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Aussie Trading Room and Cartoons Gallery

  • #17,601
  • Dec 3, 2012 1:18pm Dec 3, 2012 1:18pm
I'm starting to think there isn't going to be a rate cut tonight...
Good luck and may the odds be ever in your favor!
  • #17,602
  • Dec 3, 2012 1:19pm Dec 3, 2012 1:19pm
Quoting Stretch
It's still holding it up. Last H1 candle looks nice for a bottom, but need the next H1 close to confirm.
My system confirmed already when the previous bar closed. Current bar will close above previous close. But, this does not ensure no more drops.
daddybearforex. com
  • #17,603
  • Dec 3, 2012 1:20pm Dec 3, 2012 1:20pm
Quoting Tim_isoara
1.0340
Why?
daddybearforex. com
  • #17,604
  • Dec 3, 2012 1:24pm Dec 3, 2012 1:24pm
Quoting dbutton1990
I'm starting to think there isn't going to be a rate cut tonight...
‘SHADOW’ BANK WANTS TO KEEP POWDER DRY

Some experts think it is too early to cut rates. The Australian National University’s so-called “shadow” Reserve Bank board urged the central bank to keep rates unchanged today. The group includes two former board members, Warwick McKibbin and Bob Gregory.“The current Australian cash rate is one notch above the rate that was reached in the depth of the financial crisis, and I do not think the current risks for the . . . economy are anything close to those,” said shadow member Jeffrey Sheen, a professor of economics at Macquarie University.In the minutes of their November meeting, the bank said that “further easing may be appropriate in the period ahead.”Another factor likely to spur policy makers into action today is the darkening outlook for the labour market.Of particular note were sharp declines in the mining states of Western Australia and Queensland, as well as in New South Wales.The last time such a comparable decline was recorded, in mid-2001, the jobless rate surge 0.5 of a percentage point, according to ANZ economist Ivan Colhoun.“Without further monetary policy easing, the unemployment rate may rise towards 6 per cent by the end of 2013,” he said.
  • #17,605
  • Dec 3, 2012 1:25pm Dec 3, 2012 1:25pm
Quoting dbutton1990
I'm starting to think there isn't going to be a rate cut tonight...
If the Aussie continues to drop, I'd say no cut. Even RBA cuts, the downside is limited under such scenario.
daddybearforex. com
  • #17,606
  • Dec 3, 2012 1:33pm Dec 3, 2012 1:33pm
Quoting DaddyBear
Why?
We have a channel.
  • #17,607
  • Dec 3, 2012 1:35pm Dec 3, 2012 1:35pm
Quoting Stretch
I believe I read somewhere (Forgive me the probable inaccurate numbers, it's not based on anything, I can't find the statement) Trading is 10% technical 10% moneymanagment 10% fundamental and the rest Keeping your emotions in check Emotion Management. Didn't DaddyBear talked about that as well?
90% Money management , 5% Technical, 5% Fundamental, Keeping your emotions in check Emotion Management is the other 100%. When you grow confidence in your system, then all will be well.
  • #17,608
  • Dec 3, 2012 1:36pm Dec 3, 2012 1:36pm
Quoting DaddyBear
Yes. The pattern below will prevail.

http://www.forexfactory.com/attachme...1&d=1354251655
Magenta line
  • #17,609
  • Dec 3, 2012 1:39pm Dec 3, 2012 1:39pm
Quoting Tim_isoara
Magenta line
Understood. It is a Magenta line not a Magnet. My question was why it has to reach the Magenta line.
daddybearforex. com
  • #17,610
  • Dec 3, 2012 1:40pm Dec 3, 2012 1:40pm
Quoting Tim_isoara
We have a channel.
We already got 4 contact points. Do we need 6 in total?
daddybearforex. com
  • #17,611
  • Dec 3, 2012 1:44pm Dec 3, 2012 1:44pm
Quoting DaddyBear
We already got 4 contact points. Do we need 6 in total?
In big picture is a flag.Next i see break to down side.
  • #17,612
  • Dec 3, 2012 1:44pm Dec 3, 2012 1:44pm
Quoting Tim_isoara
Magenta line
If RBA causes a huge drop, the path would be almost vertical. Your current channel won't fit.


