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  • #6,081
  • Nov 19, 2008 12:37am Nov 19, 2008 12:37am
Tori,

I noticed that there are two s/r lines that I have on my chart that are not in yours:
1.4783 which the support from 14.11 and a bucket line
1.4650 the opening of Monday which created the low.
They are obvious to me.

Thanks for your posts. I learn through them.
  • #6,082
  • Nov 19, 2008 1:07am Nov 19, 2008 1:07am
Quoting ady27
Tori,

I noticed that there are two s/r lines that I have on my chart that are not in yours:
1.4783 which the support from 14.11 and a bucket line
1.4650 the opening of Monday which created the low.
They are obvious to me.

Thanks for your posts. I learn through them.
Attached Image (click to enlarge)
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Good call. didnt want to clutter up my chart when I am trying to show the diagonal and the line that it is intersecting that is pertinent to what I am talking about. If I thought we were dropping they would be there in white as I use the green for the ones I feel really strongly about. But yes, I will put all on. Birdt helped explain a head and shoulders pattern this morning and gave me link to print out material. I took the trade that developed from that pattern, interestingly, as we were posting, and have a stop under 901, and it is still in play. Looks tired again near trend line, but as it is not crossing a horizontal, and as I keep reminding, there is a chance it might continue up and end up at 076, where it was last night. If that happens I am still looking at 271. Anyway, it isnt too bad a trade considering how it came about. And it was good for everyone to see that the theory played out in real time. 971 is stubborn here too. Thanks for the words. I learn by doing this and if someone else gets benefit from my learning, then we all win.
  • #6,083
  • Nov 19, 2008 1:14am Nov 19, 2008 1:14am
[quote=smittens4212;2358276]Ron Paul is saying the dollar/fiat system is dead and we should move back to gold backed fixed currencies... hahahah. Can't believe people wanted to vote this guy in for President.

Our world economic crisis and these insane, so-called "business cycles" are not going to be resolved with bail-outs, "rescue packages", or even going back to the gold standard, nor will it resolve by passing legislation on spending.

This world event, which is history in the making, comes from lax rules on fractional reserve banking that has been completely orchestrated and planned. The result, over leverage. Remember, like the law of "Conservation of Energy", wealth does not disappear, it merely changes hands. There were many wealthy men made during the Great Depression, no doubt there are some being made now. I suppose the worlds wealth is gathering into a smaller group of hands now than ever before.

Trade well.
  • #6,084
  • Nov 19, 2008 1:26am Nov 19, 2008 1:26am
This is the updated trend lines on chart as this is the one I have been talking about. getting very close to going somewhere.
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  • #6,085
  • Nov 19, 2008 4:24am Nov 19, 2008 4:24am
No one posting so thought I would update. Gee this is heaps of fun, not. Wouldnt still be in here if I hadnt gotten in this morning so luckily. has to break some time
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  • #6,086
  • Nov 19, 2008 4:37am Nov 19, 2008 4:37am
This is the new updated lines. It might seem a pain to redo lines so often, but it doesnt always have to be done , sometimes hours may go by before it is necessary.But I think it makes me focus on the chart, what it has been doing, and possibly notice something I might not have otherwise seen. It just makes that chart become present in my mind.
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  • #6,087
  • Nov 19, 2008 4:52am Nov 19, 2008 4:52am
Patience has won out. expect a stop at 076, and when it goes over will move my TP up to not far under, and then heading north to 271. either way around 150 up so far. If it goes over 076 it can run free for a while and I will concentrate on another trade. Have one looking at me now.
  • #6,088
  • Nov 19, 2008 5:09am Nov 19, 2008 5:09am
ran out of steam at 076, but I am waiting to see what happens. As I feel like I am saying too much and no one else is talking amongst themselves I am goiing to log off and just watch. Hope some of the charts were interesting. I have another pair in profit so have to watch that too. toodles.
  • #6,089
  • Nov 19, 2008 5:16am Nov 19, 2008 5:16am
Quoting Tori
This is the new updated lines. It might seem a pain to redo lines so often, but it doesnt always have to be done , sometimes hours may go by before it is necessary.But I think it makes me focus on the chart, what it has been doing, and possibly notice something I might not have otherwise seen. It just makes that chart become present in my mind.
Attachment

Hi Tori

seeing you redraw your trendlines reminds me of me. The difference is I redraw the lines and am not sure what to analyse and use them for. You seem to update them for a purpose. Can you give us an insight what you will do with the redrawn lines.

in terms of this now obvious long trade I missed the upmove on G/U as I was caught in the fake out of the short from the break of the hourly inside candle low of 2am EST. C'est la vie.

