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  • #4,381
  • Aug 4, 2008 7:17am Aug 4, 2008 7:17am
Nice DIBS on the Usd/Jpy.
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Indicators show the past. Price Action "Indicates" the future.
  • #4,382
  • Aug 4, 2008 7:18am Aug 4, 2008 7:18am
Quoting jarroo
I'm still hanging in there.
Price is moving at a snail's pace, but price action is some showing downward momentum at least
  • #4,383
  • Aug 4, 2008 7:25am Aug 4, 2008 7:25am
yes I follow u there. But what happens when you get a signal before the open, do you just discard it? or wait until 6GMT to place the entry
  • #4,384
  • Aug 4, 2008 7:28am Aug 4, 2008 7:28am
Quoting rusty105
Jarroo,

Back to this playing an early IB (say 4:00gmt) off the open of 6:00gmt. How does one determine the direction of the play? Do you check a higher time frame? Or if the open is higher then the early IB , go long, and just the opposite if the open is lower then the IB? I think I have been missing a fair number of DIBS trades by waiting till the open and then determining the direction of the day.
Thanks
Rusty
That's an interesting way to look at determining the up or down of the day. I'll have to look into that.

If an IB ocurrs before the Open of the day, say 0400 GMT, you can play it but only off the Open (0600 GMT).
Indicators show the past. Price Action "Indicates" the future.
  • #4,385
  • Aug 4, 2008 7:28am Aug 4, 2008 7:28am
Quoting NowAndLater
Price is moving at a snail's pace, but price action is some showing downward momentum at least
Hello NAL,
i didn't take the IB on GU because of the Trendline there and because the Stoch (8,3,3) showed an oversold situation. Now, at the region 1.9660 / 1.9658 there is a strong resistance looking to the left side on the 4h chart. In spite of that you think it goes down more, slowly, but down. Is my stoch setup not correct? Or do you think, there will be a pullback (lets say up to the 61,8 Fib) and then going down?

Many regards, Michael

(the pullback could be the point to come in....)
  • #4,386
  • Aug 4, 2008 7:29am Aug 4, 2008 7:29am
Quoting Tzar
yes I follow u there. But what happens when you get a signal before the open, do you just discard it? or wait until 6GMT to place the entry
You wait until 6GMT and if it's still valid you play it, if not wait for the next setup. Please do read more than 1 time, especially PeterCrowns' posts and they contain invaluable information. And after that read through this thread. If you really want to understand this system better you will understand it perfectly by reading this thread as all of your questions have already been answered many times. Put in the time needed, it'll pay off!
  • #4,387
  • Edited 7:55am Aug 4, 2008 7:29am | Edited 7:55am
Quoting Tzar
yes I follow u there. But what happens when you get a signal before the open, do you just discard it? or wait until 6GMT to place the entry
That's it. You got it. ( the latter)
Indicators show the past. Price Action "Indicates" the future.
  • #4,388
  • Aug 4, 2008 7:29am Aug 4, 2008 7:29am
Quoting jarroo
That's an interesting way to look at determining the up or down of the day. I'll have to look into that.

If an IB ocurrs before the Open of the day, say 0400 GMT, you can play it but only off the Open (0600 GMT).

Thank you Jarroo, thats what iv been trying to confirm!!!!!!
  • #4,389
  • Aug 4, 2008 7:31am Aug 4, 2008 7:31am
Quoting jarroo
That's an interesting way to look at determining the up or down of the day. I'll have to look into that.

If an IB ocurrs before the Open of the day, say 0400 GMT, you can play it but only off the Open (0600 GMT).

When you say "off the open" can you explain?

Rusty
  • #4,390
  • Aug 4, 2008 7:33am Aug 4, 2008 7:33am
Free trading now. I took the 2/3 approach.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,391
  • Aug 4, 2008 7:36am Aug 4, 2008 7:36am
Quoting manto
Hello NAL,
i didn't take the IB on GU because of the Trendline there and because the Stoch (8,3,3) showed an oversold situation. Now, at the region 1.9660 / 1.9658 there is a strong resistance looking to the left side on the 4h chart. In spite of that you think it goes down more, slowly, but down. Is my stoch setup not correct? Or do you think, there will be a pullback (lets say up to the 61,8 Fib) and then going down?

