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  • #741
  • Apr 17, 2016 11:57am Apr 17, 2016 11:57am
Quoting nairate
{quote} Hi.. I'm New Here, nice thread sir About the pennants, i've considered this is a valid one, isn't it? {image}

I'd almost consider that a high and tight flag with a "slow" flagpost.

See here:

http://thepatternsite.com/htf.html

I'd prefer to see the downwards move a bit faster.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #742
  • Apr 17, 2016 11:58am Apr 17, 2016 11:58am
Quoting roughtrader
{quote} it's a bullish wedge, they are supposed to brake upwards, but from what I have seen is they brake down a lot, it's the most unreliable pattern I know of, as they easily can be mistaken for bear flags. what a coincidence, here is a beer flag I'm so funny {image}
In deed!No clear flagpole so I would also consider this to be a bullish wedge!

Cheers
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #743
  • Apr 17, 2016 12:15pm Apr 17, 2016 12:15pm
Quoting Shemski
{quote} In deed!No clear flagpole so I would also consider this to be a bullish wedge! Cheers
Yes it will stay a bullish wedge until you got a higher high, and Ops! now you have a bear flag instead.
this is why they are so unreliable,

bear flags doesn't have to have a pole, even if you don't see a pole on the chart you are watching,
go up in time frame, and you will see the flag pole., but on a lower time frame, it will just look as a trend down.
but then it still would be a bear flag. because note that every flag pole, is a downtrend on a lower time frame.
so then what you could do is trade the higher time frame instead.
Bulls are stupid Animals!especially when Im short!
  • #744
  • Apr 17, 2016 12:19pm Apr 17, 2016 12:19pm
EJ, Bearish flag. Looking for ca. 70 pips to the downside. Right around support!
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GA, great Morningstar, look for reversal!
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A possible failed Kangaroo Tail, if price breaks green line, a nice decend could follow!
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When trading: "Empty your mind, be formless. Shapeless, like water."
  • #745
  • Apr 17, 2016 12:21pm Apr 17, 2016 12:21pm
To be the best quality bear flag, it should also have the flag slanted up.
and a bull flag should have the flag pointing down.
Bulls are stupid Animals!especially when Im short!
  • #746
  • Apr 17, 2016 12:21pm Apr 17, 2016 12:21pm
Quoting roughtrader
{quote} Yes it will stay a bullish wedge until you got a higher high, and Ops! now you have a bear flag instead. this is why they are so unreliable, bear flags doesn't have to have a pole, even if you don't see a pole on the chart you are watching, go up in time frame, and you will see the flag pole., but on a lower time frame, it will just look as a trend down. but then it still would be a bear flag. because note that every flag pole, is a downtrend on a lower time frame. so then what you could do is trade the higher time frame instead.
I agree, but again I like to see price rise/fall quickly. In order to catch a quick correction or a continuation of trend. When price moves slowly, it "tends" to correct itself or continue to trend slowly.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #747
  • Apr 17, 2016 12:27pm Apr 17, 2016 12:27pm
Quoting Shemski
{quote} I agree, but again I like to see price rise/fall quickly. In order to catch a quick correction or a continuation of trend. When price moves slowly, it "tends" to correct itself or continue to trend slowly.
Yes this view is in relation to the time frame you have in front of you.
on a higher time frame where the pole is more clear and long, the drop would seem to be fast.
but that is in relation to that time frame. that is right.
Bulls are stupid Animals!especially when Im short!
  • #748
  • Apr 17, 2016 2:30pm Apr 17, 2016 2:30pm
USDCAD in downward channel. will wait for top of channel to be reached and then look for a short to bottom of channel.
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  • #749
  • Apr 17, 2016 4:14pm Apr 17, 2016 4:14pm
upps it works
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don´t follow me,you will loose your moneyy
  • #750
  • Apr 19, 2016 12:07pm Apr 19, 2016 12:07pm
Hi All. I've been following the thread for a while - is it worth buying? https://www.amazon.co.uk/Getting-Sta...omas+bulkowski
I trade with PA, James 16 principles, Nial Fuller and Choros rules - but looking to educate bit more
On my way to financial independence - if others can do it - I can do it
  • #751
  • Apr 19, 2016 3:45pm Apr 19, 2016 3:45pm
Quoting Eur Usd
Hi All. I've been following the thread for a while - is it worth buying? https://www.amazon.co.uk/Getting-Sta...omas+bulkowski I trade with PA, James 16 principles, Nial Fuller and Choros rules - but looking to educate bit more
There is a website look it up. All patterns and other things are on the website.
  • #752
  • Apr 19, 2016 4:09pm Apr 19, 2016 4:09pm
Quoting Eur Usd
Hi All. I've been following the thread for a while - is it worth buying? https://www.amazon.co.uk/Getting-Sta...omas+bulkowski I trade with PA, James 16 principles, Nial Fuller and Choros rules - but looking to educate bit more
Why buy it when you can download it for free over here https://thepiratebay.se/torrent/1174...Chart_Patterns

It's free and illegal.

