Aussie Trading Room and Cartoons Gallery | Page 714 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Cartoons and Pics 2,832 replies

EUR/USD Trading Room 328 replies

Do The Trading Room 20 replies

Attachments: Aussie Trading Room and Cartoons Gallery
Exit Attachments

Aussie Trading Room and Cartoons Gallery

  • #14,261
  • Nov 18, 2012 1:24pm Nov 18, 2012 1:24pm
Quoting DaddyBear
It is not a downtrend but a consolidation.
could be consolidation DB but not confirmed as of yet and could be change in direction both points are valid
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
  • #14,262
  • Nov 18, 2012 1:28pm Nov 18, 2012 1:28pm
Quoting DaddyBear
Eric, you have provided a good analysis. Not quite understand the meaning of "positive divergence" .
Thank you DaddyBear, it just means that the cycle oscillator (RSI, CCI, Stochastics, etc...) agrees with the current trend by making lower lows while price action makes higher lows, this is usually a signal of future trend continuation, negative divergence stands for when its occurrence hints of when the trend is about to change (we usually want this on a retracement for the larger trend), thus having price reach lower lows while the cycle indicator achieves higher lows, in the end, they are used for the same purpose.
  • #14,263
  • Nov 18, 2012 1:29pm Nov 18, 2012 1:29pm
The poll results will change after Sunday open. Get ready for a great trading week ahead.

http://www.forexfactory.com/attachme...7&d=1353241326
daddybearforex. com
  • #14,264
  • Nov 18, 2012 1:45pm Nov 18, 2012 1:45pm
Quoting Eric D
I have to agree to DaddyBear's point of view for the long term trend of this pair, below is my chart for the Monthly AUD/USD:

http://3.bp.blogspot.com/-n0eKgTllxe...+01+audusd.gif

On the chart displayed here I see a long term uptrend depicted by the good old 200 EMA, positive divergence with Price Action and CCI plus a support level confluence around 0.9600, although one should bear in mind the big parity 1.0000 is just a little above so that could serve as a nice returning point...

Instead of the bullish pennant you see, I see a descending triangle. I go by the open/close TL's are stronger than the high/low TL's, however. The green line that you have set out as support is what really makes me see the traingle.
Play the players, not the cards.
  • #14,265
  • Nov 18, 2012 1:46pm Nov 18, 2012 1:46pm
Let's see if the Bear can stand up tonight.

http://www.forexfactory.com/attachme...1&d=1353198706
daddybearforex. com
  • #14,266
  • Nov 18, 2012 1:48pm Nov 18, 2012 1:48pm
Quoting GnarlyPips
Instead of the bullish pennant you see, I see a descending triangle. I go by the open/close TL's are stronger than the high/low TL's, however. The green line that you have set out as support is what really makes me see the traingle.
GP, this is a continuation pattern. This means a continuation of the previous trend below.
daddybearforex. com
  • #14,267
  • Nov 18, 2012 1:54pm Nov 18, 2012 1:54pm
Quoting GnarlyPips
Instead of the bullish pennant you see, I see a descending triangle. I go by the open/close TL's are stronger than the high/low TL's, however. The green line that you have set out as support is what really makes me see the traingle.
Yes also very valid, a descending triangle in an uptrend is bullish of course, more over considering the support confluence at the green horizontal level, I believe there is no wrong way to analyze the markets, I tend to use the wicks of the candles as they have proven to be valid for my style of trading (psychologically, traders keep in mind previous sessions' highs and lows as some sort of benchmark), but of course it doesn't mean you should take them into account, that will depend on your own expertise and/or style of trading, thank you for commenting ... regards!
  • #14,268
  • Nov 18, 2012 1:56pm Nov 18, 2012 1:56pm
Quoting DaddyBear
GP, this is a continuation pattern. This means a continuation of the previous trend below.
http://www.investopedia.com/terms/d/descendingtriangle.asp
http://www.thepatternsite.com/dt.html
http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_

In a downtrend, yes, it's a continuation pattern, but when it's in an uptrrend, it's a reversal. A descending triangle suggest demand is weakening.
Play the players, not the cards.
  • #14,269
  • Nov 18, 2012 1:58pm Nov 18, 2012 1:58pm
Quoting GnarlyPips
http://www.investopedia.com/terms/d/descendingtriangle.asp
http://www.thepatternsite.com/dt.html
http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_

In a downtrend, yes, it's a continuation pattern, but when it's in an uptrrend, it's a reversal. A descending triangle suggest demand is weakening.
In fact, it is not a descending triangle but a regular triangle instead.
daddybearforex. com
  • #14,270
  • Nov 18, 2012 2:01pm Nov 18, 2012 2:01pm
Quoting GnarlyPips
http://www.investopedia.com/terms/d/descendingtriangle.asp
http://www.thepatternsite.com/dt.html
http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_

