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  • #403,601
  • Mar 9, 2011 3:05pm Mar 9, 2011 3:05pm
Correction on the fibo chart...

I should know better then to chat on the fone whilst fiboing...



61.8 support on scale
Buy and sell channels, green and red respectively.
Attached Image (click to enlarge)
Click to Enlarge Name: fiboc.jpg Size: 87 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #403,602
  • Mar 9, 2011 3:13pm Mar 9, 2011 3:13pm
Quoting Pair-me-up
What is up with this slow Price Action?
It's pretty on par for this time of day.
  • #403,603
  • Mar 9, 2011 3:20pm Mar 9, 2011 3:20pm
Quoting Magix
Correction on the fibo chart...

I should know better then to chat on the fone whilst fiboing...



61.8 support on scale
Buy and sell channels, green and red respectively.
Nice chart. Have you got a favorite zigzag indi and is that red line a MA or a MAC line?
Thanks for the info.
  • #403,604
  • Mar 9, 2011 3:21pm Mar 9, 2011 3:21pm
Quoting Venice
Then you are reading the charts wrong mate. Yes, their is always an unknown factor, no one can predict the future. However, we can play trades that have a high probability of being correct. I am by no means trying to be discouraging saying this... in-fact the exact opposite. I want you to walk away from this conversation knowing that yes, they can be read, and yes, you can place trades with a high probability of success.

What does it really take? Time, time, and more time. Tons of experience just sitting in front of charts. Reading, watching,...
Point taken and advice appreciated.
  • #403,605
  • Mar 9, 2011 3:21pm Mar 9, 2011 3:21pm
Quoting Pair-me-up
What is up with this slow Price Action?

What is the average pip move on a Wednesday from NY close to TY open over the last 10 years?
  • #403,606
  • Mar 9, 2011 3:22pm Mar 9, 2011 3:22pm
Quoting cloggie
You are making exactly the same mistake as Mario earlier, but then at the opposite end. Maybe the 2 of you should meet up and you trade the opposite of Mario and Mario takes the counter of your plans, you both end up in the money.
well, til now i'm in profit :-)
Pecunia non olet
  • #403,607
  • Mar 9, 2011 3:22pm Mar 9, 2011 3:22pm
Quoting cloggie
How you getting on? Learning something about how to manage even a losing setup? Same levels still in play, don't close it till the market tells you you should. Price is still compressing against the 2 levels I gave you earlier, a break is your decider to either cut your losses or see if you can at least get back to BE. Knowing how to manage your losing trades is a big part of making it in this business and arbritary selecting stops like you did earlier will never work.
Understand exactly lesson at hand. better yet, will help me identify patterns and price action as it evolves. Next time I will recognize it and get a better entry.

For now, still holding pat. Still holding below the DP and actually had an opportunity to limit my loss, but price settled back up to the 3907 range. Looks like it will attempt a move up, but will wait to see how it behaves between 3910 and 3915.

NY afternoon is very slow, slower than Asia. ;-) Lesson # 2 learned.
  • #403,608
  • Mar 9, 2011 3:26pm Mar 9, 2011 3:26pm
Quoting wm-eu
well, til now i'm in profit :-)

Oh wow you made 3 pips, yippeedideeh. You are missing the point entirely.

Price at 1835 at your time of posting was 39034, what are you boasting about?
  • #403,609
  • Mar 9, 2011 3:31pm Mar 9, 2011 3:31pm
Quoting cloggie
Oh wow you made 3 pips, yippeedideeh.
3p is good...
maybe he's in with 100-200 lots
  • #403,610
  • Mar 9, 2011 3:32pm Mar 9, 2011 3:32pm
Quoting Lagoon440
Nice chart. Have you got a favorite zigzag indi and is that red line a MA or a MAC line?
Thanks for the info.
Standard ZigZag that comes with Meta4 is fine...really don't need anything fancier then that. When using it with the Fibos, the only thing you are really concerned with is identifying the peak highs and lows...any zz will work for that.

The red line is the 20EMA...

Currently showing as topside resistance...

This will also be a trigger line on close, check out where it is on the fibo chart.

Just another way of looking at the same PA.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #403,611
  • Mar 9, 2011 3:33pm Mar 9, 2011 3:33pm
Cloggie,

What hours do you use to calculate your daily pivot level?
  • #403,612
  • Mar 9, 2011 3:33pm Mar 9, 2011 3:33pm
Quoting Lagoon440
Are you picking the candle wicks or the bodies? Thanks for your help.
Most times high to low / low to high (wicks) unless the wicks are crazy spikes then the highest close (swing high) and/or lowest close (swing low) is used.
  • #403,613
  • Mar 9, 2011 3:35pm Mar 9, 2011 3:35pm
Quoting 30pipsaday
Cloggie,

What hours do you use to calculate your daily pivot level?

London
  • #403,614
  • Edited 3:37pm Mar 9, 2011 3:36pm | Edited 3:37pm
Monthly Will be short in long term.
Attached Image (click to enlarge)
Click to Enlarge Name: monthly eu.gif Size: 18 KB
  • #403,615
  • Mar 9, 2011 3:38pm Mar 9, 2011 3:38pm
Quoting cloggie
What is the average pip move on a Wednesday from NY close to TY open over the last 10 years?
hehehehe
  • #403,616
  • Mar 9, 2011 3:38pm Mar 9, 2011 3:38pm
Quoting cloggie
London
Thanks, do you consider the London close at the Fix (1600 GMT)?
  • #403,617
  • Mar 9, 2011 3:39pm Mar 9, 2011 3:39pm
price will not go higher than 3917 and then down to 3881
  • #403,618
  • Mar 9, 2011 3:39pm Mar 9, 2011 3:39pm
Quoting drumdude
Monthly Will be short in long term.


Typically I appreciate people posting charts and analysis, but what you have posted is about as big of waste of time and space as having no chart or just telling fart jokes...

Worthless...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #403,619
  • Mar 9, 2011 3:40pm Mar 9, 2011 3:40pm
Quoting 30pipsaday
Cloggie,

What hours do you use to calculate your daily pivot level?
I'm on GMT+2, which seems to work decently accurate, especially when you consider Pivots are more zones then exact levels. Usually they are no more than 2 pips away from london pivots anyways). Sometimes it hits it dead on, other times not.

I also hear NY Pivot calculations are decent.
  • #403,620
  • Mar 9, 2011 3:41pm Mar 9, 2011 3:41pm
Quoting Marioa01
Understand exactly lesson at hand. better yet, will help me identify patterns and price action as it evolves. Next time I will recognize it and get a better entry.

For now, still holding pat. Still holding below the DP and actually had an opportunity to limit my loss, but price settled back up to the 3907 range. Looks like it will attempt a move up, but will wait to see how it behaves between 3910 and 3915.

NY afternoon is very slow, slower than Asia. ;-) Lesson # 2 learned.

Our little exercise is making you think about your stops, that's good. Stops should never be arbritary and should always include a time element also. Stops need to go where price action tells you to enter a trade in the opposite direction on your chosen timeframe.

I always have a time element in my stops, a trade is always wrong until proven right by confirmed PA, at which point you will add to your position (all depending on your chosen strategy), every trade should have a time stop, also depending on your strategy, at what time are you no longer willing to spend money to see if you are right. No point letting a trade sit for 6 hours only to make 5 pips, your time is better spend finding a trading opportunity on another instrument.
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