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Beyond the Candles

  • #1,761
  • Mar 17, 2014 8:32am Mar 17, 2014 8:32am
PTT: EUR-GBP
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  • #1,762
  • Mar 17, 2014 9:28am Mar 17, 2014 9:28am
Quoting uidro
PTT: GBP-USD: {image} {image} {image}
I am already long with the GBPUSD. Monthly long, weekly in range, entry is at the bottom of the range, W formation. I hope the best...
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  • #1,763
  • Mar 17, 2014 8:01pm Mar 17, 2014 8:01pm
Ok fxgroup here's what i mean; assume that the price is trending down on W and pulls back up a little and form RM. if price penetrates above the RM R on W but close below the R on Friday and that same day there is a bearish PB on D at the W RM R, would you trade it? You know that based on your teaching we are suppose to wait for a retracement to the W R and initiate a trade only when D shows a bearish PA pattern at the level. But in this case, the W candle closed below R and the same day there is a bearish PB on D would you still wait for a RET and then another PA pattern before entry? Thanks
  • #1,764
  • Edited 9:17pm Mar 17, 2014 8:42pm | Edited 9:17pm
Aud/Jpy

D- Current RET. Await PA confirmation.

Is this pattern considered 2WPB?

Thanks,

Devin
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  • #1,765
  • Edited 9:41pm Mar 17, 2014 9:16pm | Edited 9:41pm
Gbp/Jpy

Wait for price to exit RM. And confirm old S into R.

Is this a 2WPB pattern?

Thanks,

Devin
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  • #1,766
  • Mar 17, 2014 9:29pm Mar 17, 2014 9:29pm
Gbp/Nzd

Daily- Bears confirm control of RM S. No trade because of 1.9350RN
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  • #1,767
  • Mar 17, 2014 10:27pm Mar 17, 2014 10:27pm
Quoting selfthyknow
Aud/Jpy D- Current RET. Await PA confirmation. Is this pattern considered 2WPB? Thanks, Devin {image}
No ,this candle is IB .
  • #1,768
  • Mar 17, 2014 10:31pm Mar 17, 2014 10:31pm
Quoting selfthyknow
Gbp/Jpy Wait for price to exit RM. And confirm old S into R. Is this a 2WPB pattern? Thanks, Devin {image}
No, the form can look like 2WPB, but the position is wrong. 2TFPB bearish we want to have in a SW high not low.I can look this 2 candle like a 2WIPB ,normally i prefere to not complicate to mutch my trade whith this candle but in this case i get this like information bullish
  • #1,769
  • Mar 17, 2014 10:40pm Mar 17, 2014 10:40pm
Quoting selfthyknow
Gbp/Nzd Daily- Bears confirm control of RM S. No trade because of 1.9350RN {image}
1.9350 is not a RN but 1.9300 is RN. I dont care to mutch a RNs if was not a important R/S in the past.A RET to a RM cangive a good opportunity to entry short!
  • #1,770
  • Mar 18, 2014 6:38am Mar 18, 2014 6:38am
Does IB have to close within 50% of last candle?

If 1.9300 is RN, what is BRN?

1.9350 was an important level. Not exactly 1.9350 but close enough. Bulls reaction at this level was proof.

Thanks
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  • #1,771
  • Mar 18, 2014 7:09am Mar 18, 2014 7:09am
Quoting selfthyknow
Does IB have to close within 50% of last candle? If 1.9300 is RN, what is BRN? 1.9350 was an important level. Not exactly 1.9350 but close enough. Bulls reaction at this level was proof. Thanks {image} {image} {image}

We consider IB the candle that have his high/low inside high/low of candle previous. Attention: IB can be many different interpretations, up to position ,size....etc . I don't have many confidence with this candle cause i don't understand very good all interpretations , so normally i don't trade this candle.

In this cross BRN are: 1.0000 - 1.5000 - 2.0000 - 2.5000 - ..................

If not exactly 1.9350 but example 1.9367 is better if you draw your level at 1.9367
  • #1,772
  • Mar 18, 2014 7:24am Mar 18, 2014 7:24am
BRN: 1.000, 1.500, 2.000, 2.500, 3.000, 3.500, 4.000, 4.500 etc..

RN: 1.100, 1.200, 1.300, 1.400, 1.600, 1.700, 1.800, 1.900 etc…

Correct?

