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  • #10,701
  • Feb 23, 2012 7:58am Feb 23, 2012 7:58am
Quoting tradoholic
Hi Saxon,
I have similar levels using different tools.
Nice stuff ! Fan looks like current friction and FE 100 will add to the support at our target
  • #10,702
  • Feb 23, 2012 8:06am Feb 23, 2012 8:06am
Hey Ian,
What tool u using to track your highs and lows
  • #10,703
  • Feb 23, 2012 8:06am Feb 23, 2012 8:06am
Quoting halkins
11.50am London
Hi everybody....
The market is a bit tired of the boring long time consolidation.
Slowly we have more & more bearish signals building and confirming.
The last bulls bastion 1.3300 as far as now was rejected by the market with false signals above 1.3300 (killing some bears by the way)
Bearish MACD divernence, bearish stochastic, bearish DSS.
[font=Verdana]Now all big bears been waiting for a “START-IMPULSE” signal and this can come with “unemployment...
Awesome catch on that divergence ! I totally missed it.
  • #10,704
  • Feb 23, 2012 10:40am Feb 23, 2012 10:40am
PRICE retesting previous highs!!!
Do we have now "to be or not to be" saying to any upside future movements...
I think this level will be hold, and if PA gets below 1.32900 I will consider this as we're going down...
We'll see within next hour or two, but it looks like a nice shorting area with SL little above S/R line.
This makes it pretty risk-reward ratio trade available.
Even if it goes against, any loss won't be any harmfull...
What do you think guys?

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 35 KB
Read Charts - Not Papers
  • #10,705
  • Feb 23, 2012 10:40am Feb 23, 2012 10:40am
Been watching this one for a bit. Nothing big but might be good for a few. PA approaching a small PPZ formed by Pivs. Just something to keep your eyes on.
Attached Image (click to enlarge)
Click to Enlarge Name: eg.jpg Size: 141 KB
  • #10,706
  • Feb 23, 2012 10:45am Feb 23, 2012 10:45am
Quoting Saxon
Been watching this one for a bit. Nothing big but might be good for a few. PA approaching a small PPZ formed by Pivs. Just something to keep your eyes on.
Hi Saxon...
I've noticed many pairs now approaching important S/R levels...
Read Charts - Not Papers
  • #10,707
  • Feb 23, 2012 11:00am Feb 23, 2012 11:00am
Quoting halkins
Hi Saxon...
I've noticed many pairs now approaching important S/R levels...
Ya, ive seen that too. However, on a lot of them, they have been lingering around these levels for too long. I like to see a long/extended journey that PA had to go on to get to these levels. Since it's overextended and gernally a steep angle, only minimal resistance would been needed to send it in the other direction.

I like to think of it like a Marathon Runner. Think of Support/Resistance as being a physical push to the runner at various distances during the race. At the end of 3 miles, if you give that runner a physical push, chances are you are not going to knock him over, just piss them off. On the other hand, attempting to push them over at mile 20 will be pretty easy.They are still moving forward, however, they require much lest resistance to push over.

I believe that the same physics of nature (energy) apply to trading as well. But that's about as far as they go. Not too keen on other applications of natural principals to trading. But that's just me.

Sorry for the digression. Ive had a few queries from people lately about judging the potential friction of support and resistance levels.
  • #10,708
  • Feb 23, 2012 11:04am Feb 23, 2012 11:04am
Quoting Saxon
Ya, ive seen that too. However, on a lot of them, they have been lingering around these levels for too long. I like to see a long/extended journey that PA had to go on to get to these levels. Since it's overextended and gernally a steep angle, only minimal resistance would been needed to send it in the other direction.

