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  • #898,721
  • May 17, 2014 2:14am May 17, 2014 2:14am
Quoting Magix
{quote} I guess it's time you pull out them charts, huh?
I want to pull out something else, i bet you not gonna like it.

seriously man, would you cut me a break?

I have nothing against the candle. All i am saying is candle is commonly used as a confirmation psychological signal. entry solidly bases on candle without anything else is a fail. candle on long charts longer than daily is also a fail because long term trends does not run solidly on candles.

how many time do i need to repeat it?

if you and your lab think i am 100% wrong, fine. i don;t care as long as i know you are wrong. i have no ego, i am flat.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,722
  • May 17, 2014 2:21am May 17, 2014 2:21am
Quoting Davit
{quote} How about some honesty. I suggest change professional trader to hobby trader or recreational trader. By definition professional means you are paying your bills, putting food on the table from your profession.Well you are not. Why be pretentious about it.
Subscribe me and you will find out.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,723
  • May 17, 2014 2:23am May 17, 2014 2:23am
Quoting Davit
{quote} Live account 1.200 traded since 2008 and is professional trader. Maybe could make a living in Bangladesh but not in US Perhaps he can explain the paradox... Regards and like your comments
I am not interested in the context of this post, but would like to comment on these two of things:

1. Professional Traders
2. Living in Bagladesh Vs. Living in the US

Not all professional traders remain profitable at all times. However, they know what they are doing and manage their risks. A truly professional trader has a way of trading that yields moderate returns and their tactics allow them to sustain temporary drawdowns. To me, the only difference between a true professional trader and others is how one manages risks.

I am a well travelled person, also visited Bangladesh a couple of times. Lived and worked in the US, Europe and South East Asia. Not lived but worked in many countries in Central Asia, Africa (East, West and Central) and Asia. Times are gone when there used to be a huge gap between what one earned and expended in developed vs. developing countries. Salaries and expenses are now almost the same. For my profession, salary in developing/my home country is more than double of what I used to get in the United States. Most people migrate to the developing countries today not because of economic reasons but for peace and they are willing to sustain financial setbacks for this one reason. Do not underestimate cost of living in developing countries.
The Thief of Wall Street
  • #898,724
  • May 17, 2014 2:24am May 17, 2014 2:24am
Quoting milam
seems like everything is ranging… time to stay out…I am looking at futures……short sugar..
yeah, I apologize for the noise. I am the one who started disapproving candle is not a good fit for long charts and disagree on a related signal.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,725
  • Edited 2:35am May 17, 2014 2:25am | Edited 2:35am
So the current week has ended and I have the required OHLC value to calculate the new Weekly Pivot Points for next trading week.

R1 stands for Resistance, and this is where sellers will meet up and set sell limits here.

Price is clearly below Monthly PIVOT so it is reasonable to take short position only.

The bullish hammer that formed on Thursday should easily break up the new Weekly PIVOT therefore my idea is to sell @ 1.3762 (Weekly R1) and put my protective SL slightly above 1.3814 (Monthly PIVOT), with double technical resistance layers to block off the bulls in case the price rallies.

Add on: Aggressive entry might be selling @ 1.3705 (Weekly PIVOT) with SL slightly above 1.3722 (Monthly S1).

Please share your thoughts on my entry setup. Thanks =)
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdsell1.png Size: 35 KB
  • #898,726
  • May 17, 2014 2:27am May 17, 2014 2:27am
Quoting FXSayWhat
{quote} I want to pull out something else, i bet you not gonna like it. seriously man, would you cut me a break? I have nothing against the candle. All i am saying is candle is commonly used as a confirmation psychological signal. entry solidly bases on candle without anything else is a fail. candle on long charts longer than daily is also a fail because long term trends does not run solidly on candles. how many time do i need to repeat it? if you and your lab think i am 100% wrong, fine. i don;t care as long as i know you are wrong. i have no ego,...

Ah, yes...

