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  • #2,461
  • Jul 31, 2012 7:45pm Jul 31, 2012 7:45pm
Quoting DaddyBear
After looking at H4 for a while, I'd say trading is an art not a science. It's not my biased outlook. It is the way it is. IMHO
Then I am with you!
There are those who know, and there are those who don't know.
  • #2,462
  • Jul 31, 2012 7:48pm Jul 31, 2012 7:48pm
Quoting dbutton1990
LOL! Thats even more experiences you can put under your belt
I don't think, I can fit anymore experience under there anymore. I finally decided to curve my discipline, and achieved step 36.

36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.

Even though trading can never be boring for me, just tedious at times!
There are those who know, and there are those who don't know.
  • #2,463
  • Jul 31, 2012 7:50pm Jul 31, 2012 7:50pm
Quoting supertubes
Doblece remind me about 10472 again please ....
Presently also at median line of H4 BB (20).
A bounce back to retest 1.0500/520 would be expected.

Attached Image (click to enlarge)
Click to Enlarge Name: 472.gif Size: 19 KB


The second line near 1.0380 is another boundary of that recurrent support/resistance level zone.
  • #2,464
  • Jul 31, 2012 7:51pm Jul 31, 2012 7:51pm
Quoting DaddyBear;
4h Support is 1.0446.
yes..db...1.04370 the next S..
  • #2,465
  • Jul 31, 2012 7:52pm Jul 31, 2012 7:52pm
Quoting aqeelaputra
yes..db...1.04370 the next S..
Hi Aqeel.. It actually has to be going in that direction to start looking for the support level, lol.

I'd be looking for the resistance at this moment.
There are those who know, and there are those who don't know.
  • #2,466
  • Jul 31, 2012 7:53pm Jul 31, 2012 7:53pm
Quoting palabara
I don't think, I can fit anymore experience under there anymore. I finally decided to curve my discipline, and achieved step 36.

36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.

Even though trading can never be boring for me, just tedious at times!
I was contacted by a trader yesterday that was experiencing a pretty massive draw down on his account. I suggested that he start trading smaller lots and allow his pip count to be the reward and stop being impressed by dollar figures. Then after the pip count becomes consistently positive, then start increasing the contract size.

As DB stated, this is a art more than a science. You can have all kinds of technical ability but the interpretation is something that has to be developed.
  • #2,467
  • Jul 31, 2012 7:54pm Jul 31, 2012 7:54pm
I have to agree with DB- the support 4H support is at.. 1.0446 right on the dot. Its where the 100% fib retracement is from 1.0175.
There are those who know, and there are those who don't know.
  • #2,468
  • Jul 31, 2012 8:01pm Jul 31, 2012 8:01pm
Quoting palabara
Hi Aqeel.. It actually has to be going in that direction to start looking for the support level, lol.

I'd be looking for the resistance at this moment.
Might start looking for the support now! LOL

Well that was disappointing.. Its above 50 but below expectations.
There are those who know, and there are those who don't know.
  • #2,469
  • Jul 31, 2012 8:01pm Jul 31, 2012 8:01pm
Quoting palabara;
Hi Aqeel.. It actually has to be going in that direction to start looking for the support level, lol.

I'd be looking for the resistance at this moment.
hi bro..im just trade what i see..1.0498 look nice R for now
  • #2,470
  • Jul 31, 2012 8:02pm Jul 31, 2012 8:02pm
CNY numbers not as good as expected!
But still greater than 50
  • #2,471
  • Jul 31, 2012 8:03pm Jul 31, 2012 8:03pm
Quoting aqeelaputra;
hi bro..im just trade what i see..1.0498 look nice R for now
if 1.0460 taken out next will be 1.0437 -IMHO
  • #2,472
  • Jul 31, 2012 8:04pm Jul 31, 2012 8:04pm
Quoting DonL
CNY numbers not as good as expected!
But still greater than 50
hrmm with the initial sell off.. might see a retest of 1.0500 as the lower then expected but not horrible economic data is being brushed off.
There are those who know, and there are those who don't know.
  • #2,473
  • Jul 31, 2012 8:09pm Jul 31, 2012 8:09pm
Here's the H4 chart.

Attached Image (click to enlarge)
Click to Enlarge Name: h4472.gif Size: 19 KB
  • #2,474
  • Jul 31, 2012 8:11pm Jul 31, 2012 8:11pm
Quoting palabara
hrmm with the initial sell off.. might see a retest of 1.0500 as the lower then expected but not horrible economic data is being brushed off.
News tends to initiate a knee jerk reaction so I'm watching to see if it stays above 1.0459 and a buy signal on candle formation.
  • #2,475
  • Jul 31, 2012 8:13pm Jul 31, 2012 8:13pm
likely to see a move to 1.0445 after that prolly a bounce
  • #2,476
  • Jul 31, 2012 8:15pm Jul 31, 2012 8:15pm
Quoting DonL
News tends to initiate a knee jerk reaction so I'm watching to see if it stays above 1.0459 and a buy signal on candle formation.
I think so.. once support is realized.. everyone will dump their shorts which will cause the elevator to move back up again.
There are those who know, and there are those who don't know.
  • #2,477
  • Jul 31, 2012 8:17pm Jul 31, 2012 8:17pm
Quoting palabara
I think so.. once support is realized.. everyone will dump their shorts which will cause the elevator to move back up again.
Evidence of that happening now.
  • #2,478
  • Jul 31, 2012 8:18pm Jul 31, 2012 8:18pm
Quoting DonL
Evidence of that happening now.
Indeed, but there is another upside to this as it go's back up more buy positions are being taken.. which escalates the results and reaffirms the support points.
There are those who know, and there are those who don't know.
  • #2,479
  • Jul 31, 2012 8:21pm Jul 31, 2012 8:21pm
Quoting palabara
Indeed, but there is another upside to this as it go's back up more buy positions are being taken.. which escalates the results and reaffirms the support points.
A typical pattern would be to find it's support level then go back and retest that support level before heading in the direction it's going to go.
  • #2,480
  • Jul 31, 2012 8:22pm Jul 31, 2012 8:22pm
hmmm I seem to be the only bear around here.. my big eyes had better not be deceiving me
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