I like to think of it like a Marathon Runner as opposed to just running 3 miles. Think of Support/Resistance as being a physical push to one of these runners at the finnish line. At the end of the 3 miles, if you give that runner...
Sure, sure... but this is the game of probability...
If I won't loose too much, I can take that risk.
Just waiting for some confirmation on 15M, 30M chart...
Certainly I don't know where price will be tomorrow and next week,
This is why all "money management" techniques need to be applied all the time while trading. After some initial profits (IF) I will close half of my position and move my SL to breakeven point.
Then I can go to my bed and sleep easily and fck all future price movements ;-)))))
I hope so, ha ha

--
Read Charts - Not Papers
  • #10,709
  • Feb 23, 2012 11:08am Feb 23, 2012 11:08am
Quoting halkins
Sure, sure... but this is the game of probability...
If I won't loose too much, I can take that risk.
Just waiting for some confirmation on 15M, 30M chart...
Certainly I don't know where price will be tomorrow and next week,
This is why all "money management" techniques need to be applied all the time while trading. After some initial profits (IF) I will close half of my position and move my SL to breakeven point.
Then I can go to my bed and sleep easily and fck all future price movements ;-)))))
I hope so, ha ha

--
Haha, yes, that's true. For me, i dont like the anxiety and stress of short term time frames. I like to take much larger positions on high prob stuff. Sometimes I'll only get one trade a week, but I will be confident enough to just set the limit and leave it. But ya, I still like to jump into these short term positions and roll the dice. Speaking of dice, I wish I was in Vegas right now, much warmer than where i am currently
  • #10,710
  • Feb 23, 2012 11:09am Feb 23, 2012 11:09am
Quoting halkins
Hi Saxon...
I've noticed many pairs now approaching important S/R levels...
including EU?
  • #10,711
  • Feb 23, 2012 11:11am Feb 23, 2012 11:11am
Here's an off-the-topic question for everyone. To break up the boredom.

Do you think that your trading and "Educated Gambling" in the Forex market have made you better Vegas Gamblers ? Like, for me, my blackjack still sucks, but my poker is awesome. I judge my opponents and betting strategy completely different.
  • #10,712
  • Feb 23, 2012 12:12pm Feb 23, 2012 12:12pm
Quoting Saxon
Here's an off-the-topic question for everyone. To break up the boredom.

Do you think that your trading and "Educated Gambling" in the Forex market have made you better Vegas Gamblers ? Like, for me, my blackjack still sucks, but my poker is awesome. I judge my opponents and betting strategy completely different.
I don't play Poker but my Roulette has certainly improved! I cover the other side of the board for hedging! lol
Find a job that you love and you dont have to work again in your life.
  • #10,713
  • Feb 23, 2012 3:09pm Feb 23, 2012 3:09pm
Quoting Saxon
Here's an off-the-topic question for everyone. To break up the boredom.

Do you think that your trading and "Educated Gambling" in the Forex market have made you better Vegas Gamblers ? Like, for me, my blackjack still sucks, but my poker is awesome. I judge my opponents and betting strategy completely different.
Definitely experience in trading makes you better gambler.
Many people play (or name it: gamble) without any money management plan.
So even when winning, they never know when to stop and leave their table...
Most of them leave the table when completly broke.
-
Read Charts - Not Papers
  • #10,714
  • Feb 23, 2012 3:22pm Feb 23, 2012 3:22pm
Quoting halkins
PRICE retesting previous highs!!!
Do we have now "to be or not to be" saying to any upside future movements...
I think this level will be hold, and if PA gets below 1.32900 I will consider this as we're going down...
We'll see within next hour or two, but it looks like a nice shorting area with SL little above S/R line.
This makes it pretty risk-reward ratio trade available.
Even if it goes against, any loss won't be any harmfull...
What do you think guys?

Attachment
EURUSD update:
Unfortunately price broke the ceiling and all signals and bearish structures built throughout the day are now rejected and denied.
Daily set ups now turned green, let alone 4H chart with huge long green candle which binned all my bearish plans for today.
I was waiting for bearish confirmation on 30M chart but haven't even blink my eye when price jumped thru the roof...
So I didn't even roll my dice, just spent a nice but boring day in front of my screen
Good luck to everybody...

