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Aussie Trading Room and Cartoons Gallery

  • #5,421
  • Aug 11, 2012 11:35pm Aug 11, 2012 11:35pm
Quoting DaddyBear
BTW, I don't see candlesticks as indicators. The pure form of line charts may be more indicative than candles in my opinion.
I would recommend to read Al Brooks's books, u will understand what i mean about trading candlesticks as a trend indicator... It will change the way u think about trading.

TT
  • #5,422
  • Aug 11, 2012 11:41pm Aug 11, 2012 11:41pm
this is really confusing me. it has already moved a lot and had signalled a reveral nicely. but near to close, it reversed the reveral signals.. also, monday seems to be a flat day as no releases are due.
My Currency is Urgency
  • #5,423
  • Aug 11, 2012 11:46pm Aug 11, 2012 11:46pm
Quoting Forexmint
this is really confusing me. it has already moved a lot and had signalled a reveral nicely. but near to close, it reversed the reveral signals.. also, monday seems to be a flat day as no releases are due.
Hey Forexmint,
Your goal should be in making money, if chart is saying it is not ready to go down, then follow it up...if u continue to follow the trend u will make a lot of money. Trying to catch reversals will make your account dwindle and much headaches...believe me i have tried this

TT
  • #5,424
  • Aug 11, 2012 11:47pm Aug 11, 2012 11:47pm
Quoting TrendTrader
I would recommend to read Al Brooks's books, u will understand what i mean about trading candlesticks as a trend indicator... It will change the way u think about trading.

TT
I posted a message regarding the candlesticks before. My understanding is most western experts of candles cannot read Japanese not to mention understanding Japanese culture. Seems to me, they went too far from the original meaning of candlesticks. I do use candles but only limited to Dojis, Stars and Hammers. These are trend indicators. I have studied Nison's books and DVD courses. He may be the best candle author of all in the western world.
daddybearforex. com
  • #5,425
  • Aug 11, 2012 11:50pm Aug 11, 2012 11:50pm
Quoting DaddyBear
I posted a message regarding the candlesticks before. My understanding is most western experts of candles cannot read Japanese not to mention understanding Japanese culture. Seems to me, they went too far from the original meaning of candlesticks. I do use candles but only limited to Dojis, Stars and Hammers. These are trend indicators. I have studied Nison's books and DVD courses. He may be the best candle author of all in the western world.
Well i look at candles as signal bars, then entry bars following. In other words i buy on strength and sell on weakness.

TT
  • #5,426
  • Aug 11, 2012 11:50pm Aug 11, 2012 11:50pm
Quoting TrendTrader
Hey Forexmint,
Your goal should be in making money, if chart is saying it is not ready to go down, then follow it up...if u continue to follow the trend u will make a lot of money. Trying to catch reversals will make your account dwindle and much headaches...believe me i have tried this

TT
i have tried SAR earlier when got caught at the wron side, but always it proved to be too late and then, finally i ended up being burned everytime. i am short on aussie presently from 1.05. looking on the risk and reward, and the fragility of the pair at this rate, i dont think that i shoud SAR given that i have a plenty of sustain and can wait a couple of weeks for a spike downwards.. what do you say?
My Currency is Urgency
  • #5,427
  • Aug 11, 2012 11:51pm Aug 11, 2012 11:51pm
Quoting Forexmint
this is really confusing me. it has already moved a lot and had signalled a reveral nicely. but near to close, it reversed the reveral signals.. also, monday seems to be a flat day as no releases are due.
It's very difficult to read ADX. The daily reversal has not happened yet based on my chart reading. IMHO
daddybearforex. com
  • #5,428
  • Aug 11, 2012 11:58pm Aug 11, 2012 11:58pm
Quoting Forexmint
i have tried SAR earlier when got caught at the wron side, but always it proved to be too late and then, finally i ended up being burned everytime. i am short on aussie presently from 1.05. looking on the risk and reward, and the fragility of the pair at this rate, i dont think that i shoud SAR given that i have a plenty of sustain and can wait a couple of weeks for a spike downwards.. what do you say?
If my chart reading is correct, the Aussie is heading to the direction of 1.07. The path won't be straight but she will be there. My talking may sound crazy, but she has a mandate to finish her mission.
daddybearforex. com
  • #5,429
  • Aug 12, 2012 12:00am Aug 12, 2012 12:00am
Quoting Forexmint
i have tried SAR earlier when got caught at the wron side, but always it proved to be too late and then, finally i ended up being burned everytime. i am short on aussie presently from 1.05. looking on the risk and reward, and the fragility of the pair at this rate, i dont think that i shoud SAR given that i have a plenty of sustain and can wait a couple of weeks for a spike downwards.. what do you say?
SAR is a lagging indicator. You cannot use it to trade for the entry or exit. But, you may be able to use it for the continuation signals.
daddybearforex. com
  • #5,430
  • Aug 12, 2012 12:13am Aug 12, 2012 12:13am
Quoting DaddyBear
SAR is a lagging indicator. You cannot use it to trade for the entry or exit. But, you may be able to use it for the continuation signals.
By SAR i didnot mean the SAR indicator. i meant Stop and reversing position.
My Currency is Urgency
  • #5,431
  • Aug 12, 2012 12:23am Aug 12, 2012 12:23am
Quoting Forexmint
By SAR i didnot mean the SAR indicator. i meant Stop and reversing position.
I have no idea of SAR. How do you use them?
daddybearforex. com
  • #5,432
  • Aug 12, 2012 12:29am Aug 12, 2012 12:29am
Quoting DaddyBear
I have no idea of SAR. How do you use them?
i mean stopping out and taking a reverse trade.
My Currency is Urgency
  • #5,433
  • Aug 12, 2012 12:32am Aug 12, 2012 12:32am
Quoting Forexmint
i mean stopping out and taking a reverse trade.
O.K. I made same mistakes as well sometimes. This is a taboo to me now. It is done due to emotional reaction.
daddybearforex. com
  • #5,434
  • Aug 12, 2012 12:37am Aug 12, 2012 12:37am
Quoting DaddyBear
I have no idea of SAR. How do you use them?
I was told by that SAR means. Support And Resistance.

