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  • #329,241
  • Nov 19, 2010 10:52am Nov 19, 2010 10:52am
Quoting Villonius
Interesting explanation Cloggie.What TF would you look to check if an h or a w ? When I look at the 15 min around that period you mentioned I see an h but go down to 5 min and I see a w.Presumably the HTF takes priority as usual ?

Cheers

V

Like I said in that post, if it carries through on the higher TF's it becomes more significant.
  • #329,242
  • Nov 19, 2010 10:53am Nov 19, 2010 10:53am
Quoting cloggie
Steep angle descends to levels that get stopped solidly are the major levels and both the buyers and sellers are at odds with each other, look how 3650 reacted today, look back at 3450 and other major ones and you can see how the big boys/real money plays them. The steep angle approaches are great for scalping the bounces of. You then need to judge the momentum of the bounce up and the selling of the rally to see what the big boys want, if it drops faster then it bounces, more sellers or buyers give up sooner, two distinct ways of looking at the...
Great explanation. I find following & properly interpreting what forexlive.com publishes on who's buying where can be a great aid as well to the above.

Overall, it's a matter of identifying price action, and there's little replacement for this beyond thousands of concentrated hours reading/staring (at) charts. The easily available PA stuff/videos from Sam Seiden, Al Brooks, Lance Beggs, are invaluable towards building this expertise. Would also throw in Richard Wyckoff & Tom William's books.
  • #329,243
  • Edited 11:06am Nov 19, 2010 10:55am | Edited 11:06am
cloggie what do you mean by h and w? h as in fast move up and down and w as in more slowly and gradualy?
  • #329,244
  • Nov 19, 2010 10:57am Nov 19, 2010 10:57am
Quoting reaperunique
cloggy what do you mean by h and w? h as in fast move up and down and w as in more slowly and gradualy?

Exactly what it says, the letter h and w, a good way of seeing patterns is changing your bars to the background color, it takes the noise out of them.
  • #329,245
  • Nov 19, 2010 10:57am Nov 19, 2010 10:57am
Quoting reaperunique
cloggy what do you mean by h and w? h as in fast move up and down and w as in more slowly and gradualy?
I believe he is referring to the shapes of the chart.
  • #329,246
  • Nov 19, 2010 10:58am Nov 19, 2010 10:58am
Quoting Beljevina
Overall, it's a matter of identifying price action,

Identifying price action is often belittled by retailers as outdated and old fashioned, however it does show you very clearly when not to get in or when it is a no brainer to add to your position as the big boys are doing exactly the same thing.

Finding the real money in price is probably almost as important as finding the trend. Finding the trend though is easier for most traders.
  • #329,247
  • Nov 19, 2010 10:59am Nov 19, 2010 10:59am
Quoting gatorinla
no change.. fight is here.
bears building slowly at this moment in time
  • #329,248
  • Nov 19, 2010 11:04am Nov 19, 2010 11:04am
Quoting onewish
bears building slowly at this moment in time
it looks ripe.
those who can, do. those who cant, talk about those who can
  • #329,249
  • Nov 19, 2010 11:07am Nov 19, 2010 11:07am
Quoting Srikanth
Expecting 1.3900/1.3950 in next few hours..

Post of the day.
  • #329,250
  • Nov 19, 2010 11:08am Nov 19, 2010 11:08am
Quoting onewish
bears building slowly at this moment in time

Still more profit taking before the weekend.
  • #329,251
  • Nov 19, 2010 11:10am Nov 19, 2010 11:10am
Quoting gatorinla
it looks ripe.
they may wait until sunday and catch everyone of guard, with today being expiration many will have closed positions, so new one should open sun/mon. We should wait too
  • #329,252
  • Nov 19, 2010 11:14am Nov 19, 2010 11:14am
Quoting cloggie
Identifying price action is often belittled by retailers as outdated and old fashioned, however it does show you very clearly when not to get in or when it is a no brainer to add to your position as the big boys are doing exactly the same thing.
Really? I didn't have that sense at all!? My assumption was that those not respecting PA are simply purposefully or subliminally acknowledging that they can't get it, or can't be bothered to invest the significant time & resources to learn it. Their loss I suppose, and certainly the profit potential & growth curve is severely limited. Comes back to that aspect that fx trading isn't for everyone; I've always figured, if you're going to undertake something, do it preoperly & with full force; swimming 60% of the way across the ocean & then turning back doesn't make sense. (Unless of course, you end up drowning, I suppose!)
  • #329,253
  • Nov 19, 2010 11:15am Nov 19, 2010 11:15am
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 15 KB


Bounced hard off the 50 and trying to close a weekly pinbar above the 38. If we close at these levels....looks kinda scary for midterm shorts. I wouldn't be surprised to see another push up to the weekly UTL after thanksgiving.
  • #329,254
  • Nov 19, 2010 11:16am Nov 19, 2010 11:16am
Quoting cloggie
Still more profit taking before the weekend.
Cloggie

you could be right as i'm seeing larger orders just hit both sides,
  • #329,255
  • Nov 19, 2010 11:18am Nov 19, 2010 11:18am
Quoting gatorinla
it looks ripe.
Though pressure remain strong down here but may go for some retracement & actually a bull , fail or not ultimately . how do think bear ripe ? what it expecting develop next ? Hs possible though .usdchf fell from near parity , usdx at resistance , they need more time to bull again .
thanks
fontu
Attached Image
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #329,256
  • Nov 19, 2010 11:18am Nov 19, 2010 11:18am
Quoting cloggie
Post of the day.
Indeed for 'Srikanth Fund'! lol

Fund has been striken!
  • #329,257
  • Nov 19, 2010 11:22am Nov 19, 2010 11:22am
Quoting FirePegasus
hi T@rantula,
do you know why there was a big drop on eur/usd just now? thanks you
I have just came in. Maybe news,profit taking... Friday.....I havent been here, I was driving home.
  • #329,258
  • Nov 19, 2010 11:23am Nov 19, 2010 11:23am
Quoting cloggie
That was pure profit taking on the second solid failure of 3650, which was immediately sold into, indicating 3650 is going to go. That is big money at play positioning for next week. (sorry Pipchick)

You can fairly clearly see the big boys at play, profit taking, jump, selling like mad, back at the profit taking level and a good momentum bar to break through. These are like the news trades where you can buy in to the fakeout to join the momentum.
Ok here is the answer. I agree with u.
  • #329,259
  • Nov 19, 2010 11:24am Nov 19, 2010 11:24am
Quoting onewish
Cloggie

you could be right as i'm seeing larger orders just hit both sides,

Nice little bull trap forming, the big boys are selling the silly retailers some euros, only to get them back when they get stopped, two birds with one move, get a euro for a good price from the noobies buying the bottom, then chase their stops for a discount.

I don't even know why I am even here on a Friday with no volumes. Ah well, sucker for entertainment I guess.
  • #329,260
  • Nov 19, 2010 11:25am Nov 19, 2010 11:25am
Quoting onewish
Cloggie

you could be right as i'm seeing larger orders just hit both sides,

youre seeing large orders through......?
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