Dislikedi have entered a small short (i meant LONG) position...in no way do i recommend doing so...risky and confirmation is above 1.3500..at that point price action could move up to 61.8% from the most recent high to low(1.3600 or so)...maybe even higherIgnored
- #39,622
- Oct 16, 2008 6:02am Oct 16, 2008 6:02am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Just a thought... I would advise to be very careful with longs around USA opening, as that particular time of the day has been systematically showing a massive drop after an apparent ongoing uptrend for the last three days.
still i am a bull by nature (born in may) and this is looking like a setup for a good bull rally...worth taking the risk
also stocks are set to open higher today...dow is up 119 points currently
Edit:stock market strength is a direct result of citibank earnings ( they say the financial plan is helping also)...lets see if gains hold
Different opinions highly valued, ignorant to slander.
- #39,623
- Oct 16, 2008 6:11am Oct 16, 2008 6:11am
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
- #39,624
- Oct 16, 2008 6:18am Oct 16, 2008 6:18am
- Joined Apr 2007 | Status: Trader | 2,303 Posts
...... but I will post the only one for today!
Everyone who follow my posts knows that until 1.3850 I favour longs.
After 1.3770 refuse I was waiting to see more consolidation until 1.3440 but dropped more 100 pips.
Now, there are a Major Problem to keep my bull view.
Price must, must, must cross today 1.3550 and better 1.3620 until end of the day for me to keep my bull view.
There is a possibility that 1.3344 was the low for the week, and upcoming weeks of the month.
I still have my Longs open, Yesterday I hedge at 1.3438, closed today my short at 1.3377, my TP was 1.3333 didn't reach it, very hard decision to make.
I have a resistance line at 1.3377, there is always the possibility to drop the line for more than 35 pips, some times even more, I waited, waited to see all the price pattern, and I keep my longs.
Now will see how will end the day!
I am really stubborn!! but now or I close it at 1.3333 or at 1.4333.
No more trades until then!
Let's see!!
Everyone who follow my posts knows that until 1.3850 I favour longs.
After 1.3770 refuse I was waiting to see more consolidation until 1.3440 but dropped more 100 pips.
Now, there are a Major Problem to keep my bull view.
Price must, must, must cross today 1.3550 and better 1.3620 until end of the day for me to keep my bull view.
There is a possibility that 1.3344 was the low for the week, and upcoming weeks of the month.
I still have my Longs open, Yesterday I hedge at 1.3438, closed today my short at 1.3377, my TP was 1.3333 didn't reach it, very hard decision to make.
I have a resistance line at 1.3377, there is always the possibility to drop the line for more than 35 pips, some times even more, I waited, waited to see all the price pattern, and I keep my longs.
Now will see how will end the day!
I am really stubborn!! but now or I close it at 1.3333 or at 1.4333.
No more trades until then!
Let's see!!
- #39,626
- Oct 16, 2008 6:30am Oct 16, 2008 6:30am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
i have entered a small short (i meant LONG) position...in no way do i recommend doing so...risky and confirmation is above 1.3500..at that point price action could move up to 61.8% from the most recent high to low(1.3600 or so)...maybe even higher
Attachment
...now to wait for a retracement to the neckline possibly and reload...
Different opinions highly valued, ignorant to slander.
- #39,627
- Oct 16, 2008 6:30am Oct 16, 2008 6:30am
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
- #39,628
- Oct 16, 2008 6:33am Oct 16, 2008 6:33am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
to illustrate the red line again...which was previous resistance and now should be support...if tapped again and it holds...great reload point for a long position...still i do not recommend anything this market is too crazy
Different opinions highly valued, ignorant to slander.
- #39,630
- Oct 16, 2008 6:39am Oct 16, 2008 6:39am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
congratulation psi.. missed the long lol.. bias is short as for me
be grateful
on another note...5bull 15min candlestick will be followed by either 1bear candle or 3 bear candles...to be seen...these candle 101 basics are so useful in these markets...just thought id point that out....for bear side its been 8 bear candles in a row a few times today
BIG EDIT: stock market gave back almost all gains...very risky to go long now
Different opinions highly valued, ignorant to slander.
bear market=bull nightmare...to find opportunity where very few exist...this is a challenge i do not recommend as its 10 times hard to do then trading with the trend.
be grateful
on another note...5bull 15min candlestick will be followed by either 1bear candle or 3 bear candles...to be seen...these candle 101 basics are so useful in these markets...just thought id point that out....for bear side its been 8 bear candles in a row a few times today
ahh I didnt noticed that, good eye ! lol thanks for info!
Money often costs too much... 
- #39,632
- Oct 16, 2008 6:49am Oct 16, 2008 6:49am
- | Joined Nov 2007 | Status: Trader | 2,903 Posts
...... but I will post the only one for today!
Everyone who follow my posts knows that until 1.3850 I favour longs.
After 1.3770 refuse I was waiting to see more consolidation until 1.3440 but dropped more 100 pips.
Now, there are a Major Problem to keep my bull view.
Price must, must, must cross today 1.3550 and better 1.3620 until end of the day for me to keep my bull view.
There is a possibility that 1.3344 was the low for the week, and upcoming weeks of the month.
I still have my Longs open, Yesterday I hedge at 1.3438, closed today my short at 1.3377, my TP was 1.3333 didn't reach it, very hard decision to make.
I have a resistance line at 1.3377, there is always the possibility to drop the line for more than 35 pips, some times even more, I waited, waited to see all the price pattern, and I keep my longs.
Now will see how will end the day!
I am really stubborn!! but now or I close it at 1.3333 or at 1.4333.
No more trades until then!
Let's see!!
- #39,633
- Oct 16, 2008 6:53am Oct 16, 2008 6:53am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
true even when I scalp I always scalp not against the trend.. there are two good entries according my MA chart but I wont enter LONG
ahh I didnt noticed that, good eye ! lol thanks for info!
Different opinions highly valued, ignorant to slander.
- #39,634
- Oct 16, 2008 6:56am Oct 16, 2008 6:56am
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
it goes something like this. lets say...3bull candles followed by 1bear candle (small) means bull continuation...if the bear candlestick encompasses the 3 bull candles...exit all bulls haha...if there are 5 bull candles in a row...most often 1 bear candle comes or 3 bear candles in a tight range(sometimes 2 but rarer) which leads to bull continuation...8bull candles in a row followed by 1 bear...mega bull continuation..those are some of the common ones
Money often costs too much...
- #39,638
- Oct 16, 2008 7:01am Oct 16, 2008 7:01am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
- #39,640
- Oct 16, 2008 7:01am Oct 16, 2008 7:01am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
I didnt know about this before.. do you learn it from somewhere or based on your observation ? this is very interesting.. I want to learn more about this pattern.. this is new to me..
right now for example...if a 3rd bear candle will come and retap the breakout point..it will go as low as 1.3460/75...but then again if it goes that low its lower then previous hourly candle...like i said crazy markets...tempted to think its just 2 bear this time and reenter long...better not haha
Different opinions highly valued, ignorant to slander.