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  • #26,041
  • Jan 27, 2013 8:57pm Jan 27, 2013 8:57pm
Quoting chiknthief
Bearish momentum divergence
What are your thoughts on the momentum slowly falling because of law changes in the forex trading and margin being lowered causing the momentum to drop and less PA? I am all for the high too long as you pointed out , as I have posted this in the past on this site.....

http://www.forexfactory.com/attachme...1&d=1359305984 (http://www.forexfactory.com/attachment.php?attachmentid=1124620&d=1359305984)
The More You Learn, The More You Earn.....
  • #26,042
  • Jan 27, 2013 8:57pm Jan 27, 2013 8:57pm
Quoting forexalien
Yet these waves can be counted on any TF ?
EWP can be applied to any TF.
daddybearforex. com
  • #26,043
  • Jan 27, 2013 9:01pm Jan 27, 2013 9:01pm
IMO, the momentum dropping cannot be interpreted as a divergence. It only indicates an ongoing consolidation phase.

Quoting forexalien
What are your thoughts on the momentum slowly falling because of law changes in the forex trading and margin being lowered causing the momentum to drop and less PA? I am all for the high too long as you pointed out , as I have posted this in the past on this site.....

http://www.forexfactory.com/attachme...1&d=1359305984 (http://www.forexfactory.com/attachment.php?attachmentid=1124620&d=1359305984)
daddybearforex. com
  • #26,044
  • Jan 27, 2013 9:06pm Jan 27, 2013 9:06pm
Quoting DaddyBear
Although daily shows some bullishness at this point, H4 is still not reaching the bottom yet. IMO
Yes, the price action so far is not very commanding to the up side yet.....
The More You Learn, The More You Earn.....
  • #26,045
  • Jan 27, 2013 9:08pm Jan 27, 2013 9:08pm
"Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries.The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set.
The probes found evidence showing that traders from several banks communicated with each other over electronic messaging about what rates they were going to submit for the local banking association's fixings for non-deliverable foreign exchange forwards (NDFs), aiming to benefit their trading books." -CNBC-
daddybearforex. com
  • #26,046
  • Jan 27, 2013 9:10pm Jan 27, 2013 9:10pm
Quoting DaddyBear
"Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market......"
I have suspected the manipulation of the Forex markets during off-peak hours for a long time.
daddybearforex. com
  • #26,047
  • Jan 27, 2013 9:10pm Jan 27, 2013 9:10pm
Quoting DaddyBear
M15 is showing a sign of exhausting.
yes , the two waves up are equal and lineal timing is the same.....
The More You Learn, The More You Earn.....
  • #26,048
  • Jan 27, 2013 9:12pm Jan 27, 2013 9:12pm
Quoting DaddyBear
EWP can be applied to any TF.
I am reading my new book, can ya tell....?
Attached Image (click to enlarge)
Click to Enlarge Name: a this one.JPG Size: 115 KB
The More You Learn, The More You Earn.....
  • #26,049
  • Jan 27, 2013 9:21pm Jan 27, 2013 9:21pm
Quoting forexalien
I am reading my new book, can ya tell....?
This is a very good book for the Forex traders. It's the starting point. Although I have realized what it is, I still make mistakes because sometimes it's very hard to decipher the EWP correctly. Once you understand more of EWP, you will look at the market with a different approach.
daddybearforex. com
  • #26,050
  • Jan 27, 2013 9:41pm Jan 27, 2013 9:41pm
There is a confusion about current pattern. In the weekly, it looks like a bear flag. This is the reason why many traders believe a sharp downward move is imminent. IMO, this could be an illusion. My rationale is based on the weekly DTL break in recent weeks.

http://www.forexfactory.com/attachme...1&d=1359255364
daddybearforex. com
  • #26,051
  • Jan 27, 2013 9:42pm Jan 27, 2013 9:42pm
Quoting forexalien
What are your thoughts on the momentum slowly falling because of law changes in the forex trading and margin being lowered causing the momentum to drop and less PA? I am all for the high too long as you pointed out , as I have posted this in the past on this site.....


http://www.forexfactory.com/attachme...1&d=1359305984 (http://www.forexfactory.com/attachment.php?attachmentid=1124620&d=1359305984)
I have no idea. I trade aussie futures and the PA and momentum on aussie futures is the roughly the same as forex. I'm not aware of any impending or recent law changes in the futures market so I don't believe it has any effect.
  • #26,052
  • Jan 27, 2013 9:46pm Jan 27, 2013 9:46pm
Quoting DaddyBear
This is a very good book for the Forex traders. It's the starting point. Although I have realized what it is, I still make mistakes because sometimes it's very hard to decipher the EWP correctly. Once you understand more of EWP, you will look at the market with a different approach.
I think Harmonic patterns ABCD Gartley,Bat,butterfly are lot easier to spot and less subjective then EW
Problem with EW is that no 2 people can agree on it hence it becomes cloudy.
Currently I am studying harmonic patterns and it is real eye opener for me.
Free Ebook by Carney here

