Dislikedtried to sell top of shoulder but missed it... order in late but targeting bottom of flag.
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Price is Everything Chat Room
Looks good to me. After you have gotten used to QMs, H&S, ect.. you may not see them as patterns any more.. you might just simply see them as pull back configurations. The pull back being the H/L or L/H on QM or the right shoulder of H&S. When price is reversing at the top/bottom it usually has to pull back because it is reacting to a level that opposes the reversal and consumes it. Then due to this reaction, price has to pull back to a level where the buyers and sellers will continue the turn. This is either an SR level or a SD level.
Unless...
even with news spike still it did what was expected from it.
Sniffing Snake's Tracks...
tried to sell top of shoulder but missed it... order in late but targeting bottom of flag.
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Sniffing Snake's Tracks...
cuz of the further drop?
- #2,987
- Edited 4:33pm Jun 7, 2012 4:11pm | Edited 4:33pm
well, the market aint goin anywhere, actually i feel sorry for it
Benefits over H&S (if it forms of course)
I did have another chart with bars on it which shows some nasty spikes but as part of an exercise to show some J16 people about QMs i saved over it by mistake. Cant be arsed to redo it.
Spot the deliberate mistake in there too
ahem.
- #2,989
- Jun 8, 2012 3:25am Jun 8, 2012 3:25am
Just a question for the more experienced traders here.
How do you view this level?
Here is a LTF view of it. Would you call this a pivot low caused by the NFP print last week or would you say that it has consumed demand further back.
Not a level I intend to use at present but I'm just curious how it is seen by others.
Price didnt spend much time there at all but it all happened at a highly volatile time in the market.
How do you view this level?
Here is a LTF view of it. Would you call this a pivot low caused by the NFP print last week or would you say that it has consumed demand further back.
Not a level I intend to use at present but I'm just curious how it is seen by others.
Price didnt spend much time there at all but it all happened at a highly volatile time in the market.
- #2,992
- Jun 8, 2012 5:44am Jun 8, 2012 5:44am
Cheers Ty,
Was thinking along those lines but just thought that the 5m demand did not look strong enough. Its been good for a bounce to 5 min supply though which is working nicely.
After this level what do you think?? There looks to be nice levels at 1.2425 and 1.2414 but these are not fresh. They could give a nice bounce though. Guess I will just watch the PA to see with a tight stop.
OR are we looking at a QM forming??
Lets wait and see!!
- #2,994
- Jun 8, 2012 6:54am Jun 8, 2012 6:54am
You may need to look further to the immediate left to get a clearer pic.
I believe it is a pivot low, this means it was a reaction to a level. The level is to the left on 5m. Because it was a large rally, the 'base' of it shows big buyers. Behind the big buyers is an SR level - an ideal entry level.
A rule of thumb I suppose.. when you identify a vague level, look more to the left to give it more definition.
Hope that helps a bit.
..
- #2,996
- Jun 8, 2012 7:17am Jun 8, 2012 7:17am
75p, nice work. If those were your only trades today and your trading each pip as .2% of your account.. you should be up 15% for the day. Make another 5% you are good for 20%. Do that every day for a trading week and you have made 100% turn over in a week.
Scalping up and down feels so good doesn't it?
. i tend to go for smaller % on those tho. until i'm a little more confident.And one day i will be doing those numbers day in day out....
- #2,997
- Jun 8, 2012 7:43am Jun 8, 2012 7:43am
- Joined Nov 2011 | Status: Trader | 1,271 Posts
certainly does
And one day i will be doing those numbers day in day out....
Making 20% a day is somewhat an easy task. But I won't explain any of the concepts here. Will save it for AG.
- #2,999
- Jun 8, 2012 8:11am Jun 8, 2012 8:11am
You sure will.
Making 20% a day is somewhat an easy task. But I won't explain any of the concepts here. Will save it for AG.
can't waitqm day on euro
Sometime the horizon disappear. Twitter: @_whiteout
