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  • #12,661
  • Nov 10, 2012 8:29pm Nov 10, 2012 8:29pm
Quoting DaddyBear
Regarding the poll, so far nobody votes for Fibonacci Numbers. This is a surprise to me.
Hello DB,

Fibonacci levels would be my 2nd choice.

:-)

Happy Trades,
fxstir
  • #12,662
  • Nov 10, 2012 8:59pm Nov 10, 2012 8:59pm
Quoting fxstir
Hello DB,

Fibonacci levels would be my 2nd choice.

:-)

Happy Trades,
fxstir
Thanks for your participation. It's very interesting to know other members' thinking about trading. -DB-
daddybearforex. com
  • #12,663
  • Edited Nov 11, 2012 11:29am Nov 10, 2012 9:04pm | Edited Nov 11, 2012 11:29am
While the Bull is riding a balloon made in China, the Bears are waiting at a higher ground .......
Attached Image (click to enlarge)
Click to Enlarge Name: BEAR TALK.JPG Size: 149 KB
daddybearforex. com
  • #12,664
  • Nov 11, 2012 8:22am Nov 11, 2012 8:22am
Short signals for Aud against most of currency.. What do you think?

Aud/Cad

Harami pattern at the resistance.

Attached Image (click to enlarge)
Click to Enlarge Name: AC.png Size: 60 KB


Eur/Aud

Inside candle.
It should retest the broken support level
Attached Image (click to enlarge)
Click to Enlarge Name: EA.png Size: 62 KB
.
  • #12,665
  • Nov 11, 2012 10:33am Nov 11, 2012 10:33am
Quoting mikijk3
Short signals for Aud against most of currency.. What do you think?

Aud/Cad

Harami pattern at the resistance.

Attachment

Eur/Aud

Inside candle.
It should retest the broken support level
Attachment .
Here is my 2 cents on AUDCAD:
I see a bullish AUD in this chart. It has broken the upper horizontal channel and is heading to the DTL.

http://www.forexfactory.com/attachme...1&d=1352643469
daddybearforex. com
  • #12,666
  • Nov 11, 2012 10:43am Nov 11, 2012 10:43am
Quoting mikijk3
Short signals for Aud against most of currency.. What do you think?

Aud/Cad

Harami pattern at the resistance.

Attachment

Eur/Aud

Inside candle.
It should retest the broken support level
Attachment .
As to EURAUD, IMO, the horizontal support may hold up and bounce the AUD to the up side.

http://www.forexfactory.com/attachme...1&d=1352643469
daddybearforex. com
  • #12,667
  • Nov 11, 2012 10:47am Nov 11, 2012 10:47am
So far the leading component is still R/S. Seems to me most people are using R/S as their major tool of trading decision making.
daddybearforex. com
  • #12,668
  • Nov 11, 2012 11:05am Nov 11, 2012 11:05am
Quoting DaddyBear
So far the leading component is still R/S. Seems to me most people are using R/S as their major tool of trading decision making.
Is there a pitfall of using S/R alone? I think so. First, S/R is a zone not a thin line. When so many believe it works, there are chances it may not work the way people think. There must be some other factors or elements to be taken into consideration as well. I'd like to see some opinions provided by those people who voted for S/R.
daddybearforex. com
  • #12,669
  • Nov 11, 2012 11:07am Nov 11, 2012 11:07am
Quoting DaddyBear
So far the leading component is still R/S. Seems to me most people are using R/S as their major tool of trading decision making.
I find that r/s may be good for determining double tops/bottoms and finding retraction levels. Yet, trend lines are good at helping to figure out where a retraction may take place even in an uncharted territory - and it helps to find possible reversals (though a breach of a trendline may simply indicate a two wave retraction, rather than a full on reversal).

In the end, it is equally useful to use trend lines, fibonacci levels as well as support/resistance lines. As for time.... it should not be completely ignored. Fridays, for example, are usually the days when no major breaks occur (not always). The beginning of a month or the end of a month is often when a particular trend ends/begins.

In the end, one should consider all of these indicators to a certain extent when making a trade decision. Candle formations are useful if you don't want to blindly jump into a trade based on prediction rather than with a valid confirmation (waiting for a red candle if you think that a certain level will serve as a reversal point/etc)
  • #12,670
  • Nov 11, 2012 11:23am Nov 11, 2012 11:23am
Quoting maximmm
I find that r/s may be good for determining double tops/bottoms and finding retraction levels. Yet, trend lines are good at helping to figure out where a retraction may take place even in an uncharted territory - and it helps to find possible reversals (though a breach of a trendline may simply indicate a two wave retraction, rather than a full on reversal).

