I want more brain power!
- #8,182
- Sep 16, 2014 6:37am Sep 16, 2014 6:37am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
sram and Hannele, summicron: My pleasure having your around. I will start the 1,000 journey when I return. Not now. but eurusd is now at 1.2955. good, news or no news.
(edit: actually we have seen some parts of it)Tomorrow is Wednesday, may be FOMC will press EU down ? I think it will be very deep.
But before FOMC, EU will swing with up bias ? will remember that 1.297x , thanks Eurusdd.
Good friends are more valuable than gold ...
- #8,186
- Sep 16, 2014 7:52am Sep 16, 2014 7:52am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
I'm looking at the following for the 2972. The 4H is still climbing and would need to show exhaustion for that failure to be significant. On a ZZBB, the next sequence required is a top and price must close outside of Bollinger Band. Alternatively, if this does not happen, the BB Mid 2931 needs to be breached to the south side. So a failure at 2972 or 2931 is required. {image} I've been suspect about the price action on the 15M, the step-ladder shape of each bar suggests to me quite strongly that it's "computer" like. Anyway, I've no way to prove...
On the 1H, I've had to zoom out to show how far this goes.
On ZZBB count, the drop produces a Bottom. The sequence is then okay (just barely) .... going to Top, then Bottom, then Top... but then no Bottom is posted and another Top is produced. This would have been fine if on the failure of the last top it then printed a Bottom.... but it has not. It has produced a double Top which in itself is a Dissimilarity area but I believe still needs a bottom or a new top.
Given that the 4H is still going upwards and is due a Top.... then we need a 1H Top in order to start travelling down.
In order for the 1H Top to be produced... we need a Bottom beforehand.... (can't have a Top next without a Bottom). Now we can see that the Bollinger Squeeze is starting to materialise now. Which means it's not difficult for price to head outside the bands into 2920-2930... then scoot back up to 2970-2980... that's still just 50-60 pip range which is do-able. If I am wrong about the bottom, then a final move to a Tripple Top will be needed... so that means a turn within the Bollinger Bands around its mid.
With FOMC tomorrow and Yellen the next day.... we can't expect moves to happen until then... except for a jockeying of position to take advantage of the next perceived move. On the face of it, the fundamentals for EUR are all still negative. There is also the Scottish vote which means any GBP effect (ie DOWN) will also pull EUR down on any notion of separatist "approval" of Scottish independence. So, I'm still very bear.... but for a bear to have well deserved honey, I believe the bees' nest needs to be perched up high... 2980-2990.
A pip is only worth it if you know how much you risked to earn it
- #8,188
- Sep 16, 2014 8:24am Sep 16, 2014 8:24am
- Joined Oct 2011 | Status: quo | 4,193 Posts
Just confirming that this concept works on other pairs as wellHard work will get you there! Learn to think yourself! {image}
As Above, So Below
- #8,190
- Sep 16, 2014 8:40am Sep 16, 2014 8:40am
- Joined Oct 2011 | Status: quo | 4,193 Posts
{quote} Yes, i am working on that as we speak! With my system price will hit my target about 95% of times, and then you think that i should just wait for price to hit, but some drawdowns can be huge, and therefore i have to wait very long before target is hit. I'm experimenting with 10 pips and 5 pips stop loss as my entry usually is very sharp.
As Above, So Below
- #8,193
- Sep 16, 2014 8:55am Sep 16, 2014 8:55am
- Joined Oct 2011 | Status: quo | 4,193 Posts
As Above, So Below
- #8,194
- Sep 16, 2014 9:09am Sep 16, 2014 9:09am
- Joined May 2009 | Status: Consistency is Key!! | 1,297 Posts
- #8,197
- Sep 16, 2014 9:39am Sep 16, 2014 9:39am
- Joined Mar 2012 | Status: Trader | 1,225 Posts
Just confirming that this concept works on other pairs as well
thanks, it was hard part... if you dig it out correctly its pure GOLD.
- #8,199
- Sep 16, 2014 11:02am Sep 16, 2014 11:02am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it