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  • #34,461
  • Sep 26, 2008 2:48am Sep 26, 2008 2:48am
Quoting david_akc
I am always at the wrong time and buying at the wrong direction. I have learn not to use my indicator but time and time again my indicators prove me wrong. Who do I believe!!!!!

Price would drop down to 1.4565

Anyone care to help me?
heres a tip...i see you drew a downtrend line. thats good but know this. currencies always move in channels. whether its wedges/triangles/sideways trends whatever it is its channels. in other words your missing the other downtrend line...the one i posted..also your entry point needs work. first off the previous low is a psych level alone...always expect a bounce off previous low even if pattern continues in that direction. so if your going to play patterns, i suggest you really take some time and study them, find which ones suits you best.
as far this particular case goes....playing the bounces off lines(or close to them is best. however before doing so try to gauge market sentiment. currently there is a short bias...you do not attempt buy unless a reversal is clearly made visible. i would only short if the top line gets hit (as you drew it)....or go long if that line gets broken as its the earliest sign of reversal. as far as indicators go...ask forex lion...hope this helps
Different opinions highly valued, ignorant to slander.
  • #34,462
  • Sep 26, 2008 2:50am Sep 26, 2008 2:50am
Quoting ak4x
It certainly is, and it's also the 123 % extension of the last 1hr swing cycle, which is an even more recent move, and the S1 pivot. Good target...

I was actually curious to see if you were just pulling that number out of your hat like some folks here do. Good job.
lol...i seriously dont know how to post my charts..my tradings are based on looking at 1m,5m,15m,30m,1h,4h n daily charts..might be wrong tho
  • #34,463
  • Sep 26, 2008 2:51am Sep 26, 2008 2:51am
Here's my take on the current situation!
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  • #34,464
  • Sep 26, 2008 2:52am Sep 26, 2008 2:52am
I think, It long is approaching
  • #34,465
  • Sep 26, 2008 2:53am Sep 26, 2008 2:53am
Quoting Jaded Inc
Hello Everybody, Is it ok if i join in with the fun of trading eurusd
Sure, and since you're here , ya wanna buy some dollars with them there yuroes??

And about your chart, do you guys call that a channel or a chunnel?
FUBAR...
  • #34,466
  • Sep 26, 2008 2:55am Sep 26, 2008 2:55am
Quoting ak4x
Sure, and since you're here , ya wanna buy some dollars with them there yuroes??

And about your chart, do you guys call that a channel or a chunnel?
Sure, in a couple hours i might be up for it..
  • #34,467
  • Sep 26, 2008 2:58am Sep 26, 2008 2:58am
Quoting david_akc
I am always at the wrong time and buying at the wrong direction. I have learn not to use my indicator but time and time again my indicators prove me wrong. Who do I believe!!!!!

Price would drop down to 1.4565

Anyone care to help me?
practice buying high n selling low..atleast,if the market is strong enough to break the resistence or support,you'll definitely know and your loss wouldn't be that much..unless,there's an outbreak,then follow the trend..this is especially good for scalping...try it..who knows it might work for u..however,i fuse this with my readings of the PA..on several TF...just my 0.0001 cent advice we can never be right all the time..lol
  • #34,468
  • Sep 26, 2008 3:05am Sep 26, 2008 3:05am
M2 target hit earlier, remaining short tp at yesterdays low of 4560. Hope to have a clear slate for tomorrow as the madness continues and maybe avoid trading altogether. Careful trades all. G'nite
FUBAR...
  • #34,469
  • Sep 26, 2008 3:05am Sep 26, 2008 3:05am
if you want to place long orders in a downtrend make sure you choose the right reasons to do so. keep in mind though IT IS A GAMBLE...new lows might be made at any time. right now i placed a buy because the lower wall of the current downtrend was reached which coincides with a strong psych support (the previous low)...this in turn should cause at least temporary retracement to the upper wall which happens to be strong support for the whole week..the 61.8% level. in other words...this downtrend "feels" overextended.
I DO NOT ADVISE ANYONE TO PLAY AGAINST THE TREND.

