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  • #448,181
  • May 24, 2011 4:51pm May 24, 2011 4:51pm
Quoting mercy seat
Thank you for that as well ...

Nice atmosphere ... good music ... and of course somehow a reminder of one of the best years in that century ...

Featuring a Miura (the orange one) and much nicer, because it is no doubt the more elegant type an Islero GT (the blue one) .,.

Anyway ... I would prefer a black or dark blue Maserati (hard to decide which type, Bora, Mexico 5000 GT (only one build ever), Khamsin, Persia GT or Aga Kahn 5000) out of those years ...



;-|
whoa, you got style mercy...

two years before I was born...
  • #448,182
  • May 24, 2011 4:54pm May 24, 2011 4:54pm
Quoting Gleneagles
Every home should have one.
seriously tho' glen if you got a system that actually works and it's your own intellectual property, then you should think about marketing it, nothing wrong with additional revenue streams...
  • #448,183
  • May 24, 2011 4:55pm May 24, 2011 4:55pm
closed my long.. it was interfearing with my scrotum stretching class. out at 0 pips.. we should move.. before 00 est.. maybe a head fake to 39 41 42 56.. who knows.. but the usdx should end up above 75.76.. and even above 76.02 for the bears to recover.. bears need usdx to close above 76.33 on a daily. for further eu down movement (new lows). i got shorts pending at those places.
those who can, do. those who cant, talk about those who can
  • #448,184
  • May 24, 2011 4:58pm May 24, 2011 4:58pm
Quoting Mrgreener
Hi Gleneagles,

I drew my S/R lines for the London session today. I was wondering you must surely start your lines from the high of the session (resistance) then calculate 20 pip gaps from that, till the low of the session. Does that mean you disregard S/R levels lower than the highest line.

Thanks
Steve
I look for typical patterns that form around levels approximately 20 pips apart when I start looking for levels for the trading day..not the highs/lows of a trading session. If it forms a confluence with the high/low..great stuff but I let the PA decide what levels it will follow and then stick with it until it forms a new range.
" Never let the past hold the future to ransom "
  • #448,185
  • May 24, 2011 5:04pm May 24, 2011 5:04pm
So if PA forms one of your patterns at a level then you would place a trade, even if the next level occurred 10 pips after your entry and wait until the 20-ish pip level was reached?

Thanks in advance
Steve
Enter Signature
  • #448,186
  • May 24, 2011 5:07pm May 24, 2011 5:07pm
Quoting FibbinArchie
seriously tho' glen if you got a system that actually works and it's your own intellectual property, then you should think about marketing it, nothing wrong with additional revenue streams...
Trading price patterns is an age old trading style. Trading price patterns around harmonic beats is a fairly common style of trading used by a lot of Asian traders. Trading price patterns from patterns formed by indicators is a new development. There is nothing unique or special about it..not yet.
If the neural network boffins can develop a pattern recognition code that can be traded, it will sell.
In the meantime, I just trade it manually
" Never let the past hold the future to ransom "
  • #448,187
  • May 24, 2011 5:07pm May 24, 2011 5:07pm
morning everyone.....seems we r unalbe to climb yesterday...
so i think yesterday is just a correction..
bearish today...
Patience, Emotion Control and Discipline.
  • #448,188
  • May 24, 2011 5:09pm May 24, 2011 5:09pm
Quoting Mr Hatch
lmao... you rock!
just a day in the life of a trader
  • #448,189
  • May 24, 2011 5:10pm May 24, 2011 5:10pm
Quoting Gleneagles
Trading price patterns is an age old trading style. Trading price patterns around harmonic beats is a fairly common style of trading used by a lot of Asian traders. Trading price patterns from patterns formed by indicators is a new development. There is nothing unique or special about it..not yet.
If the neural network boffins can develop a pattern recognition code that can be traded, it will sell.
In the meantime, I just trade it manually
problem lies in that the pattern is just the map, the map is not the terrain, ie. even patterns need to be read in context...
  • #448,190
  • May 24, 2011 5:11pm May 24, 2011 5:11pm
Quoting gatorinla
closed my long.. it was interfearing with my scrotum stretching class. out at 0 pips.. we should move.. before 00 est.. maybe a head fake to 39 41 42 56.. who knows.. but the usdx should end up above 75.76.. and even above 76.02 for the bears to recover.. bears need usdx to close above 76.33 on a daily. for further eu down movement (new lows). i got shorts pending at those places.
apparently if you look at p0rn whilst trading, it throws your risk perception out of kilter...
  • #448,191
  • May 24, 2011 5:16pm May 24, 2011 5:16pm
Quoting Mrgreener
So if PA forms one of your patterns at a level then you would place a trade, even if the next level occurred 10 pips after your entry and wait until the 20-ish pip level was reached?

