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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #18,301
  • Jul 10, 2009 3:54pm Jul 10, 2009 3:54pm
Quoting cisco
Have a great weekend everyone. Adios
You too Cisco .
  • #18,302
  • Jul 10, 2009 3:55pm Jul 10, 2009 3:55pm
I'm gone until Sunday. Have a great weekend everyone.
  • #18,303
  • Jul 10, 2009 3:56pm Jul 10, 2009 3:56pm
Everyone have a great weekend ...
Good Trading To All ; Ken Lee
  • #18,304
  • Jul 10, 2009 4:46pm Jul 10, 2009 4:46pm
Here is a well written PDF showing where our best performers pick there S/R target and place stops and profit areas. Very basic stuff but overlooked by many people.

I don't feel right posting the thread where this comes from but if you would like I would PM you the link. It is very basic information though that might just help some understand what and why we are looking at certain areas.

if anyone has issue with me posting this here let me know and I will remove it.
Attached File(s)
File Type: pdf Phil's Basic Chart Analysis Method.pdf   233 KB | 4,852 downloads
Good Trading To All ; Ken Lee
  • #18,305
  • Jul 10, 2009 5:08pm Jul 10, 2009 5:08pm
Thanks Ken...will review this weekend...
ENJOY YOUR WEEKEND EVERYONE !!! As for me...took a LONG vacation and ready to start trading next week...will start my weekend with a fine "girly" cigar...yes.....I am a Latin female that enjoys a long cigar with a good drink or even a cuban coffee....CHEERS
  • #18,306
  • Jul 10, 2009 5:42pm Jul 10, 2009 5:42pm
Quoting rt4x
Thanks Ken...will review this weekend...
ENJOY YOUR WEEKEND EVERYONE !!! As for me...took a LONG vacation and ready to start trading next week...will start my weekend with a fine "girly" cigar...yes.....I am a Latin female that enjoys a long cigar with a good drink or even a cuban coffee....CHEERS
Please do enjoy!!...

Here's my weekly chart after close... We closed below the 5ema but above the 10 and 50ema... Also we closed above this tl that I had on my charts since march... for me this means bullish potential is still there, especially after that 300+ pip bounce off the 598x support area... on the flip, the schostastic is showing overbought conditions and has already crossed down.. so further decline should not be ruled out.... if 598x is taken out, we could see 5800 area quickly and if 5800 is taken, that would mean a lower low on the monthly chart, opening up the possibilty of much cheaper prices...
Attached Image (click to enlarge)
Click to Enlarge Name: week.gif Size: 34 KB
Patience + Discipline - Greed = Success
  • #18,307
  • Edited 6:06pm Jul 10, 2009 6:02pm | Edited 6:06pm
Here is my daily.... that bullish engulfing candle yesterday seems to have been a fake.... or is it....? I think if we got that candle earlier in the week, things would have been different...
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Click to Enlarge Name: day.gif Size: 27 KB
Patience + Discipline - Greed = Success
  • #18,308
  • Jul 10, 2009 6:08pm Jul 10, 2009 6:08pm
ok..... party time....
Attached Image
Patience + Discipline - Greed = Success
  • #18,309
  • Jul 10, 2009 6:09pm Jul 10, 2009 6:09pm
hello all !
Love this thread. Just wanted to contribute my thoughts on my fav pair
I dont think that was a bullish engulfing pattern since it has to entail both the low and high of the previous day if we stick to strict candlestick teachings.

To me this was an impulsive retracement of the whole move down which stopped smack on the 50fib

here is a chart

apologize for the intrusion hope u guys nail her next week. I personally am aiming at 1.60-1.5640 for next week but what do I know.

have a great weekend everyone
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Click to Enlarge Name: gbpusd.jpg Size: 85 KB
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #18,310
  • Jul 10, 2009 6:56pm Jul 10, 2009 6:56pm
Quoting djambazov84
hello all !
Love this thread. Just wanted to contribute my thoughts on my fav pair
I dont think that was a bullish engulfing pattern since it has to entail both the low and high of the previous day if we stick to strict candlestick teachings.

To me this was an impulsive retracement of the whole move down which stopped smack on the 50fib

here is a chart

apologize for the intrusion hope u guys nail her next week. I personally am aiming at 1.60-1.5640 for next week but what do I know.

have a great weekend everyone
Welcome to the thread.

I absolutely agree with you about the 50% retracement. In fact that very point was brought up yesterday, complete with chart.

Now let me see....who was that yesterday who made reference to the 50% retracement. I can't remember right now who it was, but I do remember they're a genius.

Oh yeah, I remember who it was now... It was me.

Hi, my name is Barry and you can keep your doctor...
  • #18,311
  • Jul 10, 2009 8:47pm Jul 10, 2009 8:47pm
Quoting djambazov84
hello all !
Love this thread. Just wanted to contribute my thoughts on my fav pair
I dont think that was a bullish engulfing pattern since it has to entail both the low and high of the previous day if we stick to strict candlestick teachings.

To me this was an impulsive retracement of the whole move down which stopped smack on the 50fib

here is a chart

apologize for the intrusion hope u guys nail her next week. I personally am aiming at 1.60-1.5640 for next week but what do I know.

have a great weekend everyone
Looks like we have a similar style, you think we might retrace to the 38.2 before dropping? That would be the 50% retrace/median (around 6285) on Fridays move. Just thinking out loud.

McD
  • #18,312
  • Jul 10, 2009 9:14pm Jul 10, 2009 9:14pm
Quoting Infinity
Here is my daily.... that bullish engulfing candle yesterday seems to have been a fake.... or is it....? I think if we got that candle earlier in the week, things would have been different...
that was a speculation one.
even if BoE do nothing, market still do something... refer early Feb's BoE rate decision. (G/U 1.4 -> 1.5 -> 1.4)

guess it would be corrected.
  • #18,313
  • Jul 10, 2009 10:40pm Jul 10, 2009 10:40pm
Quoting Infinity
Please do enjoy!!...

