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AUD/USD

Quoting benaiah
{quote} Thanks for sharing. But I don't use any indicators, as I don't feel they tell anything. Price can always change direction. It does not obey any indicator. Can always become even MORE oversold, or even MORE overbought.
Wow a unique and new approach. Excellent. However, I believe many price moves are the results of traders using different indicators. In fact, indicators are like the reeds for blind people.
Quoting 2+2=4ex
{quote} Who the hell puts their stop loss at 0.00050???

I think a camel farted in the desert somewhere....im sure the sound waves will travel to push the price and nab his stop.
The coincidental success is more dangerous than the expected failure
Quoting Neqrotik
{quote} I think a camel farted in the desert somewhere....im sure the sound waves will travel to push the price and nab his stop.
Quoting Neqrotik
{quote} I think a camel farted in the desert somewhere....im sure the sound waves will travel to push the price and nab his stop.
Quoting Fx-opinion
{quote} In fact, indicators are like the reeds for blind people.
Perhaps, but indicators lag. So, I'll be in and out before any indicator indicates anything
Quoting benaiah
{quote} Perhaps, but indicators lag. So, I'll be in and out before any indicator indicates anything
I am interested to know more. What is the rate of success using this method? Can you give an example please?
Quoting benaiah
{quote} Thanks for sharing. But I don't use any indicators, as I don't feel they tell anything. Price can always change direction. It does not obey any indicator. Can always become even MORE oversold, or even MORE overbought.
I concur.The only time I think an indicator is useful is when it provides factual information that saves you time. For example, if you wanted to know how many candles closed lower out of the last 10 an indicator might be useful cause it will give you the answer without actually having to count them. It might also be less likely to make a counting error. However, relying on indicators to hint at where price will go, I find that useless.
Quoting benaiah
{quote} Yes typo. Thanks - should be 88077 and 88005, so 7.2 pips SL
Get your s--- together man!! Haha, just joking.
Quoting 2+2=4ex
{quote} Get your s--- together man!! Haha, just joking.
I got it together, but none of it makes any sense
Quoting Fx-opinion
{quote} I am interested to know more. What is the rate of success using this method? Can you give an example please?
Hmm... Well I haven't kept track since I started using my current method. But success rate is not really that important. R:R is key.

For example. One trade with a 1:10 R:R can make you profitable even if you lost 9 trades before that, as long as you stick to the same R:R: ratio.

Further, even if you use a 1:4 R:R, with 4 winning trades, you can double your account, each trade increasing your capital by 20%, all with only risking 5% of your capital on each trade.

Even if you choose to risk a lower percentage of your capital, the percentages/winnings can still be exceptional. Another key is to define your risk as a dollar amount, i.e. don't change the risk amount after you lose a few trades, so you can recover quickly after losses.

Obviously, a lot of factors to consider, for example it obviously won't work if you lose 19 trades, and that blows your account!

So, you have to have an idea of how bad of a losing streak you may suffer, and develop the confidence to continue to look for/take good trades to recover from them...
Bears took out that last little bounce low by making it go lower. This new recent "low" gives me confidence to hold for further downside. I don't think enough bulls left in the game right now to push it up too much...

Next area for potential bounce I'm looking at is 8753
Alright folks, here an update to my post from yesterday. I said i was gonna short when price got to both the dashed lines, only got to one. so im in short. flipping over to the daily chart, the candle is forming a gravestone-sih doji candle and closing within the 'diamond' formation/ trendlines. Now, had you listened to me, you'd be in short with stops at break even already and would have a risk free trade with major downside to play as news comes out tonight. Even if it goes long, you wouldnt lose any money, and would still have the chance to play the downside. Risk free trade. Thats how you make money in this market.

https://www.tradingview.com/x/tvKdyNDO/
Bouncing a title more than I thought it would around DP. I'm closing shorts, and will reassess...
Quoting farhanzaveri
Now, had you listened to me, you'd be in short with stops at break even already and would have a risk free tradewith major downside
Who are you and why should anyone listen to you???
Doesn't matter who I am. I take it your long.
Quoting farhanzaveri
Doesn't matter who I am. I take it your long.
Are you trying to get ignored? I'm long right now on this little bounce, and will go short if it turns around, while you are sitting there laughing...
Looks to me like its right back down to the support of the range with not much more pressure downward and possibly a bounce from here. It really needs to pierce and close below this line on the chart for me to think bearish. Until then, pressure still looks upward to my lizard eyes.
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There's always money in the banana stand.
To each their own. Im not gonna lose sleep if you ignore me.
Quoting farhanzaveri
To each their own. Im not gonna lose sleep if you ignore me.
Okay, but did you lose sleep because no one listened to you?

Okay, no offense to you, but I couldn't resist...

Happy trading
I'll be watching if it can make it up to 8791 and 8803, and if so how it reacts to those levels, as that should be an indicator as to whether it will make another run for the top of the range, or continue down...
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Hutch