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  • #641
  • Mar 18, 2009 7:57am Mar 18, 2009 7:57am
Quoting Naws
Hi Strat, just finished catching up and I think this is a great thread so far
I'm a newbie, demo trading so far for about 4 months and I'm trying to learn as much as I can about price action trading as I found its the way to go in trading FX

By looking at the chart it looks like price is in a very clear pattern, sort of like descending waves

It tests support then after it breaks, the same support becomes resistance and price tests it again

Also it looks like the trend is slowing down since February
Only 4 months into forex and you know this much? I know of people who have been 5 and 6 years in forex and STILL can't work this out. You are doing good - keep doing what you're doing
15 YEARS OF PASR ON FOREX FACTORY!
  • #642
  • Mar 18, 2009 7:58am Mar 18, 2009 7:58am
Quoting elitejets
I am starting to think there is something to this Fib levels and major support and resistance.
A light came on (although at the end of the tunnel), thanks Strat!
My Fib light hasn’t come on yet but certainly the major S/R levels are key. It’s frustrating as hell when something so simple proves to be so powerful, yet a lot of people get sucked into indicator hell.

It might be a slow process for me but I am very glad to have found Jim16 and Strat to point the way.

Cheers
Dan
  • #643
  • Mar 18, 2009 8:00am Mar 18, 2009 8:00am
Quoting strat
Another method I tried, used and dropped.

Anyone see any use in it?

I know, sounds like a Starbucks special!

Nicola and AstonDan - you are DISQUALIFIED from answering!
The only use I can think of is for in the occasion when my wife comes into my office and looks at what I am doing. It makes her think I MUST be really smart to be able to understand such a thing and makes up for all the times she thinks I am so stupid. Naked charts are way to boring...
  • #644
  • Mar 18, 2009 8:00am Mar 18, 2009 8:00am
Quoting Naws
Attachment

It looks like horizontal support in the 1.2670 area has met trend line support so I am looking to go long after the break of the previous candle at 1.2770, SL should be below the last swing low at 1.2620
It also looks like like the previous bar is an inverted hammer as well as a harami with the two previous bars although they are weak

what do you think?
All good EXCEPT - it is absolutely NOT an inverted hammer! Go back and read my post about Bond!

I am waiting for a bullish candle from which to go long off
15 YEARS OF PASR ON FOREX FACTORY!
  • #645
  • Mar 18, 2009 8:02am Mar 18, 2009 8:02am
Quoting elitejets
Me either, got my head in the clouds today
Very funny and a propos, Queen of Darkness - do you think anyone else will get it?
15 YEARS OF PASR ON FOREX FACTORY!
  • #646
  • Mar 18, 2009 8:07am Mar 18, 2009 8:07am
Quoting rogueforex
The only use I can think of is for in the occasion when my wife comes into my office and looks at what I am doing. It makes her think I MUST be really smart to be able to understand such a thing and makes up for all the times she thinks I am so stupid. Naked charts are way to boring...
Lance, you made me laugh! A man after my own heart - be careful though, I might have to let you into my weird sense of humour club!
15 YEARS OF PASR ON FOREX FACTORY!
  • #647
  • Mar 18, 2009 8:18am Mar 18, 2009 8:18am
The North bound train can't go anywhere but North until it STOPS in the station, gets on the turntable and turns around to go South.


I wrote this off the top of my head on post # 616 as I like to do analogies as they help memory recall.

I bet you can all remember what the Bond post was about - right?

Anyway, as I go back through the pages to see if there are any posts I haven't answered, I saw this again and it just hit me that I had written something very profound.

If you don't understand why this is so profound, ASK!

