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Bull City Baby! Buying Opportunities

  • #1,121
  • Dec 16, 2014 3:08pm Dec 16, 2014 3:08pm
The tip off that the consolidation was heading down, imo, is that the last 3 high points started getting lower and lower. the peak just after 1400 was higher than the next, and the one after that was lower than both the previous two. At 1500 it went below the consolidation zone, but could never go above. This was a signal to get short imo. Not to mention the stock indexes were starting to drop as well.
  • #1,122
  • Dec 16, 2014 3:08pm Dec 16, 2014 3:08pm
That was a fierce sell off, maybe some profit taking before NY close
Good luck and may the odds be ever in your favor!
  • #1,123
  • Dec 16, 2014 3:14pm Dec 16, 2014 3:14pm
hmm maybe wish I had taken profit earlier now to be honest could have got back in again..... still in and stop is in profit so even if it reaches my stop it's ok.....db did you take profit earlier?
  • #1,124
  • Dec 16, 2014 3:16pm Dec 16, 2014 3:16pm
In addition to the pivots I posted earlier, here's another view. I'd expect it to find support somewhere in blue box. If not, could re-test prior lows.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH1.png Size: 70 KB
  • #1,125
  • Dec 16, 2014 3:25pm Dec 16, 2014 3:25pm
80/20 rule coming into effect here....I expect this to test the bull candle on the 4hr and then shoot back up
Good luck and may the odds be ever in your favor!
  • #1,126
  • Dec 16, 2014 3:26pm Dec 16, 2014 3:26pm
Quoting benaiah
In addition to the pivots I posted earlier, here's another view. I'd expect it to find support somewhere in blue box. If not, could re-test prior lows. {image}
Good luck and may the odds be ever in your favor!
  • #1,127
  • Dec 16, 2014 3:27pm Dec 16, 2014 3:27pm
Quoting dbutton1990
{quote} Trading these past couple weeks, I've picked up on something. When we were in the bearish consolidation, we would have big bear candles and small bull candles, bullish consolidation we have big bull candles, and small bear candles. I haven't tested this yet, but looking at the one minute we have big bull candles and small bear candles. None the less, 5 minutes of bear activity is wiped out with one minute of bull activity. {image}
Very good observation.
  • #1,128
  • Dec 16, 2014 3:32pm Dec 16, 2014 3:32pm
This thing is so volatile. Those who entered short(which there shouldn't be any cause this is a bull thread ) should exit. The formation has been tested in my opinion. We break 118 tonight
Good luck and may the odds be ever in your favor!
  • #1,129
  • Dec 16, 2014 3:36pm Dec 16, 2014 3:36pm
These two weeks have def. drained my mind. Cannot wait for the new year.
  • #1,130
  • Dec 16, 2014 3:37pm Dec 16, 2014 3:37pm
Thanks Benaiah...GRRR it caught my stop by .5 pip at it's lowest point in the prev 10 min.... did turn afterwards but now need to get in again maybe not always a good ide trying to be cautious..... got 30 pips instead of the 160 that I had on the table earlier need to find a new entry I do NOT want to miss the move up when it happens
  • #1,131
  • Dec 16, 2014 3:41pm Dec 16, 2014 3:41pm
I dare to say, if other events play out accordingly, this beast has pottential to go even down towards 113.0 before it bounces back.
  • #1,132
  • Dec 16, 2014 3:44pm Dec 16, 2014 3:44pm
Quoting paka
I dare to say, if other events play out accordingly, this beast has pottential to go even down towards 113.0 before it bounces back.
hmm possible I wouldn't want to see that level it would seriously test my serenity
  • #1,133
  • Dec 16, 2014 3:44pm Dec 16, 2014 3:44pm
Quoting Rizmeister
These two weeks have def. drained my mind. Cannot wait for the new year.
me too Riz
  • #1,134
  • Dec 16, 2014 3:46pm Dec 16, 2014 3:46pm
I do not think we will see this level again for a while. Price has found support in the blue box I posted above. Up from here.
  • #1,135
  • Dec 16, 2014 3:47pm Dec 16, 2014 3:47pm
This u/j was a great one if you are a short term scalper. Other than that, it is a soul sucking vampire.

Quoting Rizmeister
These two weeks have def. drained my mind. Cannot wait for the new year.
  • #1,136
  • Dec 16, 2014 3:54pm Dec 16, 2014 3:54pm
I agree with the difficulty in trying to trade this for more than just scalping right now. Price is currently trying to establish a reversal of the bearish retrace.

I see the boundaries of consolidation as outlined in attached chart. Until the boundaries are broken, we could bounce around and go nowhere for a while...

Edit: I still see the lower blue box as key level, and as long as support holds above that, price is pointed up...
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 70 KB
  • #1,137
  • Dec 16, 2014 3:57pm Dec 16, 2014 3:57pm
tried to enter with a 10 pip stop so got stopped almost immediately have placed an order and 116.2 going to call it a day will see what's going on in the morning
Good Luck all see you tomorrow
  • #1,138
  • Dec 16, 2014 3:58pm Dec 16, 2014 3:58pm
This ladies and gentleman is called a gartley. To predict where the retrace of the last move is going, you draw your fibs, in this case from low to high. IF you look, we are bouncing off the .618 right now. Projected D extension is 119.12....couple things to note. One is that we would be at the .86 retracement levels on this current down fib.(Point of no return). Two is that we would take out down trendlne that was created on this move down. If we hit 119.12, I would expect the bullish bias to resume.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 118 KB
Good luck and may the odds be ever in your favor!
  • #1,139
  • Dec 16, 2014 4:05pm Dec 16, 2014 4:05pm
Quoting paka
I dare to say, if other events play out accordingly, this beast has pottential to go even down towards 113.0 before it bounces back.
D extension of this most recent major fib is 113...good eye. We need to go up more first
Good luck and may the odds be ever in your favor!
  • #1,140
  • Dec 16, 2014 4:45pm Dec 16, 2014 4:45pm
Quoting benaiah
I agree with the difficulty in trying to trade this for more than just scalping right now. Price is currently trying to establish a reversal of the bearish retrace. I see the boundaries of consolidation as outlined in attached chart. Until the boundaries are broken, we could bounce around and go nowhere for a while... Edit: I still see the lower blue box as key level, and as long as support holds above that, price is pointed up... {image}
I do not want to be pessimistic, but I do not see what you want to see at all - in regard to H1 chart. I rather see it as force finding support levels. To me, all that matters at the moment is that we reached the month pivot point. However, the pivot point is not clear, since on Nov 16 we had bullish trend slopping mildly. Additionally, if we want to look more for patterns, the current bearish run seems like it is not fully developed yet - for clarity see 8h chart. At the moment, before any possible retracement occurs, I would say 115.0 seems to be more of a key value. From there see 113.0 or finally returning bullish trend.
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