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  • #898,781
  • May 17, 2014 4:27am May 17, 2014 4:27am
I am waiting for a long signal next week... Hopefully... At least with the system i am using, but you never know what is going to happen :-)
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  • #898,782
  • May 17, 2014 4:28am May 17, 2014 4:28am
Quoting albchr
{quote} You really need to let go of your ego brother or sister? <<( I don't know so just covering all bases) Davit posts things he thinks will help ALL traders on the forum. I for one read everything he posts. Whether I agree with it or not, it "opens my mind" and adds to my knowledge. Never bad things in my humble book.
You should read most of his latest comments on me without the facts to back up his statement other than his false accusing me of being wrong. Along with another high impact member Magix

Just because you guys are the high impact members, didn't mean you have the rights gang up to flaming others who come to challenge your believes.

That is your own ego in check.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,783
  • May 17, 2014 4:33am May 17, 2014 4:33am
Quoting Magix
{quote} I'm just trying a different approach... It really doesn't seem that effective...
. I'm still using my old, trusted approach.

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Fail better.
  • #898,784
  • May 17, 2014 4:40am May 17, 2014 4:40am
Quoting FXSayWhat
{quote} You should read most of his latest comments on me without the facts to back up his statement other than his false accusing me of being wrong. Along with another high impact member Magix Just because you guys are the high impact members, didn't mean you have the rights to flaming others who come to challenge your believes. That is your own ego in check.
Perhaps he (Davit) was trying to help? Maybe? I know Magix tries to help others too. He can be a bit more...shall we say...insensitive about it at times? (At you Magix brother ...lol)

LOL.... the "impact ratings" mean nothing. We don't ask for them and for the most part, "most" of us with the higher ones really don't care about them. I covered this subject many posts back in here. In short, it is not "US" who hold ourselves in high regard but, for whatever reason(s), it is others who seem to since that's how the "impact rating" goes up or down.

Isn't that funny when looked at with an open mind?

LOL... my ego is easy to check, I have none.
Ghost Rider - WWTBMD?
  • #898,785
  • May 17, 2014 4:42am May 17, 2014 4:42am
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 1.3814 (Monthly PIVOT), with double technical resistance layers to block...
On the chart with the price you impose a model of PivotPoints. Can we impose other model? What would be the recommendations of this model? For example, I suggest MurreyMath and the square of Gann.
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"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #898,786
  • May 17, 2014 4:56am May 17, 2014 4:56am
Quoting amikaking
{quote} I'm on track with you. I analyse the chart again and I notice interesting reason to support the sell off in E/U. The pair took 1 month to climb from April and finally topped up near 1.4000 and this month it fell so strongly that it only took 15 days to come back to the same starting level and took out all stop losses (the lows at April and March) from April's rally. Any weekly R levels are good places to sell the E/U. {image}
Amikaking,

kk let's talk about set ups,

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Now how well this trend line holds will solidly depends on this upcoming FOMC meetings on 5/21.

So the safest approach for you to hold the daily tf position is you wait till AFTER 5/21 when the market settles from the FOMC riffle.


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Before 5/21, i would say you would still have about 80 pips range to play around between 1.3700 (recently support) and 1.3780 (previous support). I wouldn't expect price to break out from these 2 levels due to FOMC, both support and resistant looks solid on weekly and daily tf.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,787
  • May 17, 2014 4:58am May 17, 2014 4:58am
Quoting godim
{quote} On the chart with the price you impose a model of PivotPoints. Can we impose other model? What would be the recommendations of this model? For example, I suggest MurreyMath and the square of Gann. {image} {image} {image}
Hi Godim, that screenshot by you is looking so complicated haha.

Anyway I'm not an expert on those models and I would rather prefer and recommend only pivot points, for several reasons...

1. Many people are using it on, either on intraday, daily, weekly, monthly basis

2. Its calculation is easy and simple to understand, for most it is dubbed the 'classical' pivot

3. You can impose a MTF analysis using monthly, weekly and daily to fine tune your entry along with bias

eg: below monthly pivot = bearish, and then entry at weekly R1, R2 etc...

