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Chart patterns and trendline discussion....

  • #261
  • Mar 3, 2010 10:25am Mar 3, 2010 10:25am
some more fall
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  • #262
  • Mar 3, 2010 12:24pm Mar 3, 2010 12:24pm
Quoting mf036ml
Hi,

Can anyone recomend any good websites or books with examples and more advanced bar chart formations like pin bars , inside bars, engulfing bars etc?

Thanks
On a related note, I strongly recommend this book - http://www.amazon.com/Reading-Price-...7640568&sr=8-1

It's not about patterns as such, but it does a great job (NB! author's style takes time to get used to) at explaining the dynamics of the price, and the logic behind that dynamics. A gem!
One Chart is Worth Ten Thousand Words.
  • #263
  • Edited 3:51pm Mar 3, 2010 2:43pm | Edited 3:51pm
Thank you, guys, for all your inputs.I am going to get this book http://www.amazon.com/Reading-Price-...7640568&sr=8-1
For I believe it is very worth.
I want to keep the Elliott as simple as possible.
Also, you got my point not to make more pyramid after 3rd point.
I consider Elliott waves as breakouts and that is it.
I just made a random screenshot and see all these breakouts.
Also, I consider consolidation as a swing. All the other swings have to be
like approximately proportional.
Anyone can share own input on how to determine swing points. i just take it
approximately and it works for me fine.
Just I hate complicating the science about Elliott waves besides these necessary breakouts.
See my attachment.
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  • #264
  • Mar 3, 2010 9:40pm Mar 3, 2010 9:40pm
Quoting MarketPips
Thank you, guys, for all your inputs.I am going to get this book http://www.amazon.com/Reading-Price-...7640568&sr=8-1
For I believe it is very worth.
I want to keep the Elliott as simple as possible.
Also, you got my point not to make more pyramid after 3rd point.
I consider Elliott waves as breakouts and that is it.
I just made a random screenshot and see all these breakouts.
Also, I consider consolidation as a swing. All the other swings have to be
like approximately...
picture which you have posted above is not even a swing but its a consolidation area.
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  • #265
  • Mar 4, 2010 10:36am Mar 4, 2010 10:36am
Curious if anyone's noticed the eur/chf on the 4hr. chart...How tightly wound it is....

I have not much experience with this type of break out strategy . been concentrating on sup/rest. chart patterns, and bar formations...

but looks like the possibility for a pretty strong breakout in one direction or the other .....

Would I be correct to assume this? I mean, eventually its got to go somewhere...
  • #266
  • Mar 4, 2010 10:45am Mar 4, 2010 10:45am
Quoting mf036ml
Curious if anyone's noticed the eur/chf on the 4hr. chart...How tightly wound it is....

I have not much experience with this type of break out strategy . been concentrating on sup/rest. chart patterns, and bar formations...

but looks like the possibility for a pretty strong breakout in one direction or the other .....

Would I be correct to assume this? I mean, eventually its got to go somewhere...
good observation,but tell me how you gonna trade thiss chart?
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  • #267
  • Mar 4, 2010 11:00am Mar 4, 2010 11:00am
Quoting swingtrader
good observation,but tell me how you gonna trade thiss chart?
Straddle?

buy 1.4460

sell 1.4612

Would you say this would be the correct way to play this particular scenario?
  • #268
  • Edited 4:57pm Mar 4, 2010 4:45pm | Edited 4:57pm
Everybody trades own way. I believe that market is all logic, no random things in it.
The place that was consolidation for you, for me it is a logic.
Many people disappointed in Elliott waves because they complicated it too much.
When we see that it is all about 1-2 breakouts, the picture is different.
No problem, everybody trades own way.
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  • #269
  • Mar 4, 2010 8:26pm Mar 4, 2010 8:26pm
hmmm,

elliot waves sure is an interesting topic. i found lots of them threads on ff. MarketPips, how do you simplify them then? or maybe you can reference me to a thread with the best explanation.

seems like everyone here is watching several pairs. can you guys tell me the breakdown (how many pair and your allocated risk per trade per pair). i mean, i only trade 1 pair currently (ej) because usually they move "almost" at the same time (with differing % of move; some 20 pips some 70 pips). i'm curious to hear your trade plans.

great trading to all
  • #270
  • Mar 5, 2010 3:27am Mar 5, 2010 3:27am
Quoting MarketPips
Everybody trades own way. I believe that market is all logic, no random things in it.
The place that was consolidation for you, for me it is a logic.
Many people disappointed in Elliott waves because they complicated it too much.
When we see that it is all about 1-2 breakouts, the picture is different.
No problem, everybody trades own way.
On that example, what were your actions when wave 3 didn't happen 1st time? And 2nd time?