In a downtrend, yes, it's a continuation pattern, but when it's in an uptrrend, it's a reversal. A descending triangle suggest demand is weakening.
Might be, I tend to focus on the longer trend and use the triangles and pennants as consolidation formations, even if I use the descending triangle as bullish continuation, if price breaks decisively below the support line, I take it as a bearish signal, price action commands!, however if it keeps the long term trend and breaks above the upper lowering trendline I trade in that direction at the retest of it, just talking out of experience and it is only my humble opinion.
  • #14,271
  • Nov 18, 2012 2:07pm Nov 18, 2012 2:07pm
OANDA Current Rate: 37/42
daddybearforex. com
  • #14,272
  • Nov 18, 2012 2:14pm Nov 18, 2012 2:14pm
Quoting DaddyBear
OANDA Current Rate: 37/42
Oanda's rate can be seen as pre-market trading. The liquidity is very low. By 4 PM, more brokers are open. But, they are still pre-market trading. 5 PM is the official opening of the market.
daddybearforex. com
  • #14,273
  • Edited 2:31pm Nov 18, 2012 2:14pm | Edited 2:31pm
Quoting GnarlyPips
http://www.investopedia.com/terms/d/descendingtriangle.asp
http://www.thepatternsite.com/dt.html
http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_

In a downtrend, yes, it's a continuation pattern, but when it's in an uptrrend, it's a reversal. A descending triangle suggest demand is weakening.
I read the following text in the middle link you posted (thepatternsite.com) and quote from the Author:

Quote
Until recently, I didn't have a favorite chart pattern because I considered them just buy or sell signals. However, I am beginning to show affection for descending triangles with upward breakouts. I've made a lot of money trading this pattern, certainly more than from trading their ascending triangle (http://www.thepatternsite.com/at.html) brothers. Consider trading this pattern whenever you see it.
If you go lower it states:

Quote
Important Bull Market Results for Descending Triangles

Overall performance rank for up/down breakouts (1 is best): 5 out of 23; 10 out of 21
Thomas Bulkowski recognize its strength as a making profits opportunity for breakouts in uptrending conditions, but yet again, there is nothing wrong in trading them at the opposite breakout.
  • #14,274
  • Nov 18, 2012 2:20pm Nov 18, 2012 2:20pm
Quoting Eric D
I read the following text in the middle link you posted (thepatternsite.com) and quote from the Author:



If you go lower it states:



Thomas Bulkowski recognize its strength as a making profits opportunity, but yet again, there is nothing wrong in trading them at the opposite breakout.
I believe trading is an art. The statics may give some sort of idea about the pattern. In the reality, the experience may play a more important role as to which direction it will break out.
daddybearforex. com
  • #14,275
  • Nov 18, 2012 2:22pm Nov 18, 2012 2:22pm
Quoting DaddyBear
I have heard the breakout trading discussions in different forums. Obviously, it is a very popular trading method among Forex traders. I believe it has certain value but also has some drawbacks. For a large triangle, a trader has to wait outside of the triangle for a long time to get a breakout opportunity.

I would say using "Break In" concept may be more appropriate. Trade from outside in instead of trade from inside out. This way, there will be plenty of opportunities to trade inside of a triangle.


http://www.forexfactory.com/attachme...9&d=1353204626...
In the meantime, this message was posted during this weekend. I see "breakout" a strategy with some flaws.
daddybearforex. com
  • #14,276
  • Nov 18, 2012 2:29pm Nov 18, 2012 2:29pm
Quoting Eric D
I read the following text in the middle link you posted (thepatternsite.com) and quote from the Author:



If you go lower it states:



Thomas Bulkowski recognize its strength as a making profits opportunity, but yet again, there is nothing wrong in trading them at the opposite breakout.
I bought Bulkowski's candlestick trading book before and was not very impressed. Seems to me, the western authors have been following Nison's footprints and cannot have their own candlestick views independently. They may have to learn Japanese and its culture first before they begin to write candlestick trading books.
daddybearforex. com
  • #14,277
  • Nov 18, 2012 2:30pm Nov 18, 2012 2:30pm
Quoting DaddyBear
OANDA Current Rate: 37/42
Now it's moving up. 41/46
daddybearforex. com
  • #14,278
  • Nov 18, 2012 2:43pm Nov 18, 2012 2:43pm
Quoting DaddyBear
I bought Bulkowski's candlestick trading book before and was not very impressed. Seems to me, the western authors have been following Nison's footprints and cannot have their own candlestick views independently. They may have to learn Japanese and its culture first before they begin to write candlestick trading books.
Agreed DaddyBear, long ago since I last traded price action formations by themselves (fortunately), I always use the confluence of psychological and technical points together with price action, trending analysis and candlestick formations, I use no opportunity if I have less than that, besides I think there is no replacement for the actual trading experience once you have your feet well grounded in the theory behind the workings of the market, thing is there is simply not one correct way to analyze them, or a right book, just differently experienced authors with mixed teaching skills and /or interest in conflict, one should make his own way through that mess..
  • #14,279
  • Nov 18, 2012 3:14pm Nov 18, 2012 3:14pm
I see a major move next.
daddybearforex. com
  • #14,280
  • Nov 18, 2012 3:14pm Nov 18, 2012 3:14pm
Quoting DaddyBear
I see a major move next.
This projection is based on the pattern formation.
daddybearforex. com
4 traders viewing now