Dislikednot sure what you mean wheres your profit margin ,but I am bullish $ overall ,but not this week
gbp nzd is changing
eur jpy look for longIgnored
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james16 Chart Thread
- #113,462
- Jun 20, 2012 3:06pm Jun 20, 2012 3:06pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
Oh right it wont 
not one but 2 pins
not one but 2 pins
this
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #113,463
- Jun 20, 2012 3:13pm Jun 20, 2012 3:13pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #113,464
- Jun 20, 2012 3:16pm Jun 20, 2012 3:16pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #113,465
- Jun 20, 2012 6:03pm Jun 20, 2012 6:03pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #113,467
- Jun 20, 2012 6:07pm Jun 20, 2012 6:07pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #113,469
- Jun 21, 2012 2:22am Jun 21, 2012 2:22am
Hi,
Anyone looking for long/short positions at the blue area if we get confirming PA? It's an area i'm watching. Apologies if someone has already posted this chart up before me.
Anyone looking for long/short positions at the blue area if we get confirming PA? It's an area i'm watching. Apologies if someone has already posted this chart up before me.
- #113,470
- Jun 21, 2012 2:29am Jun 21, 2012 2:29am
Hi,
Anyone looking for long/short positions at the blue area if we get confirming PA? It's an area i'm watching. Apologies if someone has already posted this chart up before me.
Price has been moving up and down between 75 and 85-90 for months.
There is a M HCR by 82.3 I would take care of...
Have a nice day!
Slow & steady
- #113,472
- Jun 21, 2012 2:54am Jun 21, 2012 2:54am
Rust, Variance,
I was short in this trade, and obviously took a loss.
My objective was to decipher different aspects of price action, after Bullzeye post (http://www.forexfactory.com/showthre...00#post5774800)
Bull's post, after a trade I took on AUDUSD, raised a question:
What if there is a clear pattern, but no price action trigger to enter the trade?
From my perspective, but please tell me if I'm wrong, PA and patterns sort of serve to identify a direction the price may take. In this regard, price action...
I'm sure Rust or Variance can clear this up as I don't really trade price patterns. However I will try and give you my take on it if it helps at all.
I think price patterns with PA act as confirmation of an impending breakout of a pattern or a confirmation that the pattern is still intact. What I'm trying to say it adds as confluence which is what we look for to put the odds in our favour.
I do believe you can enter a trade without confirming PA if that pattern has shown itself to hold, say on the 3rd bounce on the trendline you could take a blind entry with a tight stop, just like you can take a blind entry on a clearly defined PPZ where there is extra confluence i.e. 50 fib.
To sum things up waiting for PA is a more conservative method but it sure adds more weight to our analysis. However what I have just said may or may not be what you were looking for, and hopefully Rust or Variance can back up or correct what I have just said.
I personally think it comes down to experience, knowing when you can enter without PA, but to start with I would recommend waiting for PA until you have demoed blind entries.
For what it's worth that's my take on it, but I am still improving my trading everyday at this point (or trying to haha) hope it helps.
- #113,473
- Jun 21, 2012 4:26am Jun 21, 2012 4:26am
Rust, Variance,
I was short in this trade, and obviously took a loss.
My objective was to decipher different aspects of price action, after Bullzeye post (http://www.forexfactory.com/showthre...00#post5774800)
Bull's post, after a trade I took on AUDUSD, raised a question:
What if there is a clear pattern, but no price action trigger to enter the trade?
From my perspective, but please tell me if I'm wrong, PA and patterns sort of serve to identify a direction the price may take. In this regard, price action and...
patterns are the bigger price action, bar setups (pinbars, outside/inside bars) are the smaller price action. So it's kind of the same thing on a different time scale. It's very good to know the big picture. Not the bar setups itself don't work alone, but why put a blind fold yourself not looking what's going on. I have a favorite Einstein's quote "Things should be made as simple as possible, but not simpler" . In the beginning is absolutely normal for everyone to try to oversimplify things and make it more mechanical. But the market is driver by people, not machines. So in the end you are not making yourself a favor. For example I wanted a fixed R:R for every trade, or a was reducing risk after x amount of bars if price didn't hit my target. In other words i wanted to treat each trade the same. Such denial to use the actual information that market gives you, can only serve you in a bad way.
About taking patterns without price action confirmation - yes ! It's not wrong at all. It's just harder. I do it sometimes partially. I mean that there could not be a clear PA bar, but if i see the price reacting the same way sometimes is good enough.
Here is how i traded what we are speaking about and how i treat information. I posted that i took it on retrace and with reduced risk, because i am seeing the trend is still up. So:
In the end guys, it's just my personal opinion. I am still on the path of gaining experience and finding new things every day.
- #113,477
- Jun 21, 2012 6:06am Jun 21, 2012 6:06am
Hey P ,
patterns are the bigger price action, bar setups (pinbars, outside/inside bars) are the smaller price action. So it's kind of the same thing on a different time scale. It's very good to know the big picture. Not the bar setups itself don't work alone, but why put a blind fold yourself not looking what's going on. I have a favorite Einstein's quote "Things should be made as simple as possible, but not simpler" . In the beginning is absolutely normal for everyone to try to oversimplify things and make it more mechanical. But the market...
Thanks a lot for your reply, I really appreciate.
This is one of the reason why this thread is so great. Anybody can come with an issue and seek for help, somebody will always offer a helpful hand
I guess I see where my problem was.
1. Trade management. I was thinking I would trail my SL on the H4. But I went to bed without securing my position...
2. I just don't know how to draw divergence, nor do I clearly recognize chart figures...
Well, practice, practice, practice :nerd:
Slow & steady
- #113,478
- Jun 21, 2012 6:31am Jun 21, 2012 6:31am
2. I just don't know how to draw divergence, nor do I clearly recognize chart figures...
Well, practice, practice, practice :nerd:
Divergence is where the price of an asset and an indicator move in the opposite direction. With practice, divergence will become easier to spot especially at double tops/bottoms and when used with confirming PA it can be a very good tool to use.
I've attached a couple of charts to hopefully show what i'm on about, and hopefully it is clear enough
- #113,480
- Jun 21, 2012 7:39am Jun 21, 2012 7:39am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
all yen pairs looking interesting to me
CAD/JPY
has build an inverse H&S pattern
CAD/JPY
has build an inverse H&S pattern