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I see that the EUR/USD broke 1.45 overnight. Still hasn't decidedly done it yet. Will be interesting to see what happens during the US session, as Americans only know to sell the Dollar. If it can't get above there and hold during the session......one has to wonder if it even can at this point.
Quoting clockwork71
I see that the EUR/USD broke 1.45 overnight. Still hasn't decidedly done it yet. Will be interesting to see what happens during the US session, as Americans only know to sell the Dollar. If it can't get above there and hold during the session......one has to wonder if it even can at this point.
Targets Hit
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Quoting egkid
Targets Hit
Good trade! The EUR/USD is looking a slight bit bullish though, as the lows are getting higher and higher. I know we had a fall today, but it must be remembered that the market seems hell-bent on killing the USD, along with the Fed.

It must be remembered that this is a fight between two really bad currencies. This means most people want neither.
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This is the chart I will be watching today.....NZD/USD
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Quoting whitegoodman
why would you be skeptical of the EU, the Marxist experiment is going great guns
True! What's your thoughts on how well the US Free Market model has been for us all, particularly up to 2007/ 2008? I wouldn't call that Socialism but then again an Australian's version of what a Marxist Model is and what a Free Market model is may be completely different to you guys in the US.

By the way, thanks Chris for a great and generous thread.
With wisdom comes humility. With humility comes wisdom!
Quoting piphop
True! What's your thoughts on how well the US Free Market model has been for us all, particularly up to 2007/ 2008? I wouldn't call that Socialism but then again an Australian's version of what a Marxist Model is and what a Free Market model is may be completely different to you guys in the US.

By the way, thanks Chris for a great and generous thread.
Thanks for coming along PH.....
Quoting AdamG
Hi,
im in this thread for a while and at first i want to say thank you for this best practices bible.
As for EUR/USD i decided to jump in as for me the formation that is currently forming is looking like flag formation - means uptrend will continue on weekly chart. What you guys think?
My two cents: The pair's forming a base at these levels. I'm not trying to predict the direction of its breakout from here because anything can happen in this market. Time and experience have shown me that it's usually far less stressful and more profitable to trade pullbacks into levels like this instead. Conventional fundamental and technical analysis typically lags the market for optimal positioning in a trade. Nevertheless I believe a longer timeframe pinbar that's formed off this base on a pullback would be ideal and a real potential trade to be prepared for in the future.
Remember gang, only idiots trade on the day before Non-Farm Payroll. If you are already in a position, that's one matter. But if you are entering.....that's another matter altogether.
Quoting clockwork71
Remember gang, only idiots trade on the day before Non-Farm Payroll. If you are already in a position, that's one matter. But if you are entering.....that's another matter altogether.
Ha, I chickened out of my NZD/USD and TP on EUR/AUD....Not taking any chances with this one. I hear these releases are important in determining if we will dip into recession also with big boys coming back from the beach.....
I have got a question.

When I trade I aggregate the bars using periodcon indicator.

Any one else is using it?
Quoting PriceTrader
I have got a question.

When I trade I aggregate the bars using periodcon indicator.

Any one else is using it?
Never heard of it, but the aggregate bar is the same as using a single bar. In other words, what makes a shooting star on the daily is the same thing as on the hourly......a rise, a pullback, and more importantly - a failure at resistance.

Chris
Quoting clockwork71
Never heard of it, but the aggregate bar is the same as using a single bar. In other words, what makes a shooting star on the daily is the same thing as on the hourly......a rise, a pullback, and more importantly - a failure at resistance.

Chris
It's a very nice indicator to use (IMHO).

I look at the 1H chart and try to aggregate it to higher TF patterns.

AUDCHF 17H for example.

Do you consider the 17H TF (or any other TF) to be valid like the 4H or the daily TF?
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Quoting PriceTrader
It's a very nice indicator to use (IMHO).

I look at the 1H chart and try to aggregate it to higher TF patterns.

AUDCHF 17H for example.

Do you consider the 17H TF (or any other TF) to be valid like the 4H or the daily TF?

