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Beyond the Candles

  • #2,041
  • Sep 23, 2014 7:08am Sep 23, 2014 7:08am
Quoting selfthyknow
Updated chart. Will wait for bulls control & RET of Dynamic RM support. MM: LVL 8148 or Green Line(Resistance of bull flag). {image} {image}
Hi...I'm very glad you see how important , clear and simple are the S / R levels and how the P works at these levels ...but..please ...don't try to anticipate the market...let the market show you the direction and please let it to make the first step / move in to the right direction ( bullish or bearish ). !
At this very moment the only information you have is the P at the R level...nothing more...you do not have yet any kind of bullish / buyers information...unfortunately I see too often about traders who trade the first bullish PA in strong bearish trend.....if the trend is bearish , what's the reason buying for ???
Wait for the P to tell its intentions...wait..wait..wait !
Nothing personal,just business
  • #2,042
  • Sep 23, 2014 1:39pm Sep 23, 2014 1:39pm
Quote
Hi...I'm very glad you see how important , clear and simple are the S / R levels and how the P works at these levels ...but..please ...don't try to anticipate the market...let the market show you the direction and please let it to make the first step / move in to the right direction ( bullish or bearish ). ! At this very moment the only information you have is the P at the R level...nothing more...you do not have yet any kind of bullish / buyers information...unfortunately I see too often about traders who trade the first bullish PA in strong bearish trend.....if the trend is bearish , what's the reason buying for ??? Wait for the P to tell its intentions...wait..wait..wait !

Very interesting point FXGROUP, as i visioned my self on this group of traders, who jump too early only to see the market continuing in the same direction and killing my stops, thanks for pointing this.
What do you consider a turn in price ? Say price is trending down and comes to a level of interest (support), do you want to see a good impulse up by the bulls before you commit your money to the long side ? I know this comes with screen time, but if you can shed some ligth on this would be great ...
  • #2,043
  • Sep 24, 2014 8:11am Sep 24, 2014 8:11am
Eurcad
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  • #2,044
  • Sep 27, 2014 3:05am Sep 27, 2014 3:05am
CADJPY is not quite out of the woods yet but compared to some other JPY pairs has a lot of room to go till its highs. Bullish action in the first couple of days next week should send it back up at least to RM R
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  • #2,045
  • Oct 4, 2014 10:51am Oct 4, 2014 10:51am
Hi Fxgroup!
First of all, i would like to thank you for the great work you have been doing here!
I've been following this thread for a long time and i've learned a lot! I love your method because is so simple and logical!

I would like to put you some questions, if you don't mind, that i've not seen be discussed here, like :
1- Do you trade only the forex market?
2- what is the average number of trades that this method generates per month?
3- What is the winning trades average percentage?
4- What is the average risk to reward ratio?
5- What is the typicall % at risk per trade that you use in your trading

Thank you for your attention!
  • #2,046
  • Oct 5, 2014 1:16am Oct 5, 2014 1:16am
AUDCHF
I am looking for buyers now to take P to RM R
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  • #2,047
  • Oct 12, 2014 12:53pm Oct 12, 2014 12:53pm
Quoting ponchofx
AUDCHF I am looking for buyers now to take P to RM R {image}
I Ponchofx, i think 2 of the 3 RM in your chart are incorrect cause are not static but dynamic. The PB technically is a BUOB.

That is more important are the informations that the chart M give us. The price make a DT with 2 BEOB at a very important R
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  • #2,048
  • Oct 13, 2014 3:56am Oct 13, 2014 3:56am
We have an interesting opportunity on USDCAD....the P is in bullish trend after the H&S pattern and within the W/ D RM....so all we have to do is waiting for the buyers confirmation at the RM's S or waiting for the P to break out above the R, to RET on it and to give us the confirmation of how the R becomes S :
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Nothing personal,just business
  • #2,049
  • Oct 15, 2014 9:14am Oct 15, 2014 9:14am
Hello,

just a short thank you for protecting me in the long USDCHF trade. I was out at top of RM.

M.

