I'm studying Elliott waves and Fib channels. However, it looks to me like today was simply 3 perfect deep Fib swings.
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- #27,042
- Dec 20, 2012 11:04am Dec 20, 2012 11:04am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
super
This trade was so easy, is on the first page of any manual of PriceAction
That upper PinBar/UpperWick confirmated the supply zone, since it was rejected good from there, and when price come again to the zone for the first time, called FRESH TRADE (very important), the probability of being strongly rejected in the exact Horizontal LINE is huge..This is pure PriceAction, you put Pending Limit Sell on that line, StopLOss above te wick, and expect 50 pips or more...
- #27,043
- Dec 20, 2012 11:05am Dec 20, 2012 11:05am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
FL -15
TY
FL -19
this willalso correct @ some point
- #27,044
- Dec 20, 2012 11:06am Dec 20, 2012 11:06am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
bro where is that sheet
super
- #27,045
- Dec 20, 2012 11:10am Dec 20, 2012 11:10am
- Joined Jan 2012 | Status: Loving Nature* | 3,985 Posts
- #27,047
- Dec 20, 2012 11:13am Dec 20, 2012 11:13am
- Joined Jul 2012 | Status: CME seat owner | 6,134 Posts
Be hopeful in a winning position, and fearful in a losing position.
- #27,048
- Dec 20, 2012 11:13am Dec 20, 2012 11:13am
- Joined Aug 2012 | Status: Trader | 4,266 Posts
when this S*** moves without fractals I get blind.
should find a solution to that.
somehow.
- #27,049
- Dec 20, 2012 11:13am Dec 20, 2012 11:13am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
he he
knowing sometimes is not enough. ( at least for me
)
this thing rolled down more then expected.
TY
knowing sometimes is not enough. ( at least for me
)this thing rolled down more then expected.
TY
I know you Know and I know
- #27,051
- Dec 20, 2012 11:16am Dec 20, 2012 11:16am
- Joined Dec 2012 | Status: Trader | 8,124 Posts
i'll never trade the news again... have long underwater 60 pip, (covered with short 50pip) reason for not closing long position : still with bullish sentiment
GDP, Homes, Manufacturing all surprised to the upside. Unemployment basically inline and lagging indicator.
But refer to first page. Don't trade news, trade PA reaction to news, unless you want to place stops on a breakout, but can still get whipsawed so I like to set it away from market and close on first 5 min candle.
Please do not trade fiscal cliff. Trade your charts and what you see.
I have been doing this a long time and have all kinds of nonsense finance degrees and I can not figure it out. You can not know what the market will do except for to look at the charts and predict what the market will do based on behavior and psychology and patterns that repeat. We do not know what the market EXPECTS and what they will do in reaction to the news.
E.G. Fiscal cliff. Would not fiscal cliff be bad for USD? Slower growth, Fed more likely to pump, less likely to raise rates. Would not deal be bull for USD? Better growth, Fed less likely to pump, Fed more likely to raise rates sooner. But market does opposite as investors sell usd and gld to buy riskier assets. You could drive yourself crazy trying to figure it out, so don't unless that is your job.
Be neutral-neither bullish nor bearish. Let market dictate.
1st page, Steve has got it right. Don't trade news.
Because you said it, lesson learned and you are richer for it.
We all make mistakes, and sometimes the same mistakes. I do and get mad at myself- I am working on this and trying to eliminate it.
It is journey and we all try to get better every day, learn about ourselves more than the markets, with the ultimate goal of self mastery.
The world you desire can be won. It exists.. it is real.. it is possible..
- #27,053
- Dec 20, 2012 11:19am Dec 20, 2012 11:19am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
bro
no offense
I respect your desecions & knowledge & experience
no offense
I respect your desecions & knowledge & experience
I know you Know and I know
ps: we use this, call it double top, whatever...but this knowledge of FreshTrade is important, when was before huge supply/demand
- #27,054
- Dec 20, 2012 11:22am Dec 20, 2012 11:22am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
here we go again
he he FL -4
he he FL -4
You got the right term
- #27,055
- Dec 20, 2012 11:22am Dec 20, 2012 11:22am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
FL BE
here we go again
he he FL -4
- #27,058
- Dec 20, 2012 11:25am Dec 20, 2012 11:25am
- Joined Jul 2012 | Status: CME seat owner | 6,134 Posts
Be hopeful in a winning position, and fearful in a losing position.
- #27,060
- Dec 20, 2012 11:26am Dec 20, 2012 11:26am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
my guess we are going to test 3300 again
today or tomorrow
today or tomorrow
This move up means the move down later on will be extremely huge. Expecting to go at least to 3150