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The Really Useless Thread

  • #56,321
  • Feb 10, 2012 8:58am Feb 10, 2012 8:58am
me wanna buy 65
dreams do come true.
  • #56,322
  • Feb 10, 2012 9:01am Feb 10, 2012 9:01am
Quoting attila
I'm OK with that. What bothers me are the candles failing. It's more than 50% I think. They don't mean jack..
Hmm. My plays have still been somewhat consistent. Although, most of the time lets say in a down cycle, I need to see a high made, then a higher high before i start buying with the assumption that a new HL is in place and it will hold. So basically I'm entering with trend always.
  • #56,323
  • Feb 10, 2012 9:03am Feb 10, 2012 9:03am
Quoting Venice
Hmm. My plays have still been somewhat consistent. Although, most of the time lets say in a down cycle, I need to see a high made, then a higher high before i start buying with the assumption that a new HL is in place and it will hold.
Yeah, but for precision entries when scalping you need the candles to behave. It's even worse... You get a pin let's say and two candles later there's a bearish engulfing or an inside bar screwing with your long...
  • #56,324
  • Feb 10, 2012 9:05am Feb 10, 2012 9:05am
Quoting attila
Yeah, but for precision entries when scalping you need the candles to behave. It's even worse... You get a pin let's say and two candles later there's a bearish engulfing or an inside bar screwing with your long...
Yep. It's probably the algo's going hayware. They jump in, buy it up to create the pin. Then jump back out because they've already taken there .nth %. So to us it gives the illusion of buyers, but really they have already come and gone. Bastards.

I really don't pay attention to patterns except the enulgfing. All I really care about is open > close, open > close, open > close in the context of the current wave.
  • #56,325
  • Feb 10, 2012 9:08am Feb 10, 2012 9:08am
Quoting Venice
Yep. It's probably the algo's going hayware. They jump in, buy it up to create the pin. Then jump back out because they've already taken there .nth %. So to us it gives the illusion of buyers, but really they have already come and gone. Bastards.

I really don't pay attention to patterns except the enulgfing. All I really care about is open > close, open > close, open > close in the context of the current wave.
In these new market conditions I'm really wondering if I should care about them candles anymore.. Actually the more I think the more I realize they are arbitrary entities we traders came up with. I don't think the market cares about our 5 or 15 minutes increments. She may very well care about the 18 minutes increments from what I can gather....
  • #56,326
  • Feb 10, 2012 9:10am Feb 10, 2012 9:10am
Quoting attila
BTW, I've never seen so many candles and candle formation failing.. They don't mean anything to me, anyway..
you can't just read candles by itself. momentum was strong to the south. if you're reading only reversals trying to pick a bottom in this case was bound to a failure. you gotta put it in the context where the momentum fades, then apply candle sticks. for entries. vice versa. how many reversal candles did you have to the downstairs?
  • #56,327
  • Feb 10, 2012 9:13am Feb 10, 2012 9:13am
Quoting attila
In these new market conditions I'm really wondering if I should care about them candles anymore.. Actually the more I think the more I realize they are arbitrary entities we traders came up with. I don't think the market cares about our 5 or 15 minutes increments. She may very well care about the 18 minutes increments from what I can gather....
It has always been subjective. However, to me the time increments indicate a battle over that specified time period. And of course, battles can take place within a candle as well on the lower time frames.

IMO they become far more reliable on the 1h+ . Below that it's totally playing r/r. Maybe where it looks like price is coming to a stop (several tails down). I get a candle where the close > open. That is good enough for me, buy at a reasonable level, and stick the stop a few pips below the low.
  • #56,328
  • Feb 10, 2012 9:14am Feb 10, 2012 9:14am
Quoting pkimnyc
you can't just read candles by itself. momentum was strong to the south. if you're reading only reversals trying to pick a bottom in this case was bound to a failure. you gotta put it in the context where the momentum fades, then apply candle sticks. for entries. vice versa. how many reversal candles did you have to the downstairs?
I know what you're saying about context. As you probably saw I have a pretty good handle on the market context. The problem is, the market is changing. It ranges a lot... It can move up to a new high, then you get a pin or something like that. Great you go south, then two bars later that pin is invalidated. Why? Because the market just decided to start ranging. But you don't know it's a range until it's too late.. That's what I'm saying...
  • #56,329
  • Feb 10, 2012 9:16am Feb 10, 2012 9:16am
snake oil will be ready junkiesssssssss when es break the 1332
  • #56,330
  • Feb 10, 2012 9:17am Feb 10, 2012 9:17am
Rule #1: You can never, ever predict the direction we are going to take. We are not fortune tellers, psychics or time travelers.

