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Trade what you see NOT what you expect

  • #17,281
  • Jul 5, 2009 10:55am Jul 5, 2009 10:55am
Quoting daffy
Sort of....
cheers for that D, ill keep my eye on it

I bought Candlestick charting for Dummies today, just about my level
wanted a different book ,but it was £50, it can wait
  • #17,282
  • Jul 5, 2009 11:00am Jul 5, 2009 11:00am
Quoting BenScoobert
cheers for that D, ill keep my eye on it

I bought Candlestick charting for Dummies today, just about my level
wanted a different book ,but it was £50, it can wait
I have two ebooks on candelsticks by Stephen Bigalow. I don't have ebook versions of the Steve Nison ones as I have hard copies of those, but they are quite easily findable on google.

If you want the bigalow books, pm me your email and I'll send them across.
  • #17,283
  • Jul 5, 2009 11:08am Jul 5, 2009 11:08am
Quoting daffy
I have two ebooks on candelsticks by Stephen Bigalow. I don't have ebook versions of the Steve Nison ones as I have hard copies of those, but they are quite easily findable on google.

If you want the bigalow books, pm me your email and I'll send them across.
thanks but i cant read for long periods from a screen, i prefer a real book, i think the nison will be my next
  • #17,284
  • Jul 5, 2009 11:10am Jul 5, 2009 11:10am
Quoting BenScoobert
thanks but i cant read for long periods from a screen, i prefer a real book, i think the nison will be my next
ok, no probs. offer is there if you change your mind.
  • #17,285
  • Jul 5, 2009 1:55pm Jul 5, 2009 1:55pm
Quoting BenScoobert
I read somewhere, that with Forex, volume is mostly irrelevant. I guess you disagree with that?
Volume moves the market, no doubt about that. But pips can be made anytime in this market though.
Just digging in the trenches like everyone else!
  • #17,286
  • Jul 5, 2009 2:02pm Jul 5, 2009 2:02pm
Quoting eohater
Volume moves the market, no doubt about that. But pips can be made anytime in this market though.
do you use volume in your analysis?
  • #17,287
  • Jul 5, 2009 2:13pm Jul 5, 2009 2:13pm
Weekly view.

We just came off a bearish engulfing candle this past week. Again, we see dollar strength, the question is, will it last. Since we made our decent to the bottom, we have made a retracement over the 38.2% mark, but we closed this last week under it. We closed on top of the weekly 5ema priced at 6289. The gap between the 5ema and the 10ema is wide, but the angle is pitched just perfectly north. As well, our 5ema has crossed the 50ema. I can still see buyers at the 5ema, and as well at 620x. The weekly 50ema is showing buyers at 613x currently.

Shorts need to break the 628x area for a move to 620x, should they break the 620x area, shorts need to be targeting the 10ema which is at 596x and pshycological buyers at 6000, a further push south shows 578x as another target, then a nice trendline price around 565x.

Buyers will find buying opportunity around the areas shorts needs to break. PA on our lower TF will show opportunities for buying and selling which we need to capitalize on.

Buyer will show up around 6300 with SL just on the other side of 628x. The first visit to this price level will show buyers in the market and should provide some nice pippage. If buyers do grab hold of the market first and start pushing, their targets will be the 38.2% retracement price of 643, push north of 643x will bring their next target of 651x, then 660x, 667x and then 674x. Break the 679x, we're headed for the phsycolocial level of 7000.

Sellers will find selling opportunity around the buyer targets. Again, PA on our lower TF will show opportunities.
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Just digging in the trenches like everyone else!
  • #17,288
  • Jul 5, 2009 2:17pm Jul 5, 2009 2:17pm
Quoting BenScoobert
do you use volume in your analysis?
I do not. Only candles. I do recognize when I enter a trade and the time of day what I should be looking for in terms of pippage though.
Just digging in the trenches like everyone else!
  • #17,289
  • Jul 5, 2009 3:10pm Jul 5, 2009 3:10pm
I'm suspicious of brokers and the big boys.

I had a trade open at the close of the market, EURCHF long, the market happened to close at 1.5187 and for no particular reason I happened to look on xe.com for the price over the weekend, I forget what it was exactly but it was 1.54xx. I though, hmmm thats nice 300 pips thank you very much.

