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Technical Analysis Fallacy

  • #9,241
  • Edited Jul 31, 2009 12:09am Jul 30, 2009 9:57pm | Edited Jul 31, 2009 12:09am
Hi ALL,
overslept.

So our non Japanese "friend" in Tokyo. Plays Long side.
Every report I read sound so bearish USD today.
Why haven't we broken 14200 yet? What want to sucker me to be long Eur, so that she can screw me.

Now I know why,
Any one here remember, one,non jap name in tokyo, what you migt call it, Goldsucker, man advised customers and family to buy Euros, big time. Guess what his donkey looks like this week. Too Big and too high.

Better watch it mule. There was an incident in japan , some years back, when a japanese investor , after losing money on bad advice, took his katana out to aquaint it with his brokers. I feel for you, kaijin.
  • #9,242
  • Jul 30, 2009 10:30pm Jul 30, 2009 10:30pm
Quoting fti
Hi ALL,
overslept.

So our non Japanese "friend" in Tokyo. Plays Long side.
Every report I read sound so bearish USD today.
Why haven't we broken 14200 yet? What want to sucker me to be long Eur, so that she can screw me.
I am kind of thinking the same. Price jump up from 1.4090 area to 1.4010 and has not been back. It is hanging around the 1.4020/30 area at the moment. I will only take shorts on the EUR/USD today. At this stage I have not even got a scout in. Sooner or later there will be a fast drop. I may have to wait until the London session to see it. All the best for the last trading day of the month. Ray
  • #9,243
  • Edited Jul 31, 2009 12:14am Jul 30, 2009 11:28pm | Edited Jul 31, 2009 12:14am
maybe its wishful thinking but g/u and e/u feel a bit different.
should know soon enough.

bias through me off.
jurys still out on direction.

although Im starting to look up.
  • #9,244
  • Jul 31, 2009 12:33am Jul 31, 2009 12:33am
Quoting lilpip
bias through me off.
Why? From your bias level of 27 to current 39, it's just 12 pips. Are you counting waves--- 4 can't offend 1 ? You know, those strict technical rules are for scholars.

The upside is just running out of gas at 40 area.
  • #9,245
  • Jul 31, 2009 12:38am Jul 31, 2009 12:38am
Quoting imjscn
Why? From your bias level of 27 to current 39, it's just 12 pips. Are you counting waves--- 4 can't offend 1 ? You know, those strict technical rules are for scholars.

The upside is just running out of gas at 40 area.
later could be getting busy, lookin down
  • #9,246
  • Jul 31, 2009 12:56am Jul 31, 2009 12:56am
last day of the month n its a friday, so stay nimble and expect the unexpected
To Live is the rarest thing in the world , Most people exist , that is all
  • #9,247
  • Jul 31, 2009 1:30am Jul 31, 2009 1:30am
shes making me work tonite.
  • #9,248
  • Edited 3:59am Jul 31, 2009 1:36am | Edited 3:59am
Quoting maheswara
last day of the month n its a friday, so stay nimble and expect the unexpected
ok gang, trade well, I gotta take a trading break, settle some stuff.

have a nice weekend.

Cu

regards

Personal Songbook
"A Thousand Advice and Reminders"
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Alisan
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She changed the lyrics, here, saying, She's the only beauty from the whole of Ali Hills. Self praise,shame.shame
Inserted Video
  • #9,249
  • Jul 31, 2009 1:56am Jul 31, 2009 1:56am
Have a nice weekend, Sir!

I'm going to take a trading break too-- for some family stuffs.

Trade well to all !
  • #9,250
  • Jul 31, 2009 2:07am Jul 31, 2009 2:07am
guess ill take a break as well
review some stuffs
bad performance this month , its like a losing cycle I cant get out of ...
To Live is the rarest thing in the world , Most people exist , that is all
  • #9,251
  • Edited 10:59am Jul 31, 2009 9:16am | Edited 10:59am
well, if we break 4175 we just might hit 42.