What is ADX...

And as for candlestick patterns. There are lot of good ones in forex. I am not so experienced, but over the last few months, I have been slowly memorizing about 64 patterns. Some of them keep repeating themselves all the time in Forex. Some of them work well in other markets, some of them have to be adjusted or maybe redrawn to match forex. Some of the strong ones that I notice are bearish falling 3 methods. In forex sometimes it is 2 methods. And Bullish rising 3 methonds. Again in forex sometimes 2 methods. I also, like 3 inside up, 3 outside up, 3 inside down, and 3outside down. Those ones are very strong. But with all candles one should wait for confirmation. I like to combine these with chart patterns, Support And Resistance=sar, trend lines, and market correlation. But because I am not super awesome like some traders, I suck at using indicators, like stoch, macd, etc.
Luck has no place in trading. Leave that for the poker table.
  • #5,435
  • Aug 12, 2012 1:08am Aug 12, 2012 1:08am
Quoting Pair-me-up
I was told by that SAR means. Support And Resistance.

What is ADX...

And as for candlestick patterns. There are lot of good ones in forex. I am not so experienced, but over the last few months, I have been slowly memorizing about 64 patterns. Some of them keep repeating themselves all the time in Forex. Some of them work well in other markets, some of them have to be adjusted or maybe redrawn to match forex. Some of the strong ones that I notice are bearish falling 3 methods. In forex sometimes it is 2 methods. And Bullish rising 3 methonds....
Welcome Pair-me-up!

Average Directional Index (ADX)
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:average_directional_index_adx

You've got good memory. I prefer to use my memory for other purposes. I only use the reversal candle patterns. -DB-
daddybearforex. com
  • #5,436
  • Aug 12, 2012 1:32am Aug 12, 2012 1:32am
Quoting DaddyBear
What your fortune teller told you was what next is.
What the Bear saw was what next to that is.
True Papa, the Weekly fortune teller told me about 1.0650 and 1.0716 a while ago. I still have no idea what lies beyond them nor when will we reach those points
All I can see now is what lies bellow those two points.

Still expecting a pullback for a fresh long and of course a potential short as well...
  • #5,437
  • Aug 12, 2012 1:35am Aug 12, 2012 1:35am
Well AU shows that it is more in a range rather than short or long (obviously not short so trend is still long on D1). My drawing is below as i have posted earlier that i thought 1.0595 will be a place of resistance.

http://screencast.com/t/l9jlDn7iv
  • #5,438
  • Edited 7:08am Aug 12, 2012 6:49am | Edited 7:08am
Quoting irfandbl
True Papa, the Weekly fortune teller told me about 1.0650 and 1.0716 a while ago. I still have no idea what lies beyond them nor when will we reach those points
All I can see now is what lies bellow those two points.

Still expecting a pullback for a fresh long and of course a potential short as well...
I see what you see. Although I believe buy high and sell higher, it is at a level that too high to buy and not high enough to sell for longer term traders. IMHO
daddybearforex. com
  • #5,439
  • Aug 12, 2012 6:57am Aug 12, 2012 6:57am
Quoting TrendTrader
Well AU shows that it is more in a range rather than short or long (obviously not short so trend is still long on D1). My drawing is below as i have posted earlier that i thought 1.0595 will be a place of resistance.

http://screencast.com/t/l9jlDn7iv
The daily trend line shown on your chart only good for the period from June 19. The weekly trend line will override this one. The Forex market does have a hierarchical system in my opinion.
daddybearforex. com
  • #5,440
  • Aug 12, 2012 7:07am Aug 12, 2012 7:07am
Quoting DaddyBear
The daily trend line shown on your chart only good for the period from June 19. The weekly trend line will override this one. The Forex market does have a hierarchical system in my opinion.
Having said that, I believe it's still possible to trade at this level if using H1 or H4. In the meantime, I think the range bound zone may be over after Friday's bull run.
daddybearforex. com
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