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  • #2,201
  • Mar 26, 2012 2:48am Mar 26, 2012 2:48am
Quoting Tyoon
dazz man, what analysis do you have for GU? I have mine.. just curious what you see.
Quoting Tyoon
I am sentimentally bullish.. looking for longs.


Hi Tyoon,
What I see on the weekly is a long-term triangle price consolidation and I have no idea if price will break up or down from this, or neither. Chart 1. However, it is something I will be looking at over the coming weeks/months. A break would see me eye balling a pullback.

I have two daily charts. The first one Chart 2 shows that the current outlook on the daily is long, while the daily support level holds. That's not to say shorts are no good. You use that level as a target if a short position could be justified on the lower time frames. That thinking is sound.

However, even though we are above the daily support level (Chart 2) and that does suggest longs are in favour, I am not taking any long trades on cable myself at the current price (unless it was a scalp). Chart 3 is presented as to why this is.

The "box' shown shows strong cluster resistance on the daily time frame, we all know (from Will's teachings of course) that clusters hold the price. That is the reason (to me) why price came back to this level... and then stalled at this level... and has had a hell of a time breaking any higher...
Knowing this is very helpfully as you could short of the level, use it as s target, etc. etc. Just being aware of that is of massive benefit.

Fortunately for me, Will highlighted this in his service at the beginning of the year (in a webinar) so it's made analysis on the big picture for cable much easier for me. It's for this reason that I am would be a little hesitant thinking long at the moment.

On the other hand, if I see the down sloping trend line break (Chart 1) with a strong rally, then on a pull back, longs are definitely in order. But, I need to see either that happen or that big arse daily cluster block breached. and price hold above it. before I can justify a solid long position trade.

Alternately, if price pulls back to the daily support (Chart 2), longs could be considered, but that would be the fourth time back to the level and so I would be thinking price may break through. A level does not hold forever.

In summary, I am looking at other charts at present that clearer opportunities.

Hope that all makes sense.
d
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  • #2,202
  • Mar 26, 2012 3:00am Mar 26, 2012 3:00am
My view on GU

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  • #2,203
  • Mar 26, 2012 5:49am Mar 26, 2012 5:49am
Quoting dazzdude
Hi Tyoon, ..Hope that all makes sense.
Thanks dazzd, v clear. thank you very much!

I'm just going to investigate where you got your daily down tl from.. I seem to have missed that.

Quoting dazzdude
In summary, I am looking at other charts at present that clearer opportunities.
I am currently scanning for some clear price structures to trade too. Here is one I am really hoping to get. A retest of the down tl at one of those demands would be a great long trade imo.

..
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  • #2,204
  • Mar 26, 2012 6:14am Mar 26, 2012 6:14am
Quoting Tyoon
. A retest of the down tl at one of those demands would be a great long trade imo.
agreed. cad bias, long

d
  • #2,205
  • Edited 9:19am Mar 26, 2012 7:36am | Edited 9:19am
Quoting dazzdude
agreed. cad bias, long

d
I was awaiting lower prices. I hope I have not missed it.

bernanke is currently talking so I want to see a solid touch of tl rather than getting in early.

add: well non of those setups worked..

..
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  • #2,206
  • Mar 26, 2012 12:03pm Mar 26, 2012 12:03pm
Hello Chaps,
Long time no see


A classic flip on euraud, culminating in a nice pinbar.

http://my.jetscreenshot.com/11256/m_...-pa7g-92kb.jpg
  • #2,207
  • Mar 26, 2012 3:42pm Mar 26, 2012 3:42pm
Hi this is my first post while I am still reading through the material here.

I already look for 123 setups in my trading so typically a break of a level followed by a pullback to get a discount and confirm resistance has turned supportive and vice versa and this is why this thread interests me.

I trade the lower timeframes, up to H1 and use M1 for entry.

My method is reliant on me observing PA and where I can trade with trend although on good setups I will trade counter trend.

Indicator wise I started on a clean chart but have added in some MAs to help with trend and pivots to help with S&R.

I never act looked at 123 setups as most seemed to say they dont work. However, without actually looking for them I naturally ended up using them as they suit my personality, and can offer exc RR.

Where my approach differs is that I look for a pullback to get a better price after the level has given way to make sure its not a fakeout, and I want to confirm the level is holding. So I am looking for HLS or LHs and the first pullback for me is the heads up and the second is my entry or confirmation, and I dont necessarlity look for it to come all the way back, just that the is good R:R available.

I get some of my best results using off the Daily or Weekly Pivot.

However, I really like the look of WMD' method and look forward to testing it out.

In the meantime here is a chart I picked out tonight.

