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  • #8,281
  • Dec 7, 2009 4:41pm Dec 7, 2009 4:41pm
Now what would a U - Boat commander do faced with a situation like this?
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15 YEARS OF PASR ON FOREX FACTORY!
  • #8,282
  • Dec 7, 2009 4:51pm Dec 7, 2009 4:51pm
The needlework and sewing class girls will get lots of pricks tonight if they are not careful with these bars!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #8,283
  • Dec 7, 2009 4:59pm Dec 7, 2009 4:59pm
Quoting strat
What are they telling you?
They tell me that it is not time yet to look for trend change, confluence. Look for PA to go up again towards the next major SR.
  • #8,284
  • Dec 7, 2009 4:59pm Dec 7, 2009 4:59pm
Now then, Gungadin, what are you doing about this?

Hint: Alexandra not only knows BUT she has told you - many times!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #8,285
  • Dec 7, 2009 5:01pm Dec 7, 2009 5:01pm
I got a needle too on my GOLD daily chart.

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I'm not sure if this a reversal sign so I wont put a buy order above the "needle". The candle is pretty big (above average) in range comparing with a normal day.

The size of the NFP candle makes me a bit uncomfortable to add to my position here. By the way, I'm still LONG with GOLD since 2 November and this was my first Strat trade. Since my buy order was filled I haven't added to my position. There was an opportunity I've missed in 13 November where initially I thought it was a reversal sign but after the BEEB came a BUEB and then the price took off.

The yesterday hammer closed above the 20 EMA, there is also the psycho 1150 USD and the fibo 38.2 retracement level there too. If the NFP candle wasn't there I would add but now I will tighten the stop and set it under the hammer low @1132.

I'm not sure if this is a reversal or an indecision sign.
  • #8,286
  • Dec 7, 2009 5:02pm Dec 7, 2009 5:02pm
Quoting Jideck
They tell me that it is not time yet to look for trend change, confluence. Look for PA to go up again towards the next major SR.
But each chart tells a different story.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,287
  • Dec 7, 2009 5:04pm Dec 7, 2009 5:04pm
Quoting strat
Now what would a U - Boat commander do faced with a situation like this?
AAAOOOOGAAA AAAOOOOGAAA prepare to dive. Maybe one little peek with the periscope then take her down.
  • #8,288
  • Dec 7, 2009 5:10pm Dec 7, 2009 5:10pm
Quoting hcristea
I got a needle too on my GOLD daily chart.

Attachment

I'm not sure if this a reversal sign so I wont put a buy order above the "needle". The candle is pretty big (above average) in range comparing with a normal day.

The size of the NFP candle makes me a bit uncomfortable to add to my position here. By the way, I'm still LONG with GOLD since 2 November and this was my first Strat trade. Since my buy order was filled I haven't added to my position. There was an opportunity I've missed in 13 November where initially I thought it...
Not having a Gold chart I feel a bit naked so looking at yours (I like looking at others!), it’s more like a Bond hammer but worse than that is your huge NFP candle.

If you have drawn your SR levels correctly then that Bond hammer is floating in space which further suggests it is a pause and there may be more downside to come. The TL below it looks very enticing before Dr. Joe comes back after his tea break.

Having seen Thursday’s candle, you should have slapped your SL under it or at least below that previous IB hammer knowing the next day was NFP day.

Always pull up your SL ahead of NFP days
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,289
  • Dec 7, 2009 5:27pm Dec 7, 2009 5:27pm
Quoting strat
But each chart tells a different story.
My chart look similar to yours Strat, but waiting is the game now for me.http://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
  • #8,290
  • Dec 7, 2009 5:46pm Dec 7, 2009 5:46pm
Quoting strat
[font=Arial] If you have drawn your SR levels correctly then that Bond hammer is floating in space which further suggests it is a pause and there may be more downside to come. The TL below it looks very enticing before Dr. Joe comes back after his tea break.
Gold went into uncharted territory in 3 Nov. There was no previous tug-o'-war between buyers and sellers above the 1070 in gold. Not in the last 20 years to be more exact. Therefore, can we say that the only SR levels might be psycho numbers and fibo retracements?

If the answer is yes to the previous question then 1150 could be a SR here. If that is a SR then that bond hammer might be seen as a reversal if there were no NFP candle in the picture?

Quoting strat
Having seen Thursday’s candle, you should have slapped your SL under it or at least below that previous IB hammer knowing the next day was NFP day.

Always pull up your SL ahead of NFP days
Thanks Strat, I've learned that lesson after your reply to my AUDCHF post yesterday and... after NFP I was hoping that if I've survived the Friday after Thanksgiving the NFP news release would not leave such a big candle. I think I slept in the train and missed the last station.
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  • #8,291
  • Dec 7, 2009 6:42pm Dec 7, 2009 6:42pm
Quoting hcristea
Gold went into uncharted territory in 3 Nov. There was no previous tug-o'-war between buyers and sellers above the 1070 in gold. Not in the last 20 years to be more exact. Therefore, can we say that the only SR levels might be psycho numbers and fibo retracements?

If the answer is yes to the previous question then 1150 could be a SR here. If that is a SR then that bond hammer might be seen as a reversal if there were no NFP candle in the picture?...
Therefore, can we say that the only SR levels might be psycho numbers and fibo retracements?