We can only simply take setups that imply playing in our favor more than they do not.

If you want predictions, find a solid source of inside information.
  • #56,331
  • Feb 10, 2012 9:18am Feb 10, 2012 9:18am
Quoting pkimnyc
you can't just read candles by itself. momentum was strong to the south. if you're reading only reversals trying to pick a bottom in this case was bound to a failure. you gotta put it in the context where the momentum fades, then apply candle sticks. for entries. vice versa. how many reversal candles did you have to the downstairs?
i got in on a L using another method. then the 30 said is was ok when the candle engulfed the previous, also 2 s/r tl were there as support... i was stopped out still.. that was good enough for me not to long again. at the same time i couldn't s there at that new low. i went to bed.
those who can, do. those who cant, talk about those who can
  • #56,332
  • Feb 10, 2012 9:19am Feb 10, 2012 9:19am
is ur bottom well oiled? me wanna eat that ass

Quoting kill56
snake oil will be ready junkiesssssssss when es break the 1332
dreams do come true.
  • #56,333
  • Feb 10, 2012 9:19am Feb 10, 2012 9:19am
3213, the mid of the big down bar..
Attached Image (click to enlarge)
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Look Sharp/Trade Tight
  • #56,334
  • Feb 10, 2012 9:20am Feb 10, 2012 9:20am
btw i put that next to my name for ptl's sake
  • #56,335
  • Feb 10, 2012 9:20am Feb 10, 2012 9:20am
Quoting attila
I know what you're saying about context. As you probably saw I have a pretty good handle on the market context. The problem is, the market is changing. It ranges a lot... It can move up to a new high, then you get a pin or something like that. Great you go south, then two bars later that pin is invalidated. Why? Because the market just decided to start ranging. But you don't know it's a range until it's too late.. That's what I'm saying...
Bigger tf, momentum shift just happened = momentum is strong. Why would momentum just go the other way after couple of bars? For candles to work effectively, look for exhaustion. You don't want to apply candle at the beginning of the move that are against it.
  • #56,336
  • Feb 10, 2012 9:22am Feb 10, 2012 9:22am
Quoting pkimnyc
Bigger tf, momentum shift just happened = momentum is strong. Why would momentum just go the other way after couple of bars?
It would be awesome if we could some how pragmatically calculate the balance of bears/bulls.

right now I do it through the HH/HL/LH/LL
  • #56,337
  • Feb 10, 2012 9:23am Feb 10, 2012 9:23am
Quoting fxjawn
btw i put that next to my name for ptl's sake

lol, what that your a shitty trader?
Look Sharp/Trade Tight
  • #56,338
  • Feb 10, 2012 9:23am Feb 10, 2012 9:23am
Quoting Venice
Rule #1: You can never, ever predict the direction we are going to take. We are not fortune tellers, psychics or time travelers.

We can only simply take setups that imply playing in our favor more than they do not.

If you want predictions, find a solid source of inside information.
sure you can. we all do.. the trick is being right..
those who can, do. those who cant, talk about those who can
  • #56,339
  • Feb 10, 2012 9:24am Feb 10, 2012 9:24am
Quoting PayTheLimit
lol, what that your a shitty trader?
yes , my personal abuse seems to amuse your so i wanted you to have a glorious day
  • #56,340
  • Feb 10, 2012 9:24am Feb 10, 2012 9:24am
Quoting pkimnyc
Bigger tf, momentum shift just happened = momentum is strong. Why would momentum just go the other way after couple of bars?
Well it seems like if not reverse, at least stop as I said a little while ago... Why? I can't exactly say... It's just what came up after I merged all the info I had available at the time.... And that was after 2 strong m30 bear bars...There's no rule...

Quoting attila
This could be pretty much it.. A bit early to say though.... Eh, it's a good turning point is what I'm saying...
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