or that way outside of the pre-NFP range...Currently positioned long dollar, so let's see
Trust price. Know yourself.
- #2,489
- Feb 5, 2007 4:28am Feb 5, 2007 4:28am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.
- #2,490
- Feb 5, 2007 6:12am Feb 5, 2007 6:12am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.
- #2,495
- Feb 5, 2007 9:48am Feb 5, 2007 9:48am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Facing a big moral dilemma here....I'm in a very well working EJ short, but we've just begun hitting on s/r and EJ has made over 130 pips today, a bit over it's average in the last few days....
If I exit and we don't much bounce, I miss a chance of moving on, if I stay in and we bounce severely around here, most of the trade disappears...
This is what makes it so hard for me to stay in trades for a long time, know what I mean?
Mike, this is what we've talked about......I see EURUSD and cable pins, I see overextended daily range, s/r, targets.....
My mind is melting
I'm still holding on until I see something big saying we're done here, but still....arg!
If I exit and we don't much bounce, I miss a chance of moving on, if I stay in and we bounce severely around here, most of the trade disappears...
This is what makes it so hard for me to stay in trades for a long time, know what I mean?
Mike, this is what we've talked about......I see EURUSD and cable pins, I see overextended daily range, s/r, targets.....
My mind is melting
I'm still holding on until I see something big saying we're done here, but still....arg!
Trust price. Know yourself.
- #2,496
- Feb 5, 2007 9:49am Feb 5, 2007 9:49am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.
- #2,497
- Feb 5, 2007 9:55am Feb 5, 2007 9:55am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
mb said it well but i will add this. price action analysis is not a system its a method to determine near term price movement. if you practice and get good at identifying the very best set ups you certainly can trade with nothing else but combining them with simple support and resistance and other tools can help refine entries. i challenge all of you to open a demo account just for trading good price set ups blindly. if you can get to where you can build an account with nothing on your chart but price with no other supporting tools what do you think will happen when you do add them. its about refining and targeting the best possible entry. if you can get good at it with nothing but price on your chart the rest is easy.
What weapon should I use - the 15minute or daily chart?
every Saint has a past. Every Sinner has a Future
- #2,498
- Feb 5, 2007 10:00am Feb 5, 2007 10:00am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Okay, I will take up the gauntlet kind sir !
What weapon should I use - the 15minute or daily chart?
Daily/weekly
Good luck,
Mike
- #2,499
- Edited 10:28am Feb 5, 2007 10:07am | Edited 10:28am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Facing a big moral dilemma here....I'm in a very well working EJ short, but we've just begun hitting on s/r and EJ has made over 130 pips today, a bit over it's average in the last few days....
If I exit and we don't much bounce, I miss a chance of moving on, if I stay in and we bounce severely around here, most of the trade disappears...
This is what makes it so hard for me to stay in trades for a long time, know what I mean?
Mike, this is what we've talked about......I see EURUSD and cable pins, I see overextended daily range, s/r, targets.....
My mind is melting
I'm still holding on until I see something big saying we're done here, but still....arg!
Seeking with the gbp/jpy and eur/jpy since they are up more then down, taking profit is always viable. But try a trail on the previous bars high. Unless you really feel its reversal time. I say just the previous bar(as opposed to 2-3bars), cause its been on a pretty quick steep downward slope, so it is more likely for a retrace like this. JUst observations though. But also, Going into this trade, if you felt like you were entering a more short term trade thats one thing. I try to take all the best trades, believing I am going to hold them as long as possible now.
Best,
Mike
seeking i forgot to say to you in our PM that if you are making a bunch of trades a day, its kind of different and difficult to be holding all these trades. I make less and less trades every week now.
- #2,500
- Feb 5, 2007 10:37am Feb 5, 2007 10:37am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.