Today drained a good part of me!!! Maybe I will get some rest while everything is simmered.
Bull City Baby! Buying Opportunities
- #503
- Dec 10, 2014 3:48pm Dec 10, 2014 3:48pm
- | Joined Oct 2012 | Status: Eating potato chips | 629 Posts
Double bottom?{image}
Despite this however, I would argue that RR is slightly against selling
- #506
- Dec 10, 2014 4:00pm Dec 10, 2014 4:00pm
- | Joined Nov 2013 | Status: Trader | 1,222 Posts
Tomorrow should be much more going on. Get ready, eat well, get sleep, get your fine coffee supply, and prepare for a ride
- #508
- Dec 10, 2014 4:28pm Dec 10, 2014 4:28pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
{quote} Yeah, watching this. Momentum is still bearish, IMO. Oh whoops, sorry if that's not what you want to hear. Despite this however, I would argue that RR is slightly against selling
Trading involves waiting, does it not? Trend is retracing, I think we all know that. So, if anyone wants to respect and add value to this thread, they'll be watching and waiting for buying opportunities, and posting anything in line with that.
Stating the trend is bearish would not necessarily be a problem on this thread, as it signifies that "it's time to wait". But posting about selling? Do I really have to explain that further?
Anyway, your posts are generally "cool", so let's just move forward. But for future reference, you can use the backspace for any "whoops" that happens when you're typing
Hey, right back at you, all in good "fun" - #510
- Dec 10, 2014 4:39pm Dec 10, 2014 4:39pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
Typically what happens when retraces like this occur, is traders try to guess, or anticipate where price will bounce or reverse. I do it sometimes. And this can work sometimes.
But right now, I'd suggest looking for a reliable reversal pattern on H1 or H4 time frame. Past 10 hours of H1 candles are bearish, so we'd need to see some major bull power to turn this thing around, or at least some good old fashioned bullish consolidation, and breakout long. So far, waiting...
Edit: Or you can always trade the bounces, but a bounce not = reversal...
But right now, I'd suggest looking for a reliable reversal pattern on H1 or H4 time frame. Past 10 hours of H1 candles are bearish, so we'd need to see some major bull power to turn this thing around, or at least some good old fashioned bullish consolidation, and breakout long. So far, waiting...
Edit: Or you can always trade the bounces, but a bounce not = reversal...
- #511
- Dec 10, 2014 4:57pm Dec 10, 2014 4:57pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
When I see the reversal I will call it. Of course anyone else can call it if they feel they see it. I recommend only calling the H1/H4 patterns, since the lower patterns will not be that reliable or sustainable with this deep of a retrace.
But there is always a chance any reversal could fail, as there is always resistance that needs to be overcome and support that needs to hold.
But again, I don't think I have to remind anyone that it's almost a guarantee this thing will at least "attempt" to go at the prior high, and there will be significant amount of pips to make going long. How many times has price in any currency on a strong uptrend, just turned on a dime never to come back.
There is always some indication that the trend is over, some increase in volatility, H&H pattern, double top, etc.
And to avoid any confusion (at least regarding what I post), I'm not going to call every trade I take on every bounce, but will only call the reversal when I see it. Happy trading!
But there is always a chance any reversal could fail, as there is always resistance that needs to be overcome and support that needs to hold.
But again, I don't think I have to remind anyone that it's almost a guarantee this thing will at least "attempt" to go at the prior high, and there will be significant amount of pips to make going long. How many times has price in any currency on a strong uptrend, just turned on a dime never to come back.
There is always some indication that the trend is over, some increase in volatility, H&H pattern, double top, etc.
And to avoid any confusion (at least regarding what I post), I'm not going to call every trade I take on every bounce, but will only call the reversal when I see it. Happy trading!
- #512
- Dec 10, 2014 5:04pm Dec 10, 2014 5:04pm
- | Joined Nov 2013 | Status: Trader | 1,222 Posts
When I see the reversal I will call it. Of course anyone else can call it if they feel they see it. I recommend only calling the H1/H4 patterns, since the lower patterns will not be that reliable or sustainable with this deep of a retrace. But there is always a chance any reversal could fail, as there is always resistance that needs to be overcome and support that needs to hold. But again, I don't think I have to remind anyone that it's almost a guarantee this thing will at least "attempt" to go at the prior high, and there will be significant amount...
- #513
- Dec 10, 2014 5:10pm Dec 10, 2014 5:10pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
{quote} Good man. I will do the same.
- #520
- Dec 10, 2014 6:20pm Dec 10, 2014 6:20pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
{quote} RR - risk reward, I mean.
There I go again, I'm on a role misinterpreting posts. Sorry. Some of the posts prior have made me ultra-sensitive.
But you did mention selling
Anyway, just kidding. Thanks for your response. I'll try not to be so sensitive...