Here's my weekly chart after close... We closed below the 5ema but above the 10 and 50ema... Also we closed above this tl that I had on my charts since march... for me this means bullish potential is still there, especially after that 300+ pip bounce off the 598x support area... on the flip, the schostastic is showing overbought conditions and has already crossed down.. so further decline should not be ruled out.... if 598x is taken out, we could see 5800 area quickly and if 5800 is taken, that would mean a lower low...
Nice job bro......

South........I see a break of 5750 and 5300 is my next target.

North......I see 1.7000 if yesterday's Daily candle was for real.

HOLLA
  • #18,314
  • Jul 10, 2009 10:46pm Jul 10, 2009 10:46pm
Everyone enjoy your weekend.


HOLLA
Attached Image
  • #18,315
  • Jul 10, 2009 10:58pm Jul 10, 2009 10:58pm
Quoting Turtle
Everyone enjoy your weekend.


HOLLA
That 6200 has some history to it.....5/1/89.

HOLLA
  • #18,316
  • Jul 10, 2009 11:18pm Jul 10, 2009 11:18pm
Here's my monthly view. I posted this last weekend and I've made some adjustments and additions. Last weekend, I had first level of support at 5997, we only went to 5989. Not too bad, so I've adjusted the first level of support to 5852. Now hopefully some can see why I use x at the end. The exact pip is too damn hard to nail. When I get within 20 pips, I'm looking for some action. My prior monthly view is indecisive. I don't feel the prior monthly candle has made an impact on direction. It has an almost equal top and bottom wick and medium/full size body. It leaves this months monthly candle open to choose a direction or stay indecisive. At the moment, the bears have taken control of this months candle. Will it last, don't know. From this chart alone, we have an equal opportunity of going both directions. Next, we look to a lower TF chart to help find clarity.
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Click to Enlarge Name: monthly.PNG Size: 23 KB
Just digging in the trenches like everyone else!
  • #18,317
  • Jul 10, 2009 11:39pm Jul 10, 2009 11:39pm
Here's my weekly view. I posted this chart last weekend as well, I have made some additions as well. You can see the levels of resistance in red and the levels of support in green. Obviously the 38.2% fib retracement is still a level of resistance. I did not have the 593x area on my weekly last week and should have now looking back. I've added this level though, still keeping 578x, which is probably too low and should be in line with 585x middle of the wicks to the left, but 578x will be loaded with buyers as well. The current closed weekly candle gives the appearance of a hammer. I see this as a false hammer. Follow the chart with me. The prior weekly candle was a bearish engulfing candle (Plus for the bears). The two weekly candles prior to the bearish engulfing candle were a hanging men (Plus Plus for the bears). The weekly candle prior to the two hanging men was a bullish candle (Negative for the bears, but is it?) I believe price fell so hard last week that the buyers from the bullish candle 4 weeks ago have been exhaustied, thus detering why I put faith in the current closed weekly candle as a hammer with strength to go north hard. So, now to next week, I see the first phase of buyers to 599x tired and the secondary of 593x able to be overtaken to 585x. Look at the weekly candle prior the the bullish candle 4 weeks ago. Notice the long upper wick and bearish body. This candle took out the sellers which allowed price to be bullish on the following weeks cande, started out bearish, but finished bullish. Could we be getting ready to see the same candle form next week. Start bullish test the red trendline (I've had this trendline for about 3 weeks now.) and then create a decent to finish bearish? Again, we will look to our lower time frame charts for direction.
Attached Image (click to enlarge)
Click to Enlarge Name: weekly.PNG Size: 40 KB
Just digging in the trenches like everyone else!
  • #18,318
  • Jul 10, 2009 11:53pm Jul 10, 2009 11:53pm
Here's my naked day chart without ma's on it, I don't believe I posted it last week, but I have not made any adjustments to it since last weekend. I'm keeping the same areas in tact. You can get in more detail and find where more buyers/sellers. As my daily stands, I'm bearish. I'm bearish for a couple of reasons. We closed today under 623x, this was an area of concern last week for me. You can see on the chart why I pulled this area. Look at all the wicks it touches. Here's something we can all correlate to on the weekly chart. Look 5 days back to Monday. Notice how the daily closed, nice looking hammer wasn't it. It didn't produce shit for the bulls, why is that? Is it for the same reason I'm looking at my weekly willing to dismiss the bulls power. Looks like it to me on the chart. So, I can see last weeks low again and I can see lower. I can also see it coming off the 585x area for a long as well very nicely. I know Infinity post a possible bullish flag and he might be onto something. We could just be in the range of the flag to touch the 579x area and never to return for a long time. This is obviously an outwards look on the daily. So, for the following daily candle, I can see an upwards thrust possibly followed with price going towards 598x. Will we get there in one day, don't know, could. We'll look to lower TF for entries as well and position management.
Attached Image (click to enlarge)
Click to Enlarge Name: daily.PNG Size: 27 KB
Just digging in the trenches like everyone else!
  • #18,319
  • Jul 10, 2009 11:59pm Jul 10, 2009 11:59pm
Quoting Infinity
ok..... party time....
Thank you bro for sharing your outlook! And your right, it's party time!
Just digging in the trenches like everyone else!
  • #18,320
  • Jul 11, 2009 12:40am Jul 11, 2009 12:40am
Quoting eohater
Here's my naked day chart without ma's on it, ...
Great charts and very details analysis.
Many happy pips returned ...
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