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Technical Analysis Fallacy

  • #14,581
  • Edited 3:09am Apr 23, 2010 2:40am | Edited 3:09am
Right now, Hourly is a real time example. ABC retrace plus DE turn up. When seeing double bottom in progress, selling C should be careful. but can't be careful enough, now , in DE.

Cut?-- No, over all trend is down, the up move likely be rejected by 60 old bottom;

Flip?-- no, not much room for flipping profit unless it turns to be impulsive up move;

Rescue?-- yes, watch 50/60 area, be patient, hit when see the up weakening.

Mind shaking?-- Reduce size la.

Edit 1 : IFO expected good, no chance for rescue. Last chance to decide surrender before news time, or fight.
Edit 2: IFO comes spike to 87. this is the place to decide flip or rescue. If market trade above, Daily will become a failured swing-- Flip up; If market trade below and weakening-- rescue.
  • #14,582
  • Apr 23, 2010 2:40am Apr 23, 2010 2:40am
Dear friends
This was the great lesson and experience. It was "fighting with the market and junior trader's psychology"
Where in some moment faceing huge DD... and it was fend off.
From this perspective, this is worth milions....

This live broadcast starring:
Many thanks to:
Auxesis, Lilpip, Maheswara, Textor, Cyrus, Hcong168, Setebos, GEfx, MyTbo, Aiyahmarklah, Jest1081, Imjscn, Gro, Piccolo.

Special thanks to Fti - direction

And in the main(comic) role....... me of course...

. Happy trading to all and happy weekend.
  • #14,583
  • Apr 23, 2010 2:47am Apr 23, 2010 2:47am
Quoting Fana
Dear friends
This was the great lesson and experience. It was "fighting with the market and junior trader's psychology"
Where in some moment faceing huge DD... and it was fend off.
From this perspective, this is worth milions....

This live broadcast starring:
Many thanks to:
Auxesis, Lilpip, Maheswara, Textor, Cyrus, Hcong168, Setebos, GEfx, MyTbo, Aiyahmarklah, Jest1081, Imjscn, Gro, Piccolo.

Special thanks to Fti - direction

And in the main(comic) role..........
Actually i want to thank you instead. coz from your trade, i have learnt alot of should haves and should nots, and i've realsied that im still a very long way from understanding and effectively applying the many concepts fti has presented. Its clearly shown that I have failed to grasp alot of things taught.
  • #14,584
  • Apr 23, 2010 3:12am Apr 23, 2010 3:12am
Cyrus, I just read your last 2 posts - you made my morning mate

Cheers
  • #14,585
  • Edited 4:04am Apr 23, 2010 3:17am | Edited 4:04am
Quoting fti
Who is this chap?
Likes drive against traffic?

Prepare paramedics and AMBULANCE.
quick
Hi ITF
But Fana traded against the trend ... and I wrote that I see only one mistake (the main error) ... and millions more.
I painted and wrote "much intelligent" and stubborn.

... and of course ... how to trade myself.Trading in the trend is boring ... against the trend are greater profits ... no? ... for me

Regards ... your orG
  • #14,586
  • Apr 23, 2010 3:25am Apr 23, 2010 3:25am
Quoting Setebos
Cyrus, I just read your last 2 posts - you made my morning mate

Cheers
Haha. Glad it did so.

I like this place. It's friendly, progressive, I can relate to the big guy's (fti) style and the content's pretty darn good (and veerryyy long).

Love your signature btw sounds like something I can imagine myself saying (quietly in my head).
One Mind, Any Market
  • #14,587
  • Apr 23, 2010 3:30am Apr 23, 2010 3:30am
actually looking back ,
best advice wld have been to close everything for the day and get out ...
when u start seeking help from forum on ur positions , it is obvious ur mindset is at the lowest ...
anything he does , will only aggravate the loss at such state ...
next time anyone asking position help , do tell them to close everything and get out of trading for the day ...
To Live is the rarest thing in the world , Most people exist , that is all
  • #14,588
  • Edited 3:47am Apr 23, 2010 3:35am | Edited 3:47am
Quoting Cyrus
Haha. Glad it did so.

I like this place. It's friendly, progressive, I can relate to the big guy's (fti) style and the content's pretty darn good (and veerryyy long).

Love your signature btw sounds like something I can imagine myself saying (quietly in my head).
just found out. ur a fellow xingjiaporeeern (lol).
i like ur style, not here to please not here to prove. When i grow up, i want to be like you leh. keke

have you been paying your fines. lol!

Quoting Gro
Hi ITF
But Fana traded against the trend ... and I wrote that I see only one mistake (the main error) ... and millions more.
I painted and wrote "much intelligent" and stubborn.

... and of course ... how to trade myself.Trading in the trend is boring ... against the trend are greater profits ... no? ... for me
very smart.
  • #14,589
  • Apr 23, 2010 3:43am Apr 23, 2010 3:43am
Rumor has it Greece might activate the rescue package today. If that happens it gonna get ugly, stay sharp guys.