Good luck on your long trade.

Rob

An edition: you appear to update from the right side of the chart ( the new 60 min lo candle) and reconnect the previous lo. would this be a correct observation and will this now stay on your chart to observe a future bounce maybe? This may appear to be an elementary point but I have a few missing links in my charting.. this being one of them.

Many thanks
  • #6,090
  • Nov 19, 2008 5:35am Nov 19, 2008 5:35am
Quoting Tori
Have one looking at me now.

If you dont' mind...what trade are you looking at now? I'm not finding any setups this morning.
  • #6,091
  • Nov 19, 2008 5:39am Nov 19, 2008 5:39am
Quoting robgsxr
Hi Tori

seeing you redraw your trendlines reminds me of me. The difference is I redraw the lines and am not sure what to analyse and use them for. You seem to update them for a purpose. Can you give us an insight what you will do with the redrawn lines.

in terms of this now obvious long trade I missed the upmove on G/U as I was caught in the fake out of the short from the break of the hourly inside candle low of 2am EST. C'est la vie.

Good luck on your long trade.

Rob

An edition: you appear to update from the right side of the chart (...
Okay, I will do my best. BRV did a lot on this couple nights back, and the well known Tom DeMarks book will teach you much the true technicals. This is my take, and if you have a plan and it works, then right or wrong stick to it. Firstly from the right take the highest high back to the next highest high. lowest low back to the next lowest low. Not the candle presently developing. Now this blog is for support and resistance, not a trendline blog, so I am mindful to keep saying that these lines are only for two purposes for me. One is to guage the buildup of pressure, like in that pound trade. when it breaks either way it could zoom. And like I said it keeps me in tune with the chart. The main thing is to see where diagonal crosses horizontal. If you sat for a few days, which I did without trading,and just watch what happens, you would gain huge confidence in that setup. Actually being on this blog focused me in on it. BRV doesnt go on about diagonals because they are ambiguous, and that is why I do not use them, as some do, to just pick a breakout. But if just used even to see the crosses, then you have a valuable tool. Just as in anything, if you dont follow the rules, and updating when a new low, or high appears, you will be trying to trade professionally, with a messy, ill planned base. The discipline doesnt hurt at all. I dont care how many great indicators or theories are out there. This works, it is simple, and it just enhances the great lines we are all learning about. Whenever you want to post a chart with your lines, I will happily comment. I know nothing more than anyone else about this, I just choose to be disciplined, watch, and take notice. If it works time and again I may as well be on it.
  • #6,092
  • Edited 5:50am Nov 19, 2008 5:49am | Edited 5:50am
Thought i would post a few of my charts to show what i am watching. The charts have Buy's and Sell's on them but please do not consider taking any of these trades unless your analysis lines up with mine. The charts just show the reaction points I am expecting price to turn etc...

Any thoughts are most welcome, especially if you disagree with me.
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Note, the G/U chart has already triggered an entry... let's see how it goes. Looking to take profit at 1.5001
  • #6,093
  • Nov 19, 2008 5:59am Nov 19, 2008 5:59am
Quoting libb
If you dont' mind...what trade are you looking at now? I'm not finding any setups this morning.
Sorry, I was busy. You missed the audusd which had a diagonal/horizontal cross at 6433, but if it comes down to 6449 you could possibly get in again, otherwise 6507 to see direction. still in pound trade. if it goes over 076 might be a go, otherwise have to wait for a drop down again to go up, or I would look at sell closer to 271. I would look at buy eurjpy if it drops down to 121.73 area but this is only a maybe. japs can go anywhere. had a usdchf touch right on 1.2085 line and if it comes up there and rails I am in. eurchf too slow. Gosh, if you pick the place you feel is appropriate, and then just wait and wait. I really dont know that my entries are any different to anyone elses. Maybe I just watch a long time.
  • #6,094
  • Edited 6:14am Nov 19, 2008 6:02am | Edited 6:14am
Quoting Tori
Okay, I will do my best. BRV did a lot on this couple nights back, and the well known Tom DeMarks book will teach you much the true technicals. This is my take, and if you have a plan and it works, then right or wrong stick to it. Firstly from the right take the highest high back to the next highest high. lowest low back to the next lowest low. Not the candle presently developing. Now this blog is for support and resistance, not a trendline blog, so I am mindful to keep saying that these lines are only for two purposes for me. One is to guage the...
Thanks Tori,

Kinda confirms what I was seeing. Good point about watching without trading (can be invaluable). I saw some of the remarks a few days ago and now witness you acting on some of it. Great help.
I will search for the DeMark book.