In the end, it is equally useful to use trend lines, fibonacci levels as well as support/resistance lines. As for time.... it should not be completely ignored. Fridays, for example, are...
Can you clarify "a two wave retraction"?
daddybearforex. com
  • #12,671
  • Nov 11, 2012 11:41am Nov 11, 2012 11:41am
Quoting DaddyBear
After looking into D1 chart carefully, I'd say the Bulls are not done yet in the daily context. The daily has formed a super Doji and H4 has a hammer. This hammer is a part of the super Doji. Both are sitting on the LTL.

Sunday open may see a drop toward the TL then a move up for another Bulls' attempt to retest 1.0480x or beyond. IMO
Current Rate: 1.03855. China news did not prop up the Aussie. Now I may have to revisit my first instinct of Sunday open.
daddybearforex. com
  • #12,672
  • Nov 11, 2012 11:43am Nov 11, 2012 11:43am
Quoting DaddyBear
Current Rate: 1.03855. China news did not prop up the Aussie. Now I may have to revisit my first instinct of Sunday open.
If a gap down happens on Sunday open, it would mean the retracement was not completed on last Friday due to low liquidity. Is it an opportunity to long?
daddybearforex. com
  • #12,673
  • Nov 11, 2012 11:45am Nov 11, 2012 11:45am
Quoting DaddyBear
If a gap down happens on Sunday open, it would mean the retracement was not completed on last Friday due to low liquidity. Is it an opportunity to long?
Oanda will open on 3 PM. Between 3 and 5 PM, it may continue to drop due to low liquidity again IMO.
daddybearforex. com
  • #12,674
  • Nov 11, 2012 11:48am Nov 11, 2012 11:48am
Quoting DaddyBear
Can you clarify "a two wave retraction"?
By the standard count - it would be a 3 wave retraction^^
  • #12,675
  • Nov 11, 2012 11:58am Nov 11, 2012 11:58am
Quoting DaddyBear
If a gap down happens on Sunday open, it would mean the retracement was not completed on last Friday due to low liquidity. Is it an opportunity to long?
I'm shorting medium term - as I've mentioned before, I was never good at timing retractions and moves down/up can be very long - I'm talking daily charts. I always hated getting shorted out in anticipation of a retraction - since continuous moves always prove my initial medium term as being correct, yet losing money on the hope for a retraction never felt good. This is why these days I either only sell/buy based on my medium term projection, but never buy/sell against the projected direction.

In fact, I am hoping for aud and nzd to move higher so I can sell more. Keep in mind, I'm not the one to shy away from paying swap fees^^
  • #12,676
  • Nov 11, 2012 12:00pm Nov 11, 2012 12:00pm
btw, this is why the Chinese news might be ignored by the market - http://www.cbc.ca/news/world/story/2012/11/10/eu-budget-talks-collapse.html
  • #12,677
  • Nov 11, 2012 12:24pm Nov 11, 2012 12:24pm
Quoting maximmm
I'm shorting medium term - as I've mentioned before, I was never good at timing retractions and moves down/up can be very long - I'm talking daily charts. I always hated getting shorted out in anticipation of a retraction - since continuous moves always prove my initial medium term as being correct, yet losing money on the hope for a retraction never felt good. This is why these days I either only sell/buy based on my medium term projection, but never buy/sell against the projected direction.

In fact, I am hoping for aud and nzd to move higher...
I understand you are trading on medium term. If you knew it is going up why wouldn't you unload your shorts first. I believe retuning to cash position is a priority. Unless you have unlimited fund to tap into, keeping your buying power high may be a better way than any MM.
daddybearforex. com
  • #12,678
  • Nov 11, 2012 12:33pm Nov 11, 2012 12:33pm
Quoting maximmm
btw, this is why the Chinese news might be ignored by the market - http://www.cbc.ca/news/world/story/2012/11/10/eu-budget-talks-collapse.html
This proves the Law of the Market prevails in any junctures.
daddybearforex. com
  • #12,679
  • Nov 11, 2012 12:36pm Nov 11, 2012 12:36pm
Current Rate: 1.03935.
daddybearforex. com
  • #12,680
  • Nov 11, 2012 12:43pm Nov 11, 2012 12:43pm
In H4 chart, a further retracement may be in the cards. If so, lower 1.03xx would be tested. IMO
daddybearforex. com
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