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Beyond the Candles

  • #961
  • Jan 21, 2013 6:37am Jan 21, 2013 6:37am
eurusd weekly. ab=cd formation?
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trading is not an addiction. it's a profession.
  • #962
  • Jan 22, 2013 8:36am Jan 22, 2013 8:36am
AUDNZD

I found another H&S pattern forming. We have to wait untill it's finished and only then make an decision.

What do you think ?
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  • #963
  • Jan 23, 2013 4:39am Jan 23, 2013 4:39am
EURCAD under observation
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  • #964
  • Jan 25, 2013 7:02am Jan 25, 2013 7:02am
Quoting Dariusz
AUDNZD

I found another H&S pattern forming. We have to wait untill it's finished and only then make an decision.

What do you think ?
You have too many levels on your charts and this will stop you to take the right decisions....clean it and let only those levels that are inflencing the P in a directly manner !
Nothing personal,just business
  • #965
  • Jan 25, 2013 7:42am Jan 25, 2013 7:42am
Quoting fxgroup
You have too many levels on your charts and this will stop you to take the right decisions....clean it and let only those levels that are inflencing the P in a directly manner !

You right, we are looking for simplicity .

I have another chart, where would you wait for confirmation, because situaton is not quite clear when I see doji candle.
We have dynamic RM. From my point of view is better to wait for more clear situation.

I hope this chart is more readible.
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  • #966
  • Jan 28, 2013 12:18am Jan 28, 2013 12:18am
Thanks you very much fxgroup for your share. I fully agree with your whole trading method.

Can you please tell me what clear rules you use to:

-the process of identifying what the price is doing: trend or range market.

Thanks again
  • #967
  • Jan 28, 2013 3:14am Jan 28, 2013 3:14am
Hi poudos !
Identifying WPD range market is a fundamental part of reading a chart because let us know what is direction we take our trades, how type of MM we apply, etc.
The simpliest way to recognise a RM ( range market/ consolidation,etc) is to recognise a DT/ DB. The DTs/DBs are inversion pattern, but the inversion is made in 2 fases and in the first one is rapresented by the RM formation.
Regarding the trend, there are many ways to identify a trend: using a simple TL, HH+HL=bullish trend, LL+LH=bearish trend....don't forget that very often the trend is made by a row of RMs.
Most of the times the trend concept becomes a very relative one and every trader could have his interpretation based of the TF, trading stile,etc !

Let's see a chart and any question you have, feel free to ask it or put some charts to talk about it ! Thanks for your participation !
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Nothing personal,just business
  • #968
  • Jan 28, 2013 4:07am Jan 28, 2013 4:07am
GBPSGD

I remember that I put a nice chart when we had the the bearish PB at the R level....today we have a bullish PB at the S level of the triangle !
Why the triangle is so important ?....because it gives us the limits ofr our MM but most of all we have to pay attention...closer the P of the triangle's apex is,harder our MM will become because of the volatility wich will start to raise and the presence of more dojies candles !
The presence of 1.95 is crucial and will have a very important place...so I will keep an eye on !
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Nothing personal,just business
  • #969
  • Jan 28, 2013 4:07am Jan 28, 2013 4:07am
Quoting dfumagalli
The next step is for me to remind you what's this thread is about: "Beyond the candles".

Now, this might sound like an odd reply but it's really the best I can give you.
When you ask yourself "I see a PB / RM, what's next" you should ask yourself: "why am I asking what's next, when price tells me it already?"

Now let's analyse how and why.


Monthly chart

Price talks, often it talks so much that it's difficult to discern what's a bait and what's "real". Let's fire up the talking price, sitting on the monthly chart (attachment...
after the weekly PB on the lower level of the range we see a nice bullish move...
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trading is not an addiction. it's a profession.
  • #970
  • Jan 28, 2013 5:32am Jan 28, 2013 5:32am
that is a very educational innovative thread i must say... one of the best i know..

eurgbp weekly. price is right on the border of what looks like a bullish flag. i wait to see what the price will do here..
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trading is not an addiction. it's a profession.
  • #971
  • Jan 28, 2013 9:34am Jan 28, 2013 9:34am
Hi haimber,

Just notice something, if the charts is shorten to between year 2011 to 2013, doesn't it show a different flag ?