After your strong command of the charts that you have so eloquently provided, who could argue with your apparent VAST knowledge of the market.



Keep up the great work, Champ.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #898,727
  • May 17, 2014 2:31am May 17, 2014 2:31am
Quoting amikaking
So the current week has ended and I have the required OHLC value to calculate the new Weekly Pivot Points for next trading week. R1 stands for Resistance, and this is where sellers will meet up and set sell limits here. Price is clearly below Monthly PIVOT so it is reasonable to take short position only. The bullish hammer that formed on Thursday should easily break up the new Weekly PIVOT therefore my idea is to sell @ 1.3762 (Weekly R1) and put my protective SL slightly above Monthly Pivot 1.3814, with double technical resistance layers to block...
Magix, you up.

My ears are yours. don;'t u let me down please.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,728
  • May 17, 2014 2:34am May 17, 2014 2:34am
Quoting Magix
{quote} I do what I do, to teach others who want to learn... It is your stubbornness and ego that will keep you out of market. I am not flaming you, just correcting the inaccurate information that you have been posting. If you don't want others to reply to you, write your thoughts on a post-it-note and paste them to your wall.
Hi Magix, is this the new you? Killing them with niceness?
Have a nice weekend!
Fail better.
  • #898,729
  • May 17, 2014 2:34am May 17, 2014 2:34am
Quoting Chicky
{quote} I am not interested in the context of this post, but would like to comment on these two of things: 1. Professional Traders 2. Living in Bagladesh Vs. Living in the US Not all professional traders remain profitable at all times. However, they know what they are doing and manage their risks. A truly professional trader has a way of trading that yields moderate returns and their tactics allow them to sustain temporary drawdowns. To me, the only difference between a true professional trader and others is how one manages..
Hi Chicky
I disagree
Its really simple.Professional trader does trading for living.If can't do that and does something else as main income then he/she is not a professional trader.
It has nothing to do with risk management and everything to do with equity size that can generate sustainable income to live on.
1.200 account is hobbyist account there is no if or buts.
In trading, you have to be defensive and aggressive at the same time
  • #898,730
  • May 17, 2014 2:36am May 17, 2014 2:36am
Quoting LarryDarrell
{quote} Hi Magix, is this the new you? Killing them with niceness? Have a nice weekend!


I'm just trying a different approach...

It really doesn't seem that effective...

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #898,731
  • May 17, 2014 2:37am May 17, 2014 2:37am
Quoting FXSayWhat
{quote} Magix, you up. My ears are yours. don;'t u let me down please.

I've just posted my chart...

That's all I got to say about it...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #898,732
  • May 17, 2014 2:43am May 17, 2014 2:43am
Quoting Magix
{quote} I've just posted my chart... That's all I got to say about it...
you posted like 50 charts and all of them are too small with no description at all.

I'd say 95% you would be wrong.

Post again with analysis, feedback amikaking's latest chart.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,733
  • May 17, 2014 2:47am May 17, 2014 2:47am
Quoting FXSayWhat
{quote} Right, i don't know how to trade candle sticks on weekly and monthly and will never want to know when i do just fine on 5m to 1h. I admit it.
So you are a scapler.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #898,734
  • May 17, 2014 2:50am May 17, 2014 2:50am
Quoting FXSayWhat
{quote} hey don;t make me pull out charts to show you the candle is just as junk as it is. It's Friday night.
Quoting FXSayWhat
{quote} if you read the post from beginning, i never stated candle is useless. I only stated it is not reliable when used on long charts, and it's commonly used as confirmation. Now he's pulling out tons of charts to proof me that candle is a valid indicator. is he agreeing with me? or is he drunk? i don't know. lol
you just said one post earlier that candles are junk. You cannot even make consistent statement. You are a joke.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #898,735
  • May 17, 2014 2:54am May 17, 2014 2:54am
Quoting ffleo
{quote} you just said one post earlier that candles are junk
i said i can pull out sample charts to show candle is junk while magix kept pulling 100 charts to proof me candle is a valid indicator.