Thanks
  • #1,773
  • Mar 18, 2014 9:06am Mar 18, 2014 9:06am
Quoting selfthyknow
BRN: 1.000, 1.500, 2.000, 2.500, 3.000, 3.500, 4.000, 4.500 etc.. RN: 1.100, 1.200, 1.300, 1.400, 1.600, 1.700, 1.800, 1.900 etc… Correct? Thanks
  • #1,774
  • Mar 18, 2014 12:25pm Mar 18, 2014 12:25pm
Quoting selfthyknow
BRN: 1.000, 1.500, 2.000, 2.500, 3.000, 3.500, 4.000, 4.500 etc.. RN: 1.100, 1.200, 1.300, 1.400, 1.600, 1.700, 1.800, 1.900 etc… Correct? Thanks
Use this in mt4. Or use another grid indicator...
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  • #1,775
  • Mar 19, 2014 2:49am Mar 19, 2014 2:49am
Quoting selfthyknow
BRN: 1.000, 1.500, 2.000, 2.500, 3.000, 3.500, 4.000, 4.500 etc.. RN: 1.100, 1.200, 1.300, 1.400, 1.600, 1.700, 1.800, 1.900 etc… Correct? Thanks
Beware of overpopulating your chart with levels.
Beware of having 10-20 irrelevant lines drawn around.

These things are an huge obstacle on trading, you'll always "see an obvious, important level" sitting right above and below your bars. It will create a psychologic block called "analysis paralysis".

Instead, look at FXGroup charts: 2-3, rarely 4 lines and that's it.

You want a clear picture, a sharp scenario with no doubts and no clutter.

I used to have even 50 lines on my charts. It was really bad. It took many months to unlearn to spam levels and it was FXGroup who told me to, told me how, told me why.
  • #1,776
  • Mar 19, 2014 4:27am Mar 19, 2014 4:27am
dfumagalli, assume that the price is trending down on W and pulls back up a little and form RM. if price penetrates above the RM R on W but close below the R on Friday and that same day there is a bearish PB on D at the W RM R, would you trade it? Thanks
  • #1,777
  • Mar 19, 2014 5:32am Mar 19, 2014 5:32am
fxdonchris, the best scenario u can expect it's an higher TF close above/below and then a daily retracement + price action.
Anyway, u can also take a trade if only the daily do a close above/below + ret + pa, (that's mean it's all happened inside the weekly/monthly candle), it's only less safe.
The situation u described it's a typical example of exhaustion, when there is a strong bullish candle that fails to close above the RM, it's a pretty safe trade.
  • #1,778
  • Mar 19, 2014 5:38pm Mar 19, 2014 5:38pm
Dynamic RM- When is the trend line adjusted to new candle? And when is it not?

1st chart shows last month's Dynamic RM without this month's candle info.

2nd chart shows Dynamic RM with this month's candle included.

Thanks
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  • #1,779
  • Mar 19, 2014 6:24pm Mar 19, 2014 6:24pm
Quoting selfthyknow
Dynamic RM- When is the trend line adjusted to new candle? And when is it not? 1st chart shows last month's Dynamic RM without this month's candle info. 2nd chart shows Dynamic RM with this month's candle included. Thanks {image} {image}
The 1st chart. In the second you draw the line with a candle M is working now, this candle is not close, his low can change everyday!!

For this pair i don't care to mutch this TL, i think a static levels can help better for understand WPD and WPG.
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  • #1,780
  • Mar 19, 2014 6:47pm Mar 19, 2014 6:47pm
Quoting selfthyknow
Dynamic RM- When is the trend line adjusted to new candle? And when is it not? 1st chart shows last month's Dynamic RM without this month's candle info. 2nd chart shows Dynamic RM with this month's candle included. Thanks {image} {image}
Hello,

two suggestions:

1) If a level is not clear then don't draw it, much less use it. If it's not clear to you, it's probably not clear to many others and so the big traders won't really use it. You need them for reliable price action to develop.

2) Before drawing trend lines always check if the market can't be detailed with the much more precise and powerful horizontal levels.

In this case we have two BRNs and a median M level. Two RMs are visible: one spanning the whole range and the other has the median as resistance.
Focus on those, price loves playing with horizontal levels and RMs.
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