Is my technical analysis good? | Forex Factory

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Is my technical analysis good?

  • #1
  • First Post: Mar 19, 2015 7:44pm Mar 19, 2015 7:44pm
Am I doing my TA right? Where will price most likely go next? Thanks.

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  • #2
  • Mar 19, 2015 8:40pm Mar 19, 2015 8:40pm
you are good this is called price action analysis mixed with TA the price should correct to the up side
thats from view
have a nice day please
focus while relaxed to see better
  • #3
  • Mar 19, 2015 8:44pm Mar 19, 2015 8:44pm
Am not a big fan of traditional classical TA, but it looks like your initial analysis of this snapshot is good.

But this is just a snapshot of the past, after all.

I think your acid test would be to place a blank piece of paper, cover the chart and then move the paper slowly to the right as you uncover more of the chart, and then see if you would've made the same analysis if you had been present at each point of the chart.

As each point is uncovered, you can ask yourself that question, "where next?"

Anyways, if you're not sure how to answer that question at any point, I'd suggest you drop down one timeframe and check again.

Personally I would not ask that question because it assumes that it's either this or that and nothing in between. I just gauge the probability of all events I can reasonably conceive at the time and place my orders accordingly.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #4
  • Mar 20, 2015 12:56am Mar 20, 2015 12:56am
Well, I'm no fan of TA, so my only advice is to ALWAYS trade with stops. Think about this- what is moving price? Is it technical indicators or is it something else like banks seeking liquidity ( order flow )? Your answer to this question will most likely determine whether you become successful or just another statistic.
  • #5
  • Edited 3:22pm Mar 20, 2015 3:09pm | Edited 3:22pm
Quoting skenobi
I think your acid test would be to place a blank piece of paper, cover the chart and then move the paper slowly to the right as you uncover more of the chart, and then see if you would've made the same analysis if you had been present at each point of the chart. As each point is uncovered, you can ask yourself that question, "where next?" Anyways, if you're not sure how to answer that question at any point, I'd suggest you drop down one timeframe and check again.
There is acutally a website I used to do this candle by candle trading and it helped me tremoundously. As for the real point of this thread: The chart was made with an algo that randomly generated a 0 or a 1!!! (I used the random method in java. Not sure how they could make something "random".) But anyway, so it is like flipping a coin, but the computer did it for me. So if it was a 1 (heads), it would draw a up bar, if it was 0 (tails), it would draw a down bar. I don't know about you guys but this is pretty shocking discovery to me.
  • #6
  • Mar 20, 2015 10:38pm Mar 20, 2015 10:38pm
Quoting pbylina
{quote} There is acutally a website I used to do this candle by candle trading and it helped me tremoundously. As for the real point of this thread: The chart was made with an algo that randomly generated a 0 or a 1!!! (I used the random method in java. Not sure how they could make something "random".) But anyway, so it is like flipping a coin, but the computer did it for me. So if it was a 1 (heads), it would draw a up bar, if it was 0 (tails), it would draw a down bar. I don't know about you guys but this is pretty shocking discovery...
Be careful there! Because you might invite a whole separate (and rather pointless) argument on whether the market is truly "random" or not. And there are passionate groupies on both sides.

I personally don't bother having opinions about the random-ness (or the non-randomness) of things. Going twelve rounds on such philosophical questions never made me any money.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #7
  • Mar 20, 2015 10:52pm Mar 20, 2015 10:52pm
Quoting skenobi
{quote} Be careful there! Because you might invite a whole separate (and rather pointless) argument on whether the market is truly "random" or not. And there are passionate groupies on both sides. I personally don't bother having opinions about the random-ness (or the non-randomness) of things. Going twelve rounds on such philosophical questions never made me any money.
LOL.
  • #8
  • Mar 20, 2015 10:56pm Mar 20, 2015 10:56pm
Do you know why the hell the lower time-frames are less profitable? I think it has to do with the law of large numbers...
  • #9
  • Mar 21, 2015 1:29am Mar 21, 2015 1:29am
Its very good As long as u have 50% of success rate.
Gold Expedition Return This Year: -15.9%
  • #10
  • Last Post: Mar 23, 2015 4:02am Mar 23, 2015 4:02am
You are correct!

Focus on the HH,LL, HL, LH and then throw in some pattern recognition! It all comes with time!
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