Don't chase the market, Let the market come to you
- #31,421
- Sep 17, 2008 3:40pm Sep 17, 2008 3:40pm
- | Joined Oct 2007 | Status: work in progress | 1,009 Posts
- #31,422
- Sep 17, 2008 3:41pm Sep 17, 2008 3:41pm
- Joined Jul 2008 | Status: Trader | 1,722 Posts
that is a typo right? ONE minute chart??
Up or down, gimme a ticket
- #31,425
- Edited 3:59pm Sep 17, 2008 3:56pm | Edited 3:59pm
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
If I am not mistaken is that a reverse head and shoulders on the 1min chart?
You have to understand the lower the timeframe you use to look for patterns the higher the failure rate.
Not saying they won't work, just not as effective.
- #31,426
- Sep 17, 2008 3:58pm Sep 17, 2008 3:58pm
You have to understand the lower the timeframe you use to look for patterns the higher the failure rate.
- #31,428
- Sep 17, 2008 4:03pm Sep 17, 2008 4:03pm
- | Joined Oct 2007 | Status: work in progress | 1,009 Posts
Don't chase the market, Let the market come to you
- #31,430
- Sep 17, 2008 4:12pm Sep 17, 2008 4:12pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
Although I believe patterns replicate themselves at every level I also believe a H&S on a 1 minute TF is worthless.
250 pips is worthless, I thought you are a scalper, what the h#ll you are trading, 4h chart?
Is that message worth the same than there are no gaps in FX?
Do you like it more on 5 min?
- #31,431
- Sep 17, 2008 4:12pm Sep 17, 2008 4:12pm
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
Thank yo SunTrader still trying to read all the possibly different patterns. I normally trade on the 15min chart but I was just switching time frames, I saw so asked .
So for example if you use 15m to enter/exit then use 60m for patterns. Or if you are looking at the 15m for patterns, enter on a 5m.
- #31,432
- Sep 17, 2008 4:13pm Sep 17, 2008 4:13pm
- Joined Mar 2008 | Status: Still testing and trading | 1,454 Posts
- #31,433
- Sep 17, 2008 4:14pm Sep 17, 2008 4:14pm
serious traders do not even look at one minute charts so yes I thought you were joking there, sorry if your feeling got hurt
if you are trying to learn then dont look at one minute charts, they will teach you nothing and lead you to a margin call. nothing on a one minute chart can be traded correctly.
if you are new then 4 hr and daily to start learning from and work your way down, I dont know anyone that looks at one minute charts for anything.
you want patterns?
http://www.tradingpricepatterns.com/introduction/
, and thank you for your input and your link.
- #31,434
- Sep 17, 2008 4:15pm Sep 17, 2008 4:15pm
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Thank yo SunTrader still trying to read all the possibly different patterns. I normally trade on the 15min chart but I was just switching time frames, I saw so asked .
Also, there is a guy over on the Trends, Psychs, Pivots etc. thread that I posted earlier. His name is EyeVoltage, and he's kind of a Acumen disciple. He's very helpful with identifying candlestick stuff. Posts some great charts. I started a notebook of his stuff. I refer to that notebook and the glossary all the time. Here's the thread - http://www.forexfactory.com/showthread.php?t=98028
Go get 'em and happy trading,
Ed
Up or down, gimme a ticket
- #31,435
- Sep 17, 2008 4:17pm Sep 17, 2008 4:17pm
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Up or down, gimme a ticket
- #31,436
- Sep 17, 2008 4:18pm Sep 17, 2008 4:18pm
- | Joined Nov 2007 | Status: Trader | 2,903 Posts
We're happy for you... one quick question.
What kind of MM are you practicing where you're up 23% in one week?
I believe you - I don't believe you are practicing proper MM.
By the way... I need a new Mountain Bike... I'll be sending you me address via PM in a short while. (I'm tall so I'll need a large bike)
No WalMart bikes either... Cannodale or something like that.
Thanks.
PS - Shoes and a Helmut would also be nice but I can spring for those if you get the bike.
I don't use tight wad money management. I end up treading water for months on end getting nowhere with that strategy. I get in when I think the time is right hit hard. I am not afraid to lose the money..most teh time
.After the move this after noon I slept through, you could say I blew it. That was the move I was looking for, but I got spooked with all the drama.
As far as your bike, I will be honest I can't afford a Cannondale with the money I have made...not yet.
- #31,437
- Sep 17, 2008 4:19pm Sep 17, 2008 4:19pm
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Worthless
250 pips is worthless, I thought you are a scalper, what the h#ll you are trading, 4h chart?
Is that message worth the same than there are no gaps in FX?
Do you like it more on 5 min?
Up or down, gimme a ticket
- #31,439
- Sep 17, 2008 4:27pm Sep 17, 2008 4:27pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
I knew you'd get 'em for disparaging those 1-minute charts.
I'm only astonished to hear that from someone that takes trades only for minutes like Mike declared earlier.
- #31,440
- Sep 17, 2008 4:27pm Sep 17, 2008 4:27pm
Kamala, since you're interested in the patterns (good move btw), you might want to study candlesticks, too. Here is a neat link for a candlestick glossary - http://stockcharts.com/school/doku.p...ern_dictionary
Also, there is a guy over on the Trends, Psychs, Pivots etc. thread that I posted earlier. His name is EyeVoltage, and he's kind of a Acumen disciple. He's very helpful with identifying candlestick stuff. Posts some great charts. I started a notebook of his stuff. I refer to that notebook and the glossary all the time. Here's the thread - http://www.forexfactory.com/showthread.php?t=98028
Go get 'em and happy trading,
Ed
