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  • #112,161
  • Jun 18, 2009 2:25pm Jun 18, 2009 2:25pm
Quoting vinesh2
So are you a scalper or swing trader Fool?

The Fool...I think you are being out flanked.
  • #112,162
  • Jun 18, 2009 2:26pm Jun 18, 2009 2:26pm
Quoting Atlast
You forgot to say unless it's dropped to a support in 2 TF's and you're scalping for 20% of that move and based on how the move unfolded
Yea... I like to keep an open mind (I used to be a scalper) but the longer I trade the less I like taking scalps. It's just not worth the hassles when you can make 50-500 pip runs with low risk...
  • #112,163
  • Jun 18, 2009 2:27pm Jun 18, 2009 2:27pm
Quoting psiholog
if your wondering why we stopped where we did...we just tapped the lower wall of the current uptrend on the hourly charts. Tried to break but pa quickly retreated. Curious how this hourly candle will end

Attachment
so...the hourly candle could not close below the lower wall of the uptrend which instead only extended the lower wall (gray line). The consolidation upwards is now within its own uptrend which could potentially develop in a bear flag...to be seen. Key resistance levels I am watching are the previous support at around 1.3910 to see whether its resistance...followed by an even stronger level at around the 1.3935 area. If the mini uptrend hits the upper wall somewhere in between 3910-3935 without breaking that mini uptrend...I'll be looking for more shorts. We go above 1.3935 hard OR break south before those levels reached...will be sitting on my hands.

Good pippin all
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Different opinions highly valued, ignorant to slander.
  • #112,164
  • Jun 18, 2009 2:27pm Jun 18, 2009 2:27pm
This how I see it, I we can close below 15 min uptrend line, we have a chance to retest the 1.3740 area and a break of this level could trigger the so called H&S on 4 Daily chart.

I welcome any comments.
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  • #112,165
  • Jun 18, 2009 2:29pm Jun 18, 2009 2:29pm
I am not outflankin anyone. Reason I ask is all the advice given here could be confusing for new traders who might take position based solely on some one elses analysis including mine. Some say they are scalpers but then suddenly when price goes the other direction they either stop posting or changed their minds and get trapped in positions thinking they are now swing traders and will wait for price to come back to their original entry. All I am saying that we are all here to learn but it would be nice that we give new traders consistent message instead of topsy turvy our views
  • #112,166
  • Jun 18, 2009 2:30pm Jun 18, 2009 2:30pm
big bear flag on h4 .. 400 pip projection

targets 3500?
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  • #112,167
  • Jun 18, 2009 2:30pm Jun 18, 2009 2:30pm
Quoting psiholog
You should take a look at the hourly charts for the Dow today..its hilarious....you want to talk manipulation on low volume?..thats a perfect example.

On another note...warning to all ....this friday is "Triple Witching" friday....which means insane volatility in a tight range as we saw last week OR a massive move in one direction or another.

Thanks for the heads up on "Triple Witching". Untill now, i had never even heard of it, but after just reading up on it....i am glad i know about it now...thanks to you
  • #112,168
  • Jun 18, 2009 2:30pm Jun 18, 2009 2:30pm
Quoting psiholog
You should take a look at the hourly charts for the Dow today..its hilarious....you want to talk manipulation on low volume?..thats a perfect example.

On another note...warning to all ....this friday is "Triple Witching" friday....which means insane volatility in a tight range as we saw last week OR a massive move in one direction or another.
Day by day, for almost two months, the volume for the Dow Avg has been dropping.....and CNBC talking heads (who do they secretly represent, anyway....certainly not the public at large) are proclaiming the market signs of recovery/major trend reversal......???? Yes, it is hilarious.
  • #112,169
  • Jun 18, 2009 2:34pm Jun 18, 2009 2:34pm
Quoting traderathome
Day by day, for almost two months, the volume for the Dow Avg has been dropping.....and CNBC talking heads (who do they secretly represent, anyway....certainly not the public at large) are proclaiming the market signs of recovery/major trend reversal......???? Yes, it is hilarious.
ya such talks on the news usually show a shift in sentiment .. as in, the market is going to begin a pullback soon
  • #112,170
  • Jun 18, 2009 2:35pm Jun 18, 2009 2:35pm
wow, a capitulation candle on 30min, was i the only one missing this breakout? i hope i was the only one.

same as yesterday at about same time, maybe some automatic trading phucking with us retail traders, as i don't see any big volume during the breakout.
now i am wondering, how this profit taking will affect the momentum created, i guess a lot are locked in longs here, but they need not fear much as this move wasn't much reflected on other asset classes, unless they are unwilling to hold their position for some days. SP is turning bullish (maybe).

the water is bloody, tripple witch day tomorrow.
bears were very inpatient today, tomorrow have to glue myself to the monitors the whole day.

