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  • #84,381
  • Apr 9, 2009 1:54am Apr 9, 2009 1:54am
Between my winnings at the casino and losses in fx I broke even for last nights bad short. Which really hurts my feelings more than ticks me off.

I am short biased and missed the long entry so right now I am looking for a top side failure starting in the 3360 area.

As always, good luck everyone.
  • #84,382
  • Apr 9, 2009 2:02am Apr 9, 2009 2:02am
a good thing I'm learning NOT to become emotionally attached to my biases. I was biased short at around 1.3250 (even took a few pips short at 1.3260). yet my system and PA told me to bail - I did. Since then, my system has told me to go long - I have for a total of 47 pips off 3 trades. I'm outta here - takin' my pips and runnin'
Pip what you see; See what you pip!
  • #84,383
  • Apr 9, 2009 2:02am Apr 9, 2009 2:02am
Quoting psiholog
hmmm...we are approaching the neckline(1.3300) of what i consider an inverted h&s....lets see if its still resistance

Attachment
Not to be rude, but this is the neckline. Take care in drawing your lines.
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  • #84,384
  • Apr 9, 2009 2:03am Apr 9, 2009 2:03am
Quoting dysan4x
I am short biased and missed the long entry so right now I am looking for a top side failure starting in the 3360 area.
Out of curiosity, why do you look for 3360 area as a topside failure?...a chart would be much appreciated
Different opinions highly valued, ignorant to slander.
  • #84,385
  • Apr 9, 2009 2:07am Apr 9, 2009 2:07am
Quoting psiholog
took profit on half at 60pips at this temporary resistance...like all strong resistance the unknown variable of what will pa do scares me. The rest stop loss at entry with tp of at least 1.3400.

I may also reload later if 1.3300 gets broken decisively to the upside...pa comes back and proves its support...to be seen
At wich level would you consider resistance has been broken?? 1.33100? .33200? or more?
Thanks.
  • #84,386
  • Apr 9, 2009 2:10am Apr 9, 2009 2:10am
Quoting Rednose
At wich level would you consider resistance has been broken?? 1.33100? .33200? or more?
Thanks.
The neckline above.

Eur/Gbp looking bullish as well.
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  • #84,387
  • Apr 9, 2009 2:14am Apr 9, 2009 2:14am
today's wave variant
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  • #84,388
  • Apr 9, 2009 2:14am Apr 9, 2009 2:14am
Quoting jack.canadia
Not to be rude, but this is the neckline. Take care in drawing your lines.
i always appreciate a different perspective on my charts so not offended at all

I will say this though. As my trading heavily relies on S/R levels, channels and patterns, I consider all factors when drawing my lines.

First off, for me to draw my neckline as you did, the shoulderline would be all messed up creating confusing picture of this inverted h&s. If you can plot the shoulderline at a parallel level to the neckline feel free to post a chart.

Secondly, in this particular scenario...what better psychological resistance then a 00 number? Especially one that has acted as heavy resistance/support in the past.

Thirdly, drawing trendlines is according to each of our perspectives. I doubt you will find a guide out there to explain how to draw trendlines given any scenario, what you will most likely find is we all draw what works for us. There is nothing wrong with your perspective. But I dont think there is anything wrong with mine either
Different opinions highly valued, ignorant to slander.
  • #84,389
  • Apr 9, 2009 2:18am Apr 9, 2009 2:18am
Quoting Rednose
At wich level would you consider resistance has been broken?? 1.33100? .33200? or more?
Thanks.
1.3300 is the number im looking at...lets see if it acts as support now...have decided to not reload any additional positions
Different opinions highly valued, ignorant to slander.
  • #84,390
  • Apr 9, 2009 2:21am Apr 9, 2009 2:21am
Quoting psiholog
Out of curiosity, why do you look for 3360 area as a topside failure?...a chart would be much appreciated
3360 is a starting point. Price has reversed in that area on 3 previous times over the last week so I chose it as my starting point. I don't see this move up as having too much strength. Steady but nothing behind it. On a 1004 Tick chart 3360 just happens to be the Bollinger Band Midpoint also.

