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Exchanging trading ideas

  • #21
  • Dec 12, 2008 7:18am Dec 12, 2008 7:18am
As for EURUSD and EUR bullishness in general, the touch of the median line of the thick green pitchfork (which has described price beautifully the past two weeks) indicates potential momentum exhaustion, and we see a consolidating range/bearish rolling chop, no doubt charging up for it's next move. Again waiting for the next channel or fork to describe price for it's next move.
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  • #22
  • Dec 12, 2008 7:18am Dec 12, 2008 7:18am
Quoting aediaz1
True, Soros share some good sentences




Yeah, lets see how badly the US news can mess up my lower TF chart.

Btw, what your experience with forks ?
You have any limit orders ready like on the USD/CAD from the lower TL?
  • #23
  • Dec 12, 2008 7:21am Dec 12, 2008 7:21am
Quoting belekas
You have any limit orders ready like on the USD/CAD from the lower TL?
No, tons of news in 10 m
Measure twice, cut once
  • #24
  • Dec 12, 2008 7:23am Dec 12, 2008 7:23am
Quoting aediaz1

Btw, what your experience with forks ?
Extremely pleasant.

Not everyone likes them, and that is fine by me but nothing does a better job of predicting turning points and places of value like a pitchfork can in my experience. Like anything else they take time to learn and trust and I am still far from mastery.
  • #25
  • Dec 12, 2008 7:34am Dec 12, 2008 7:34am
Quoting birdt
Extremely pleasant.

Not everyone likes them, and that is fine by me but nothing does a better job of predicting turning points and places of value like a pitchfork can in my experience. Like anything else they take time to learn and trust and I am still far from mastery.
I saw the potential in them while I was testing them some time back, but I simply found something more pleasant and more precise operation-tools for my taste. It's all about taste, I would assume.
Measure twice, cut once
  • #26
  • Dec 12, 2008 7:38am Dec 12, 2008 7:38am
Quoting aediaz1
I saw the potential in them while I was testing them some time back, but I simply found something more pleasant and more precise operation-tools for my taste. It's all about taste, I would assume.
I was testing them as well as an additional tool into my box, but as you wrote same thing happened to me. I prefer my good old lines
  • #27
  • Dec 12, 2008 8:04am Dec 12, 2008 8:04am
The thing with trendlines is that they are reactionary - you need two points to draw a trendline whereas PF's are predictive, they indicate where the second point the trendline trader is looking for may be and even then the trendline trader may have to wait for the third test to take a trade, and by that point price has challenged it enough times to eat up many of the limit orders that make the level significant. At least that was my rationalisation.

But if a method makes money then it is all good by me.
  • #28
  • Dec 12, 2008 8:09am Dec 12, 2008 8:09am
Quoting birdt
The thing with trendlines is that they are reactionary - you need two points to draw a trendline whereas PF's are predictive, they indicate where the second point the trendline trader is looking for may be and even then the trendline trader may have to wait for the third test to take a trade, and by that point price has challenged it enough times to eat up many of the limit orders that make the level significant. At least that was my rationalisation.

But if a method makes money then it is all good by me.
According to Igrok we can draw any line between 2 given points in the universe and that doesnt make it a significant line. We require 3rd touch to make it significant. Anyway as you said whatever works for us is the key
  • #29
  • Dec 12, 2008 8:33am Dec 12, 2008 8:33am
Ascending triangle on the GBP/USD 4hr chart

T. Bulkowski says: The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern. In fact, the ascending triangle performs best when the breakout is downward, especially in a bear market.

Any clues?
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  • #30
  • Dec 12, 2008 10:23am Dec 12, 2008 10:23am
I know this is for trade ideas but I had to stick this one up there for you pitchfork haters. (j/k)
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  • #31
  • Dec 12, 2008 10:26am Dec 12, 2008 10:26am
Quoting belekas
Ascending triangle on the GBP/USD 4hr chart

T. Bulkowski says: The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern. In fact, the ascending triangle performs best when the breakout is downward, especially in a bear market.

Any clues?
Let's watch and see
Measure twice, cut once
  • #32
  • Dec 12, 2008 10:27am Dec 12, 2008 10:27am
Quoting birdt
I know this is for trade ideas but I had to stick this one up there for you pitchfork haters. (j/k)
Could I assume that first line is for buy and the dotted for SL ?
Measure twice, cut once
  • #33
  • Dec 12, 2008 10:34am Dec 12, 2008 10:34am
Here's a better chart with a little explanation. Stop losses just go above the local highs and lows as we move with the trade. I don't mess around with breathing space, I want to strangle the hell out of them.

Anyway, I'm not out to convert anybody just excited about a good trade is all. It's a beautiful thing when price respects the lines like a script, I thought you'd appreciate it.
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  • #34
  • Dec 12, 2008 10:46am Dec 12, 2008 10:46am
Quoting birdt
Here's a better chart with a little explanation. Stop losses just go above the local highs and lows as we move with the trade. I don't mess around with breathing space, I want to strangle the hell out of them.

Anyway, I'm not out to convert anybody just excited about a good trade is all. It's a beautiful thing when price respects the lines like a script, I thought you'd appreciate it.
Seems like a rougher way of applying TL compared to what I've learned but as long as you bang profits in the long run its all good
Measure twice, cut once
  • #35
  • Edited 11:10am Dec 12, 2008 10:48am | Edited 11:10am
speaks for itself. Not saying it's going to hold but it has done all week. Good shout for a continuation if it breaks too.

Edit: What I mean by continuation is if a support or resistance level appears to be respected but does not reverse, that is, if a price touches a significant level and then only manages a pullback then this tells me that the market is not ready to turn and a continuation trade (could be a close and reverse) may be in order, which in this case would be a break of the most recent high (Ross Hook a la Joe Ross). Anywhere else on a chart I wouldn't pay much attention, I only trade on or near support or resistance.
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  • #36
  • Dec 12, 2008 2:38pm Dec 12, 2008 2:38pm
Back at the top of the pitchfork and the sliding parallel on GBPUSD. Late in the week though. I'm going out shortly, but if I see a 1-2-3 bearish reversal pattern on the 5m before I go I may have a taste and leave it till Sunday night. GBP is still the dog that all the other currencies love to kick and I don't see anything incredible occurring over the weekend that will change its fortunes but all the same it'll be a reduced size to factor in a possible gap.

For the record, I have also taken partial profits on USDCHF and will leave that over the weekend too. I got shaken out of USDCAD for a few dozen pips but the trade idea is still valid by all accounts.
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  • #37
  • Dec 12, 2008 4:34pm Dec 12, 2008 4:34pm
Posting my last drawing on gbp/yen. Not so bearish channel inside a dayly bearish channel. Lets see where it wants to go.

Have a good weekend aediaz1 and everyone. C ya!
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  • #38
  • Last Post: Dec 15, 2008 2:18am Dec 15, 2008 2:18am
Quoting belekas
Posting my last drawing on gbp/yen. Not so bearish channel inside a dayly bearish channel. Lets see where it wants to go.

Have a good weekend aediaz1 and everyone. C ya!
A bit late but, have a good weekend too

Here's a potential 18.1b I'm sniffing on right now;
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Measure twice, cut once
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