Yes, mainly because it all means the same thing. In a sense, time isn't real. Think of it this way: Time is man-made, and as a result - it is only a convenient way to measure what happens. The reality is that if price fails at a certain area, there is only one thing that matters: price couldn't break over the level, and the resistance has held.

If price can't get above that level, why should it matter that it happens in one hour, two hours, or forty-five hours?

Chris
New video on the blog.

Chris
Quoting clockwork71
Yes, mainly because it all means the same thing. In a sense, time isn't real. Think of it this way: Time is man-made, and as a result - it is only a convenient way to measure what happens. The reality is that if price fails at a certain area, there is only one thing that matters: price couldn't break over the level, and the resistance has held.

If price can't get above that level, why should it matter that it happens in one hour, two hours, or forty-five hours?

Chris
Thanks Chris, it seems we think the same with regards to this issue .
Quoting PriceTrader
Thanks Chris, it seems we think the same with regards to this issue .
Good. I cannot tell you how many people don't get that very basic concept. In fact, there is a whole thread that will remain nameless that dedicates itself to specific candle/bar shapes that ask they fit within a particular time frame, and in reality - it is all the same!
Quoting clockwork71
Good. I cannot tell you how many people don't get that very basic concept. In fact, there is a whole thread that will remain nameless that dedicates itself to specific candle/bar shapes that ask they fit within a particular time frame, and in reality - it is all the same!
not to mention the major downfall with charts in general that it doesnt show velocity of price..

ie..

if in an hour price goes down 100 pips rapidly in the first 5 mins quickly rejects a level in 1 min and shoots back up again then spends the rest of the 55mins trading near the top of the hours price.... this sends a completely different meaning than if price gradually went down and gradually went up, velocity of price and orders/triggers/stops etc mean something and cant be showed in a lot of charts

also that person who shall remain nameless is a fraud, anyones thats traded professionally/for a living knows this
Grabbing the bull by the horns!
Quoting whitegoodman
not to mention the major downfall with charts in general that it doesnt show velocity of price..

ie..

if in an hour price goes down 100 pips rapidly in the first 5 mins quickly rejects a level in 1 min and shoots back up again then spends the rest of the 55mins trading near the top of the hours price.... this sends a completely different meaning than if price gradually went down and gradually went up, velocity of price and orders/triggers/stops etc mean something and cant be showed in a lot of charts

also that person who shall remain nameless...
True. Like you say - there is a lot that you have to look at when you see a candle sometimes. For example, was it a knee-jerk reaction? There are times I have watched very rapid moves during the Asian session that turned out to be nothing more than a reaction to rumors of intervention. The resulting 4 hour bar gets skewed because of it. One of the most important things that I use as a "filter" of sorts is to make sure I am trading at a weekly support and resistance area......I know it isn't perfect, but at least I am at a supply/demand area that is somewhat well-known and hopefully has got the attention of many other traders as well......
Quoting clockwork71
True. Like you say - there is a lot that you have to look at when you see a candle sometimes. For example, was it a knee-jerk reaction? There are times I have watched very rapid moves during the Asian session that turned out to be nothing more than a reaction to rumors of intervention. The resulting 4 hour bar gets skewed because of it. One of the most important things that I use as a "filter" of sorts is to make sure I am trading at a weekly support and resistance area......I know it isn't perfect, but at least I am at a supply/demand area that...
With regards to OB patterns I like to watch price consolidate near the a strong level (like the weekly) and collapse fast.

See the AUDCHF 1H chart. we can see price consolidate around the major level of 0.87 RN (Green box). Then, price tries to go higher and finally collapse (Orange box). you can see that the Orange box covers the Green box, that's how we got a 17H OB pattern .
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Quoting PriceTrader
With regards to OB patterns I like to watch price consolidate near the a strong level (like the weekly) and collapse fast.

See the AUDCHF 1H chart. we can see price consolidate around the major level of 0.87 RN (Green box). Then, price tries to go higher and finally collapse (Orange box). you can see that the Orange box covers the Green box, that's how we got a 17H OB pattern .

Very well put!
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