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  • #634,241
  • Apr 26, 2012 10:31am Apr 26, 2012 10:31am
Quoting attila
No, it doesn't have to make a new high, that's the whole point if you want to long into the top.. You want two things: conviction from a HL and room to get out if it fades again..

Otherwise, just wait for the break out, and long the retest.. and hope it's not a SL hunt..

There is no exact recipe unforturnatelly..
I added a printscreen.
So if this would have been a H4 chart. This would have worked? Trying to get the picture here. Really glad you are taking the time to respond

At the moment if I look at the life chart it would have worked for the m30 this time too, for at least a few pips.


Edit: And yes I understand there is no exact recipe here that will never be there.. always keep looking for confirmation etc.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_EUR_USD_30 Mins_snapshot-26-04-2012copy.png Size: 58 KB
  • #634,242
  • Apr 26, 2012 10:31am Apr 26, 2012 10:31am
OK, London closed. This pair just can't make up her mind, another 60 pip day, utter crap.
  • #634,243
  • Apr 26, 2012 10:31am Apr 26, 2012 10:31am
Quoting cloggie
The world is balanced again, Cloggie managed to get 100 pips out of the market, guess a blind squirrel can find a few acorns every once in a while.


~I am posting way too much here though and keep missing out on trades, time to scale back a bit.
Nice!
  • #634,244
  • Apr 26, 2012 10:32am Apr 26, 2012 10:32am
Toodles kids, that's it for me.
  • #634,245
  • Apr 26, 2012 10:33am Apr 26, 2012 10:33am
And wath now? Down? Or f*king BIG up? jjč
I dont cheer up anymore ... call me stupid jj
  • #634,246
  • Apr 26, 2012 10:33am Apr 26, 2012 10:33am
Quoting Pair-me-up
To those who have more experience than others and aren't here to scam us less experienced wanna be traders.....

What is the best way to manually calculate highly accurate Support and Resistance Levels? So, far I have gone over the charts and added up some points that were in a general vicinity along the time line sort of speak and then divided them to get an overall average, thus attempting to eliminate noise. I have come with in a pip fraction of the numbers 3231 and 3235 that were posted earlier..

Also, is it better to calculate S/R...
How about "pivot point" there is a free indicator which automatically draw daily pivot point for you.
deep RoT is essential for everlasting happyness
  • #634,247
  • Apr 26, 2012 10:34am Apr 26, 2012 10:34am
what will happen if Advance GDP .. tomorrow date come 3 % more than expected?

and what will happen if it come 1 % only ??
  • #634,248
  • Apr 26, 2012 10:35am Apr 26, 2012 10:35am
Quoting cloggie
Toodles kids, that's it for me.
bye Cloggie!!

Thanks for another teaching day
  • #634,249
  • Apr 26, 2012 10:35am Apr 26, 2012 10:35am
Quoting cloggie
Toodles kids, that's it for me.
Have a nice evening Cloggie!
  • #634,250
  • Apr 26, 2012 10:35am Apr 26, 2012 10:35am
Quoting Stretch
I added a printscreen.
So if this would have been a H4 chart. This would have worked? Trying to get the picture here. Really glad you are taking the time to respond

At the moment if I look at the life chart it would have worked for the m30 this time too, for at least a few pips.
I would have taken that trade yes.. Remember, there is no guarantee the top will blow, that's why you have to get out at the slightest sign of hesitation, otherwise you could get ran over by the steam roller..

There is one caveat to this particular situation though...You only had on HL, at least 2 would have been better.. If you think about it, that would make an ascending triangle.. pressure building into the top if you will...
  • #634,251
  • Apr 26, 2012 10:36am Apr 26, 2012 10:36am
Quoting cloggie
London shuts in one minute, that'll do me for today.
Cloggie, you ascribe to what seems to be the norm of most experienced traders I hear....'no trading on Friday as pro traders are cleared out for the week'?