Rob

Addition: If you have time to respond I have one other question. You said you were fortunate to be in the G/U long. May I ask what strategy compelled you to buy. I used an inside bar breakout strategy to sell and this was clearly trumped by a long strategy. It would be great to know what trumps what in the world of forex strategies particularly the G/U around the London open. I have watched big ben trade, Inside bar 6 am trade, s/r, general price action and nothing seems to work consistently better than another. Maybe your choice this morning has greater influence.

Rob
  • #6,095
  • Nov 19, 2008 6:03am Nov 19, 2008 6:03am
Quoting Tori
Okay, I will do my best. BRV did a lot on this couple nights back, and the well known Tom DeMarks book will teach you much the true technicals. This is my take, and if you have a plan and it works, then right or wrong stick to it. Firstly from the right take the highest high back to the next highest high. lowest low back to the next lowest low. Not the candle presently developing. Now this blog is for support and resistance, not a trendline blog, so I am mindful to keep saying that these lines are only for two purposes for me. One is to guage the...
Hey Tori,

Good advice. I think you have an eye for trend lines. How did you get long that good gbp trade of yours? did you enter on the intersection on the up sloping trendline at 1.4945 on the boe minutes
  • #6,096
  • Nov 19, 2008 6:08am Nov 19, 2008 6:08am
Quoting Tori
Sorry, I was busy. You missed the audusd which had a diagonal/horizontal cross at 6433, but if it comes down to 6449 you could possibly get in again, otherwise 6507 to see direction. still in pound trade. if it goes over 076 might be a go, otherwise have to wait for a drop down again to go up, or I would look at sell closer to 271. I would look at buy eurjpy if it drops down to 121.73 area but this is only a maybe. japs can go anywhere. had a usdchf touch right on 1.2085 line and if it comes up there and rails I am in. eurchf too slow. Gosh, if...
did you get into that aud trade? I missed that trade by a few pips trying to get fancy with my order entries. I was looking for 6425. what do you think about a fresh new long in cable at 1.4995 if it comes back and back fills
  • #6,097
  • Nov 19, 2008 6:09am Nov 19, 2008 6:09am
Quoting Guerrillawar
Hey Tori,

Good advice. I think you have an eye for trend lines. How did you get long that good gbp trade of yours? did you enter on the intersection on the up sloping trendline at 1.4945 on the boe minutes
Hi GW. Got in at 901 intersection. it was funny because Birdt was instructing me in head a shoulders and while he was doing so the exact scenario happened. He said there is usually a quick retrace, and as it hit the line I had there, I just stayed in it. thing was, it stayed in tight channel for hours and hours. Always knew where I was looking, but it took a long time. So Birdt is responsible for this trade.
  • #6,098
  • Nov 19, 2008 6:16am Nov 19, 2008 6:16am
Quoting Guerrillawar
did you get into that aud trade? I missed that trade by a few pips trying to get fancy with my order entries. I was looking for 6425. what do you think about a fresh new long in cable at 1.4995 if it comes back and back fills
I always use 1 min to guage entry and if it isnt quite at line but is looking good I will take it. I cannot say I would feel comfortable with buy in pound there, my 076 line is solid so from there up is not not enough room here, for me. this could end up in tight channel going sideways again, who knows. It really could be all over there for a while as it looks slow. I just got in eurjpy as my 122.29 line has been pretty good.
  • #6,099
  • Nov 19, 2008 6:17am Nov 19, 2008 6:17am
Quoting Tori
Hi GW. Got in at 901 intersection. it was funny because Birdt was instructing me in head a shoulders and while he was doing so the exact scenario happened. He said there is usually a quick retrace, and as it hit the line I had there, I just stayed in it. thing was, it stayed in tight channel for hours and hours. Always knew where I was looking, but it took a long time. So Birdt is responsible for this trade.

Spooky this answers my addition from a few minutes ago. Seems strange to think a H/S pattern could trump all the others.. Just kidding But this shows another important lesson..learn and learn and learn.

Rob
  • #6,100
  • Nov 19, 2008 6:20am Nov 19, 2008 6:20am
GW I either want a real strong jump over 076, to come back down to 901area, or sell from higher. not even comfortable with sell here because of the strength it had getting up there. You would know though with your ability to guage the other indices. I still cant do that properly. I think you would have opinion on that. . Like eurjpy for 123.70 target
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