---
Read Charts - Not Papers
  • #10,715
  • Feb 24, 2012 1:00am Feb 24, 2012 1:00am
Hey Ian,
What tool u using to track your highs and lows
.................................................

here are the templates and please check your PM
Attached File(s)
File Type: tpl levels for 4 hr + daily.tpl   70 KB | 358 downloads
File Type: tpl levels for 3 x 4 hr ( 12 hr chart ).tpl   91 KB | 362 downloads
File Type: tpl levels for 9 x 1 monthly ( 3 quarters ).tpl   8 KB | 312 downloads
File Type: tpl levels for 3 x weekly + 3 x m ( 1 quarter ).tpl   66 KB | 324 downloads
File Type: tpl levels for 12 x 1 monthly ( 1 year ).tpl   7 KB | 348 downloads
File Type: tpl levels for monthly.tpl   47 KB | 335 downloads
  • #10,716
  • Feb 24, 2012 2:28am Feb 24, 2012 2:28am
Quoting ianlikesgolf
this chart pattern on the EU and US dollar index with the last 4 hr candles breaking out of the levels upside for EU and down for Dollar index normally makes for a continuation in the same direction on the next candle/candles before any change in trend.

the first EU 3 weekly highs at 1.3349, the price action stopped 2 pips short of this level on the GMT 08:00 4 hr candle.
London just closed this candle right on the previous highs for this week at 1.3292.

some interesting levels here, looking forward to see how it plays out.
..Hey Ian, were are u getting your live UD Index charts..??Best Dan C
  • #10,717
  • Feb 24, 2012 2:33am Feb 24, 2012 2:33am
Despite many bearish signals yesterday traders finally found some positve aspects to kick the EUR price thru the ceiling.
Euro reached the highest point of this year, rejecting all bearish signals bulit througout the week.
I don't like "joining the trend at the very end", so I am staying out neutral with a bit of bearish sentiment, waiting for all signals to clarify.
Price is heading toward very strong 1.34200-1.34400 S/R which is 50% fibonacci retracement of last October highs.
I am expecting some "reaction" at this level.
Any ideas where we're going now?
Untill then, another boring tag of war day ...
Cheeeeeerrrrss...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 27 KB
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  • #10,718
  • Feb 24, 2012 5:04am Feb 24, 2012 5:04am
..Hey Ian, were are u getting your live UD Index charts..??Best Dan C

...............................................
try this. its the one I use from http://www.forexltd.co.uk/en/trade/mt4/

it doesnt show the USDX until you go

in top menu: View ---> Market Watch ---> Right click: Show All

then its good to go.

it didnt work on AU , but EU is perfect. along with the dia (dow)
when its open in US hours.

I did notice with AU though that when EU and GU have a genuine move AU follows along too normally.
Attached File(s)
File Type: rar mt4setup_build410.rar   381 KB | 321 downloads
  • #10,719
  • Feb 24, 2012 5:39am Feb 24, 2012 5:39am
Attached Image (click to enlarge)
Click to Enlarge Name: gu24212short.gif Size: 20 KB
Find a job that you love and you dont have to work again in your life.
  • #10,720
  • Edited 6:25am Feb 24, 2012 5:53am | Edited 6:25am
looking at al these charts and the H4 zoomed out

GU 1st daily highs level area at 1.5871 is close to the H4 at around 1.5879 - 1.5885.
the current levels may be ok , but its too early to tell until the London close.

waiting for this current GMT London 4 hr candle to close, still 1 hr 34 mins to go
Attached Image(s) (click to enlarge)
Click to Enlarge Name: feb 24 gu 4 hr.gif Size: 14 KB
Click to Enlarge Name: feb 24 gu 12 hr.gif Size: 18 KB
Click to Enlarge Name: feb 24 gu daily.gif Size: 15 KB
Click to Enlarge Name: feb 24 usd index.gif Size: 17 KB
Click to Enlarge Name: feb 24 usd index daily.gif Size: 15 KB
Click to Enlarge Name: feb 24 gu h4 zoomed out.gif Size: 18 KB
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