This chart...
Attached Image (click to enlarge)
james16 Chart Thread
- #45,942
- Oct 13, 2009 1:50pm Oct 13, 2009 1:50pm
wow thanks a lot TC!
I went a few posts further and seems that this one is the alerter. I'll check it out latter - http://www.forexfactory.com/showpost...ostcount=44609
Thanks Que
Ben
- #45,943
- Edited 2:53pm Oct 13, 2009 2:31pm | Edited 2:53pm
This chart...
I know it's too early to salivate but just a thought, shall we get our guns ready and fire them when the enemy as close as you can see whites of their eyes - I like that Bemac
Or at least pull out some pips, the dotted line - price alert and action, blue rectangle ideal first TP . Hmmm...see whta happens really.
- #45,947
- Oct 13, 2009 3:18pm Oct 13, 2009 3:18pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
yea, i'm watching USD/CAD as well...
however, on the daily, the pin doesnt look nice and long
can this be considered an A+ trade?
Small bar, at a swing low, but lots of divergence. Is it A+, based on bar size I would say definitely not (think falling knife). Is it playable? Depends on your methods. I would rather wait it out and watch the smaller timeframes. A jarroo style would look for a hard break any signs of failure cut out for b/e or a small loss.
Just my 2 cents
Mike
- #45,950
- Oct 13, 2009 3:30pm Oct 13, 2009 3:30pm
Hey Arthur
My first answer has to be(and this is not just to you of course, we have to say this every few pages or we wouldn't be looking out for everyones best interest), have you followed the j16 minimum requirements on page 1, that is you are able to trade daily/weekly? Before that I am highly against people jumping down.
My other answer would be, I am going to watch the 1.0500 area for more clear signals, bigger bars. Or any potential breakout patterns forming for a more of a base.
Hope that helps
Mike
and what do u mean by 'potential breakout patterns'?
thanks for your patience
And what about this one :-)
Attachment
I know it's too early to salivate but just a thought, shall we get our guns ready and fire them when the enemy as close as you can see whites of their eyes - I like that Bemac
Or at least pull out some pips, the dotted line - price alert and action, blue rectangle ideal first TP . Hmmm...see whta happens really.
If you're looking at going long against the CAD how about AUD/CAD?
Decent pin and unlike USD/CAD it's with the long term trend, through a decent PPZ and the 20MA - (I know it's not a favorite here)
Just a thought,
Alex
- #45,953
- Oct 13, 2009 3:50pm Oct 13, 2009 3:50pm
My other answer would be, I am going to watch the 1.0500 area for more clear signals, bigger bars. Or any potential breakout patterns forming for a more of a base.
Hope that helps
Mike
By the 1.0500 are do you mean formation of the "box" and then breaking it or do you mean breaking of the downtrend
Have no idea as the 150 and 360 MA are not there as well. I think this can be a Fib retracement but couldn't locate it as well.:nerd:
The only thing apart from this "box thing" is 1.0500 a level to break long term resistance line (red) ? (on the attached chart)
I apologise for my noob questions. I must stop myself here as I may potentially (very likely so) ask a really dumb questions.
Kind regards
Jarek
- #45,954
- Oct 13, 2009 4:30pm Oct 13, 2009 4:30pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
by bigger bars, do u mean long rising bars, that may or may not have to be BUOB?
and what do u mean by 'potential breakout patterns'?
thanks for your patience
Basically my way of putting all this together keeps me out of times like that on the daily. What I mean(as you can see the usd/cad end of day turned to crap bar anyway). But had it closed as is on the charts before, the daily just have sharp bearish move after sharp bearish move. Day closed as a pin. But we have to remember a bar by itself does not mean reversal. In this case I see a pinbar at the end of a huge run(a small one) as nothing more then a pause. Almost a neutral bar in my mind(even though it is a pin). This pause can mean a plethora of things but not enough to say hey time to buy for me. So what I do is look for clues in different ways. One would be to look higher to the first real trouble area towards 1.05 for clues(both bullish or bearish) at the ppz.