Also, anyone selling stuff on forex is not making money from forex trading. Just my opinion.
  • #753
  • Apr 20, 2016 4:10am Apr 20, 2016 4:10am
Quoting LifesAbeach
Also, anyone selling stuff on forex is not making money from forex trading. Just my opinion.
I agree with it. All those book writers, or expensive seminars. If their knowledge was so good they would trade themselves rather than selling expensive stuff.
On my way to financial independence - if others can do it - I can do it
  • #754
  • Apr 21, 2016 6:43am Apr 21, 2016 6:43am
Quoting Eur Usd
{quote} I agree with it. All those book writers, or expensive seminars. If their knowledge was so good they would trade themselves rather than selling expensive stuff.
You are right for the most part but some of them want recognition for what they can do and want to be popular also. I would say about 2 out of every 100 books are garbage but finding those 2 is the hard part.​
JOHN 3:16
  • #755
  • May 9, 2016 1:28am May 9, 2016 1:28am
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Quoting LifesAbeach
{quote} Also, anyone selling stuff on forex is not making money from forex trading. Just my opinion.
OR mabe they make money from trading forex , but in their books they don't tell everything they have discovered or they write about well know things. That way they win at 2 points : popularity and some ca$h selling their books.
Money moves the market, not an indicator.
  • #756
  • Edited 3:55am May 9, 2016 2:05am | Edited 3:55am
I will repeat here what I did many weeks ago on this thread , to Shemski.

If you want apply chart pattern succesfully, with odds stacked in your favor, then search them in a trend .

If you want evolve on the next stair of trading, you should trade only in the direction of the trend .

I assure you as along as you trade like majority here on forexfactory - trend and counter trend - you will lose. Trade only with the trend. Don't underestimate the power of risk management strategies, the COVERVING OF POSITION.
Stop listening to trolls. There are plenty of trolls here. And in every place. Read carrefully informations and bear in mind :
NEVER, NOBODY will present in public his working strategy.
If somebody will do that, you should read him very skeptical.

How to objectively estabilish the trend you need for spoting these chart patterns ? Simple : use the well known EMA 20

I will post you some text from a scalping book written by Bob Volman. I repeat, these informations are just guidelines that can improve drastically your trading results apllying well-known chart patterns.

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Example :

Long side :

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Short side :

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How to not trade :


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P.S :

There are only patterns, patterns on top of patterns, patterns that affect other patterns. Patterns hidden by patterns. Patterns within patterns.
If you watch close, history does nothing but repeat itself.
What we call chaos is just patterns we haven't recognized. What we call random is just patterns we can't decipher. what we can't understand we call nonsense. What we can't read we call gibberish.
There is no free will.
There are no variables.
Money moves the market, not an indicator.
  • #757
  • May 9, 2016 3:46am May 9, 2016 3:46am
Quoting andoseg2
I will repeat here what I did many weeks ago on this thread , to Shemski. If you want apply chart pattern succesfully, with odds stacked in your favor, then search them in a trend . If you want evolve on the next stair of trading, you should trade only in the direction of the trend . I assure you as along as you trade like majority here on forexfactory - trend and counter trend - you will lose. Trade only with the trend. Don't underestimate the power of risk management strategies, the COVERVING OF POSITION. Stop listening to trolls. There are plenty...

Based on the explanations above :

SHORT CHF . WHY ? Because we are below down sloping EMA20. Price @ EMA20 potential resistance. Is there any chart pattern ? Yes. Now apply the trading rules that are specific to this chart pattern as Bulkowski said in his book.

Do you trade candlestick patterns ? Then search for them respecting the EMA20. Do you trade gartley patterns? Search them according to EMA20, Do you trade, fibonacci ? pitchfork? trendlines, any kind of indicator? Then introduce the EMA20 . There is no magic to EMA20 , only the fact it is well known and used by traders and they think at EMA20 price will tend to turn. Same apply for EMA50 and EMA200.