I also have to add that I did short the 3320 failure and will see where that goes.
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  • #84,391
  • Apr 9, 2009 2:21am Apr 9, 2009 2:21am
Quoting psiholog
1.3300 is the number im looking at...lets see if it acts as support now...have decided to not reload any additional positions
Thank you.....Good trading.
  • #84,392
  • Apr 9, 2009 2:22am Apr 9, 2009 2:22am
I believe we are on the way up to H4 (1.3339) by the end of the session. RSI is showing overbought conditions though, so I wouldn't go long just yet for those looking for the perfect trade this morning.
  • #84,393
  • Apr 9, 2009 2:24am Apr 9, 2009 2:24am
this is my chart, i see upward potencial
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  • #84,394
  • Apr 9, 2009 2:27am Apr 9, 2009 2:27am
Quoting dysan4x
3360 is a starting point. Price has reversed in that area on 3 previous times over the last week so I chose it as my starting point. I don't see this move up as having too much strength. Steady but nothing behind it. On a 1004 Tick chart 3360 just happens to be the Bollinger Band Midpoint also.
excellent logic

as for me...1.3415/25 area has acted as strong support/resistance historically...chart shows it best

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Different opinions highly valued, ignorant to slander.
  • #84,395
  • Apr 9, 2009 2:28am Apr 9, 2009 2:28am
Just a quick poll for some of the more storied traders in this thread: when people post their sentiments (including pivots, levels, etc.) but without a visual chart supplement, does that poster automatically lack a critical vein of legitimacy required to seriously consider their opinion?
  • #84,396
  • Apr 9, 2009 2:28am Apr 9, 2009 2:28am
exited asia stock long positions 40min ago, may still move up... donno.

dow future 7900 has reflected asia conditions, so open + at 7900 does not mean will move up or move down vs 7900 at close.
  • #84,397
  • Apr 9, 2009 2:38am Apr 9, 2009 2:38am
5 Min chart, looks to be a continued upwards trend.
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  • #84,398
  • Apr 9, 2009 2:39am Apr 9, 2009 2:39am
Quoting psiholog
1.3300 is the number im looking at...lets see if it acts as support now...have decided to not reload any additional positions
I'm also watching the 3300 level - whether the current break is valid depends on overall trand, and the trand on dailies is, in my opinion, bearish. So I reckon pa will go south since 3300 resistance is still valid and strong. But of course I might be wrong.
  • #84,399
  • Apr 9, 2009 2:41am Apr 9, 2009 2:41am
Quoting rainingpips
Just a quick poll for some of the more storied traders in this thread: when people post their sentiments (including pivots, levels, etc.) but without a visual chart supplement, does that poster automatically lack a critical vein of legitimacy required to seriously consider their opinion?
having been a member of this thread since last august and active pretty much nonstop...i would have to say yes. everyone can make calls but without strong reasons behind them (and there is no stronger reason then visuals)...i quickly overlook such posts. a good example is derek...he is a man of few words..i dont even know if he knows the english language that well, but his charts speak a thousand words
Different opinions highly valued, ignorant to slander.
  • #84,400
  • Apr 9, 2009 2:44am Apr 9, 2009 2:44am
Quoting psiholog
having been a member of this thread since last august and active pretty much nonstop...i would have to say yes. everyone can make calls but without strong reasons behind them (and there is no strong reason then visuals)...i quickly overlook such posts. a good example is derek...he is a man of few words..i dont even know if he knows the english language that well, but his charts speak a thousand words
The main reason I ask is because of the disproportionate number of people that simply view this thread, and don't contribute. I wonder if many of those in the peanut gallery, especially the guests, are here merely to mindlessly snag "trade ideas" and act upon them without any real analysis of the material against their own system or method.
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