DislikedHello all. For those of you who remember me, you know my methods well. For those of you who don't, note that I do not use indicators, just channels/horizontal support and resistance/patterns (triangles, W's, M's, h&s, double and triple tops and bottoms, cup and handles).
To understand the current situation we must look back in time to december. For those of you who remember, we were stuck in a triangle for over a month that could have went either way. When it broke up (and what a break up it was), the break out level was around the 1.2850 level...Ignored
- #59,083
- Jan 26, 2009 10:17am Jan 26, 2009 10:17am
- Joined Oct 2008 | Status: sideline is a position | 105,213 Posts
Gator, didn't realize at the time ((a few years ago)) this was you at the Cracker Barrel when I shot this in the parking lot, or I'd have left the bill at the cash register for you to pick up....
Maybe next time.
Anyway, this is my new chart for where all the major pairs are going... They've all got each other by what matters, and they're both chained together to a stout anchor...
those who can, do. those who cant, talk about those who can
- #59,087
- Jan 26, 2009 10:26am Jan 26, 2009 10:26am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,361 Posts
Hello all. For those of you who remember me, you know my methods well. For those of you who don't, note that I do not use indicators, just .............
- #59,088
- Jan 26, 2009 10:34am Jan 26, 2009 10:34am
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...
- #59,089
- Jan 26, 2009 10:36am Jan 26, 2009 10:36am
- Joined Oct 2008 | Status: sideline is a position | 105,213 Posts
those who can, do. those who cant, talk about those who can
- #59,091
- Jan 26, 2009 10:40am Jan 26, 2009 10:40am
- Joined Oct 2008 | Status: sideline is a position | 105,213 Posts
those who can, do. those who cant, talk about those who can
- #59,092
- Jan 26, 2009 10:47am Jan 26, 2009 10:47am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Current trading decisions analysis.
One thing i did not show in my previous post is that by connecting all the highest spikes (not including the 1.47 high) we have seen a strong upper wall of the current downtrend (within the bigger downtrend channel). That wall has been broken earlier and like I always say, most breakouts have retests of the breakout wall. (Always keep note of strong horizontal support resistance though). Breaking up...a nice uptrend appears on the 15min chart with pa that was glued to the upper wall of this uptrend for a while. Another thing I always say is when PA sticks to one side of the wall, a hard break to the other side is most likely (with the middle wall acting as first support in this case which is why i closed my trade for a nice 51pips).
Possible entries=
1)A retest of the lower wall to go long (which coincides with the neckline of the W on the larger timeframe) if it's shown to be strong support now.
2)Middle wall which did act as entries in the past does not anymore since buyers/sellers are at a deciding point and it could go either way (really a gamble here unless you use indicators)
3)A retest of the upper wall of the current uptrend which always provides a good short entry once an uptrend has been established (close to what has been a strong horizontal resistance in the past) even if stop loss is hit later.
Thats all for now folks....I'll try to limit my posts from now on only to relevant data. To those who saluted me.....hello back
sidenote-as supports/resistance are alot about our own individual perceptions (which is why some fail some succeed)...note that the black horizontal lines are what i consider key values, looking at your charts you may agree or not.
One thing i did not show in my previous post is that by connecting all the highest spikes (not including the 1.47 high) we have seen a strong upper wall of the current downtrend (within the bigger downtrend channel). That wall has been broken earlier and like I always say, most breakouts have retests of the breakout wall. (Always keep note of strong horizontal support resistance though). Breaking up...a nice uptrend appears on the 15min chart with pa that was glued to the upper wall of this uptrend for a while. Another thing I always say is when PA sticks to one side of the wall, a hard break to the other side is most likely (with the middle wall acting as first support in this case which is why i closed my trade for a nice 51pips).
Possible entries=
1)A retest of the lower wall to go long (which coincides with the neckline of the W on the larger timeframe) if it's shown to be strong support now.
2)Middle wall which did act as entries in the past does not anymore since buyers/sellers are at a deciding point and it could go either way (really a gamble here unless you use indicators)
3)A retest of the upper wall of the current uptrend which always provides a good short entry once an uptrend has been established (close to what has been a strong horizontal resistance in the past) even if stop loss is hit later.
Thats all for now folks....I'll try to limit my posts from now on only to relevant data. To those who saluted me.....hello back
sidenote-as supports/resistance are alot about our own individual perceptions (which is why some fail some succeed)...note that the black horizontal lines are what i consider key values, looking at your charts you may agree or not.
Different opinions highly valued, ignorant to slander.
- #59,094
- Jan 26, 2009 11:09am Jan 26, 2009 11:09am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
- #59,096
- Jan 26, 2009 11:10am Jan 26, 2009 11:10am
- Joined Oct 2008 | Status: sideline is a position | 105,213 Posts
those who can, do. those who cant, talk about those who can
- #59,098
- Jan 26, 2009 11:17am Jan 26, 2009 11:17am
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
Current trading decisions analysis.
One thing i did not show in my previous post is that by connecting all the highest spikes (not including the 1.47 high) we have seen a strong upper wall of the current downtrend (within the bigger downtrend channel). That wall has been broken earlier and like I always say, most breakouts have retests of the breakout wall. (Always keep note of strong horizontal support resistance though). Breaking up...a nice uptrend appears on the 15min chart with pa that was glued to the upper wall of this uptrend for a while....
I'm on the road and not trading but just wanted to say welcome back. Gotta go good luck
- #59,100
- Jan 26, 2009 11:22am Jan 26, 2009 11:22am
my m5 turned south... took 20.... not sure how long it will last... sometimes it runs for 20.. sometimes it runs for hundreds 
would like to see it consolidate for a bit.. and bust up through the m5 and m15 mas... but that is probably too much to ask today.
would like to see it consolidate for a bit.. and bust up through the m5 and m15 mas... but that is probably too much to ask today.
DireXiv
Make it happen, no one
else is going to do it for you...