The Really Useless Thread | Page 7119 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Really Useless System 25 replies

Bloomberg: VIX Indicator useless for forecasting the direction of equity prices 0 replies

The Really Really Boring Forex System 97 replies

Attachments: The Really Useless Thread
Exit Attachments

The Really Useless Thread

  • #142,361
  • Aug 16, 2016 12:55pm Aug 16, 2016 12:55pm
Quoting PAStalker
{quote} In buy outlook -> trade from inside out..so the bottom support in the chart is the flip
Really? ...what about if the outlook is neutral or buy?

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #142,362
  • Aug 16, 2016 1:02pm Aug 16, 2016 1:02pm
If neutral, I would think the support would be the extreme
  • #142,363
  • Aug 16, 2016 1:07pm Aug 16, 2016 1:07pm
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 67 KB

In buy
  • #142,364
  • Aug 16, 2016 1:09pm Aug 16, 2016 1:09pm
Quoting PAStalker
If neutral, I would think the support would be the extreme
I don't understand your logic. You are only taking the S or R at the extremes which is also wrong by default as extremes.

You are basically implying that long are right until the ultimate low is taken and shorts are right until the ultimate high is taken which doesn't make much sense, neither will help you spotting a flip.

Quoting goosebone
{image}
Quoting Earleone
Agree with Goosebone on the flip in buy mode.
mmmm ...So according to you where should it be on neutral and shorts?

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #142,365
  • Aug 16, 2016 1:09pm Aug 16, 2016 1:09pm
Agree with Goosebone on the flip in buy outlook where he was drawing it.
Trading in the shadow of SM
  • #142,366
  • Aug 16, 2016 1:13pm Aug 16, 2016 1:13pm
Quoting sisse
{quote} I don't understand your logic.
In buy outlook, I assumed the support wasn't the extreme of the current range...
  • #142,367
  • Aug 16, 2016 1:14pm Aug 16, 2016 1:14pm
Agree with Goosebone also. Dally close below this level I thought would be bearish.
  • #142,368
  • Aug 16, 2016 1:16pm Aug 16, 2016 1:16pm
Quoting sisse
{quote} I don't understand your logic. You are only taking the S or R at the extremes which is also wrong by default as extremes. You are basically implying that long are right until the ultimate low is taken and shorts are right until the ultimate high is taken which doesn't make much sense, neither will help you spotting a flip. {quote} {quote} mmmm ...So according to you where should it be on neutral and shorts? sisse
In neutral I will place it at the break of the flag 4 1/2 bar earlier. So currently it would be to late to take position or an expensive ticket
Trading in the shadow of SM
  • #142,369
  • Aug 16, 2016 1:17pm Aug 16, 2016 1:17pm
Attached Image (click to enlarge)
Click to Enlarge Name: FlipN.jpg Size: 69 KB
  • #142,370
  • Aug 16, 2016 1:21pm Aug 16, 2016 1:21pm
On further thought..the flip is the same for every outlook
  • #142,371
  • Aug 16, 2016 1:24pm Aug 16, 2016 1:24pm
Attached Image (click to enlarge)
Click to Enlarge Name: FlipS.jpg Size: 88 KB
  • #142,372
  • Aug 16, 2016 1:25pm Aug 16, 2016 1:25pm
Quoting PAStalker
On further thought..the flip is the same for every outlook
ooooh. tricky that one. good question/point.

Only one of mine that looks right to me is the one I labled neutral.
  • #142,373
  • Edited 1:50pm Aug 16, 2016 1:27pm | Edited 1:50pm
No doubt you omitted the timeframe and instrument to force the viewer to 'focus' on relevant information .

My eye (based on my current method) was immediately drawn to the flip range indicated though I wouldn't buy yet as the last few candles have a heavy down bias. I would wait to see if the market stalls in the flip zone (again) and breaks back up and out.
Attached Image
  • #142,374
  • Aug 16, 2016 1:28pm Aug 16, 2016 1:28pm
Quoting goosebone
{image}
 
Wasn't able to draw (on the road), but that was my take on it as well.
  • #142,375
  • Aug 16, 2016 1:32pm Aug 16, 2016 1:32pm
Quoting sisse
but you are choosing the Resistance in play instead of the rejection and failure.
Many areas of rejection & failure
Attached Image (click to enlarge)
Click to Enlarge Name: TUT.png Size: 25 KB
  • #142,376
  • Aug 16, 2016 1:39pm Aug 16, 2016 1:39pm
-> When a Resistance or Support stop being valid? When we have a rejection of a trend be it up or down.
-> How can you recognise soft S/R areas and strong? Two ways for a strong S/R: TF (D, W and M) and a rejection of a trend for many times at a specific level. Vice-versa for the soft S/R.

With regard to the question on the flip in the buy outlook chart, it's at the previous candle (green one) of the last one. Few times, this level behave as a flip as well as resistance.
  • #142,377
  • Aug 16, 2016 1:44pm Aug 16, 2016 1:44pm
When a Resistance or Support stop being valid?
When price moves through the level and closes on the other side
-> How can you recognise soft S/R areas and strong?
Repeated attempts at this after retrace fail with stronger s/r levels.
  • #142,378
  • Aug 16, 2016 1:46pm Aug 16, 2016 1:46pm
Quoting bullionman
No doubt you omitted the timeframe to force the viewer to 'think' about what they are seeing . My eye (based on my current method) was immediately drawn to the flip range indicated though I wouldn't buy yet as it has a down bias. I would wait until the market stalls in the flip zone (again) and breaks back up and out. {image}

I was getting ready to post my FLIP chart and yours was exactly what I had drawn. Hope we are right!
  • #142,379
  • Aug 16, 2016 1:55pm Aug 16, 2016 1:55pm
Ok interesting how a simple example can trigger so many questions and alternatives. Let's plot some 'helpers' sketching the top and bottom and flip areas to see if that answer some ? or raise even further questions before moving forward.

Attached Image (click to enlarge)
Click to Enlarge Name: Flip.png Size: 171 KB


Assume the chart is minutes before the FED and we get the headline that they decided to hike rates by 2 points so we change the outlook from buy to Sell. Can you spot the new flip?.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #142,380
  • Edited 2:24pm Aug 16, 2016 2:12pm | Edited 2:24pm
Quoting sisse
Can you spot the new flip?. sisse
.?
Attached Image (click to enlarge)
Click to Enlarge Name: FlipS3.jpg Size: 110 KB
29 traders viewing now