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  • #11,281
  • May 6, 2009 4:56pm May 6, 2009 4:56pm
Quoting kiwi_trader
GU Double Top?

You could get one. Or you might not. This post doesn't say you wont but I wanted to put up the counterpoint.

Real time double top predictions are predictions that the trend of the moment will reverse and put one in the countertrend mode. Also put one in the classic bottom/top picking mode (I sold a beautiful crude oil double top around 30 a few years back). I posted last night that the original call to short 15150 was a good one but the caller should consider taking profit or snugging stops.

Why? Because a reversal would seem...
Exactly... the quickest road to failure is to think you know what's gonna happen next.
Mr. Trend
  • #11,282
  • May 6, 2009 5:07pm May 6, 2009 5:07pm
Quoting Mr Trend
Exactly... the quickest road to failure is to think you know what's gonna happen next.

As price travelled to the high at 5155, there were two options.

1.) Enter long on a re-test of support after breaking out of 5155.

2.) Go short on a failure to break 5155.

It's very easy to profit in forex. Buy at support, sell at resistance. Just can't be beat only having to use 15-20 pip stops.

So no, there is no "failure" in my call.
  • #11,283
  • May 6, 2009 6:04pm May 6, 2009 6:04pm
Quoting Mr Trend
For the last friggin' time. You took the right trade... but you were thinking (or else you wouldn't have asked) that it was a double top. I didn't want you to take a bad trade based on a double top because what if it keeps going? Do you know what it's going to do next? If so, please, give me your address, I'll give you my money and you can trade it.
If it kept going I had a stop in place! 15 pips!

The idea with that trade was it was a re-test of highs, which we can obviously call resistance now, so i shorted off resistance. Nothing wrong.

And on the topic of double tops, whether they occur on a 1 minute TF, or weekly, there are no set number of candles or days for one to occur. I said POSSIBLE, meaning, I had a TRADE PLAN in place to take a breakout or a failure from that level.

Rookies dont plan trades. They just trade.
  • #11,284
  • May 6, 2009 6:06pm May 6, 2009 6:06pm
Quoting Mr Trend
You don't know me, ok. Ask anyone who has been on here for years now and everyone will tell you that I'm not some egotistical a**hole who thinks he knows it all... I try my best to help people out with real world experience...but it pisses the hell outta me when someone new thinks they know what they are doing and I correct them, AND THEY STILL don't listen... and especially when they take it so bad that they lash out and make me out to be the bad guy...

That's the last thing I'll say about this matter.
Im new to this thread not FF. That trade I took today is pretty typical of the trades I take.
  • #11,285
  • May 6, 2009 6:07pm May 6, 2009 6:07pm
Quoting jack.canadia
Im new to this thread not FF. That trade I took today is pretty typical of the trades I take.
IF you dont like my ideas or trade plans, dont comment. Someone may find some value to them.
  • #11,286
  • May 6, 2009 6:34pm May 6, 2009 6:34pm
AUDUSD levels to watch?
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  • #11,287
  • Edited May 7, 2009 1:10am May 6, 2009 9:28pm | Edited May 7, 2009 1:10am
Quoting jack.canadia
IF you dont like my ideas or trade plans, dont comment. Someone may find some value to them.
Actually I think that the heat of the recent exchange has distorted thinking.

Commenting on a trade plan (putting up an alternative view as I did) can be useful to the originator, the commenter, and other readers.

I'd suggest that the only rules we need apply are reasonable courtesy (playing the ball not the man) and that we stay close to the sort of trading that Billy's NBT thread is about.

I found your call interesting but could see an alternative interpretation that was worth considering. One or other will play our (maybe both) and no one is WRONG. Thats the key to trading - if you had a plan with positive expectancy for going short and executed it then you are right. And if I had a plan to reenter long around 1.5020 then I was also right. WRONG isn't about a winning or losing trade - its about breaching your trade plan or perhaps having an inadequately developed one.


Note later: It has created an interesting point, a real balance of power given the hourly congestion forming around 1.5150
  • #11,288
  • May 6, 2009 9:50pm May 6, 2009 9:50pm
Quoting kiwi_trader
Actually I think that the heat of the recent exchange has distorted thinking.

Commenting on a trade plan (putting up an alternative view as I did) can be useful to the originator, the commenter, and other readers.

I'd suggest that the only rules we need apply are reasonable courtesy (playing the ball not the man) and that we stay close to the sort of trading that Billy's NBT thread is about.

I found your call interesting but could see an alternative interpretation that was worth considering. One or other will play our (maybe both) and no one...
I liked your post just after mine. I just didnt like his attitude.