Lance - please will you put this somewhere in the Index so that it stands out like a sore thumb.
15 YEARS OF PASR ON FOREX FACTORY!
  • #648
  • Mar 18, 2009 8:18am Mar 18, 2009 8:18am
as expected, newsbreak plays got me +35 net pips each on 3 pairs... E/U, G/U, U/C.

i like trading the news

LET'S GO NORTH with E/U ??!!
There's a POT of GOLD at the END of the RAINBOW!!
  • #649
  • Mar 18, 2009 8:25am Mar 18, 2009 8:25am
Quoting strat
Hmm, I wonder what you lot will make of this?
I have spend some time looking at your levels and I have some questions on the rational. Looking at my charts I didn't recognize some levels and I had levels marked that you did not. ie the 1.4030 from a Daily standpoint. I know you use the close and you are sparingly "leaking" info on how you decide on SR levels. But can you give me some insight on your process? Thanks
  • #650
  • Mar 18, 2009 8:29am Mar 18, 2009 8:29am
I have to admit I don't trade gold. It ate a lot of my pips when I was learning. But I do watch it and it seems to be breaking out of a channel and a nice head and shoulders on the daily. The neckline has been compromised but it is around the $890 level.

I did not have time to put the SR levels on my chart (I really don't trade it!) and the 20ma is resistance but it could be interesting.

Nicola

PS Don't you feel bad for all those people who bought gold in the panic when you look at this chart LOL?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold wkly.gif Size: 17 KB
Click to Enlarge Name: gold daily.gif Size: 15 KB
  • #651
  • Mar 18, 2009 8:29am Mar 18, 2009 8:29am
Thanks guys for your advise on the usd/cad and unfortunatly or not as the case may be its a rate date and i cant do it.

These are the days i lose my balls.

So im gonna get some sun laters g
  • #652
  • Mar 18, 2009 8:47am Mar 18, 2009 8:47am
Quoting Baba G
Look i want some thoughts on cad jpy.....why dont dont you all like cad jpy?

With thousands of veiws has cad jpy got the plague....

If you missed that its cadjpy did i say cad jpy........yes i did....g
Alright, stop throwing your toys out of your pram!

CADJPY
My data only goes back to 2007 so it's like driving with one eye closed. So, with my good eye:

BOSS:
Prices held down by 20 but ready to break out as bottom looks to be in place with mega support

DAILY:
Immediate trend is UP with prices supported by 20 and BOSS 20. Price now at resistance of psycho 78.00 for the TENTH time - got to give soon!
Momentum is bullish BUT short term cycle is topping so look for retrace to support at psycho 77.00 or maybe down to the 20 THEN go long.

Now can I get some sleep?
15 YEARS OF PASR ON FOREX FACTORY!
  • #653
  • Mar 18, 2009 9:02am Mar 18, 2009 9:02am
Quoting rogueforex
I have spend some time looking at your levels and I have some questions on the rational. Looking at my charts I didn't recognize some levels and I had levels marked that you did not. ie the 1.4030 from a Daily standpoint. I know you use the close and you are sparingly "leaking" info on how you decide on SR levels. But can you give me some insight on your process? Thanks
Lance, I didn't put all of the Daily levels on as when I zoom out to see the bigger picture, it would be too many lines. Maybe I should do a close up.

Yes, I am "leaking" it as you so eloquently put it because this is something I worked out for myself and not from someone else. I said I would not spoon feed on here and I'm very conscious of the lurkers just looking for tid-bits without contributing. I want everyone to start thinking. If you knew that support and resistance was so valuable you would search and search until you found how to correctly identify those levels.

I have already posted clues on this thread which is a damn sight more than what I had.

Again, it's not magic and it is staring everyone in their face!

Keep Searching - Del Shannon 1965 - Ah, what a time, I feel so sorry for you guys that missed the 60s!
15 YEARS OF PASR ON FOREX FACTORY!
  • #654
  • Mar 18, 2009 9:09am Mar 18, 2009 9:09am
Quoting strat
Lance, I didn't put all of the Daily levels on as when I zoom out to see the bigger picture, it would be too many lines. Maybe I should do a close up.