Many regards, Michael

(the pullback could be the point to come in....)
What does price usually do when it hits s/r that it can't break? It shoots away from this area. When it doesn't shoot away then you can assume that there's a fair chance of a break of this area. As you can see if you've been following the priceaction on GU price never really rejected the s/r area but kept testing it until it now is about to go through this area. But the movement is slow because of the heaviness of the support area, so it might still turn around, but it hasn't shown me a reversal sign just yet.
  • #4,392
  • Aug 4, 2008 7:41am Aug 4, 2008 7:41am
Quoting rusty105
When you say "off the open" can you explain?

Rusty
The orange IB is before the Open of the Day, which is the black line. This would be an example of a previous IB (before the Open) not being play off the Open. Opening Price is not lined up with the previous IB to be played off of.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,393
  • Aug 4, 2008 7:41am Aug 4, 2008 7:41am
Quoting NowAndLater
What does price usually do when it hits s/r that it can't break? It shoots away from this area. When it doesn't shoot away then you can assume that there's a fair chance of a break of this area. As you can see if you've been following the priceaction on GU price never really rejected the s/r area but kept testing it until it now is about to go through this area. But the movement is slow because of the heaviness of the support area, so it might still turn around, but it hasn't shown me a reversal sign just yet.
....got it, thanks a lot again!
regards, Michael
  • #4,394
  • Aug 4, 2008 7:45am Aug 4, 2008 7:45am
Quoting manto
Hello NAL,
i didn't take the IB on GU because of the Trendline there and because the Stoch (8,3,3) showed an oversold situation. Now, at the region 1.9660 / 1.9658 there is a strong resistance looking to the left side on the 4h chart. In spite of that you think it goes down more, slowly, but down. Is my stoch setup not correct? Or do you think, there will be a pullback (lets say up to the 61,8 Fib) and then going down?

Many regards, Michael

(the pullback could be the point to come in....)
Regarding your stochastic, I don't use indicators. But just think about it like this: Does price have to turn around as soon as the stoch is oversold/overbought? I dont think price really cares about the indicators, which is why I don't use them. Of course it will turn around at some point, but the stoch might be in oversold/overbought area for a while.
  • #4,395
  • Aug 4, 2008 7:46am Aug 4, 2008 7:46am
The 0500GMT is before the Open of the day and it is played off the Open.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,396
  • Aug 4, 2008 7:46am Aug 4, 2008 7:46am
Quoting jarroo
The orange IB is before the Open of the Day, which is the black line. This would be an example of a previous IB (before the Open) not being play off the Open. Opening Price is not lined up with the previous IB to be played off of.
OK, so I think I am getting warmer.

So just say the 4:00 gmt bar on your chart was just a few pips lower, making the 5:00 bar an IB, would you then be able to call it playing off the open? still taking the short?

Rusty
on edit: Jarroo, I see you posted as I was posting, and I think we are now on the same page??
  • #4,397
  • Aug 4, 2008 7:51am Aug 4, 2008 7:51am
Quoting rusty105
OK, so I think I am getting warmer.

So just say the 4:00 gmt bar on your chart was just a few pips lower, making the 5:00 bar an IB, would you then be able to call it playing off the open? still taking the short?

Rusty
on edit: Jarroo, I see you posted as I was posting, and I think we are now on the same page??
Cool.

I'm still thinking of your thought on the IB (orange one) hinting if its going to be an up day or down day.
I like it.
Indicators show the past. Price Action "Indicates" the future.
  • #4,398
  • Aug 4, 2008 7:55am Aug 4, 2008 7:55am
Quoting jarroo
Cool.

I'm still thinking of your thought on the IB (orange one) hinting at if its going to be an up day or down day.
I like it.
I originally thought that is what everyone was talking about, 'playing off the open'. I haven't really look into it though, but it might hint of something. As it is a 24 hr market, surely some 'big' players must get up early? yes?

Rusty
  • #4,399
  • Aug 4, 2008 8:02am Aug 4, 2008 8:02am
Quoting rusty105
I originally thought that is what everyone was talking about, 'playing off the open'. I haven't really look into it though, but it might hint of something. As it is a 24 hr market, surely some 'big' players must get up early? yes?

Rusty
Yes indeed they do.
Indicators show the past. Price Action "Indicates" the future.
  • #4,400
  • Aug 4, 2008 8:03am Aug 4, 2008 8:03am
interesting, just noticed the Hanging Man just before the orange candlestick
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