I never stated candle is useless or jungle in general, only stated it's commonly used as confirmation signal.

please read the entire post before you pulling my words out of its content.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,736
  • May 17, 2014 2:55am May 17, 2014 2:55am
Quoting FXSayWhat
{quote} yeah, I apologize for the noise. I am the one who started disapproving candle is not a good fit for long charts and disagree on a related signal.
sorry, not sure what your chatting about candle was……Anyway yesterday looking at the 5m tf, I made a comment on this thread on the importance of having a shaved top and bottom reversal candle at the 50% retracement in a strong downtrend, I felt my comment was a bit ridiculised by a few, underling the fact that with candles composition the only one made money out of it was the guy who did write a book about it ( in the west).

To make it short, market did turn there……

On candles PA, Al Brooks is a good read..
Wherever you go, there you are.
  • #898,737
  • May 17, 2014 2:56am May 17, 2014 2:56am
Quoting amikaking
{quote} Last week a weekly bearish engulfing pattern that formed suggests that the price should going down further as there are still plenty of room for price to move, moreover price has not yet reach the desirable 1.5 : 1 reward to risk ratio for bears who shorted the pair. If you look at the bigger chart, you will see the current price has hit both previous 2 months low, suggesting that bulls are getting weaker and weaker, thus shorting the pair in longer term is preferable. {image} {image}
EURUSD.-

Amikaking,

It is true that a weekly engulfing is significant and is a sign that the bulls are losing strength. It is also true that in the long term you are probably right. The pair must fall for many reasons, technical and fundamental.

But now the pair is on a support. And I intend to analyze it a little deeper. For that I have to go down to smaller timeframes. That analysis has led me to the conclusion that the pair will not fall yet, but will go up.

The analysis is based on the wave count and activity that is perceived by the volume on high and low of the waves.
Is needed to impulse wave up, according to my count.

I agree with you in the long term. But next week I think I will remain bull, agree with the analysis of smaller timeframes, although I know it already smells bear.

I am intraday trader and I think in the short term without forgetting the long term.

REgards
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd weekly.PNG Size: 109 KB
Click to Enlarge Name: Captura.PNG Size: 464 KB
Check your emotions. How are you?
  • #898,738
  • May 17, 2014 2:57am May 17, 2014 2:57am
Quoting FXSayWhat
{quote} i said i can pull out sample charts to show candle is junk while magix kept pulling 100 charts to proof me candle is a valid indicator. I never stated candle is useless or jungle in general, only stated it's commonly used as confirmation signal. please read the entire post before you pulling my words out of its content.
to confirm what? what you do first that need candles to come second to firm?
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #898,739
  • May 17, 2014 2:57am May 17, 2014 2:57am
Quoting FXSayWhat
{quote} you posted like 50 charts and all of them are too small with no description at all. I'd say 95% you would be wrong. Post again with analysis, feedback amikaking's latest chart.
Like 50?

What are you, "like, 14 years old"?

Here we go...let me know if you need it broken down into smaller terminology.

1. Was a heavily resisted zone. It took 6 attempts to break above this area...this is what we refer to as resistance.
2. Resistance was broken.
3. As a standard rule of market, when supply is broken, it gets tested as resistance...eventually...in this case, we see that when resistance got broken, it was tested.
4. We have a supported area...since it required several attempts to break above this area, I would call this fairly well supported. Given the exodus of market over the last 2 weeks, if we were to see mass weakness, this should have been a close below...but we didn't...it held.

I am not saying that we are going to bounce here, but until we sell below this line, I am bullish in bias.
Attached Image (click to enlarge)
Click to Enlarge Name: same.png Size: 28 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #898,740
  • May 17, 2014 2:59am May 17, 2014 2:59am
Quoting ffleo
{quote} to confirm what? what you do first that need candles to come second to firm?
I am sorry perhaps we should continue this conversion somewhere else if you not sure what a confirmation signal is.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
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