Trade on your own risk
Plan your trade&trade your plan dont be a 
- #162,443
- Nov 17, 2009 9:56am Nov 17, 2009 9:56am
- | Joined Oct 2007 | Status: Trader | 1,236 Posts
"Timing Is Everything. Really I Swear It Is"
- #162,444
- Nov 17, 2009 9:56am Nov 17, 2009 9:56am
Good morning! 
Not a good night for me, this dip down has been... challenging. I made a beginner mistake, one Ive done several times over the last year, but Im doing it less and less if thats worth anything.
Id like some feedback on my current analysis please. Right now Im in recovery mode, which is disappointing after some awesome gains lately.... gains destroyed by ... greed... and ignorance.
1. Hourly chart is extreamly oversold with RSI14 at 22 and RSI3 at 1 (1!!!).
2. Hourly chart is oversold with CCI14 at -150 with a recent low of -300.
3. Hourly chart is extreamly oversold with Stoch(8,3,3) at 12 and 18.
4. I thought we hit a very strong support level at 14850 but here we are at 14837 as I type this, which is even lower than the 14843 support level.
5. These support levels, combined with significant oversold indicators and an upward trend on the daily/weekly level should support upward movement.
6. This upward movement, based off live data should hit 14911 using FE61.8 with the potential to hit 14964 using FE100.0.
7. Strong support is seen at 14821 based on the low of 11/12, and again at the low of 11/13, as well as a couple bounces back on 11/5 and 11/6.
8. I show a daily S2 at 14816.
Using this data I think I should hold onto my longs that are currently hurting, as there is a good chance i could at least break even, or cut my losses in half. Would think about closing once I see overbought conditions and/or pivot.
Not a good night for me, this dip down has been... challenging. I made a beginner mistake, one Ive done several times over the last year, but Im doing it less and less if thats worth anything.
Id like some feedback on my current analysis please. Right now Im in recovery mode, which is disappointing after some awesome gains lately.... gains destroyed by ... greed... and ignorance.
1. Hourly chart is extreamly oversold with RSI14 at 22 and RSI3 at 1 (1!!!).
2. Hourly chart is oversold with CCI14 at -150 with a recent low of -300.
3. Hourly chart is extreamly oversold with Stoch(8,3,3) at 12 and 18.
4. I thought we hit a very strong support level at 14850 but here we are at 14837 as I type this, which is even lower than the 14843 support level.
5. These support levels, combined with significant oversold indicators and an upward trend on the daily/weekly level should support upward movement.
6. This upward movement, based off live data should hit 14911 using FE61.8 with the potential to hit 14964 using FE100.0.
7. Strong support is seen at 14821 based on the low of 11/12, and again at the low of 11/13, as well as a couple bounces back on 11/5 and 11/6.
8. I show a daily S2 at 14816.
Using this data I think I should hold onto my longs that are currently hurting, as there is a good chance i could at least break even, or cut my losses in half. Would think about closing once I see overbought conditions and/or pivot.
- #162,446
- Nov 17, 2009 9:59am Nov 17, 2009 9:59am
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
- #162,448
- Nov 17, 2009 10:01am Nov 17, 2009 10:01am
- Joined Oct 2008 | Status: Trader | 3,473 Posts
Trade on your own risk
Plan your trade&trade your plan dont be a
- #162,449
- Nov 17, 2009 10:02am Nov 17, 2009 10:02am
- Joined Apr 2009 | Status: Trader | 4,214 Posts
Good morning!
Not a good night for me, this dip down has been... challenging. I made a beginner mistake, one Ive done several times over the last year, but Im doing it less and less if thats worth anything.
Id like some feedback on my current analysis please. Right now Im in recovery mode, which is disappointing after some awesome gains lately.... gains destroyed by ... greed... and ignorance.
1. Hourly chart is extreamly oversold with RSI14 at 22 and RSI3 at 1 (1!!!).
2. Hourly chart is oversold with CCI14 at -150 with a recent low of...
Your no.4 point was in error, that's where you went wrong. Now you have to ask yourself, where is the best place to get out of your losing position.
if you are very brave and capatalised, you could do the unthinkable and average down when it hits 1.4812, but only if it does so on this candle or next, if this candle does not end up.
- #162,450
- Nov 17, 2009 10:03am Nov 17, 2009 10:03am
- | Joined Oct 2007 | Status: Trader | 1,236 Posts
"Timing Is Everything. Really I Swear It Is"
- #162,451
- Nov 17, 2009 10:03am Nov 17, 2009 10:03am
- Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts
Not understand?better not follow my analyses!doubt clearer first, risks ++
- #162,452
- Nov 17, 2009 10:07am Nov 17, 2009 10:07am
- Joined Jan 2008 | Status: I'll Take Your Pips | 1,338 Posts
- #162,454
- Nov 17, 2009 10:08am Nov 17, 2009 10:08am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
- #162,455
- Nov 17, 2009 10:09am Nov 17, 2009 10:09am
- | Joined Oct 2007 | Status: Trader | 1,236 Posts
"Timing Is Everything. Really I Swear It Is"
- #162,456
- Nov 17, 2009 10:10am Nov 17, 2009 10:10am
Your no.4 point was in error, that's where you went wrong. Now you have to ask yourself, where is the best place to get out of your losing position.
if you are very brave and capatalised, you could do the unthinkable and average down when it hits 1.4812, but only if it does so on this candle or next, if this candle does not end up.
Yes, I know, Im way over leveraged. I got greedy and thought I could second guess the market.
Im afraid of SL's. Early on in my trading career my SL's would get hit only for the very next bar things would turn around. Its one of the reasons I adopted dollar cost averaging (which i didnt do like I normally do this time).
Now that I think of it, I had a girlfriend over when I entered this trade.... haha
just stupid...
- #162,457
- Nov 17, 2009 10:12am Nov 17, 2009 10:12am
- Joined Jan 2008 | Status: I'll Take Your Pips | 1,338 Posts
- #162,458
- Nov 17, 2009 10:17am Nov 17, 2009 10:17am
- Joined Oct 2008 | Status: Trader | 3,473 Posts
Trade on your own risk
Plan your trade&trade your plan dont be a
- #162,460
- Nov 17, 2009 10:20am Nov 17, 2009 10:20am
- Joined Aug 2007 | Status: Trader | 2,616 Posts
Seems like market is breaking down. 