Quoting haimber
that is a very educational innovative thread i must say... one of the best i know..

eurgbp weekly. price is right on the border of what looks like a bullish flag. i wait to see what the price will do here..
  • #972
  • Edited 12:50pm Jan 28, 2013 11:03am | Edited 12:50pm
it depend on the broker charts. in each broker its slightly diffrent. it does not matter what shape it have basicly it looks like a flag we only can be sure after a breakout will occure .
trading is not an addiction. it's a profession.
  • #973
  • Jan 28, 2013 7:50pm Jan 28, 2013 7:50pm
Hi FxGroup,

I am very grateful for your time and effort in creating "Beyond the Candles". Its really a very noble thing to do. I have read it twice and still re-reading it to grasp the concept. There is one thing I would like to ask, hope that you can help. My question is:

- How do you determine, 2W PB and 2D PB? What is the criteria to use?
  • #974
  • Jan 29, 2013 2:58am Jan 29, 2013 2:58am
[quote=sodiska;6400021]
Quote

- How do you determine, 2W PB and 2D PB? What is the criteria to use?
If we combine 2 candle we have to obtain a 2TFPB..for the bullish candle I really like that the close of the second candle to be higher than the first candle's open...meanwhile for the bearish 2TFPB, the candle of the second candle has to be lower then the open of the first one...lower the better !
Of course if one of the candles has even a tail in order to show me the buyers/sellers strenght, better it is. The candles must have almost the same dimensions.
One of the most important element for every PA candle is its CLOSE, so especially when we are talking about RMs, the PA candle's close within the previous SW as I regard becomes crucial !
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Nothing personal,just business
  • #975
  • Jan 29, 2013 6:26am Jan 29, 2013 6:26am
GBPUSD....time to be carefully !...the P reached a strong long time dynamic S level and at this point we have to learn to wait for mare information in order to see who will take the controll..a close below the TL we will look to 1.53 as the next long term TG.
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Nothing personal,just business
  • #976
  • Jan 29, 2013 6:29am Jan 29, 2013 6:29am
Quoting fxgroup
GBPUSD....time to be carefully !...the P reached a strong long time dynamic S level and at this point we have to learn to wait for mare information in order to see who will take the controll..a close below the TL we will look to 1.53 as the next long term TG.
Yes, and I think M close will show us the way. As You said we are on strong support which might be twisted into resistance for long term TG.
  • #977
  • Jan 29, 2013 7:50pm Jan 29, 2013 7:50pm
Hi, thanks for the explanation. Further to this, you mention "The candles must have almost the same dimensions", are you referring to the fact that the high of the second bar must be same or higher than the first bar and the the low of the second bar must be same or lower than the first bar?



[quote=fxgroup;6400684]
Quoting sodiska
If we combine 2 candle we have to obtain a 2TFPB..for the bullish candle I really like that the close of the second candle to be higher than the first candle's open...meanwhile for the bearish 2TFPB, the candle of the second candle has to be lower then the open of the first one...lower the better !
Of course if one of the candles has even a tail in order to show me the buyers/sellers strenght, better it is. The candles must have almost the same dimensions.
One of the most important element for every PA candle is its CLOSE,...
  • #978
  • Jan 29, 2013 7:52pm Jan 29, 2013 7:52pm
Hi

I have got the Weekly Gold RM levels correct please? and are those two 2WPB's?
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  • #979
  • Edited 3:33am Jan 30, 2013 2:11am | Edited 3:33am
Quoting dh001
Hi

I have got the Weekly Gold RM levels correct please? and are those two 2WPB's?
If you put it together what is result ? Indecision means DOJI in this case I think.
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  • #980
  • Jan 30, 2013 6:24am Jan 30, 2013 6:24am
Thanks Dariusz
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