My trading have been improved after using candle charting techniques which i learn from Steven Nison. I also use support and resistance, pivot point but I am not comfortable with trendlines. soon will learn trendlines and elliott wave. We got to learn new things everyday.
- #1,302
- Jun 26, 2013 7:30am Jun 26, 2013 7:30am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
{image} I know it is much risky.
thank you for a great thread really teaching me alot.
I am watching gold selling off rapidly, price closed well below levels but did not seem to retest the monthly lines what would one do in this case? will a retest always happen in your opinion? How would Gold be safe to trade, I would love to hear your analysis in Gold
Thanks again for a great read
Very very appreciative!!
- #1,305
- Edited Jun 27, 2013 1:14am Jun 26, 2013 6:55pm | Edited Jun 27, 2013 1:14am
- | Joined Aug 2010 | Status: Roaring in a cave near you | 237 Posts
ES - E-Mini S&P Future
Monthly chart
WPD
P is in uptrend and it closed below a long term TL with a counter trend PB. The PB has reached a first target, that is the monthly level, that is the 2007 RM resistance level. If this month will close without big changes, we'll see how the PB plus this last candle are forming a tight RM defined by the two last bars tails. This means strong battle between buyers and sellers = be careful.
Weekly chart
WPD
We are in a dynamic RM, betweem the two TLs. There's a DBHLC that went to test the same monthly level described above.
It's so close to both the 1600 BRN and the monthly level that there's a big danger of seeing a tight battle (RM) forming in between those two important levels. In this case we don't want to be in the market, the last thing a retail trader wants is to end between the large investors fighting against each other.
Daily chart
WPG
P goes and retests 1600 BRN, exactly in the middle of the above mentioned "trouble area". Potential trades would be best taken outside of that area. This requires P to either re-enter the upper (blue) RM or the lower RM. The latter is harder to trade, because it got a monthly level inside it. That monthly level makes money management hard, therefore in order to place an order we want to see a small price action pattern, i.e. a bearish PB with its body touching the RM resistance.
Monthly chart
WPD
P is in uptrend and it closed below a long term TL with a counter trend PB. The PB has reached a first target, that is the monthly level, that is the 2007 RM resistance level. If this month will close without big changes, we'll see how the PB plus this last candle are forming a tight RM defined by the two last bars tails. This means strong battle between buyers and sellers = be careful.
Weekly chart
WPD
We are in a dynamic RM, betweem the two TLs. There's a DBHLC that went to test the same monthly level described above.
It's so close to both the 1600 BRN and the monthly level that there's a big danger of seeing a tight battle (RM) forming in between those two important levels. In this case we don't want to be in the market, the last thing a retail trader wants is to end between the large investors fighting against each other.
Daily chart
WPG
P goes and retests 1600 BRN, exactly in the middle of the above mentioned "trouble area". Potential trades would be best taken outside of that area. This requires P to either re-enter the upper (blue) RM or the lower RM. The latter is harder to trade, because it got a monthly level inside it. That monthly level makes money management hard, therefore in order to place an order we want to see a small price action pattern, i.e. a bearish PB with its body touching the RM resistance.
- #1,306
- Jun 27, 2013 4:54am Jun 27, 2013 4:54am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
- #1,309
- Jun 28, 2013 2:13pm Jun 28, 2013 2:13pm
- | Joined Aug 2010 | Status: Roaring in a cave near you | 237 Posts
The power of price
Anyone recalls this long past Apple Inc. analysis of mine?
Look where price is today:
How many anywhere could claim to foresee the glorious Apple going this way and months in advance?
Including where to use money management (at 420)?
All of this, using this thread's fairly simple analysis method.
Anyone recalls this long past Apple Inc. analysis of mine?
Look where price is today:
How many anywhere could claim to foresee the glorious Apple going this way and months in advance?
Including where to use money management (at 420)?
All of this, using this thread's fairly simple analysis method.
- #1,310
- Jun 30, 2013 3:59pm Jun 30, 2013 3:59pm
ES - E-Mini S&P Future Monthly chart WPD P is in uptrend and it closed below a long term TL with a counter trend PB. The PB has reached a first target, that is the monthly level, that is the 2007 RM resistance level. If this month will close without big changes, we'll see how the PB plus this last candle are forming a tight RM defined by the two last bars tails. This means strong battle between buyers and sellers = be careful. {image} Weekly chart WPD We are in a dynamic RM, betweem the two TLs. There's a DBHLC that went to test the same monthly...
I have similar view on SP500, but D and weekly close suggest big undecision in future direction.
- #1,311
- Jul 1, 2013 5:08am Jul 1, 2013 5:08am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
- #1,313
- Jul 2, 2013 7:40am Jul 2, 2013 7:40am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
Hi, another trade I m looking at , GBPUSD. W close below S 1.5340. 2 questions I have: 1. Is the IB can be used as RET ? Coz I know IB is a signal for potential reversal. 2. The 2nd candle in D, can it consider as BEOB ? {image} {image}
Now, we have some hestitation at W SR.
