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  • #304,081
  • Oct 11, 2010 6:26am Oct 11, 2010 6:26am
Support coming in at what was the upper channel line (R turned S), a break there would also give technical confirmation of a double top. Thin liquidity is the "fly in the ointment".
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  • #304,082
  • Oct 11, 2010 6:28am Oct 11, 2010 6:28am
I am really going to try and not put another trade on today...
Look Sharp/Trade Tight
  • #304,083
  • Oct 11, 2010 6:30am Oct 11, 2010 6:30am
I do also see a bearish flag in the 15 min pattern.
And notice how the bars are making lower and lower highs, for every try up.
  • #304,084
  • Oct 11, 2010 6:33am Oct 11, 2010 6:33am
rangy market may be to the rest ot the week to form wave 4
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  • #304,085
  • Oct 11, 2010 6:33am Oct 11, 2010 6:33am
Quoting PayTheLimit
I am really going to try and not put another trade on today...
Staying out of the market is also a position in itself.

Here is an excellent article on how to use an equity trailing stop and is applicable to day trading on any market.

http://www.tradingacademy.com/lesson...es_article.htm

No new trades for me today, although I still have my position open from last night.
  • #304,086
  • Oct 11, 2010 6:35am Oct 11, 2010 6:35am
Quoting PayTheLimit
"Sometimes I think that this place is a huge count. The prisoners count the hours, the bulls count the prisoners and the king bulls count the counts. " Escape from Alcatraz, 1979
LOL

I might take that for my blog :-)
  • #304,087
  • Oct 11, 2010 6:36am Oct 11, 2010 6:36am
Quoting bbakker
Staying out of the market is also a position in itself.
I with you..
Look Sharp/Trade Tight
  • #304,088
  • Oct 11, 2010 6:45am Oct 11, 2010 6:45am
Quoting PayTheLimit
I with you..
Same here, staying out of this non-directional, rangey crap, may get in on a spike if I see one...

UJ trying to drift lower again...
  • #304,089
  • Oct 11, 2010 6:46am Oct 11, 2010 6:46am
Quoting infinitus
LOL

I might take that for my blog :-)
Look Sharp/Trade Tight
  • #304,090
  • Oct 11, 2010 6:47am Oct 11, 2010 6:47am
Quoting bbakker
It is also the hardest bit to overcome and control! You can put rules into your trading plan that will address your shortcomings, but then you need the discipline to stick with those rules, which is easier said than done.

Take time to step away and reflect. Look in the mirror and reflect on your actions and behaviour every time you trade and your emotions associated with them.

If you don't even know what your shortcomings are, take the test at http://www.tharptradertest.com and answer all of the questions as honestly as you can....
Thanks, think I'll try that test too. Might keep me occupied (on something else) whilst waiting for this pair to go up. I don't mind if it goes down to keep the bears happy, just go up a bit past my entry points first
  • #304,091
  • Oct 11, 2010 6:48am Oct 11, 2010 6:48am
Quoting FibbinArchie
Same here, staying out of this non-directional, rangey crap, may get in on a spike if I see one...

UJ trying to drift lower again...
Yep ... and higher .... sounds familiar
  • #304,092
  • Oct 11, 2010 6:52am Oct 11, 2010 6:52am
Quoting Lorna
Yep ... and higher .... sounds familiar
Well, after last night's severe volatility spike down, clearly designed to take out stops, it's been ranging 20 pips, just poked out of the bottom of that range and is now testing 195 as new resistance (former support), holding around that level for the time being.
  • #304,093
  • Edited 7:08am Oct 11, 2010 6:55am | Edited 7:08am
Quoting bbakker
Staying out of the market is also a position in itself.

Here is an excellent article on how to use an equity trailing stop and is applicable to day trading on any market.

http://www.tradingacademy.com/lesson...es_article.htm

No new trades for me today, although I still have my position open from last night.
I did two 1-day courses with them, very expensive but I thought I needed the confidence of 'real tuition' and a bit of company. When I eventually built up the courage to start trading I can say for sure I've learned much more through my own trial and error and reading forums like FF.

Oops, wasn't this lot, it was Traders University, Knowledge to Action that I took the courses with.
  • #304,094
  • Oct 11, 2010 6:59am Oct 11, 2010 6:59am
Quoting nawafasad1
rangy market may be to the rest ot the week to form wave 4
Hi Nawafasad,

hope you had a nice weekend.


Saw your chart and I might point you to a special wave, which makes the count questionable.

Take the last subwave C of your black A-wave. That was the huge drop. On 15min TF one has a single candle (could be the necessary impulse for C). But if you switch to 5min TF you can count 7 waves, therefore this wave can not be a C or a A, it has to be a B-wave. If you count this drop on 1min TF you get a corrective wave too.

That is the problem with the huge ABC-Count which many people would like to see.

If this whole wave from the top is wave 4, than I have only found a triangle to be valid, because a triangle would place the aformentioned wave in B-position.


I am eager to hear your comment, because it is such a corrective mess making counting very hard.

Best to you, Markus
  • #304,095
  • Oct 11, 2010 7:02am Oct 11, 2010 7:02am
Quoting Lorna
I did two 1-day courses with them, very expensive but I thought I needed the confidence of 'real tuition' and a bit of company. When I eventually built up the courage to start trading I can say for sure I've learned much more through my own trial and error and reading forums like FF.
I did a one day free workshop with them in St Albans about a year ago, wasn't overly impressed with the hard sell and the fact that some of their instructors are ex-students who seemed to have limited experience, Sam Evans was pretty good tho'..
  • #304,096
  • Oct 11, 2010 7:02am Oct 11, 2010 7:02am
It dosen`t happen much in the market today.
Is it US bank holiday also? Which should mean this kind of volume until Asia session?
  • #304,097
  • Oct 11, 2010 7:06am Oct 11, 2010 7:06am
Quoting fontu
thanks , bue from weekly equidistant channel & other from follow through price action as it go .
fontu
thanks
  • #304,098
  • Oct 11, 2010 7:09am Oct 11, 2010 7:09am
Quoting FibbinArchie
Well, after last night's severe volatility spike down, clearly designed to take out stops, it's been ranging 20 pips, just poked out of the bottom of that range and is now testing 195 as new resistance (former support), holding around that level for the time being.
Hey check it out, look where it's bounced, one of Sam Seiden's Demand Zones (highlighted).

PS. this chart is missing around two hours of data from yesterday's open...
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  • #304,099
  • Oct 11, 2010 7:12am Oct 11, 2010 7:12am
Quoting FibbinArchie
Well, after last night's severe volatility spike down, clearly designed to take out stops, it's been ranging 20 pips, just poked out of the bottom of that range and is now testing 195 as new resistance (former support), holding around that level for the time being.
Oh wow, trying to concentrate on dodgy trades with mum on the phone rambling about some shopping aisles really takes a lot of effort.

I see what you mean about the volatile spiking last night/this morning. Think I came online just as it was reaching the top. I really don't trust UJ to do much of anything these days - so I will be very pleasantly surprised if I am in the right trade when it does decide to move
  • #304,100
  • Oct 11, 2010 7:15am Oct 11, 2010 7:15am
This bitch donno how to move but still trying to move to suck others money
You cannot learn better without losing
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