Thanks in advance
Steve
I want to make sure that the levels I look at have "earned" the right to be on the chart before I start trading them. How did price behave at those levels before?
There are often "hidden" levels on the charts that may not be obvious until after a pattern is formed. I note them and if a pattern repeats 20 pips up or down from that level , I will consider adjusting the current levels if it is out by more than 4-5 pips.

It does not take long to see on the charts whether your levels are correct. You will never be 100% correct with the levels because the price swings are seldom 20 pips spot on. It is a rough guide to trade price patterns.
" Never let the past hold the future to ransom "
  • #448,192
  • May 24, 2011 5:16pm May 24, 2011 5:16pm
Quoting johncen
morning everyone.....seems we r unalbe to climb yesterday...
so i think yesterday is just a correction..
bearish today...
bearish it is but half the day perhaps
  • #448,193
  • May 24, 2011 5:20pm May 24, 2011 5:20pm
Quoting FibbinArchie
problem lies in that the pattern is just the map, the map is not the terrain, ie. even patterns need to be read in context...
It is true but a lot of work has been done to date. The advantage is that a pattern mimics a certain behaviour that leaves a specific footprint. I will post an example to illustrate ...need to dig into the archives.
" Never let the past hold the future to ransom "
  • #448,194
  • May 24, 2011 5:21pm May 24, 2011 5:21pm
Quoting Robot
bearish it is but half the day perhaps
yes so i am waiting for a clear direction....
close below 4073 maybe bearish?
Patience, Emotion Control and Discipline.
  • #448,195
  • May 24, 2011 5:21pm May 24, 2011 5:21pm
Quoting Gleneagles
I want to make sure that the levels I look at have "earned" the right to be on the chart before I start trading them. How did price behave at those levels before?
There are often "hidden" levels on the charts that may not be obvious until after a pattern is formed. I note them and if a pattern repeats 20 pips up or down from that level , I will consider adjusting the current levels if it is out by more than 4-5 pips.

It does not take long to see on the charts whether your levels are correct. You will never be 100% correct with the levels because...
Yup. Nothing is ever absolutely perfect. However, screen time gives one a certain feel to the rhythm at which the markets are beating it's drum.

I know it certainly takes time to finally notice patterns as they are developing. I started off with the basic triangles (sym, ascending, descending), added in some wedges, then added in supply and demand levels. Then to complete everything, all we need is a breakout & retest, or a momentum bar to signify the action to take.

I notice some of the guys here actually play bounces off of levels (is this what your dustbin trading does??). I will always wait for at least 1 candle close of the respective time frame before taking my order.

My style of trading is simply letting price lead the way, and me to follow. I know almost immediately when I am wrong, because I end up buying a new resistance level, or selling a new support level. The rest of the times... things are good. Funny part is, Price will come back to that level and if I keep it marked, it will almost always bounce as well. Pure silliness if you ask me lol
  • #448,196
  • May 24, 2011 5:22pm May 24, 2011 5:22pm
Thanks for your reply Gleneagles and also appreciate your other posts too.

I got a boat load to learn me thinks. Will keep reading and trialling the lines and observe PA etc.

Good stuff and keep up the great work.

Steve
Enter Signature
  • #448,197
  • May 24, 2011 5:22pm May 24, 2011 5:22pm
Quoting johncen
yes so i am waiting for a clear direction....
close below 4073 maybe bearish?
Close below 4106 (H4) was good enough for me for now...
  • #448,198
  • May 24, 2011 5:24pm May 24, 2011 5:24pm
Quoting Gleneagles
It is true but a lot of work has been done to date. The advantage is that a pattern mimics a certain behaviour that leaves a specific footprint. I will post an example to illustrate ...need to dig into the archives.
please do, sounds interesting...
  • #448,199
  • May 24, 2011 5:26pm May 24, 2011 5:26pm
Quoting FibbinArchie
please do, sounds interesting...
Archie, throw me some cash. I need to buy me some Swissy...
  • #448,200
  • May 24, 2011 5:28pm May 24, 2011 5:28pm
Quoting Gleneagles
It is true but a lot of work has been done to date. The advantage is that a pattern mimics a certain behaviour that leaves a specific footprint. I will post an example to illustrate ...need to dig into the archives.
T-Bone bearish reversal
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" Never let the past hold the future to ransom "
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