The cart hit some bumps, and pips fell out everywhere.
I did manage to regain my composure to some degree.
g/u and e/u sure act like they want to cimb.

watching g/u 6569-93 area.
e/u 75
e/u 4276
  • #9,252
  • Jul 31, 2009 11:53am Jul 31, 2009 11:53am
Just checking in here to see how everyone did today. Had a great day with the E/J early, and the GBP/$ later in the morning. Sounds like fti had a good week, and hope everyone else did as well. Have a good weekend.
  • #9,253
  • Jul 31, 2009 12:11pm Jul 31, 2009 12:11pm
Quoting GEfx
Just checking in here to see how everyone did today. Had a great day with the E/J early, and the GBP/$ later in the morning. Sounds like fti had a good week, and hope everyone else did as well. Have a good weekend.
lilpip needs to make some adjustments, 1 being trade 1 account instead of 4 at one time.

I did not do as well as I would like and I cant say I didnt know the terrain.

All is well as I believe Im getting a better feel for the market.
  • #9,254
  • Jul 31, 2009 12:22pm Jul 31, 2009 12:22pm
Quoting imjscn
Why? From your bias level of 27 to current 39, it's just 12 pips. Are you counting waves--- 4 can't offend 1 ? You know, those strict technical rules are for scholars.

The upside is just running out of gas at 40 area.
Im not experienced enough to count waves correctly.
Im just watching areas to get a feel for direction and when congested I see different candle formations at a signifiacnt point my view can change quckly.
an example being before our break north.
  • #9,255
  • Jul 31, 2009 1:55pm Jul 31, 2009 1:55pm
Quoting maheswara
guess ill take a break as well
review some stuffs
bad performance this month , its like a losing cycle I cant get out of ...

You will get back soon.... dont be too hard on yourself....


V
  • #9,256
  • Jul 31, 2009 2:20pm Jul 31, 2009 2:20pm
Quoting lilpip
lilpip needs to make some adjustments, 1 being trade 1 account instead of 4 at one time.

I did not do as well as I would like and I cant say I didnt know the terrain.

All is well as I believe Im getting a better feel for the market.
Summer trading can be like this. Wednesday was a wierd day for me when I was completely out of sync with the market. For me, summer trading means being just a little more careful in trade selection (when the trend is not always there to rescue a poorly timed trade), and trading during peak volume times, but that is just me and don't want to say that it will work for everyone. Have a good weekend.
  • #9,257
  • Jul 31, 2009 3:04pm Jul 31, 2009 3:04pm
Quoting maheswara
guess ill take a break as well
review some stuffs
bad performance this month , its like a losing cycle I cant get out of ...
do not take hard it...until today, I have been doing great...I forgot it was friday and month end...so PA got the best of me...now, what is left but to wait until next week...another day to battle...relax.
Empty as water and soft as a facing wind mountain
  • #9,258
  • Jul 31, 2009 4:00pm Jul 31, 2009 4:00pm
fti,
i've been reading this thread for a few days with great interest, and trying to catch up. a few quick questions, if you please.

what is the purpose of the "dance"? is it to get a bias for the direction and take a position? or is it to judge price action after taking a position?

also, once you're in a trade, do you manage your position in a mechanical manner? if yes, then why dance?

i'm trying to figure out what elements of your trading are strict rules and how much is discretionary?

what would a general do?
  • #9,259
  • Jul 31, 2009 7:02pm Jul 31, 2009 7:02pm
Quoting maheswara
guess ill take a break as well
review some stuffs
bad performance this month , its like a losing cycle I cant get out of ...
Sorry to hear, suggest you have a complete break from thinking about forex on Saturday and Sunday. Start again on Monday with small trades to build up your confidence. I am sure you will be back in the winner's circle. Ray
  • #9,260
  • Edited 8:51pm Jul 31, 2009 8:20pm | Edited 8:51pm
Quoting maheswara
guess ill take a break as well
review some stuffs
bad performance this month , its like a losing cycle I cant get out of ...
Hi maheswara,

listen to this song u will feel good
Inserted Video


pete.
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