So none of my bickering was toward you.

It's actually nice to have two opposing views (i.e. a bull and a bear case) in here that way both sides can get their daily dose.

Sorry to all who sat through the garbage.
  • #11,289
  • May 6, 2009 10:14pm May 6, 2009 10:14pm
Quoting Gambis
Werry close to H1 support back in 2008

Gambis, if I may... A question about how you located the level that you have on your AUD/USD chart that you posted recently.

In the chart you show .7497 as being your point of interest. When I highlight that area (October 6, 2008) on the 15 minute chart (see pic), I have a hard time figuring out how you zeroed in on that level. I don't see any specific touches there.

Would you mind explaning how you came to it? I would be interested to hear how others are going about pinpointing their levels- especially since I'm rather new to this.

For example, I probably would have chosen the .7485-.7513 range because of the touches on the 15 minute chart.

Thanks!
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  • #11,290
  • May 7, 2009 12:19am May 7, 2009 12:19am
Quoting The Big Bang
Gambis, if I may......
I marked price near the zeros, as people like to put theyr orders there.
  • #11,291
  • May 7, 2009 1:17am May 7, 2009 1:17am
Quoting kiwi_trader
Actually I think that the heat of the recent exchange has distorted thinking.

Commenting on a trade plan (putting up an alternative view as I did) can be useful to the originator, the commenter, and other readers.

I'd suggest that the only rules we need apply are reasonable courtesy (playing the ball not the man) and that we stay close to the sort of trading that Billy's NBT thread is about.

I found your call interesting but could see an alternative interpretation that was worth considering. One or other will play our (maybe both) and no one...
From a spectators viewpoint it was clear your comments were courteous and constructive.
  • #11,292
  • May 7, 2009 7:44am May 7, 2009 7:44am
I am new to this thread and spend a few hours on it. Sorry, if my this question seems too stupid. How to make a judgement on whether the price will rebound or make a breakout when approaching a S/R. Anywhere I can find discussion about this on this thread or elsewhere? Thanks
Learning never stops...
  • #11,293
  • May 7, 2009 7:55am May 7, 2009 7:55am
Quoting abc997
I am new to this thread ........... Anywhere I can find discussion about this on this thread or elsewhere? Thanks
Hi abc,

Welcome to the halls of learning.

Go to the very first post on the thread and you will find a wealth of information. That is your first stop. Note also a reference to a NoBrainer Blog. That is your next stop. There, you will find a reference to a PDF file, where BRV has gathered a selection of the most pertinant posts as a concise, but not short, description of the methodology.

After digesting this info, you will be ready to practice.

Enjoy!

SR
  • #11,294
  • May 7, 2009 8:02am May 7, 2009 8:02am
Quoting seattlerust
Hi abc,

Welcome to the halls of learning.

Go to the very first post on the thread and you will find a wealth of information. That is your first stop. Note also a reference to a NoBrainer Blog. That is your next stop. There, you will find a reference to a PDF file, where BRV has gathered a selection of the most pertinant posts as a concise, but not short, description of the methodology.

After digesting this info, you will be ready to practice.

Enjoy!

SR
Thanks.
Learning never stops...
  • #11,295
  • May 7, 2009 8:05am May 7, 2009 8:05am
The 0.7986 level here on the Weekly chart looks very inviting to me. It is also a completion level of a Bearish Gartley pattern. With the way the pair has been moving, it may not be too long to wait to see what the market thinks.
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  • #11,296
  • May 7, 2009 8:27am May 7, 2009 8:27am
Here's another look at the Gartley, on the Daily chart.

SR
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  • #11,297
  • May 7, 2009 10:31am May 7, 2009 10:31am
Quoting seattlerust
Hi abc,

Welcome to the halls of learning.

Go to the very first post on the thread and you will find a wealth of information. That is your first stop. Note also a reference to a NoBrainer Blog. That is your next stop. There, you will find a reference to a PDF file, where BRV has gathered a selection of the most pertinant posts as a concise, but not short, description of the methodology.

After digesting this info, you will be ready to practice.

Enjoy!

SR
Can we cut/paste this post for future use, it is the perfect reply.

Then make ready the NBT Catapult!
  • #11,298
  • May 7, 2009 11:24am May 7, 2009 11:24am
USDCAD might be setting up for a nice long trade! Check out this weekly.
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  • #11,299
  • May 7, 2009 11:33am May 7, 2009 11:33am
Quoting RedCabbage
Then make ready the NBT Catapult!
  • #11,300
  • May 7, 2009 11:39am May 7, 2009 11:39am
aus/cad daily

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