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was stopped out of GU for -30 but made +40 back on EU


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[quote=Arnold49;4754591]was stopped out of GU for -30 but made +40 back on EU/quote]

Hey Arnold49.... I am same as you for EU... Thank you FH.
The other day I made a comment that I could not see a reason to have the larger artifact (rectangle) set to the left of the smaller one.

Oh what a few more hours of education and example does for the learning curve.

Looking at the chart shown by forexhard above ( Post 121) and with my larger artifact extended to the left to 30 June and moving it around the chart before overlapping it on to the smaller one, I saw five, yes five consolidation areas that had fallen within the area immediately above the long breakout of the current smaller artifact shown by forxehard.............AND there were three other consolidation areas that fell partially within that larger artifact..............so I was ON ALERT before overlapping the two, that a breakout long was into a well charted area of pause and consolidation.

When the market could not close above the 1.60887 level it was time to move the stop tight.

It was all there in the charts and highlighted so clearly by the use of the artifacts.

Thanks forexhard. Looking forward to learning more.

Di
Possible CZ in the making on cable, will continue to monitor for the moment.
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I have very similar feelings about this - glad that I'm not alone. Anyhow it has to move sideways little bit longer because now (in my opinion) there is no consolidation yet
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I agree Songo that we are not there yet, however have the box drawn leaving some room to the right to see if it will fill out and confirm a CZ. If not, fine, just move on and wait for the next opportunity.

The fact that we are at a big psych level of 1.6000 may be a point where both sides of the market battle it out and may be a good spot for a CZ before we break one way or the other. Lets wait and see.

Quoting Songo
I have very similar feelings about this - glad that I'm not alone. Anyhow it has to move sideways little bit longer because now (in my opinion) there is no consolidation yet
USD/CHF
Had some drawdown when price moved back into the box after first BO, moving stops to BE now.
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Also worth noting that cable took a very large bounce off the 1.5990 level yesterday up to the 1.6125 area.
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Quoting batata
USD/CHF
Had some drawdown when price moved back into the box after first BO, moving stops to BE now.
Nice one ;] you confirmed that it works for other pair too
Setting pending long order on cable at 1.6030.
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new consolisation... for buy
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Quoting FXreds
Setting pending long order on cable at 1.6030.
What's your plan for this one, FXreds?...are you hoping for a quick +20 or so? A long from this level isn't far from a 'busy' zone in terms of SbR & RbS switches, when looking left on the chart. I see this more as a 123 reversal for quick pips given strength of down move so far.
I am expecting a breakout to the north
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Hey Sidefx, will determine by the size of the CZ and the force of any break. We are currently only on bar 10 of the new zone, so if it breaks shortly and without much momentum would possibly look to exit quickly or else move s/l to be. Alternatively, the longer the CZ continues to form and the more bars included then I would be hoping for a breakout of greater force and watch the reaction to the points on the left.

Cheers.


Quoting sidefx
What's your plan for this one, FXreds?...are you hoping for a quick +20 or so? A long from this level isn't far from a 'busy' zone in terms of SbR & RbS switches, when looking left on the chart. I see this more as a 123 reversal for quick pips given strength of down move so far.
Quoting FXreds
Hey Sidefx, will determine by the size of the CZ and the force of any break. We are currently only on bar 10 of the new zone, so if it breaks shortly and without much momentum would possibly look to exit quickly or else move s/l to be. Alternatively, the longer the CZ continues to form and the more bars included then I would be hoping for a breakout of greater force and watch the reaction to the points on the left.

Cheers.
Sounds a plan! Thanks for sharing your thoughts.
for the study of my posts I use the fork andrews, to study long, it fits perfectly because it is also very vsual ... and give you good support and resistance in case you need to go fast or move the SL to breakeven
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Price has now rejected the top of the box 4 times at this point. The box is starting to fill out, now on bar 13 of the CZ. The longer it continues, the better the potential breakout, we shall see.
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Interesting to note that this is now the 6th consolidation within this demand zone since end of June...remains to be seen whether it still has upside potency. edit: corssed with Megara's post
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Quoting FXreds
Price has now rejected the top of the box 4 times at this point. The box is starting to fill out, now on bar 13 of the CZ. The longer it continues, the better the potential breakout, we shall see.
My box is 39 pips as I moved it to last high. This means I am not seeing the 4 rejections as being at the top of the box.
Is the 30pip box set in stone or do we have room for discretion such as in this case?
Forexhard, tnx for the thread ~ still learning and hope to contribute more as we go.
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Good point and this is why I am only considering a potential long at this point, in addition to the fact I dont want to sell into a big level such as 1.6000 and the bottom of the box represents a 100 pip or so down move on the day.


Quoting sidefx
Interesting to note that this is now the 6th consolidation within this demand zone since end of June...remains to be seen whether it still has upside potency. edit: corssed with Megara's post
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