Any feedback welcome

Speed
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,208
  • Mar 26, 2012 4:24pm Mar 26, 2012 4:24pm
Quoting Tyoon
add: well non of those setups worked..
It's OK. The big picture holds for cad. Its not over until the fat lady sings (or, until the cluster block gives way)

d
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  • #2,209
  • Mar 26, 2012 4:28pm Mar 26, 2012 4:28pm
Quoting speedtrip
Hi this is my first post while I am still reading through the material here.
...

Where my approach differs is that I look for a pullback to get a better price after the level has given way to make sure its not a fakeout, and I want to confirm the level is holding. So I am looking for HLS or LHs and the first pullback for me is the heads up and the second is my entry or confirmation, and I dont necessarlity look for it to come all the way back, just that the is good R:R available.

...

Any feedback welcome

Speed
I like your thinking... The principle is very much in aligment with the thread.

d
  • #2,210
  • Mar 26, 2012 4:33pm Mar 26, 2012 4:33pm
Quoting dazzdude
It's OK. The big picture holds for cad. Its not over until the fat lady sings (or, until the cluster block gives way)

d
y, I agree it is still bullish. the support cluster to left is definitely holding price.

I can't seem to find any setups for the moment though. I think the speech by bernanke must have upset the dollar which ruined the setups.

here are a few of my thoughts on today. it seemed the breakout of down tl could have been a fake out and we are back into our diagonal range.

..
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  • #2,211
  • Mar 26, 2012 4:47pm Mar 26, 2012 4:47pm
Quoting heebbyjeeby
Hello Chaps,
Long time no see
A classic flip on euraud, culminating in a nice pinbar.
hi heeby,

I was watching the triangle form on the 4hr, and 'nearly' bought on the 4hr close outside the triangle (shown below), but alas I did not as I was not sure about the trade. It then flew up 300 pips... oh well.

d
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  • #2,212
  • Mar 27, 2012 2:34am Mar 27, 2012 2:34am
Yen. Follow up from about a couple weeks ago, for those that remember (and those that care) Remember, flip for spot.

d
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  • #2,213
  • Mar 28, 2012 7:21am Mar 28, 2012 7:21am
Very interesting thred.. qo
de
  • #2,214
  • Mar 28, 2012 11:26pm Mar 28, 2012 11:26pm
Quoting dazzdude
Yen. Follow up from about a couple weeks ago, for those that remember (and those that care) Remember, flip for spot.

d
Dazzdude, based on the above chart, expect some pullback in April till August, then a continuation of trend?
  • #2,215
  • Mar 29, 2012 5:35am Mar 29, 2012 5:35am
Hello Traders!

In the near future I will be interviewing WMD and would like to invite thread posters to ask Questions. Post your Questions here and I'll let you know when the interview is ready to air.
  • #2,216
  • Mar 29, 2012 6:32am Mar 29, 2012 6:32am
Quoting Fx_007
Hello Traders!

In the near future I will be interviewing WMD and would like to invite thread posters to ask Questions. Post your Questions here and I'll let you know when the interview is ready to air.
1st question-

Please introduce yourself.

2nd question-

Did WDM agreed to your interview invitation?

Lastly, we can ask WDM questions here and get his answers directly.
  • #2,217
  • Edited 9:03am Mar 29, 2012 6:49am | Edited 9:03am
Quoting sher
1st question-

Please introduce yourself.

2nd question-

Did WMD agreed to your interview invitation?

Lastly, we can ask WMD questions here and get his answers directly.
Hi Sher


Please introduce yourself.
Hi Guys I'm @FX_007 ON TWITTER
I have known wmd for sometime, I'm also a Member of wmd's Forex Training Site http://www.wmd4x.com

Did WMD agreed to your interview invitation?
Yes
The Interview will be added to the site for Members and Non Members which will give also Non Members an insight into the wmd trading methodology

Lastly, we can ask WMD questions here and get his answers directly.
Yes and that has not changed but as this was wmd's thread which got it all started we thought thread members may wish to participate

No date yet for the Interview air date as yet but Both me & wmd are in the process of getting the Interview completed
  • #2,218
  • Mar 29, 2012 7:15pm Mar 29, 2012 7:15pm
Thought I post a follow up on http://www.forexfactory.com/showthre...28#post5459228

Was watching the 5 min chart as it approached the top bop line and didn't enter via limit order as it was shooting up. Stayed away from the trade then.

Still learning but getting more and more confidence in the setups by the day.
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  • #2,219
  • Mar 29, 2012 8:31pm Mar 29, 2012 8:31pm
The important thing is not to get too hung up about missed trades. This is all part of learning and I don't think this will ever stop in this business.

The important lesson here is that the setup worked, take note of the chart, print it and refer back to it the next time a similiar setup presents itself.
  • #2,220
  • Mar 30, 2012 6:25am Mar 30, 2012 6:25am
Top bop has been visited already, but second one is still in play (although I think it is the weaker setup?)
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