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what happens next? Price action training

  • #121
  • Jan 4, 2017 4:01am Jan 4, 2017 4:01am
Quoting shyean
Hi simond2002, I think this wave down likely completed and supported by some structure. Now probably a correction upwards. I'll plan a break of correction momentum to continue short. Thanks {image} {quote}
Thanks shyean,

Yes, I'd agree.

It's USDJPY M5 and is making the first test of this morning's supply levels.

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  • #122
  • Jan 4, 2017 4:15am Jan 4, 2017 4:15am
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  • #123
  • Jan 4, 2017 4:22am Jan 4, 2017 4:22am
AU reached terminal 2
what happened at 3 maybe later?

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AJ
planning
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  • #124
  • Jan 4, 2017 4:42am Jan 4, 2017 4:42am
Hi simond2002,

Besides a Fibo 61.8% retrace, not sure of other reasons. Maybe it is going to form a bearish Gartley Harmonic pattern.

Thanks

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Quoting simond2002
{image}
"The markets can remain irrational longer than you can remain solv
  • #125
  • Jan 4, 2017 4:47am Jan 4, 2017 4:47am
Quoting shyean
Hi simond2002, Besides a Fibo 61.8% retrace, not sure of other reasons. Maybe it is going to form a bearish Gartley Harmonic pattern. Thanks {image} {quote}
Here's a line view.

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  • #126
  • Edited 5:04am Jan 4, 2017 4:51am | Edited 5:04am
i would like to assume that was consumption CMIIW
since lower demand/ CP aint consumed yet and not to strong zone..
i prefer price consumed demand and climb up all for better price for sell maybe
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  • #127
  • Jan 4, 2017 5:03am Jan 4, 2017 5:03am
Quoting gembel
{quote} i would assume that was consumption, order got taken out CMIIW ltf supply + minor SR reaction since demand at lower was not consumed but aint strong zone too {image}
Yea, I'd agree.

That lower demand zone you mention has been key for me too this morning. It was used as the base of a flag to retrace price up to the decision area (on original post) around 117.69. The fresh supply is nice though as you say, we still have to consider the chance of price creeping higher.

Having said that, I would still look to sell it at 117.24 as long as it gave a decent PA. If it breaches 117.24 then obviously things change. 117.82 would probably be the last price I'd look for selling opportunity today, although I would still potentially sell lower if something set up. Will update as and when things change.
  • #128
  • Jan 4, 2017 5:13am Jan 4, 2017 5:13am
Quoting simond2002
{quote} Yea, I'd agree. That lower demand zone you mention has been key for me too this morning. It was used as the base of a flag to retrace price up to the decision area (on original post) around 117.69. The fresh supply is nice though as you say, we still have to consider the chance of price creeping higher. Having said that, I would still look to sell it at 117.24 as long as it gave a decent PA. If it breaches 117.24 then obviously things change. 117.82 would probably be the last price I'd look for selling opportunity today, although I would...

that was quick while iam typing
it have been consumed now
new ltf supply was forming again
where do you consider best way join this bearish move 1,2,3?
4 & 5 i think that was too far away
i probably might wait at 3
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  • #129
  • Jan 4, 2017 5:19am Jan 4, 2017 5:19am
what an interesting pairs..
will be watching NU..
what will happened if price enter big chinese walls.?
might be look PA later
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  • #130
  • Jan 4, 2017 5:22am Jan 4, 2017 5:22am
Quoting gembel
{quote} that was quick while iam typing it have been consumed now new ltf supply was forming again where do you consider best way join this bearish move 1,2,3? 4 & 5 i think that was too far away i probably might wait at 3 {image}
Pity we didn't catch that double-top. Anyhow, no worries. Current level of interest is 117.61. I would need to see bearish PA there after a test.

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  • #131
  • Jan 4, 2017 5:41am Jan 4, 2017 5:41am
Quoting simond2002
{quote} Pity we didn't catch that double-top. Anyhow, no worries. Current level of interest is 117.61. I would need to see bearish PA there after a test. {image}
I want to avoid kind of running commentary thing so won't make any further posts about this pair today. Nevertheless, it's important to point out the fresh demand zone that's formed, which is a major swing low and may also be the session low. The structure of the PA is quite bullish making it distinct from the prior retrace PA marked with the "x".

We can't say that price is going to form a double-bottom here or obliterate the supply levels or anything like that. But this kind of stuff is one of the ways the market rinses day-traders and is something to be aware of.

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  • #132
  • Jan 4, 2017 7:05am Jan 4, 2017 7:05am
Quoting simond2002
{quote} My side, it looks like it may be trying to go long here. Bit early to tell. Would monitor the PA around current SR to see if anything bullish sets up, or aim to buy bullish PA if, as and when ii establishes after a test of the demand. I don't see any shorting opportunity based on current PA. {image}
good read .
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  • #133
  • Jan 4, 2017 7:33am Jan 4, 2017 7:33am
Quoting simond2002
{quote} I want to avoid kind of running commentary thing so won't make any further posts about this pair today. Nevertheless, it's important to point out the fresh demand zone that's formed, which is a major swing low and may also be the session low. The structure of the PA is quite bullish making it distinct from the prior retrace PA marked with the "x". We can't say that price is going to form a double-bottom here or obliterate the supply levels or anything like that. But this kind of stuff is one of the ways the market rinses day-traders and...
looks like pressure building up against the sellers to me ....i would have a bullish bias .
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  • #134
  • Jan 4, 2017 7:46am Jan 4, 2017 7:46am
Quoting price777999
{quote} looks like pressure building up against the sellers to me ....i would have a bullish bias . {image}
Yea, that swing low seems to be holding for the time being.
  • #135
  • Jan 4, 2017 9:15am Jan 4, 2017 9:15am
Quoting simond2002
{quote} Yea, that swing low seems to be holding for the time being.
It looked bullish until it didn't
  • #136
  • Jan 4, 2017 9:25am Jan 4, 2017 9:25am
Quoting price777999
{quote} It looked bullish until it didn't
Yep. Not been a particularly straightforward day.
  • #137
  • Jan 4, 2017 12:00pm Jan 4, 2017 12:00pm
Quoting simond2002
{quote} Yep. Not been a particularly straightforward day.
one of those days that you understand after the fact.
  • #138
  • Jan 4, 2017 2:35pm Jan 4, 2017 2:35pm
Quoting price777999
{quote} one of those days that you understand after the fact.
FYI - one of today's levels eventually gave a nice enough trade. Worth noting even although I missed the setup (will have to stop eating dinners )

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  • #139
  • Jan 4, 2017 4:27pm Jan 4, 2017 4:27pm
Anyone not bearish looking at this ?
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  • #140
  • Jan 4, 2017 5:18pm Jan 4, 2017 5:18pm
Hi price777999,

I'm thinking up momentum (white line). Waiting for prices to break consolidation (yellow line), then consider long.

Thanks

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Quoting price777999
Anyone not bearish looking at this ? {image}
"The markets can remain irrational longer than you can remain solv
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