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  • #1,781
  • May 25, 2010 6:01am May 25, 2010 6:01am
Wanted to share this with you LJ, seeing that you went long UJ. I wasn't around to show you this chart yesterday.

I think it doesn't need any comments... Pring says in his book that line charts are better than OHLC or candle charts. I'm not really giving weigh on that, but I thought of switching to line from time to time, just to see how stuff's working. And on UJ I had that line drawn 2 days ago, waiting for that level, but not having enough experience with simple touch trade and on line charts too, I didn't pull the trigger.
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  • #1,782
  • May 25, 2010 6:53am May 25, 2010 6:53am
U got mail
  • #1,783
  • May 25, 2010 6:59am May 25, 2010 6:59am
Quoting neutro
Pring says in his book that line charts are better than OHLC or candle charts. didn't pull the trigger.
i have Just got the book. Page 15 at the moment. It is a very good reading and it is complementary to J16, very similar to the trading technique of Mike.
  • #1,784
  • May 25, 2010 7:04am May 25, 2010 7:04am
Quoting neutro
Wanted to share this with you LJ, seeing that you went long UJ. I wasn't around to show you this chart yesterday.

I think it doesn't need any comments... Pring says in his book that line charts are better than OHLC or candle charts. I'm not really giving weigh on that, but I thought of switching to line from time to time, just to see how stuff's working. And on UJ I had that line drawn 2 days ago, waiting for that level, but not having enough experience with simple touch trade and on line charts too, I didn't pull the trigger.
I do look at line charts now and again and mainly use them in trend trades where adding positions.

I've attached the reason I went long yesterday and also my line chart...dont think my line chart would have stopped me taking that trade as its not as clear a PPZ areas as yours.

A line chart defintely has its uses...but the drawback is that you need to know the highs and lows when knowing where to put you stop loss on a trade. personally I prefer looking at price extremes when plotting a PPZ area and taking a trade etc...but its defintely usefiul when trading P/V style to more easily identify price conslidation areas etc.
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  • #1,785
  • May 25, 2010 7:42am May 25, 2010 7:42am
Gold at resistance plus 2 EMA confluence.

Long if it breaks above resistance. Also a kind of H&S reversal pattern.

Short below 1185 ?

Opinions ?
Attached Image
  • #1,786
  • May 25, 2010 7:46am May 25, 2010 7:46am
Quoting ogeid
Gold at resistance plus 2 EMA confluence.

Long if it breaks above resistance. Also a kind of H&S reversal pattern.

Short below 1185 ?

Opinions ?
Bear Flag maybe.
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  • #1,787
  • May 25, 2010 7:57am May 25, 2010 7:57am
Quoting neutro
Bear Flag maybe.
That is how I had it drawn this morning but then it kind of broke it, re-test it, and I went for the horizontal lines. You can see I am so confident on how to draw TLs!!
Attached Image
  • #1,788
  • May 25, 2010 8:02am May 25, 2010 8:02am
Oil is aiming to 65.5 area
  • #1,789
  • May 25, 2010 8:05am May 25, 2010 8:05am
I would prefer a short with SL above 1200

Been busy getting used to my spreadbetting platforms and comparing spreads, min stop losses, min bet size, expiry etc so missed it.

Got impatient with EG earlier and closed second half @ 0.8522 for a combined +1.68% on whole trade.
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  • #1,790
  • May 25, 2010 8:06am May 25, 2010 8:06am
Quoting ogeid
That is how I had it drawn this morning but then it kind of broke it, re-test it, and I went for the horizontal lines. You can see I am so confident on how to draw TLs!!
That's why most times it's better to use horizontal lines rather than trendlines. You have to figure out if the TL is an important one and if it is respected (bouncing off of it, hard retracements once it's broken, hard moves once it's broken). If you see price wobble around it then you can scrap it.
  • #1,791
  • May 25, 2010 8:06am May 25, 2010 8:06am
As LJ said, I am also looking forward for this one to break.

It will be a cool move !!
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  • #1,792
  • May 25, 2010 8:09am May 25, 2010 8:09am
Quoting ogeid
As LJ said, I am also looking forward for this one to break.

It will be a cool move !!
Indeed. U/CHf erventually broke its range with the trend, but it gave a flase breakout first which caught me then I missed the true breakout. lol
  • #1,793
  • May 25, 2010 8:11am May 25, 2010 8:11am
Quoting neutro
That's why most times it's better to use horizontal lines rather than trendlines. You have to figure out if the TL is an important one and if it is respected (bouncing off of it, hard retracements once it's broken, hard moves once it's broken). If you see price wobble around it then you can scrap it.
Exactly, when you draw a TL, your hope is that at least other 100.000 people have drawn it the same way. Horizontal lines are easier and most of them are sitting at BRNs.
  • #1,794
  • May 25, 2010 8:16am May 25, 2010 8:16am
Quoting lovejoy80
Indeed. U/CHf erventually broke its range with the trend, but it gave a flase breakout first which caught me then I missed the true breakout. lol
Yes, I saw your trade. U/Ch was a difficult one, there was a kind of small BUOB on the re-test. But still, If you would have entered there your profit now would be minimal.
  • #1,795
  • May 25, 2010 8:20am May 25, 2010 8:20am
Closed long U/C no new high and too many PBish bars at swing high
  • #1,796
  • May 25, 2010 8:21am May 25, 2010 8:21am
Took this on demo as not added this to my rules yet...approaching a strong daily PPZ and RN with divergence...pull the trigger with small SL.

I got in @ 72.05 with SL @ 71.90

I'm getting into the habit of looking on 4H and 1H for divergence @ big daily PPZ areas.
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  • #1,797
  • May 25, 2010 8:30am May 25, 2010 8:30am
I am upset I did not catch the nth train on EU. It is almost 3 weeks I try to get on board !!
  • #1,798
  • May 25, 2010 8:48am May 25, 2010 8:48am
Decided to pull the trigger on gold - 1% (well 1.12% to be precise!) @ 1195.70 SL@ 1200.75
  • #1,799
  • May 25, 2010 8:49am May 25, 2010 8:49am
Quoting ogeid
I am upset I did not catch the nth train on EU. It is almost 3 weeks I try to get on board !!
Yeah I know what you mean... a bit frustrating in a way.
  • #1,800
  • May 25, 2010 8:57am May 25, 2010 8:57am
Quoting lovejoy80
Yeah I know what you mean... a bit frustrating in a way.
We are not alone, just think that Mr.Jackson is also with us on the platform !!
If it is of any help LOL
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