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Different opinions highly valued, ignorant to slander.
  • #34,470
  • Sep 26, 2008 3:09am Sep 26, 2008 3:09am
OK! guys have just closed my short here or some good pip take. This is a strong reversal point. So now im sitting on the side lines waiting for next structure to form.
  • #34,471
  • Sep 26, 2008 3:14am Sep 26, 2008 3:14am
Hi, my first post here, respect to all!

I have beene recently studying this perfect guide to patterns http://www.tradingpricepatterns.com/bullish-flag/
and I think a beautiful bullish flag has been formed on H1... a stron bullish continuation signal... am I right or just under influence of the patterns guide ?
  • #34,472
  • Sep 26, 2008 3:17am Sep 26, 2008 3:17am
Quoting 5ysfx
Im calm like a baby
Just hit the 138% ext on EJ (53.50), catching a quick long on the retrace back to 23% (i hope). Tight stop. Looking for 53.90 TP... hope it doesn't bite me.
FUBAR...
  • #34,473
  • Sep 26, 2008 3:18am Sep 26, 2008 3:18am
Quoting Iktak
Hi, my first post here, respect to all!

I have beene recently studying this perfect guide to patterns http://www.tradingpricepatterns.com/bullish-flag/
and I think a beautiful bullish flag has been formed on H1... a stron bullish continuation signal... am I right or just under influence of the patterns guide ?
techincally you are correct in most cases. however this situation is different....this whole week has been neutral..no bullish or bearish bias because of the fundamentals involved (the bailout plan)...so even though thats what normaly happens....i wouldnt use that as a strong indicator for placing a buy right here...just my 2cents....
Different opinions highly valued, ignorant to slander.
  • #34,474
  • Sep 26, 2008 3:18am Sep 26, 2008 3:18am
i would probably put a buy stop juz on 4603 to confirm the bullish movement
  • #34,475
  • Sep 26, 2008 3:22am Sep 26, 2008 3:22am
Quoting Iktak
Hi, my first post here, respect to all! am I right or just under influence of the patterns guide ?
TUI. Trading Under the Influence...

Seriously, the last time it was bullish was like 2pm Monday... Kinda stale imo.
FUBAR...
  • #34,476
  • Sep 26, 2008 3:22am Sep 26, 2008 3:22am
EU trade..

Sonic
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  • #34,477
  • Sep 26, 2008 3:23am Sep 26, 2008 3:23am
Quoting Iktak
Hi, my first post here, respect to all!

I have beene recently studying this perfect guide to patterns http://www.tradingpricepatterns.com/bullish-flag/
and I think a beautiful bullish flag has been formed on H1... a stron bullish continuation signal... am I right or just under influence of the patterns guide ?

Marber on Markets (Brian Marber), Chapter 4, page 154, patterns need confirmation...
  • #34,478
  • Sep 26, 2008 3:27am Sep 26, 2008 3:27am
this is to show the clear and REAL picture to all you pattern oriented traders.
it is a 4hour chart gauging the past 3 weeks....as you can clearly see...neither side is in control right now
i will repost this many times as it updates as i have been doing for over a week...

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Different opinions highly valued, ignorant to slander.
  • #34,479
  • Sep 26, 2008 3:29am Sep 26, 2008 3:29am
Quoting ak4x
Just hit the 138% ext on EJ (53.50), catching a quick long on the retrace back to 23% (i hope). Tight stop. Looking for 53.90 TP... hope it doesn't bite me.
Sweet. A heavy long... 9 minutes open, 32 pips in the shoebox. Now it's G'nite for real.
FUBAR...
  • #34,480
  • Sep 26, 2008 3:31am Sep 26, 2008 3:31am
Nice reversal uptrend. Got in at 4574, stopped out at 4582. Reenter again at 4585, locking 10 pips now to 4595. Next possible take profit target at 4620.

I like tracing with 5 and 1 min bars. This might leave some money on the table when price retraces but heck, i catch big moves sometimes when i trail.

For example, i could get out at 4600 earlier as my take profit target. but instead i trail with 5 min bar and lock my profit at 4595. So, this leaves 5 pips on the table, but what is 5 pips compared to unlimited???

Anyway, price retracing now as i typed.
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