No, not the ONLY levels. PRICE will fall back to the most recent Worker support levels which look to be somewhere between 1100 and 1150.

No sleeping on trains from now on then (unless you are Japanese)!
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,292
  • Dec 7, 2009 6:55pm Dec 7, 2009 6:55pm
Quoting Jideck
Hi Patrick

OK, that's sorts this out. I was suspecting some serious omission on my part as BRB sounds very important and to miss it could spell trouble. I bet Blackeagle will laugh some more at this description.
But putting this aside, the range is substantial and trading within it would be OK if you are to go from minor SR to the next SR only when your SR lines are put correctly in place.
I wait for PA to move close to my major SR and observe.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon12.gif
Jideck
Hi Jideck,

When a pair is putting a big ranging, it is safer to play the far ends of the range if PA permits. I picked it up from Blackeagle when he commented on some of the posts, he didn't said exactly like that though.
  • #8,293
  • Dec 7, 2009 8:43pm Dec 7, 2009 8:43pm
Quoting strat
More needlework classes for those interested
You have an upper trend line but a lower DSRI. Even though you have minor support the 20 and 50 are narrowing (losing momentum) and there are only wobbles at that minor support. The lower DSRI gives the impression that the needles coming in contact with it will act as support but it can't because DSRI isn't trend. I think it may pop up a little but still has room on the down side. Pin bar fake out possible. No trade. If pushed I'd sell it.

Quoting strat
More needlework classes
This looks like a head and shoulders and a LH at that. The 'pin' has limited upside. Consolidation has begun and is forming the beginnings of a coil. Directionless and could go either way. Trend line is weak and being pushed every swing low. No trade.

Quoting strat
Her beloved 133 has let her down - but we don't care!
2nd touch of 3 on the trend line. I think it will most likely bounce on minor support and back to trend line but I don't really know how to trade that yet so no trade for me.

Quoting strat
Now what would a U - Boat commander do faced with a situation like this?
I'll take the same boat as Lou on this one.

Quoting strat
The needlework and sewing class girls will get lots of pricks tonight if they are not careful with these bars!
Dr. Joe says this one is going down because it isn't going up. I don't trade against the trend so pin bar or not. No trade.

Quoting strat
Now then, Gungadin, what are you doing about this?

Hint: Alexandra not only knows BUT she has told you - many times!
I'll wait for Gungadin on this one
  • #8,294
  • Dec 7, 2009 9:55pm Dec 7, 2009 9:55pm
My apologies for the rushed sounding post. My daughter was competing for attention and I wanted to get that in before she won out.

I also wanted to share an email I received but I deleted it by mistake. It was one of the "Best Forex Strategies to Ever Hit the Market". Back in my early days (not so long ago) this one almost got my money. And why not? The were going to give me exclusive access to the 'Pip Vault' where there were 2 other strategies that were almost as good as the one for sale.

Although, I might have missed out because they only had 45 no 44 copies left and counting.

Cheese ball had a demo video where he was eating lunch on tape just to prove how easy it was to rake it in. Over acted lip smacking sounds just to prove he was really eating.

Just another reiteration...Don't Fall for It.
  • #8,295
  • Dec 7, 2009 10:03pm Dec 7, 2009 10:03pm
Quoting patrick25
Hi Jideck,

When a pair is putting a big ranging, it is safer to play the far ends of the range if PA permits. I picked it up from Blackeagle when he commented on some of the posts, he didn't said exactly like that though.
At least this is what I have been doing since June for this pair.
  • #8,296
  • Dec 7, 2009 10:07pm Dec 7, 2009 10:07pm
Quoting patrick25
Hi Jideck,

When a pair is putting a big ranging, it is safer to play the far ends of the range if PA permits. I picked it up from Blackeagle when he commented on some of the posts, he didn't said exactly like that though.
Rightly so Patrick. I do not have many minor SR on my charts, and far ends of the range this is where I look for opportunity when price is ranging as it is with AUDUSD.
Look like we do seek similar opportunities, sweet.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
  • #8,297
  • Dec 7, 2009 10:18pm Dec 7, 2009 10:18pm
Quoting Blackeagle
At least this is what I have been doing since June for this pair.
There would have to been three ranging areas you considered. I have not traded this pair in the past so by looking back at the Worker that what I would have seen (0.78 -0.82, 0.82 - 0.845 and 0.86 - 0.88 and the current range 0.89 - 0.93).
  • #8,298
  • Dec 7, 2009 11:15pm Dec 7, 2009 11:15pm
Quoting Jideck
There would have to been three ranging areas you considered. I have not traded this pair in the past so by looking back at the Worker that what I would have seen (0.78 -0.82, 0.82 - 0.845 and 0.86 - 0.88 and the current range 0.89 - 0.93).
I was talking about EJ.
  • #8,299
  • Dec 7, 2009 11:25pm Dec 7, 2009 11:25pm
Quoting Blackeagle
I was talking about EJ.
OK, this one is not one of trading pairs though.
  • #8,300
  • Dec 7, 2009 11:45pm Dec 7, 2009 11:45pm
Quoting Blackeagle
At least this is what I have been doing since June for this pair.
Hi Blackeagle,

Your comments on eurjpy back then really helped me about looking at ranging periods on charts. Specially on 100 to 150 pips range, we skip on small ranges like that. Thanks.
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