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  • #19,601
  • Dec 12, 2012 8:28am Dec 12, 2012 8:28am
Currently we are seeing a retracement not a reversal.
daddybearforex. com
  • #19,602
  • Dec 12, 2012 8:37am Dec 12, 2012 8:37am
Last few days, some people mentioned that 1.0516 was the top and the Aussie was heading to 1.0366 or lower. When I started trading the Aussie, it was 0.5xx. When it climbed to 0.6xx, I thought it was too high.

In the Forex markets, nothing is too high or too low. Look at the difference between the ceiling and the floor not the location of the floor in a tall building. IMO
daddybearforex. com
  • #19,603
  • Dec 12, 2012 8:42am Dec 12, 2012 8:42am
Quoting DaddyBear
Currently we are seeing a retracement not a reversal.
that don't look like a retracement to me ,its very less pips
Sometimes it's better to be wrong,to learn..
  • #19,604
  • Dec 12, 2012 8:44am Dec 12, 2012 8:44am
Quoting Nate04
I've posted a chart below from a couple of days ago. This is NOT a trade I entered, but a setup that looked good to me. As you can see, it would have resulted in a loss from where my stop would have been placed... So, I'm hoping to get some information here. How could I have avoided this... First, my reasons why I would have taken the trade...

1. divergence had formed
2. the pivot at 1.04993 had been rejected
3. looks to me like this is a decent pinbar.

So guys, what am I missing here? The only thing I could think of is setting my entry...
Your chart is not very clear and hard to read. Cannot connect your message to your chart. Could you summarize your points in an enlarged chart?
daddybearforex. com
  • #19,605
  • Dec 12, 2012 8:45am Dec 12, 2012 8:45am
Quoting KiNgEdwarD
that don't look like a retracement to me ,its very less pips
Young man, patience is a virtue. Papa
daddybearforex. com
  • #19,606
  • Dec 12, 2012 8:46am Dec 12, 2012 8:46am
Quoting DaddyBear
Last few days, some people mentioned that 1.0516 was the top and the Aussie was heading to 1.0366 or lower. When I started trading the Aussie, it was 0.5xx. When it climbed to 0.6xx, I thought it was too high.

In the Forex markets, nothing is too high or too low. Look at the difference between the ceiling and the floor not the location of the floor in a tall building. IMO
I will just wait this out on Aussie, it's indeed never too high or too low.

I had 3 numbers to short from in this area, which I hope(d) is the top. I had pendings for a while there now.
0561, 0549, 0535

But because I thought it looked to strong, I removed my pendings, and opened manual 3 times around 0549. That didn't work yet, only one 10 pip scalp and the other ones were losers, so end up with nothing. lol
I made my profit with gold today, scalping a bit.

GL all! Might be a strange day.
  • #19,607
  • Edited 9:00am Dec 12, 2012 8:47am | Edited 9:00am
Quoting KiNgEdwarD
that don't look like a retracement to me ,its very less pips
It is really difficult to distinguish a reversal from a retracement most of the time. IMO.
daddybearforex. com
  • #19,608
  • Dec 12, 2012 8:51am Dec 12, 2012 8:51am
Quoting DaddyBear
It is really difficult it distinguish a reversal from a retracement most of the time. IMO.
But, I do know most people see a retracement as a reversal and some see a reersal as a retracement. And all of them including myself are right too soon.
daddybearforex. com
  • #19,609
  • Dec 12, 2012 8:53am Dec 12, 2012 8:53am
Quoting DaddyBear
But, I do know most people see a retracement as a reversal and some see a reersal as a retracement. And all of them including myself are right too soon.
At the backyard of the Wall Street, there is a cemetery, which is reserved for those traders who were right too soon.
daddybearforex. com
  • #19,610
  • Dec 12, 2012 8:55am Dec 12, 2012 8:55am
Quoting DaddyBear
At the backyard of the Wall Street, there is a cemetery, which is reserved for those traders who were right too soon.
Sometimes it's better to be wrong,to learn..
  • #19,611
  • Dec 12, 2012 8:56am Dec 12, 2012 8:56am
Some people believe in S&H so much. May be this is the reason.

http://www.forexfactory.com/attachme...1&d=1351481099
daddybearforex. com
  • #19,612
  • Dec 12, 2012 8:57am Dec 12, 2012 8:57am
Quoting KiNgEdwarD
I guess you managed to escape from that cemetery not long ago.
daddybearforex. com
  • #19,613
  • Dec 12, 2012 8:58am Dec 12, 2012 8:58am
Quoting DaddyBear
I guess you managed to escape from that cemetery not long ago.
I would consider you are a vampire in the Forex markets now.
daddybearforex. com
  • #19,614
  • Dec 12, 2012 9:00am Dec 12, 2012 9:00am
Quoting DaddyBear
I would consider you are a vampire in the Forex markets now.
,why????
Sometimes it's better to be wrong,to learn..
  • #19,615
  • Dec 12, 2012 9:02am Dec 12, 2012 9:02am
I think aud's rise by 100 percent in a little more than two years tells us all that we need to know about aud's high/low levels^^

Same applies to pretty much every other currency - looking at the historical charts, and if the history were to repeat itself, we could see some truly awesome moves and they would still be meager when looking from historical perspective. A move down to 0.60 from this level would not be such a big move in comparison - a move to 1.80 would also be inline with the uptrend started in 2001^^

Saying too high or too low is very subjective.

The reality is this: we are about to find out the answer to the key question - will the spaceship take us to space or will the super-rocket take us to the depth of the earth?
  • #19,616
  • Dec 12, 2012 9:03am Dec 12, 2012 9:03am
Quoting KiNgEdwarD
,why????
Because, I saw you were carried to that cemetery a few months ago.
daddybearforex. com
  • #19,617
  • Dec 12, 2012 9:03am Dec 12, 2012 9:03am
Quoting DaddyBear
Your chart is not very clear and hard to read. Cannot connect your message to your chart. Could you summarize your points in an enlarged chart?
Hmmmm... I might have to wait til later to do this for ya. I'm getting behind at my day job staring at this chart trying to find the answer to this problem. Sorry the chart I put up is hard to read... If you don't mind DB, I will repost it later this evening once I'm home from work, and put more effort into making it more clear.
  • #19,618
  • Dec 12, 2012 9:05am Dec 12, 2012 9:05am
Quoting Nate04
Hmmmm... I might have to wait til later to do this for ya. I'm getting behind at my day job staring at this chart trying to find the answer to this problem. Sorry the chart I put up is hard to read... If you don't mind DB, I will repost it later this evening once I'm home from work, and put more effort into making it more clear.
Take your time.
daddybearforex. com
  • #19,619
  • Dec 12, 2012 9:06am Dec 12, 2012 9:06am
Evening Star forming on h4...this is interesting to say the least...
Attached Image (click to enlarge)
Click to Enlarge Name: 12-12-2012 9-05-25 AM.png Size: 37 KB
Good luck and may the odds be ever in your favor!
  • #19,620
  • Dec 12, 2012 9:06am Dec 12, 2012 9:06am
Quoting maximmm
I think aud's rise by 100 percent in a little more than two years tells us all that we need to know about aud's high/low levels^^

Same applies to pretty much every other currency - looking at the historical charts, and if the history were to repeat itself, we could see some truly awesome moves and they would still be meager when looking from historical perspective. A move down to 0.60 from this level would not be such a big move in comparison - a move to 1.80 would also be inline with the uptrend started in 2001^^

Saying too high or too low is...
The question is which one comes first.
daddybearforex. com
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