I am short this pair...
Cable Update (GBPUSD)
- #242,470
- Aug 2, 2010 6:41pm Aug 2, 2010 6:41pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- #242,472
- Aug 2, 2010 6:54pm Aug 2, 2010 6:54pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- #242,474
- Aug 2, 2010 7:04pm Aug 2, 2010 7:04pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
market tanks when there is no seller (willing to sell at higher prices), and it pops when there is no buyer (willing to buy at lower prices) left
be carefulsmart money is probably already sold into that crazy buying
For over a year, I scalped the 1M chart and I found the opposite of what you just said to be true. When no sellers price continued up, when no buyers price continued down. How far they continued is another story, but the continuation is there. Good luck with your short. I am flat until London. Profit already raked in.
"Keep your eyes on the helpers" - Mr. Rogers
- #242,475
- Aug 2, 2010 7:08pm Aug 2, 2010 7:08pm
- Joined Jan 2010 | Status: Trader | 2,841 Posts
How do you calculate daily pivot?
damonl;
http://www.babypips.com/school/pivot_points.html
i suggest you read the entire website if you haven't done so already - its priceless information and will help you more than you could possibly imagine.
- #242,477
- Aug 2, 2010 7:18pm Aug 2, 2010 7:18pm
market tanks when there is no seller (willing to sell at higher prices), and it pops when there is no buyer (willing to buy at lower prices) left
be careful
Trade to trade well, no excuses!
JD
It's Easy To Get In;.. It's Hard To Get Out 
- #242,478
- Aug 2, 2010 8:33pm Aug 2, 2010 8:33pm
market tanks when there is no seller (willing to sell at higher prices), and it pops when there is no buyer (willing to buy at lower prices) left
be careful
chill !
It's all about your stomach lining... 
- #242,480
- Aug 2, 2010 10:22pm Aug 2, 2010 10:22pm
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
Yes you're right, I did sort of turn it into a trading methodology and even gave it a name, River Box trading. But as you say it is nothing more nor less than learning to watch PA and how price moves in relation to itself, not to 30,000 different indys.... all of which lag price.
Drawing the boxes is just a way to train the eye to follow price alone, to identify the consolidations and what it does next. As you say, after a few days or weeks of trading this way, one can most likely dispense with the colored boxes because the eye is trained to follow price action.
The greatest benefit so far for me has been when I check into this thread and see the usual predictions "it's going to 1.70, it's going to 1.35" .... now I am totally comfortable ignoring them completely (I tried before but in the back of my brain they would creep in & sometimes caused me to not enter a good trade or leave a winning trade too soon).
Now I could care less where people *think* price is going
.. all I care about is WHAT IS PRICE DOING RIGHT NOW.
I don't CARE what Elliot waves or fib projections or butterflys, bats or fleas PREDICT *might* happen!
I just look at the 4 h & daily .. are the bars at the left of the chart lower or higher than the ones on the right? That identifies trend.
Then down to lower time frames ... draw the boxes as my eyes still need training and .. FOLLOW THE FRIGGIN PRICE!!!
So simple
Drawing the boxes is just a way to train the eye to follow price alone, to identify the consolidations and what it does next. As you say, after a few days or weeks of trading this way, one can most likely dispense with the colored boxes because the eye is trained to follow price action.
The greatest benefit so far for me has been when I check into this thread and see the usual predictions "it's going to 1.70, it's going to 1.35" .... now I am totally comfortable ignoring them completely (I tried before but in the back of my brain they would creep in & sometimes caused me to not enter a good trade or leave a winning trade too soon).
Now I could care less where people *think* price is going
.. all I care about is WHAT IS PRICE DOING RIGHT NOW.
I don't CARE what Elliot waves or fib projections or butterflys, bats or fleas PREDICT *might* happen!
I just look at the 4 h & daily .. are the bars at the left of the chart lower or higher than the ones on the right? That identifies trend.
Then down to lower time frames ... draw the boxes as my eyes still need training and .. FOLLOW THE FRIGGIN PRICE!!!
So simple
It was actually 4X that turned it into a strategy, I use it as a way of explaining PA trading. Seeing price as a series of stepped climbs makes it a bit more visual. Once you see PA as a series of small boxes you will eventually see the PA as one big box, one big move that you can see easier just by seeing the price and the candles and patterns it forms and how it interacts with levels, SR's, TL's, fibs, MA's etc. Putting up boxes makes you look at the SR's properly and seeing how price enters, breaks and leaves a box shows you how the PA interacts....
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I'd rather make money than be right.