If you spot any HTF patterns, please post! 
OK..
OK..
- #662
- Sep 29, 2011 7:16am Sep 29, 2011 7:16am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
http://img714.imageshack.us/img714/2...on29092011.png
Ok guys, since not much is going on, let's review the classic WP rejection and TL - bounce setups. THIS IS GBPJPY H1 CHART.
1) LONG trade upon break of WP early during the start of the week. Price action was strong, presented by three bounces of the TL. At the point of previous high (119) WP gets broken and that's our entry to go LONG
2) 2nd chance to go LONG was upon WP rejection (H1 green long-wicked candle) and technical confluence with TL bounce. That was a perfect text-book classic TL bounce and WP rejection.
3) This does look like an ideal setup, however the more screen time you have the more you will be aware of those HQ setups.
Also guys setting TP's is not hard. As you can see on the chart I marked two suspect TP zones based on previous GJ dragon highs. That worked perfectly fine in the end!
Let me know if you got any questions though.
Also guys please note, I'm against indicators (MA, RSI, volume, etc etc). They are most time useless. RSI can be used for confirmation if you are trading patterns, while MA's I find completely useless, especially if you are trading based on pivots and S/R zones. I would recommend to drop them alltogether.
You will never see indicators on my charts that's for sure!
Ok guys, since not much is going on, let's review the classic WP rejection and TL - bounce setups. THIS IS GBPJPY H1 CHART.
1) LONG trade upon break of WP early during the start of the week. Price action was strong, presented by three bounces of the TL. At the point of previous high (119) WP gets broken and that's our entry to go LONG
2) 2nd chance to go LONG was upon WP rejection (H1 green long-wicked candle) and technical confluence with TL bounce. That was a perfect text-book classic TL bounce and WP rejection.
3) This does look like an ideal setup, however the more screen time you have the more you will be aware of those HQ setups.
Also guys setting TP's is not hard. As you can see on the chart I marked two suspect TP zones based on previous GJ dragon highs. That worked perfectly fine in the end!
Let me know if you got any questions though.
Also guys please note, I'm against indicators (MA, RSI, volume, etc etc). They are most time useless. RSI can be used for confirmation if you are trading patterns, while MA's I find completely useless, especially if you are trading based on pivots and S/R zones. I would recommend to drop them alltogether.
You will never see indicators on my charts that's for sure!
- #665
- Sep 29, 2011 7:52am Sep 29, 2011 7:52am
- | Joined Aug 2011 | Status: Forex SuperHero In Training | 239 Posts
A lot of action here in the thread today!!
I just arrived in front of my screen so will take the time to read
everything! Seem i missed some good movement in gold!
Welcome back RR and how was your trip yesterday ?
I just arrived in front of my screen so will take the time to read
everything! Seem i missed some good movement in gold!
Welcome back RR and how was your trip yesterday ?
- #667
- Sep 29, 2011 8:09am Sep 29, 2011 8:09am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
A lot of action here in the thread today!!
I just arrived in front of my screen so will take the time to read
everything! Seem i missed some good movement in gold!
Welcome back RR and how was your trip yesterday ?
Now I only use them to heat up the office/car/house. Feeling pretty worked out now, it's lemon/garlic/vodka healing time for me.
You get USDX from ADMIRAL MARKETS MT4 you can look this up on google.
- #668
- Sep 29, 2011 8:14am Sep 29, 2011 8:14am
- | Joined Aug 2011 | Status: Forex SuperHero In Training | 239 Posts
Trip was good, however I managed to fall a victim of the god damned air conditioners.
Feeling pretty worked out now, it's lemon/garlic/vodka healing time for me.
You get USDX from ADMIRAL MARKETS MT4 you can look this up on google.
- #669
- Sep 29, 2011 8:18am Sep 29, 2011 8:18am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
Ok i will take a look at it. Do you trade with Admiral Markets are you just use the MT4 demo ?
I use various MT4 providers for TA only.
- #670
- Sep 29, 2011 8:20am Sep 29, 2011 8:20am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
wow GOLD justed cleared TL to the upside and that is a BULLISH sign for sure! I was taken out of 50% of my shorts, damn! 
- #671
- Sep 29, 2011 8:21am Sep 29, 2011 8:21am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
wow GOLD justed cleared TL to the upside and that is a BULLISH sign for sure! I was taken out of 50% of my shorts, damn!
- #674
- Sep 29, 2011 8:32am Sep 29, 2011 8:32am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
Gold Im standing aside for now. PA is confused, no direction is decided. PA is acting funny, so I don't like what I see.
Anyway leave you guys up to it, I'll call it a day for myself. Feeling kinda dizzy cause of that pseudo-flu thing.
Anyway leave you guys up to it, I'll call it a day for myself. Feeling kinda dizzy cause of that pseudo-flu thing.
- #676
- Sep 29, 2011 8:40am Sep 29, 2011 8:40am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
Are you long now ? are you still wait ?
We should wait to see if candle close over 1630 ?
While 1580 presents a more than decent buying opportunity, at least at this stage.
http://img847.imageshack.us/img847/8...ed29092011.png
- #679
- Sep 29, 2011 8:54am Sep 29, 2011 8:54am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
http://img36.imageshack.us/img36/826...h829092011.png
USDX H8 unconfirmed (yet) TL break. Still this is bothering me. Depending where this H8 candle closes (160 minutes to go still) the PA will decide it's direction.
Keep a close eye on this one.
Until tmrw, have a good one!