Fall seven times, stand up Eight! #GGMU
- #407
- Sep 5, 2013 8:11am Sep 5, 2013 8:11am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} How about USD/JPY on 4H? There is a rejection already from the swing point and the current candle too looks like rejecting the HHR.
Also the thing you need to understand about price reacting at swing points is that, obviously since the HHR/LLS major and minor actually exist because price used them as turning points and major opposing order flow came in at that point, its almost natural to expect at least some kind of knee jerk reaction which can sometimes be captured in a "fake out bar" so to say. You'll see tonnes of examples of fake out bars appearing at even the most minor of swing points.
It is hence important to not approach this method with your eyes simply hunting for any swing point and just any kind of rejection of it.
The elements of space underneath, the confluence of the HHR with round numbers, price accelerating into the level, nice strong fake out bar off a nice deep swing point, divergence (implicit or explicit) all are extremely important considerations.
Hope this is clear
g.
I believe . . .
- #408
- Sep 5, 2013 8:14am Sep 5, 2013 8:14am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
raped by the news again!
g.
I believe . . .
- #409
- Sep 5, 2013 8:15am Sep 5, 2013 8:15am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #410
- Sep 5, 2013 8:16am Sep 5, 2013 8:16am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #412
- Sep 5, 2013 8:42am Sep 5, 2013 8:42am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #416
- Sep 5, 2013 10:14am Sep 5, 2013 10:14am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I like CAD/JPY, but wanna see close below 95,0 {image}
I am not sure about you, but thinking of breakouts or fake outs doesn't seem like a very good idea when price is still pretty much inside the wedge.
g.
I believe . . .
{quote} That swing point, if you zoom your chart out is pretty minor compared to the ones near the edge of the wedge that price seems to be in. And then again there has been no unusual activity at the HHR at all. Just small range bars poking around and price sitting nice and comfy within the wedge. I am not sure about you, but thinking of breakouts or fake outs doesn't seem like a very good idea when price is still pretty much inside the wedge.
I got your point, amazing to see your thinking
- #419
- Sep 5, 2013 12:19pm Sep 5, 2013 12:19pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi Ghous, Amazing thread you have this, and kind of maturity you gained at your age is remarkable. I am 6 years older than you but still make emotional decisions in trading. Need to learn a lot from you mate. Anyways keep up the good work. I have an eye on GBPCAD which has been uptrend for a while now. Its struck at monthly resistance point, which as per my chart history very much the top range. Price has been rejected once and its trying a retrace back- {image} Uploaded with ImageShack.us I am planning to take a...
Welcome to the thread! Glad you're enjoying the material.
Actually the GBP/CAD doesn't interest me too much. You identified the HHR as well as the fake out pretty well, but what you also need to learn to consistently do for each of your setups that you analyze, is to ponder a bit over the bigger story as to what exactly is price up to. With a little practice it only becomes easier.
Here I have price breaking out of the sideways channel as well as the 1.62 BRN. It faked out at that HHR level and the next bar did as much as pull right back to the trend line and the 1.62. Not surprisingly, it found some support at these areas and closed higher. Now looking at that initial fake out, I know I hadn't stopped at this setup for more than 5 seconds when I looked at it live because I am obviously aware that given the breakout of the PPZ and the channel the story is too heavily bullish to want to actually short off the HHR. In all honesty I think the setup almost performed too well by literally pulling back into all that traffic to retest the broken trend line and the PPZ.
That said, going short all over again is a big NO for me. As it is, going short the first time isn't something I was too keen on, a short second time round is a BIG BOLD NO obviously for the reasons mentioned above in text and below in the chart/picture.
(on my other computer without the toys. Hoping the chart makes sense)
g.
I believe . . .
Make sense! so at best we can assume that price at max will dance around between 1.6200 and 1.6400 before getting into uptrend or downtrend. Actually it is doing the same in daily chart at the moment.
http://img822.imageshack.us/img822/6875/5p14.png
Uploaded with ImageShack.us
In other words, for understanding in logical terms we are very close to the support at 1.6200 and price bar forming a doji signifies that. Bull bear Battle is on!!!
Thanks Ghous and please correct my interpretation if required
http://img822.imageshack.us/img822/6875/5p14.png
Uploaded with ImageShack.us
In other words, for understanding in logical terms we are very close to the support at 1.6200 and price bar forming a doji signifies that. Bull bear Battle is on!!!
Thanks Ghous and please correct my interpretation if required
Wherever Market Goes, I follow and return back after getting my 10 Pips.