GL bears
I've kindda hoped you would show your teeth tomorrow again
  • #112,171
  • Jun 18, 2009 2:35pm Jun 18, 2009 2:35pm
Quoting jack.canadia
big bear flag on h4 .. 400 pip projection

targets 3500?
Bear Channel, and a not-so-perfect Head & Shoulders (are they EVER perfect?).......certainly two big red flags. Daily shows two Bear Channels...
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  • #112,172
  • Jun 18, 2009 2:36pm Jun 18, 2009 2:36pm
Quoting vinesh2
I am not outflankin anyone. Reason I ask is all the advice given here could be confusing for new traders who might take position based solely on some one elses analysis including mine. Some say they are scalpers but then suddenly when price goes the other direction they either stop posting or changed their minds and get trapped in positions thinking they are now swing traders and will wait for price to come back to their original entry. All I am saying that we are all here to learn but it would be nice that we give new traders consistent message...

Vin, you're absolutely correct. You don't give bad advice although I may disagree with some of it..
  • #112,173
  • Jun 18, 2009 2:36pm Jun 18, 2009 2:36pm
Very possible that we may visit new lows by tomorrow or next week. I am myself in a negative trade right now on UCAD but I dont worry cause I consider myself a swing trader and a drawdown for me is normal as I look at overall picture and longer time frames
  • #112,174
  • Jun 18, 2009 2:37pm Jun 18, 2009 2:37pm
Well between the 90 pips I just made and the fact that tomorrow is Friday (triple witching on top of that...) I'm thinking 3 day weekend...
  • #112,175
  • Jun 18, 2009 2:37pm Jun 18, 2009 2:37pm
Quoting vinesh2
So are you a scalper or swing trader Fool?
I defy those designations. I place trades. Usually in bunches 2-5 entries in range. Often, I wil take profit on one or more within minutes. If I perceive that a trade has been well-placed, that the price looks to continue in its favor, I will let it run, perhaps for hours.

A more direct answer, though, is: I know when I like to trade (FO/LO) and I like to be flat outside of that period.

I'm aware that the way I trade goes against some of the good advice that has been promulgated by experienced traders here on FF. If I stop making money I might change my mo. I am up 135% since I began 6-1/2 weeks ago.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #112,176
  • Jun 18, 2009 2:42pm Jun 18, 2009 2:42pm
If the range will work we will drop at least to do a new low, if not tomorrow it will try next week.
I will not show my chart, but the range has a line with a sharp angle that price can't cross for shorts, when start to cross time to close shorts or go long.

We will enter then in new period trading range that I see with buy pressure.

Time to go
GL all
  • #112,177
  • Jun 18, 2009 2:44pm Jun 18, 2009 2:44pm
An hourly close below 90 will be slightly below the lower TL .. give or take .. that should help us
  • #112,178
  • Jun 18, 2009 2:47pm Jun 18, 2009 2:47pm
Quoting F.x.
Yea... I like to keep an open mind (I used to be a scalper) but the longer I trade the less I like taking scalps. It's just not worth the hassles when you can make 50-500 pip runs with low risk...
It isn't for everyone that's for sure. In fact i don't consider my style true scalping. That's looking for 5 pips and 10 pips only within a few bars, 80 trades a day. Whereas, my trades can take hours or a few minutes depending on how quick the move hits my TP and can get 5 pips or 205 pips, though the big winners don't happen every day. I also have a different attitude concerning exposure. The way I look at it is I want my edge to be exposed as much as possible within reason (not overtrading). If I wasn't exposed to the market when that big move happened I would not have made my daily profit in just those 2 trades.
  • #112,179
  • Jun 18, 2009 2:51pm Jun 18, 2009 2:51pm
Quoting F.x.
Edit: it looks like you don't have PM.

Hi FX,

I Have updated my options on here, so should have PM now.

Thanks
Iz
  • #112,180
  • Jun 18, 2009 2:56pm Jun 18, 2009 2:56pm
Notch, Atlast or Vinesh2,

Thoughts on this:

It appears this 4hr candle is Bearish...but it lands perfectly at the bottom of 4hr TF channel that is in an UPTREND.......so a break would take out the LONG or Notch prediction of 4175..correct?

I got caught like the FOOL in a LONG at 3970 and was looking for 4015 area.....now I am wondering if I should take another LONG here at 3875/80?
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