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Something Out of Nothing

  • #61
  • Jun 17, 2013 11:05am Jun 17, 2013 11:05am
Well traders - as you can see the E/J is consolidating and the support at the 126.70 that turned into resistance is holding and only time will tell what will happen after the consolidation period which the market is still down.
The Dove - Forex Trainer
  • #62
  • Jun 17, 2013 1:45pm Jun 17, 2013 1:45pm
Always remember any time you have support/resistance such as on the the Daily, or the Weekly, or the Monthly. It takes a new candle of that timeframe to break support and/or resistance. Such as today's Daily resistance which was support on Friday is now at the 126.64 for resistance - In order for the Resistance to be broken it will take a new Daily candle to open above that resistance and then once again becomes support. If it does not break it with a new candle then it remains resistance. In consolidation you have many attempts of breaking support/resistance and is time to be careful on your trading.

Right now on the trading charts there is a resistance at the 127.50 which is outside of the trading area. And this is also a moving Paradox Trend which moves from bar to bar.
The Dove - Forex Trainer
  • #63
  • Jun 17, 2013 2:05pm Jun 17, 2013 2:05pm
Yes, personally I'm sitting on the side for EJ right now.
Ghost Rider - WWTBMD?
  • #64
  • Jun 17, 2013 2:12pm Jun 17, 2013 2:12pm
Quoting albchr
Yes, personally I'm sitting on the side for EJ right now.
- yes - best thing to do until it breaks for the daily trend once again.
The Dove - Forex Trainer
  • #65
  • Jun 17, 2013 2:25pm Jun 17, 2013 2:25pm
Quoting dove_alliance
{quote} - yes - best thing to do until it breaks for the daily trend once again.
It's trying it seems. Touched 126.21 now.
Ghost Rider - WWTBMD?
  • #66
  • Jun 17, 2013 2:33pm Jun 17, 2013 2:33pm
Quoting albchr
{quote} It's trying it seems. Touched 126.21 now.
Yes - it hit the DPP and the chart support at the crossing of the DPP and bounced right back up. Still have time yet for the turn back into the trend.
The Dove - Forex Trainer
  • #67
  • Jun 17, 2013 2:39pm Jun 17, 2013 2:39pm
Right now we are in what is called a wedge in which the market is traveling through the center of this wedge which began around 05:00 ET this morning and the spread right now is only about 40 pips which is no room for trading.
The Dove - Forex Trainer
  • #68
  • Jun 17, 2013 2:41pm Jun 17, 2013 2:41pm
Quoting dove_alliance
{quote} Yes - it hit the DPP and the chart support at the crossing of the DPP and bounced right back up. Still have time yet for the turn back into the trend.
If it will now stay below 126.46, It may have a shot soon.
Ghost Rider - WWTBMD?
  • #69
  • Jun 17, 2013 2:49pm Jun 17, 2013 2:49pm
Quoting albchr
{quote} If it will now stay below 126.46, It may have a shot soon.
I took the trade at the top of the wedge for the trend and set BE. If it breaks the DDP then I am set for a 100 pips on the go. If I was really smart I would take the 40 and forget it. But I'm not smart -
The Dove - Forex Trainer
  • #70
  • Jun 17, 2013 2:56pm Jun 17, 2013 2:56pm
Quoting dove_alliance
{quote} I took the trade at the top of the wedge for the trend and set BE. If it breaks the DDP then I am set for a 100 pips on the go. If I was really smart I would take the 40 and forget it. But I'm not smart -
That's interesting. I just took a short at 126.44 and will cover as soon as I can. Not smart? lol, perhaps your faith is telling you something.

You can't loose at BE so smart is already covered.
Ghost Rider - WWTBMD?
  • #71
  • Jun 17, 2013 3:00pm Jun 17, 2013 3:00pm
Quoting albchr
{quote} That's interesting. I just took a short at 126.44 and will cover as soon as I can. Not smart? lol, perhaps your faith is telling you something. You can't loose at BE so smart is already covered.
Took the trade from the top side back into the trend. On My chart the DPP is set at 124.24 but also showing back into the trend.
The Dove - Forex Trainer
  • #72
  • Jun 17, 2013 3:03pm Jun 17, 2013 3:03pm
I took my trade above the wedge at 126.80 which is also above the Daily resistance. And yes - my faith in this system is indisputable.
The Dove - Forex Trainer
  • #73
  • Jun 17, 2013 3:04pm Jun 17, 2013 3:04pm
Set my stop just a bit too soon at 126.43 and it was hit. I'll wait now. I have first support at 124.92 but it's more of a stall point.
Ghost Rider - WWTBMD?
  • #74
  • Jun 17, 2013 3:09pm Jun 17, 2013 3:09pm
Quoting albchr
Set my stop just a bit too soon at 126.43 and it was hit. I'll wait now. I have first support at 124.92 but it's more of a stall point.
Mine is at the 125.67 and moving up on every bar. And for now - is a major stop for taking profit.
The Dove - Forex Trainer
  • #75
  • Jun 17, 2013 3:14pm Jun 17, 2013 3:14pm
Quoting dove_alliance
{quote} Mine is at the 125.67 and moving up on every bar. And for now - is a major stop for taking profit.
Interesting. I guess not knowing your Paradox Trend or how you have the charts and MA's set up, I can only watch.
Ghost Rider - WWTBMD?
  • #76
  • Jun 17, 2013 3:16pm Jun 17, 2013 3:16pm
Quoting albchr
{quote} Interesting. I guess not knowing your Paradox Trend or how you have the charts and MA's set up, I can only watch.
In time you will see how it works.
The Dove - Forex Trainer
  • #77
  • Jun 17, 2013 3:24pm Jun 17, 2013 3:24pm
Quoting dove_alliance
{quote} In time you will see how it works.
For now I'm having fun trying to figure it out. Although I don't know the TF, I think I may be starting to see how the SR moves with each bar on a given TF. An interesting mental exercise.
Ghost Rider - WWTBMD?
  • #78
  • Jun 17, 2013 3:26pm Jun 17, 2013 3:26pm
Quoting albchr
{quote} For now I'm having fun trying to figure it out. Although I don't know the TF, I think I may be starting to see how the SR moves with each bar on a given TF. An interesting mental exercise.
Yes it is - keeps you alert and in profit.
The Dove - Forex Trainer
  • #79
  • Jun 17, 2013 3:27pm Jun 17, 2013 3:27pm
Hello Duffy - it has been a long time since I have heard from you.
The Dove - Forex Trainer
  • #80
  • Jun 17, 2013 3:36pm Jun 17, 2013 3:36pm
Some of you are probably wondering if I am still in my trade and the answer is yes. No need to close it when the trade is hitting resistance within the indicators.
The Dove - Forex Trainer
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