http://www.forexfactory.com/attachme...1&d=1354251655
daddybearforex. com
  • #17,613
  • Dec 3, 2012 1:46pm Dec 3, 2012 1:46pm
Quoting DaddyBear
Sometimes I wonder why people read the same charts and get opposite views. The mentality may play a major role.
What most people don't realize, is you can't trade all the time. The pro trader, trades 7 minutes an hour on average. You get the fake up or down, you get the short trending run and then you get a retrace back about the same distance as the fake out was. The biggest thing you can do when Multiple time frames are going different directions > 5m up. 15m down, 1h up and 4h down, is stay out of the market. Until 2 or more of these TF's line back up, don't trade! After any move of any size there is a small pull back, after that small pull back, STOP TRADING! the multiple time frames are not in alinement after that. Watch your TF's line back up, or stop trading for the day.
  • #17,614
  • Dec 3, 2012 1:49pm Dec 3, 2012 1:49pm
Quoting Tim_isoara
In big picture is a flag.Next i see break to down side.
If this is a flag, it's a bullish flag. Also, not all flags break to the down side.
daddybearforex. com
  • #17,615
  • Dec 3, 2012 1:49pm Dec 3, 2012 1:49pm
Quoting DaddyBear
If RBA causes a huge drop, the path would be almost vertical. Your current channel won't fit.


http://www.forexfactory.com/attachme...1&d=1354251655
Red channel wiil be break,normal.
  • #17,616
  • Dec 3, 2012 1:54pm Dec 3, 2012 1:54pm
Quoting DaddyBear
If this is a flag, it's a bullish flag. Also, not all flags break to the down side.
Magenta is a bearish flag
  • #17,617
  • Dec 3, 2012 1:56pm Dec 3, 2012 1:56pm
Quoting Tim_isoara
Magenta is a flag
The red channel is what matters tonight.
daddybearforex. com
  • #17,618
  • Dec 3, 2012 2:07pm Dec 3, 2012 2:07pm
Quoting DaddyBear
The red channel is what matters tonight.
With red channel i play 6-7 days,enough.For me tonight we play with magenta.
  • #17,619
  • Dec 3, 2012 2:15pm Dec 3, 2012 2:15pm
Quoting kerrydrake
90% Money management , 5% Technical, 5% Fundamental, Keeping your emotions in check Emotion Management is the other 100%. When you grow confidence in your system, then all will be well.
Thank you! Yes I could live with that statement as well!


And this is some good advice too! I don't trade all the time either. Though I do try to get as much of screen time I can. Watching PA work. I used to open lots of positions, but this entire year I narrowed that down drastically. Don't need to be in the market all the time
But I do think screentime is important. You can't learn how to trade without understanding how PA works. So by watching it you develop a better eye. 10.000 hours of screentime is the first mile I am aiming for.

Quoting kerrydrake
What most people don't realize, is you can't trade all the time. The pro trader, trades 7 minutes an hour on average. You get the fake up or down, you get the short trending run and then you get a retrace back about the same distance as the fake out was. The biggest thing you can do when Multiple time frames are going different directions > 5m up. 15m down, 1h up and 4h down, is stay out of the market. Until 2 or more of these TF's line back up, don't trade! After any move of any size there is a small pull back, after that small pull back, STOP...
  • #17,620
  • Dec 3, 2012 2:17pm Dec 3, 2012 2:17pm
Quoting DaddyBear
My system confirmed already when the previous bar closed. Current bar will close above previous close. But, this does not ensure no more drops.
Nice you got your confirmation faster. Well at least we are seeing the same thing, I am only a bit slower.
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