Here is what I really think happens to most people, and believe me guilty as charged at some point as well so no one take it personal. We start scanning our charts for reasons to enter. We start to see any type bar forming and we just get so excited about possibly being "in" the market. So we see a small pin at a swing low, some divergence and say, "it is good enough". Well I decided to say forget good enough I want great, or I want a stricter rule set to keep me out of the good enough. And when is good enough ACTUALLY good enough. So you start to add in some more factors(there are many you can use and as we see many people have different rule sets).
As you gain the experience, you can see things over and over that you just know are situations you may or may not be involved in. In this case(and their are too many to outright list - hence 3k pages
), we have a small pin after a large run down. My thought process at the most basic is, well we are starting to see buyers come in or profit takers, I will wait for something better to show up or at least substantial, no need to catching that falling knife.Bit of a ramble, but it wouldn't be me if I didn't
Mike
- #45,955
- Edited 4:45pm Oct 13, 2009 4:34pm | Edited 4:45pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Your answers are always a sign posts (at least for me). I'm a real beginner and a noob at the same time so I apologise for my ignorance (it's not the result of a sinister personality rather being unelightened)
By the 1.0500 are do you mean formation of the "box" and then breaking it or do you mean breaking of the downtrend
Have no idea as the 150 and 360 MA are not there as well. I think this can be a Fib retracement but couldn't locate it as well.:nerd:
The only thing apart from this "box thing" is 1.0500 a level to break long term resistance...
I have marked 4 possible areas too look for trades(where each arrow is (for example long or short off the 1.5 area, long off the double bottom area, or again long if the 1.5 turns to support after a bounce off the double bottom). Any or none of these scenarios could occur. But I won't be surprised, caught off guard by the market. instead I will react IF I get the PA I need. Others will simply play touches of these areas. Again style is a big factor. I will simply wait for some nice PA.
Hope that helps
Mike
- #45,957
- Oct 13, 2009 5:20pm Oct 13, 2009 5:20pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
And what about this one :-)
Attachment
I know it's too early to salivate but just a thought, shall we get our guns ready and fire them when the enemy as close as you can see whites of their eyes - I like that Bemac
Or at least pull out some pips, the dotted line - price alert and action, blue rectangle ideal first TP . Hmmm...see whta happens really.
divergence is really of no help, unless used with the most recent bars..
- #45,960
- Oct 13, 2009 5:34pm Oct 13, 2009 5:34pm
...
Thank you kindly Mike,
Indeed, another lessons from this learnt:
1.it ain't over till is all over (wait for the bar close - but that analysing process is a value itself in my opinion)
2.shape has to be decent and size matters
Indeed reading your post and looking at the price action one has an impression: bears are just bloody exhausted but bulls are not yet interested so much, let;s just wonder around.
I will save your chart with markings, hope you don't mind cause I want to see the "future" when is perfect. :-)
I still has to go through the whole public thread again- my second reading so many posts to just re-call.I'm doing my real micro account now on daily'es only. Now I'm trying to cover up myself for being a dumb pencil in the pot. :-)
I hope someday I can grow to the private thread.
Thank you very much Mike
Hope that helps
Mike
Indeed, another lessons from this learnt:
1.it ain't over till is all over (wait for the bar close - but that analysing process is a value itself in my opinion)
2.shape has to be decent and size matters
Indeed reading your post and looking at the price action one has an impression: bears are just bloody exhausted but bulls are not yet interested so much, let;s just wonder around.
I will save your chart with markings, hope you don't mind cause I want to see the "future" when is perfect. :-)
I still has to go through the whole public thread again- my second reading so many posts to just re-call.I'm doing my real micro account now on daily'es only. Now I'm trying to cover up myself for being a dumb pencil in the pot. :-)
I hope someday I can grow to the private thread.
Thank you very much Mike