Yes, I am "leaking" it as you so eloquently put it because this is something I worked out for myself and not from someone else. I said I would not spoon feed on here and I'm very conscious of the lurkers just looking for tid-bits without contributing. I want everyone to start thinking. If you knew that support and resistance was so valuable you would search and search until you found how to correctly...
Deal... I do take it from your previous comment about taking the time element out of it you are refering to not just looking at the recent history but digging deep and really researching the history of the pair.
I'll start with that...
  • #655
  • Mar 18, 2009 9:21am Mar 18, 2009 9:21am
Quoting rogueforex
Deal... I do take it from your previous comment about taking the time element out of it you are refering to not just looking at the recent history but digging deep and really researching the history of the pair.
I'll start with that...
No, don't waste your time doing that - it is much more obvious
15 YEARS OF PASR ON FOREX FACTORY!
  • #656
  • Mar 18, 2009 9:39am Mar 18, 2009 9:39am
I need to copy this post over from J16 because this was a topic on my list to put on the thread.

This is answered by Mike (mbqb11 - Resident Elmer Fudd), one of Jim's seniors and is so well put, it is not worth my time to even add my take.

Thank you, Mike.

Originally Posted by krue http://www.forexfactory.com/images/buttons/viewpost.gif
Mike, talking about daily/weekly TF, how many pips on average would you look at? I noticed the difficulty of trading smaller TFs; when I move on to daily, found very hard to sustain managing a trade more than one day, most times, I had about 150pips, but, I refuse to take profit as I determined to do a position trade ( my understanding on daily TF is something like position trading, correct me if I am wrong, please), that is a duration from one day to a couple of week, therefore, 150pips means nothing to me when I consider using daily. but, most...
Hey Krue

I don't really have a set answer for you. I really don't even think about pips so to speak. I just manage my trades according to what I believe is the best game plan. I have a eur/jpy open for some 200+ pips and a nzd/jpy for around 100. I only even know that because you asked me so I took a peak. Instead I manage each and every trade based on the situation and the approach I feel is best. I take what the market offers. Sometimes that is a loss/small loss / small win / large win.

Sorry if that isn't what you were hoping for

Mike
15 YEARS OF PASR ON FOREX FACTORY!
  • #657
  • Mar 18, 2009 9:39am Mar 18, 2009 9:39am
Quoting strat
All good EXCEPT - it is absolutely NOT an inverted hammer! Go back and read my post about Bond!

I am waiting for a bullish candle from which to go long off
I agree with you about the hammer now that I examine it further, it didn't meet most of the criteria

I was trying to see something that wasn't really there, making a signal out of nothing just because I wanted to go long
  • #658
  • Mar 18, 2009 9:52am Mar 18, 2009 9:52am
Quoting Naws
I agree with you about the hammer now that I examine it further, it didn't meet most of the criteria

I was trying to see something that wasn't really there, making a signal out of nothing just because I wanted to go long
Good going - you have recognised the error of your ways - remember it and don't do it again!

Never forget Bond and also that if it means something it will jump out at you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #659
  • Mar 18, 2009 9:53am Mar 18, 2009 9:53am
Quoting elitejets
Baba G, I really like CADJPY long.
It has broken up through the weekly 20 (thick red line). I watching for it to drop back down and find support off the thick red line and then move up.

My only concern is I am bullish USDCAD (not immediately but in the next little while) and I usually see them move opposite directions. But I would not be surprised to see USDCAD drop down a bit to get some strength before moving up. I have been burned trying to pre-empt this one

Nicola
I was looking at this one too and I think it all depends on what happens around the major resistance of 79. This will be 4th time price approaches this area. I look with interest what happens to price action at this level.
  • #660
  • Mar 18, 2009 10:07am Mar 18, 2009 10:07am
Quoting haribon2008
as expected, newsbreak plays got me +35 net pips each on 3 pairs... E/U, G/U, U/C.

i like trading the news

LET'S GO NORTH with E/U ??!!
E/U looks strong to me to go long too, Price has broke through a few daily resistance levels.

On the weekly chart could we have a double bottom forming, also price is currently above Boss 20.

Could this be start of ncie move upwards?
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