hi everybody,
good trading...new here but been following this forum over a year...learnt alot.tq
good trading...new here but been following this forum over a year...learnt alot.tq
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DislikedJust want to share my simple chart and what I think may happen soon.
From the 4H chart, we can see a double top peaking at the monthly R1 (1.4970).
Daily R1 on my chart is 1.4988 while yesterday's was 1.4973.
On the Daily chart, we can see a head&Shoulder forming if the market close lower today. I am not expecting it to materialize because it would mean an drop below 1.44 which I feel is not too possible.
The chart shows a bearish outlook although it is trending well within the long establish bull channel.
Currently, I still believe...Ignored
DislikedCan you point to me where is the head & shoulders on the dailys? You are assuming too many things, there is nothing at this point that suggests a head & shoulders formation. It may very well crash if it does not break the upper channel, but there is no H&S at this point.Ignored
DislikedHi wwwin,
Its on the second chart.
You are right that I am assuming a possible formation of the H&S on a longer term.
At this point, I am more inclined to the possibility of the double top if mthly R1 holds which I based my current trading plan on.
If the price does goes down to sub 1.44 then rebound, I will trade based on the possibility of a H&S. That's my trading plan for mid-term.
As I have mentioned, we are still in a bull channel and my lower channel band sit around 1.429x which is still within the channel.
I am not married to...Ignored
DislikedOK mate, I was not critisizing you, it's just that if you are pressing to see things that are not there yet, you can be biased and miss good trades that develop the other way. Cheers.Ignored
DislikedNo problem mate!
We are all here to learn, to share and to see things from a different prospective.
Any pointers/criticisms to become a better traders should always be taken in good light.
In fact, I truly appreciate RJ's post. A very good reminder I feel.Ignored
DislikedThis current $hit$storm is why not only I but a number of others are no longer here on a regular basis. But if anyone wants to state that was a "Pro' thread I finally started last June in response to the elghoz's, alihalfazz's, and their kind on this one, you're entitled to your opinion but You Are Dead Wrong.
Read the opening post and show me one place where it EVER stated it was for anybody other than sincere traders with room to have some fun now and then...Ignored