Patience + Discipline - Greed = Success
Cable Update (GBPUSD)
- #99,962
- Nov 20, 2008 10:42am Nov 20, 2008 10:42am
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
here is a channel that I have been playing today.... right now it is having trouble getting past the 10 ema and the middle of the channel...
When life gives you lemons, make lemonade
- #99,963
- Nov 20, 2008 10:48am Nov 20, 2008 10:48am
- Joined Apr 2007 | Status: USF Statistics | 2,248 Posts
i think channels, moving averages and trend lines are simple ways to see Fibonacci levels but not accurate as the Fibonacci though
- #99,964
- Nov 20, 2008 10:51am Nov 20, 2008 10:51am
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
Fibonacci is way way way more accurate.
yeah
When life gives you lemons, make lemonade
- #99,967
- Nov 20, 2008 11:01am Nov 20, 2008 11:01am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
i think channels, moving averages and trend lines are simple ways to see Fibonacci levels but not accurate as the Fibonacci though
Fibonacci is way way way more accurate.
Channels, trendlines and mas have been very kind to me and have made me plenty money...
If fibs work better for you guys, then use em.. but I must say, the indicators I use, when used with price action, kicks ass..
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Patience + Discipline - Greed = Success
- #99,968
- Nov 20, 2008 11:13am Nov 20, 2008 11:13am
I use fibs as well but on higher timeframes.. It's all about price action boys... If you have a system that is driven by price action, you can't go wrong imvho...
Channels, trendlines and mas have been very kind to me and have made me plenty money...
If fibs work better for you guys, then use em.. but I must say, the indicators I use, when used with price action, kicks ass..
thanks
please DON'T copy my trades I am still learning
- #99,969
- Nov 20, 2008 11:25am Nov 20, 2008 11:25am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
sorry if it's a dumb question, but what do mean when refering to price action?
thanks
Study some more about candlestick formations and you will have a better idea how to read price action. It is essential..
Look at these circled areas showing rejection... and then look at what happens after....
Patience + Discipline - Greed = Success
- #99,970
- Nov 20, 2008 11:28am Nov 20, 2008 11:28am
- Joined Jul 2007 | Status: C.E.O of BWR Investment firm | 4,736 Posts
Just Trade It
- #99,971
- Nov 20, 2008 12:33pm Nov 20, 2008 12:33pm
I will answer that question by asking you to refer to yesterday's candle close. Price was going hard and fast up and above 1.5200 area but by the end of the day, price was lower than the previous day's close. That is price action telling you that the market is still very much bearish with more bearishness to come.
Study some more about candlestick formations and you will have a better idea how to read price action. It is essential..
Look at these circled areas showing rejection... and then look at what happens after....
please DON'T copy my trades I am still learning
- #99,973
- Nov 20, 2008 1:15pm Nov 20, 2008 1:15pm
- | Membership Revoked | Joined Aug 2008 | 1,097 Posts
- #99,975
- Nov 20, 2008 1:25pm Nov 20, 2008 1:25pm
- Joined May 2008 | Status: "One for all, and all for one" | 11,228 Posts
Just digging in the trenches like everyone else!
- #99,978
- Nov 20, 2008 1:43pm Nov 20, 2008 1:43pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
When life gives you lemons, make lemonade
- #99,980
- Nov 20, 2008 2:00pm Nov 20, 2008 2:00pm
- Joined Feb 2008 | Status: Trader | 5,732 Posts
Is this thing ever gonna move!
Patience + Discipline - Greed = Success