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Be like water.
  • #2,050
  • Oct 16, 2014 2:59am Oct 16, 2014 2:59am
GBPCAD

The last month closed as a bullish PB..but its problem is the close below the last RM's S...so we have to wait for the P to close above it, to RET on it and then a buyers confirmation at the S level. The TL ( trend line ) will become the 1° MM level meanwhile the RM's R will be the main TG:
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Nothing personal,just business
  • #2,051
  • Oct 16, 2014 8:04am Oct 16, 2014 8:04am
Quoting fxgroup
GBPCAD The last month closed as a bullish PB..but its problem is the close below the last RM's S...so we have to wait for the P to close above it, to RET on it and then a buyers confirmation at the S level. The TL ( trend line ) will become the 1° MM level meanwhile the RM's R will be the main TG:
I see some implications for that market behavior. The PB closed below the RM, therefore buyers weak. Even if price will return inside the RM, this weakness could show up in the form of weaker momentum and the MM would need to be more conservative due to that.
  • #2,052
  • Oct 17, 2014 2:41pm Oct 17, 2014 2:41pm
My 2 cents on GBPCAD
Indeed, this pair has some bullish implications but it's far away from any clear direction. Even if it closes back inside the RM bearish TL leaves little room to trade.
The overall long term trend to me is still bearish. What worries me is the last bullish impulse wave - price kinda went up too easy, no pull backs, no retest of S/R. That is not a healthy trend. Big spikes are usually followed by a gradual pull back sometimes even to the very base of the spike. Price just needs to find its S/R. This may very well be the case here. There are probably a lot of buyers who couldn't jump in simply because there was no retracement and their orders are still sitting down below (see, there is no momentum this year and price has stalled). So I would be cautious with longs but that's how I see it. After all I am a long way from being able to read price the way I wish I could.
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  • #2,053
  • Oct 21, 2014 2:36am Oct 21, 2014 2:36am
The last M candle closed as bullish PB with the bearish TL as main TG..on D chart we see the D RM with the 10.16 candle that closed above an important S / R level within RM..TT order on the level..now I'm expecting to see a RET on the old RM's R where I will take future MM decisions...now the trade is a free trade looking to the bearish TL as main TG :
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Nothing personal,just business
  • #2,054
  • Oct 21, 2014 3:01am Oct 21, 2014 3:01am
Only the price action of the market should return true. I now only deal PIN BAR signal on the resistance and support.
Jesus said: "Your faith has saved you."
  • #2,055
  • Oct 27, 2014 6:24am Oct 27, 2014 6:24am
EURJPY Weekly Chart

Hello fxgroup and all others ! I hope you continue posting, we have some good medium-term setups coming to us.

I suggest staying away from USDJPY and now EURJPY ( please see chart ), as it is indecision after strong rise.

In the attached EURJPY weekly chart you can see how important fxgroup`s teaching about CLOSE levels is, price is still respecting levels and areas that have been touched way back in the past. We need more decision = break up and retest, or the opposite.

Trade safe and best wishes !

M.

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Be like water.
  • #2,056
  • Oct 27, 2014 12:43pm Oct 27, 2014 12:43pm
Quoting msmarple
EURJPY Weekly Chart Hello fxgroup and all others ! I hope you continue posting
Hello,

on another, national forum, FXGroup announced he's taking a vacation. Therefore these days he probably won't see this thread.
  • #2,057
  • Oct 27, 2014 2:50pm Oct 27, 2014 2:50pm
Hello dfumagalli,

thanks for posting this info, I was already wondering what happened.

Please send fxgroup best wishes for his holiday.

We were in Italy this year, in Lerici near La Spezia, with a breathtaking view across the bay / golfo. This is really wonderful mediterranean Italy !

After that for 1 week in Roma.

Best regards,

M.

Attached Image
Be like water.
  • #2,058
  • Oct 30, 2014 4:47am Oct 30, 2014 4:47am
Hello fellow traders,

just wanted to share my thoughts about EUR/GBP:

Price has been going down for a while, forming downtrend chanel, and now it has reached very important monthly level (red line MS). Last week sellers pushed the price outside of previous RM and now nice W PB is forming. If this PB remains until the end of the week, I think it is big possibility that the price will test MS once again.
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  • #2,059
  • Oct 30, 2014 6:22pm Oct 30, 2014 6:22pm
CHFJPY

On the M chart the blue line is the R level. We have a strong S line some upper, but my idea was we have enough place to get some pips...
The weekly closed very nice above it. What important was for me, is on the daily. Litle RM at the M line, and there is a candle witch try to break down and come back, small body and long pin, close abowe the small RM. Have patience... I waited until weekly close. The market have open with a little gap, so I waited until price come back, to have better R/R.
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  • #2,060
  • Oct 30, 2014 6:33pm Oct 30, 2014 6:33pm
Quoting M_k
Hello fellow traders, just wanted to share my thoughts about EUR/GBP: Price has been going down for a while, forming downtrend chanel, and now it has reached very important monthly level (red line MS). Last week sellers pushed the price outside of previous RM and now nice W PB is forming. If this PB remains until the end of the week, I think it is big possibility that the price will test MS once again. {image}
Dont forget, now we are in the chanel, when you open a position the first target is the upper line.
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