Anyone riding the impulse up this morning?
  • #14,590
  • Apr 23, 2010 3:56am Apr 23, 2010 3:56am
Quoting maheswara
actually looking back ,
best advice wld have been to close everything for the day and get out ...
when u start seeking help from forum on ur positions , it is obvious ur mindset is at the lowest ...
anything he does , will only aggravate the loss at such state ...
next time anyone asking position help , do tell them to close everything and get out of trading for the day ...
Hi Maheswara
Wish you - "allways fly your arrow"
Best regards
  • #14,591
  • Apr 23, 2010 4:13am Apr 23, 2010 4:13am
Quoting Setebos
Rumor has it Greece might activate the rescue package today. If that happens it gonna get ugly, stay sharp guys.

Anyone riding the impulse up this morning?
I'm out of the market.
Since German "GmbH" and "Big bear" friend France tell jokes for me.
Maybe someone will be a multimillionaire.
  • #14,592
  • Apr 23, 2010 4:20am Apr 23, 2010 4:20am
Quoting Cyrus
I really like this. Much meaning in few words.
Might I ask where they are from please?

This is a long thread, not read everything here yet. Pardon the ignorance. =)



Dude! Have you checked out the bigger TF charts? I'm not uber well versed with the terminology of this thread, on skew, attack defence, etc... but I do know that it's not a smart idea to be long in the 5min/15min if the 1hr,4hr and daily are DOWN.

It goes against all sound market principles.
If you're doing 5min, use the 30min/1hour TREND as your bias.

Bulls make money,...
Lyrics from a song entitled "The Stand" by Hillsong United
  • #14,593
  • Apr 23, 2010 4:22am Apr 23, 2010 4:22am
Quoting Setebos
Rumor has it Greece might activate the rescue package today. If that happens it gonna get ugly, stay sharp guys.

Anyone riding the impulse up this morning?
That is one sharp rally. 3200 + mS1 confluence I presume. Wouldn't be a bad place to unload long inventory for e sell side boys... least tt's my guess..Tipped their hand strong in the 1hour too.

Lets see how Fiber closes going into the wkend.

GEfx:
oohhh them. they're good. =) thanks thanks
One Mind, Any Market
  • #14,594
  • Apr 23, 2010 4:22am Apr 23, 2010 4:22am
Quoting Setebos
Rumor has it Greece might activate the rescue package today. If that happens it gonna get ugly, stay sharp guys.

Anyone riding the impulse up this morning?
No, but am short the E/J about 20 min ago at 124.69. Protecting the entry price now.

Edit: took 1/2 off at 124.39, protecting the entry
  • #14,595
  • Apr 23, 2010 4:35am Apr 23, 2010 4:35am
Quoting Setebos
Rumor has it Greece might activate the rescue package today. If that happens it gonna get ugly, stay sharp guys.

Anyone riding the impulse up this morning?
After the great discussion centered on Fana trading, I am not game to go against the trend. LOL

Still looking for a good spot to go short on the EUR/USD

Seriously, a very good discussion and good learning experience for us all. Ray
  • #14,596
  • Apr 23, 2010 4:40am Apr 23, 2010 4:40am
On the sideline myself... something in the gut stopped me from exploiting that push.
Price is hitting some stronger resistance now, lets see how's that for a test.

@1234 true there, LOL
  • #14,597
  • Apr 23, 2010 4:55am Apr 23, 2010 4:55am
Quoting GEfx
Lyrics from a song entitled "The Stand" by Hillsong United
Wooo I am a Hillsong fan !!!

Btw I think we are looking at the same thing on EJ...yest was good too eh...
  • #14,598
  • Apr 23, 2010 4:58am Apr 23, 2010 4:58am
Felt like CB intervention, starting about 2 hours before the Greece announcement. ECB getting ahead of the curve? E/$ and E/J both hit fibs nearly to the pip (my entry on the E/J was on this hit) and have run out of steam. Next move will tell if I stay or if I flip, but at least I am playing with their money - lol!
  • #14,599
  • Apr 23, 2010 5:04am Apr 23, 2010 5:04am
Greece PM announced it - they are asking for the aid package to be activated. Seat belts on. Waiting on Germany now.
  • #14,600
  • Apr 23, 2010 5:09am Apr 23, 2010 5:09am
Quoting Setebos
Rumor has it Greece might activate the rescue package today. If that happens it gonna get ugly, stay sharp guys.

Anyone riding the impulse up this morning?
Hi, Setebos
As soon as I heard this rumour I exited my shorts entries above 1.3310 with small loss. I guess if I go long now it would be chasing the PA, I will wait for clearer signs. It's friday, just before the Greece rescue pakage talks, a terrible time to be caught on the wrong side of the trade.

Fana's rescue case study brought me some food for thought. I want thank the seniors for their comments and explanations, especially auxesis.

Regards, MyTbo
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