What's your take on that?
It's the simple things in life that have the most powerful meaning.
  • #634,252
  • Apr 26, 2012 10:36am Apr 26, 2012 10:36am
Quoting hlina9
And wath now? Down? Or f*king BIG up? jj
May be left.
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #634,253
  • Apr 26, 2012 10:39am Apr 26, 2012 10:39am
Quoting Amr Youssief
what will happen if Advance GDP .. tomorrow date come 3 % more than expected?

and what will happen if it come 1 % only ??
USA data is the hardest think to trade , at this stage it should play risk sentiment roll (good data good for euro & bad data bad for euro), usually i wait for market to make it's direction
Mohan
  • #634,254
  • Apr 26, 2012 10:39am Apr 26, 2012 10:39am
Quoting Stretch
I added a printscreen.
So if this would have been a H4 chart. This would have worked? Trying to get the picture here. Really glad you are taking the time to respond

At the moment if I look at the life chart it would have worked for the m30 this time too, for at least a few pips.


Edit: And yes I understand there is no exact recipe here that will never be there.. always keep looking for confirmation etc.
Ah, better yet.. pull up an m5 chart. You can see it all there how it worked on the top at 23 there, with a textbook retest of the break out..
  • #634,255
  • Apr 26, 2012 10:39am Apr 26, 2012 10:39am
Intraday pattern neutralized range but still favours upside ...

Elliottwise points up ... 1.3270 - 1.3292 in elongated flat correction ...

3 Day pattern bullish ...

Weekly pattern bullish ...

2012-04-26_17h24_ EURUSD _ min060 _ (120) candlestickchart + SAR2 + ST + TL





;-|
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-04-26_17h24_ EURUSD _ min060 _ (120) candlestickchart + SAR2 + ST + TL.PNG Size: 29 KB
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #634,256
  • Apr 26, 2012 10:40am Apr 26, 2012 10:40am
Quoting samdani786
May be left.
3242 in game now,,,but just for me ...in case
  • #634,257
  • Apr 26, 2012 10:41am Apr 26, 2012 10:41am
Quoting attila
I would have taken that trade yes.. Remember, there is no guarantee the top will blow, that's why you have to get out at the slightest sign of hesitation, otherwise you could get ran over by the steam roller..

There is one caveat to this particular situation though...You only had on HL, at least 2 would have been better.. If you think about it, that would make an ascending triangle.. pressure building into the top if you will...
Ah I see, I am counting the wigs as HL's but that's not correct, right? Cause the momentum bar opens below the previous bar, making it not a HL.
Thank you for the feedback. To bad I didn't went for those 5-10 pips then haha. But at least it's giving me some confidence that I am a little bit on the right track.

Now you mention it, I see the ascending triangle, wouldn't occured to me if you haven't mentioned it.
Thanks, have a nice evening if you are taking a break!
  • #634,258
  • Apr 26, 2012 10:42am Apr 26, 2012 10:42am
aha .. woow i was trading on a different way !

good date for usa = good for dollars

the strang thing that is was making profits lol .. shiit

i will ask you guys before any news any more
  • #634,259
  • Apr 26, 2012 10:44am Apr 26, 2012 10:44am
Quoting Stretch
Ah I see, I am counting the wigs as HL's but that's not correct, right? Cause the momentum bar opens below the previous bar, making it not a HL.
Thank you for the feedback. To bad I didn't went for those 5-10 pips then haha. But at least it's giving me some confidence that I am a little bit on the right track.

Now you mention it, I see the ascending triangle, wouldn't occured to me if you haven't mentioned it.
Thanks, have a nice evening if you are taking a break!
look at m5 chart..
  • #634,260
  • Apr 26, 2012 10:48am Apr 26, 2012 10:48am
Now, after this m5 break out, what did h1 do? It couldn't close above its top at 36.. Also h4 still is in lala land wanting to have nothing to do with it's top. So, a drop from here is not out of t he question..
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