First bar could be a rejection bar or a consumption bar, second bar told you that the first bar is a consumption bar hence the sell
- #1,841
- May 30, 2012 5:03am May 30, 2012 5:03am
- | Commercial User | Joined Feb 2008 | 4,633 Posts
- #1,842
- May 30, 2012 5:09am May 30, 2012 5:09am
- | Commercial User | Joined Feb 2008 | 4,633 Posts
Thanks xmzhang. I placed a limit sell at 1.5966 on GA for a scalp with a tight stop.
EDIT: Looks like I post too much?!!
You can never post too much, all your posts are useful learning of how to trade pure price action.
- #1,844
- May 30, 2012 5:22am May 30, 2012 5:22am
- Joined Mar 2010 | Status: Trader | 1,635 Posts
Looks like a nice zone, I can't keep up with pairs like this on those TF's!
You can never post too much, all your posts are useful learning of how to trade pure price action.
I cancelled my GA order because it already dropped without me.
- #1,854
- May 31, 2012 1:50am May 31, 2012 1:50am
Hi Fx7877,
Different people see one thing in different ways. This is my viewpoint. Look at the second chart on the right. I erased the bull-poles from the original chart. How do the bull-flags look now? I hope you will understand what I mean.
What do we want to know from compression?
compression heading into demand - not many sellers there
compression heading into supply - not many buyers there
Hope it helps.
Thanks buddy!
- #1,855
- May 31, 2012 1:52am May 31, 2012 1:52am
- | Commercial User | Joined Feb 2008 | 4,633 Posts
Hi Fx7877,
Different people see one thing in different ways. This is my viewpoint. Look at the second chart on the right. I erased the bull-poles from the original chart. How do the bull-flags look now? I hope you will understand what I mean.
What do we want to know from compression?
compression heading into demand - not many sellers there
compression heading into supply - not many buyers there
Hope it helps.
- I should have added Price dipping and spiking to consume supply.