Now I just looked again a few hours before the market opens and it is "conveniently" back where it closed Friday. Possibly even falling past Friday's close and past my SL. Crooks I tells ya, hang em all!!
  • #17,290
  • Jul 5, 2009 5:23pm Jul 5, 2009 5:23pm
[quote=eohater;2850972] [Weekly view.quote]


Thanks for your veiws as always...
Good Trading To All ; Ken Lee
  • #17,291
  • Jul 5, 2009 6:50pm Jul 5, 2009 6:50pm
Hi EO,
If you have a chance could you show/explain why 1.6280 was such a significant support level. It has so far held at the exact pip tonight for the open of the session. Apart from my daily mt4 indicators automatically identifying this level as an S1 support how else could we know this by manually analysing the charts.
Hope you can shed some light.

Rob

Quoting eohater
Weekly view.

We just came off a bearish engulfing candle this past week....
  • #17,292
  • Jul 6, 2009 3:28am Jul 6, 2009 3:28am
I've had major bearish divergence for sometime now on the daily chart, which seems to be playing out now. If the daily divergence fully plays out, we should eventually fall to at least the last swing low, about 1.5800, the red dotted line. But a bounce from the day 50 ema is possible, we haven't closed below the 50 ema for several months.
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  • #17,293
  • Jul 6, 2009 8:26am Jul 6, 2009 8:26am
Good morning everyone! I hope everyone had a great weekend! I enjoyed mine. I'm still holding a short from last week, covered nice and green and I'm long from 6135 at the turn of the h4.
Just digging in the trenches like everyone else!
  • #17,294
  • Jul 6, 2009 8:33am Jul 6, 2009 8:33am
Quoting robgsxr
Hi EO,
If you have a chance could you show/explain why 1.6280 was such a significant support level. It has so far held at the exact pip tonight for the open of the session. Apart from my daily mt4 indicators automatically identifying this level as an S1 support how else could we know this by manually analysing the charts.
Hope you can shed some light.

Rob
Rob, once we get through today's US Session, I'll address your question.
Just digging in the trenches like everyone else!
  • #17,295
  • Jul 6, 2009 8:35am Jul 6, 2009 8:35am
Quoting GodfreyH
I've had major bearish divergence for sometime now on the daily chart, which seems to be playing out now. If the daily divergence fully plays out, we should eventually fall to at least the last swing low, about 1.5800, the red dotted line. But a bounce from the day 50 ema is possible, we haven't closed below the 50 ema for several months.
Thank you for your insight Godfrey! I agree with your view.
Just digging in the trenches like everyone else!
  • #17,296
  • Jul 6, 2009 8:39am Jul 6, 2009 8:39am
Quoting eohater
Good morning everyone! I hope everyone had a great weekend! I enjoyed mine. I'm still holding a short from last week, covered nice and green and I'm long from 6135 at the turn of the h4.
We clear the 15m 35/50, I'll be targeting 631x 15m 200sma or h1 62/50
Just digging in the trenches like everyone else!
  • #17,297
  • Jul 6, 2009 8:42am Jul 6, 2009 8:42am
Quoting eohater
Good morning everyone! I hope everyone had a great weekend! I enjoyed mine. I'm still holding a short from last week, covered nice and green and I'm long from 6135 at the turn of the h4.
Good morning. I had a great weekend. Did you keep it in the short grass?

I rode the elevator down last night on both the Mrs. and the Mistress. I'm currently long the Mrs from 6120 and still short the Mistress but have taken profit and added on twice since Asia.
  • #17,298
  • Jul 6, 2009 8:43am Jul 6, 2009 8:43am
Quoting PippiNole
Good morning. I had a great weekend. Did you keep it in the short grass?

I rode the elevator down last night on both the Mrs. and the Mistress. I'm currently long the Mrs from 6120 and still short the Mistress but have taken profit and added on twice since Asia.
I did keep it in the short grass. Had a great time on the course. Wish I was there today.

Excellent trading bro! Damn nice entry on the Mrs.!!
Just digging in the trenches like everyone else!
  • #17,299
  • Jul 6, 2009 8:50am Jul 6, 2009 8:50am
Quoting eohater
I did keep it in the short grass. Had a great time on the course. Wish I was there today.

Excellent trading bro! Damn nice entry on the Mrs.!!
I was watching for you on TV but I didn't see your name (EOHater) on the leader board.

Thanks, I entered when I got back out of bed and saw that 6100 held twice on the 1hr.
  • #17,300
  • Jul 6, 2009 8:56am Jul 6, 2009 8:56am
Quoting PippiNole
I was watching for you on TV but I didn't see your name (EOHater) on the leader board.

Thanks, I entered when I got back out of bed and saw that 6100 held twice on the 1hr.
I was playing under my pseudo name, Tiger Woods!

I had just gotten out of bed and entered on the turn of the h4. Again,I owe it all to my son.
Just digging in the trenches like everyone else!
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