4. Most importantly, it is always up-to-date as the data is collected based on the latest trading period.

Please correct me if I say anything wrong
I'm happy to share my opinion, and I hope to learn more from pros here as well.
  • #898,788
  • May 17, 2014 5:07am May 17, 2014 5:07am
Quoting FXSayWhat
{quote} Amikaking, kk let's talk about set ups, {image} Now how well this trend line holds will solidly depends on this upcoming FOMC meetings on 5/21. So the safest approach for you to hold the daily tf position is you wait till AFTER 5/21 when the market settles from the FOMC riffle. {image} Before 5/21, i would say you would still have about 80 pips range to play around between 1.3700 (recently support) and 1.3780 (previous support). I wouldn't expect price to break out from these 2 levels due to FOMC, both support and resistant looks solid on...
Thanks for suggestion Mr. FXSayWhat. Your reasoning is clear and your backup points are solid.

For me I only trade what I saw on the charts and primarily the pivot level to make trading decision.

Pivot level trading makes the overall picture clear and I found them easy to locate possible entry and to set my R:R level.

Each week new pivot will be re-calculated so whatever outcomes from FOMC as long I set my limit orders I would just let the price to trigger itself and let the market to do the rest for me. It is all just about trading probabilities.

I seldom care so much about fundamental news because I prefer to focus only on technical analysis.
  • #898,789
  • May 17, 2014 5:09am May 17, 2014 5:09am
Quoting amikaking
{quote} Hi Godim, that screenshot by you is looking so complicated haha. Anyway I'm not an expert on those models and I would rather prefer and recommend only pivot points, for several reasons... 1. Many people are using it on, either on intraday, daily, weekly, monthly basis 2. Its calculation is easy and simple to understand, for most it is dubbed the 'classical' pivot 3. You can impose a MTF analysis using monthly, weekly and daily to fine tune your entry along with bias eg: below monthly pivot = bearish, and then entry at weekly R1, R2 etc......
I wanted to say only that the knowledge of the market is infinite. If and when you remain dissatisfied with their knowledge, you can always learn something else new.

Yes. The main question is the cause and consequence. PivotPoins cause price movement or price movement is the cause of PivotPoints?
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #898,790
  • May 17, 2014 5:09am May 17, 2014 5:09am
Quoting LarryDarrell
{quote} . I'm still using my old, trusted approach. {image}
i never said i am here to please and comforting anyone's ear.

Learning starts in disagreement. Challenge is always welcome.

And feel free to ignore me, that's your rights.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,791
  • May 17, 2014 5:19am May 17, 2014 5:19am
Quoting godim
{quote} I wanted to say only that the knowledge of the market is infinite. If and when you remain dissatisfied with their knowledge, you can always learn something else new. Yes. The main question is the cause and consequence. PivotPoins cause price movement or price movement is the cause of PivotPoints?
Pivot points are just like trading tools and they are great for references.

In my humble opinion, I think pivot points are hotspots that market players used and reside with many limit orders, so then they can move the price when either one side between bulls and bears have won and creates rallies / sell-offs, therefore if I am to answer your question I think yes it is the pivot points that cause the price movement.

Please correct me if I'm wrong =)
  • #898,792
  • May 17, 2014 5:21am May 17, 2014 5:21am
Quoting amikaking
{quote} I seldom care so much about fundamental news because I prefer to focus only on technical analysis.
Not a problem.

To be clear, i did NOT ask you to try to understand what the FOMC meeting decision is, i asked you to wait till the FOMC meeting finishes, to not to try to hold a daily ft position BEFORE the FOMC.

you know why? Average EU moves about 120 pips after FOMC and an additional 80-100 pips in the later section(s). Such move OVERRULES every single candle stick pattern or any technical analysis theory. That's why all the professional avoid trading on FOMA and NFP. if you don't believe me, go look it up. The bottom line is you don't that these pips going against you when you have no control over through you TA.