http://www.harmonictrader.com/htpdfdld.htm
In trading, you have to be defensive and aggressive at the same time
  • #26,053
  • Jan 27, 2013 9:52pm Jan 27, 2013 9:52pm
forexalien (http://www.forexfactory.com/forexalien) - Here is a weekly futures chart of the aussie $. The momentum indicator and PA is practically identical to the weekly forex momentum chart. Completely different market telling the same story. (strictly aussie - no US dollar)
Attached Image (click to enlarge)
Click to Enlarge Name: aussie futures.png Size: 14 KB
  • #26,054
  • Jan 27, 2013 9:57pm Jan 27, 2013 9:57pm
Quoting Davit
I think Harmonic patterns ABCD Gartley,Bat,butterfly are lot easier to spot and less subjective then EW
Problem with EW is that no 2 people can agree on it hence it becomes cloudy.
Currently I am studying harmonic patterns and it is real eye opener for me.
Free Ebook by Carney here

http://www.harmonictrader.com/htpdfdld.htm
Davit, I studied Harmonic patterns before. IMO, it is a derivative work of EWP. It makes EWP easier to understand in another format for those people who don't want to understand EWP. In the meantime, there are different views of the Gartley, bat, and Butterfly for the same PA all the time. It's not that harmony like what you described in your message.
daddybearforex. com
  • #26,055
  • Jan 27, 2013 10:07pm Jan 27, 2013 10:07pm
Quoting DaddyBear
Davit, I studied Harmonic patterns before. IMO, it is a derivative work of EWP. It makes EWP easier to understand in another format for those people who don't want to understand EWP. In the meantime, there are different views of the Gartley, bat, and Butterfly for the same PA all the time. It's not that harmony like what you described in your message.
To be honest I am yet to find a single trader here at FF trading EW and show profit however Mr.PIP is full time trader trading harmonic patterns as his primary trading style and profitable..He pays his bills with it.
http://www.forexfactory.com/showthread.php?t=402253
Reason I am skeptical EW because like I said I have not seen proof of its profitability.Maybe there are out there but I have not seen one yet.

Mr.PIP is trading on naked chart and nothing but harmonic trading.I find people trading EW have CCI,RSI,MACD,Bollinger bands etc as "filters" and actually trading the indicators and not the waves which makes me suspect their trigger reasons.
In trading, you have to be defensive and aggressive at the same time
  • #26,056
  • Jan 27, 2013 10:08pm Jan 27, 2013 10:08pm
My understanding of momentum is that at its high or low, price high or low would occur. However, it is not the H vs H and L vs L relations. It could be H/L vs H/L or L/H. Current it is at low spot, so it could be the L vs L relation.

Also, like other indicators, momentum has hidden EWC which can be read clearly. It indicates an up move is pending.

Quoting chiknthief
forexalien (http://www.forexfactory.com/forexalien) - Here is a weekly futures chart of the aussie $. The momentum indicator and PA is practically identical to the weekly forex momentum chart. Completely different market telling the same story. (strictly aussie - no US dollar)

http://www.forexfactory.com/attachme...1&d=1359345144
daddybearforex. com
  • #26,057
  • Jan 27, 2013 10:11pm Jan 27, 2013 10:11pm
[quote=Davit;6397556]To be honest I am yet to find a single trader here at FF trading EW and show profit however Mr.PIP is full time trader trading harmonic patterns as his primary trading style and profitable..He pays his bills with it.
http://www.forexfactory.com/showthread.php?t=402253
Reason I am skeptical EW because like I said I have not seen proof of its profitability.Maybe there are out there but I have not seen one yet.[/qu

Yeah, I called my bank and told them I want to deposit wave three into my account. They hung the phone up on me.
  • #26,058
  • Jan 27, 2013 10:15pm Jan 27, 2013 10:15pm
[quote=chiknthief;6397563]
Quoting Davit
To be honest I am yet to find a single trader here at FF trading EW and show profit however Mr.PIP is full time trader trading harmonic patterns as his primary trading style and profitable..He pays his bills with it.
http://www.forexfactory.com/showthread.php?t=402253
Reason I am skeptical EW because like I said I have not seen proof of its profitability.Maybe there are out there but I have not seen one yet.[/qu

Yeah, I called my bank and told them I want to deposit wave three into my account. They hung the phone...
Chik, you should tell them you wanted to deposit wave 5. They would honor your request.
daddybearforex. com
  • #26,059
  • Jan 27, 2013 10:22pm Jan 27, 2013 10:22pm
Quoting DaddyBear
My understanding of momentum is that at its high or low, price high or low would occur. However, it is not the H vs H and L vs L relations. It could be H/L vs H/L or L/H. Current it is at low spot, so it could be the L vs L relation.

Also, like other indicators, momentum has hidden EWC which can be read clearly. It indicates an up move is pending.

I suppose there are different ways to use momentum. I'm not going to say whats right or wrong. What I look for is divergence only - when prices go to new highs and momentum doesn't match PA with a new high of its own (not confirming new high prices). Just the reverse at market bottoms.

Here's another divergence - the AUD/USD (forex) made a higher high on the week beginning 1/06 surpassing the high on the week beginning 12/09, then on the weekly futures chart week 1/06 failed to reach the high of week 12/09.
  • #26,060
  • Jan 27, 2013 10:27pm Jan 27, 2013 10:27pm
[quote=DaddyBear;6397566]
Quoting chiknthief
Chik, you should tell them you wanted to deposit wave 5. They would honor your request.

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