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Result :

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Money moves the market, not an indicator.
  • #758
  • May 9, 2016 4:11am May 9, 2016 4:11am
you have a sound candle read there sir andoseg2 and a profitable run too. I agree that to use a confluence to filter entries and exit will definitely add to your edge as a trader. You squared just when price touching key support level, a sign of a skilled trader. thanks for your insights.

just a question, what is your take on inside bars and Pinocchio bars on lower time frame - say 5 or 15 minutes?

regards,
  • #759
  • May 9, 2016 4:19am May 9, 2016 4:19am
Quoting andoseg2
{quote} Based on the explanations above : SHORT CHF . WHY ? Because we are below down sloping EMA20. Price @ EMA20 potential resistance. Is there any chart pattern ? Yes. Now apply the trading rules that are specific to this chart pattern as Bulkowski said in his book. Do you trade candlestick patterns ? Then search for them respecting the EMA20. Do you trade gartley patterns? Search them according to EMA20, Do you trade, fibonacci ? pitchfork? trendlines, any kind of indicator? Then introduce the EMA20 . There is no magic to EMA20 , only the fact...

I asked about inside bars and Pinocchio bars of you see those and how you trade them if you do because just a while ago, after i saw strong push by bull with Britishpounds and a pin bar pointing to the north ... i then take long position to fell the market.

and another question kind sir... do we really need to use stop loss?

cheers
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  • #760
  • May 9, 2016 9:14am May 9, 2016 9:14am
Quoting tradeur
you have a sound candle read there sir andoseg2 and a profitable run too. I agree that to use a confluence to filter entries and exit will definitely add to your edge as a trader. You squared just when price touching key support level, a sign of a skilled trader. thanks for your insights. just a question, what is your take on inside bars and Pinocchio bars on lower time frame - say 5 or 15 minutes? regards,
Tradeur,

It is the first time I read about pinocchio bar , lol. I never heard about that before. I suppose you are referring to PIN BAR as Pinochio bar.

My belief is the time frame does NOT matter. I have said before I say and I will always say until proven contrary to me, the market, fortunately, it is fractalic. I do not refer to Fractals indicator or something of Bill Williams. What it does work on 60m timeframe it work on 40m timeframe, 39m,38m,37,36 .... 1m timeframe. There is no limit. The only difference is the most tradable timeframe .

Every trading platform starting from Metatrader 4, Fusion, Thinkorswim, Tradestation and others, have as default timeframe 1m,5m,15,30m,1h,4h,D,W and M . Because of this limitation, all traders who use these platforms will try to adapt to the crowd. Some traders are teached to trade Daily timeframe, others 4h timeframe, others 1h, others 5M . Majority of novice traders are advised to trade Daily timeframe due to "noise" on low timeframes. My belief is there is nothing true here. The only reason a novice trader should trade Daily timeframe is because he will be limited by time to control his emotions. One to three days should pass before he need adjust stoploss or take some trading decision. It is enough time to give him freedom to analyze his trade and take a good decision without the pressure which exist on lower timeframes.

So, majority will adapt to default timeframes and that's why on others timeframes , for examples 123m timeframe or 456m or 789m timeframe the setups may have a slow rate of construction but finally they construct same manner like on the default timeframes. It is more convenable for traders who would trade unconventional timeframes , to trade default timeframes because these are the timeframes used by the crowd so there will be more opportunities on these timeframes.

There are a lot of traders who trade 15m, a lot of traders who trade 5m too. In fact, traders are teached these 2 timeframes are viable for scalping and that's why the price seem to move short distances in number of pips. I would like to say that the distance of pips doesn't matter for advanced traders. Using position sizing the barrier of "not enough money for large stoploss level to trade higher timeframes" should be voided.

One example in this way is the following indicator . It have 2 horizontally lines, One for the entry, other for the stoploss. Type the risk desired in setting, on each trade and then just adjust the horizontal lines for entry and stoploss. Indicator will tell you which lot size to use to lose exactly the risk defined by you :

Attached File(s)
File Type: mq4 PositionSizeCalculator.mq4   8 KB | 515 downloads




Quoting tradeur
{quote} I asked about inside bars and Pinocchio bars of you see those and how you trade them if you do because just a while ago, after i saw strong push by bull with Britishpounds and a pin bar pointing to the north ... i then take long position to fell the market. and another question kind sir... do we really need to use stop loss? cheers {image}
Tradeur,

Your green EMA was below red EMA. If you use 2 moving averages, I advise you to wait until the short term EMA cross the long term EMA and only after that you could look for setups. As long as green EMA is below red EMA, traders from different timeframes are agreeing the trend is DOWN. You should follow the trend ! They have more money than you have.



Regarding the stoploss, a trade without a stoploss is a lost trade. Do you feel good with larger stoploss ? Then use the position size calculator I have attached above . This way you are sure you will apply correctly the risk:reward and will lose the exactly percent of money if the stoploss is hit. Of course, if you trade on ECN broker, you should take in consideration the comission wich will be very low on higher timeframes.
Money moves the market, not an indicator.
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