I am not being critical, but there are many methods which allow you to observe certain occurrences, yet provide little practical use. E.g. Fibos: retracements to certain Fibo levels are watched by many traders, but what do you actually do when the price gets there? If you did do smth, would you do the same thing over and over again, on a consistent basis?
One Chart is Worth Ten Thousand Words.
  • #271
  • Mar 5, 2010 8:25am Mar 5, 2010 8:25am
E/U update
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  • #272
  • Mar 5, 2010 9:15am Mar 5, 2010 9:15am
Quoting swingtrader
E/U update
Hi Swingtrader,

What were your entry point, SL and TP? Many thanks!
One Chart is Worth Ten Thousand Words.
  • #273
  • Mar 5, 2010 9:59am Mar 5, 2010 9:59am
Quoting Forex007
Hi Swingtrader,

What were your entry point, SL and TP? Many thanks!
short

tp/sl open
  • #274
  • Mar 5, 2010 4:14pm Mar 5, 2010 4:14pm
Ok so I finally finished my first week positive using strictly sup/rest. and bar formations...but I gave back alot of uneccesary profits back...I have times of immense clarity and then all of the sudden everything blurs and am back to overwhelming confusion....

Upcoming week...How to bring it all together? what am I missing....

Weekly chart shows...a very nice pin bar off of a sup level and the yellow lines are what I deem to be significant levels of sup/ rest on this time frame...Now lets move to the daily

Daily- In blue lines I marked the most recent sup/rest...Now mind you , these are just the sup/rest. significant to the immediate area...if I go back in time and do this...its a big ole mess...and if its in a tight range and I try to mark all the turning points....an even bigger mess....well any how...on the daily I see an engulfing ouside bar...good indication and confirmation to go long...all though its quite close to one of those yellow areas from the weekly to be tested....and closed above one of the weekly test lines as well...now lets move to the 4hr.


4hr-highlight is an engulfing outside bar which prompted me to place a pending buy order just above the next level to be tested...which was filled...am thinking my first point to take profit would be next yellow line up...but dont want to move sl for remaing at this point as it is kinda close..and want to give time for the trade to develop...also my sl at the moment is just behind the enty bar...why you ask? thats a good question...I dont know really, I think its because its quite a few pips away from what in theory should be a supp level....

So what the heck am I missing....what did i overlook? please , give me your honest opinion and constructive critisism...

as always in thanks in advanced.
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  • #275
  • Mar 5, 2010 9:29pm Mar 5, 2010 9:29pm
Quoting swingtrader
I am using 2 moving averages.

200 exponantial moving average

and 100 simple moving average.

swingtrader,

Would you mind explaining a little on how these moving averages are incorporated in your decision making process as far as opening or closing positions....

Hope thats not asking for too much.

Thanks
  • #276
  • Mar 5, 2010 10:33pm Mar 5, 2010 10:33pm
I use technical patterns and candlesticks, to forecast what is "more likely" to happen, it constitutes for about 30% of the trading involved. Technical will often lie.
  • #277
  • Mar 6, 2010 2:02am Mar 6, 2010 2:02am
Quoting mf036ml
Upcoming week...How to bring it all together? what am I missing...
There is always some TF where PA/trend would contradict another TF. Trade TF where you identified a valid setup.

At the same time, lower TF could give you a better entry. E.g. weekly PB - price is likely to retrace before proceeding where needed. So, you can monitor the price on, say, H4 and enter a valid setup there in the direction of PB. If you do that, you still have to manage H4 trade (whilst keeping an eye on D1/W1 for the reasons to stay in trade for longer).
One Chart is Worth Ten Thousand Words.
  • #278
  • Mar 6, 2010 3:13am Mar 6, 2010 3:13am
Quoting mf036ml
swingtrader,

Would you mind explaining a little on how these moving averages are incorporated in your decision making process as far as opening or closing positions....

Hope thats not asking for too much.

Thanks
its really simple if price is below 200 MA it means sentiments is bearish and vise versa,but its not a confirmation,but can be just used for over all idea.
  • #279
  • Mar 7, 2010 12:43am Mar 7, 2010 12:43am
Quoting swingtrader
its really simple if price is below 200 MA it means sentiments is bearish and vise versa,but its not a confirmation,but can be just used for over all idea.
Thanks for the reply swingtrader...I see your charts are on the 4hr. timeframe....

am guessing this is the timeframe you prefer to trade...do you ever take a long position if price is under your ma's or do you strictly take short set ups? just curious...

thanks again for your reply...
  • #280
  • Mar 7, 2010 12:58am Mar 7, 2010 12:58am
For the upcoming week I think I'll slow it down a bit and tend to my open position like it was my child....My first target on GU is around the 1.5555 and maybe just watch one other pair..and maybe post some charts on the other pair with what am seeing and hopefully get some feedback from the more experienced guys out there as to whether am interpreting this correclty or not...
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