In additional, if you approach fx from risk point of view and solidly trading on TA, FOMC is one thing you must avoid when it gets in the way of you planning the next trade.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,793
  • May 17, 2014 5:30am May 17, 2014 5:30am
Quoting FXSayWhat
{quote} Not a problem. To be clear, i did NOT ask you to try to understand what the FOMC meeting decision is, i asked you to wait till the FOMC meeting finishes, to not to try to hold a daily ft position BEFORE the FOMC. you know why? Average EU moves about 120 pips after FOMC and an additional 80-100 pips in the later section(s). Such move OVERRULES every single candle stick pattern or any technical analysis theory. That's why all the professional avoid trading on FOMA and NFP. if you don't believe me, go look it up. The bottom line is you don't...
Thanks bro for advise

I get the point that you mentioned that big news like FOMC and NFP should be avoided before release, most professional avoid trade news because of high volatility that could caught unsuspected victims. I've been trading big news like FOMC last year October and it spikes about 150 pips within half hour, luckily I'm been with the right side of bulls that time.

With sound MM I don't think whether TA or Fundamental analysis should bother me, because every trading outcomes only ends with winner or losser, and the amount of money you are willing to risk and comfortable to lose with. At the end only MM would be the king.

150 pips can be only $ 15 if you trade with 0.01 lot on a micro account, so I don't see any danger for that even if I'm wrong on my TA setup.
  • #898,794
  • May 17, 2014 5:33am May 17, 2014 5:33am
Quoting amikaking
{quote} Pivot points are just like trading tools and they are great for references. In my humble opinion, I think pivot points are hotspots that market players used and reside with many limit orders, so then they can move the price when either one side between bulls and bears have won and creates rallies / sell-offs, therefore if I am to answer your question I think yes it is the pivot points that cause the price movement. Please correct me if I'm wrong =)
I'm not a teacher. I know only that what was moving ahead is exactly doubt. That's why I import only doubt in your knowledge. The way forward depends on you.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #898,795
  • May 17, 2014 5:33am May 17, 2014 5:33am
Quoting Davit
The Man Who Loves Mistakes Ray Dalio is ....a slimy weasel . . . ”
Hehe...
Seriously: thanks for that, reminded me I got those principles on my harddrive and haven't looked into them for more than a year. Great stuff!
Fail better.
  • #898,796
  • May 17, 2014 5:34am May 17, 2014 5:34am
Quoting amikaking
{quote} Thanks bro for advise I get the point that you mentioned that big news like FOMC and NFP should be avoided before release, most professional avoid trade news because of high volatility that could caught unsuspected victims. I've been trading big news like FOMC last year October and it spikes about 150 pips within half hour, luckily I'm been with the right side of bulls that time. With sound MM I don't think whether TA or Fundamental analysis should bother me, because every trading outcomes only ends with winner or losser, and the amount...
Good i guess we are done with EU. GJ has a better set up on daily tf. You should check it out too.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #898,797
  • May 17, 2014 7:49am May 17, 2014 7:49am
Could this be a Rising Wedge?Please dont kill me if i'm wrong
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  • #898,798
  • May 17, 2014 8:18am May 17, 2014 8:18am
Quoting BogiFX
Could this be a Rising Wedge?Please dont kill me if i'm wrong {image}
yeah definitely...we just need to see if we broke that channel....many are still trying to catch a reversal for 1.40...so imho first thing will happen next week is stop hunting potentially down to 1364ish...below that level channel is broken and wedge formation confirmed...however, I still believe we haven't seen the very top as I think US needs a high exchange rate...not to mention the inverted head and shoulder
  • #898,799
  • May 17, 2014 8:43am May 17, 2014 8:43am
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Quoting godim
{quote} On the chart with the price you impose a model of PivotPoints. Can we impose other model? What would be the recommendations of this model? For example, I suggest MurreyMath and the square of Gann. {image} {image} {image}
My Best Trade is Next Trade!
  • #898,800
  • May 17, 2014 9:12am May 17, 2014 9:12am
Quoting gatorinla
...and look for one that will allow norm or the larger mid at 6367.. i had a smaller target for 4640... we usually bounce after target.. the um 4612 and mid 4561 for 4138 were below 4640. so i played them although the target is lower. bulls can get a foothold here and go to 5407 norm, like usual before 4138
Hi Gator, I've got 6376 (with 6939/5813). Transposed number, or do I have the wrong measurement/idea?
Valuable info with about how you played the mid instead of target. My understanding is that a target hit is more or less only the end of one story where you look how it reacts there, while the mid can be played quite straightforward. Right?
Fail better.
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