Quoting narafaDislikedAnyone here supports my idea of a down rally with 1.2340-1.2345 as a primary target ?
Thanks,
NaderIgnored
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Quoting narafaDislikedAnyone here supports my idea of a down rally with 1.2340-1.2345 as a primary target ?
Thanks,
NaderIgnored
Quoting IsotonicDislikedDo you mean something like this?Ignored
Quoting habeebDislikedHere was a great trade that I exit too early. I entered short at the top of the 2nd bar but had a limit of 30 (my daily target). At least it wasn't a loss.
http://www.forexfactory.com/forexfor...ntid=831&stc=1Ignored
Quoting IsotonicDislikedI've highlighted a few areas on the chart and would like to collect your thoughts on the following price action:
1-2-3 pattern - can be high or low with the 2nd peak not reaching the 1st - along with a reversal bar pattern (or dark cloud cover candles).
The others are similar - a quick rally followed by an equally quick sell - call it engulfing, cloud cover or use Jim's bar terms if you prefer. They are generally small structures, 2-3 bars typically (small patterns).
Now conventional TA tells you to also look for larger patterns such as triangles, wedges, flags etc so I normally draw them on too.
So where you can draw both together could be seen as some sort of confluence I guess (maybe I overload that term).
My observation is that if you can follow a small pattern (say pin bar or OVB) as in the false rallies above with a breakout from a larger pattern (triangles in this example) then that should provide decent entry points.
However since pairs like Euro and cable move quickly, and I also generally follow 4hr (which doesn't help) so then I have to rely on pullbacks - thats where calculating bar retracements is a useful technique suggested by Jim. But still the gap between the stop and the limit is still quite big - doesn't make me feel too comfortable.
That makes me look at other pairs for higher timeframes - preferable with a smaller range like EURGBP, EURCHF and AUDUSD along with some extra diversity away from the dollar.
The problem I'm finding now is that although I can generally draw the larger structures fairly well, its reading the smaller structures thats the problem - especially weeding out the false moves and hence stops being hit.
What brought my poor bar pattern skills is the number of moves I missed or just let go - even if I'm demoing right now - and that bothers me. One or two I can excuse, but four!?
I can actually see these reversals as they are drawn as completed candles but I get peeved when they turn out to be false so I do nothing in the end.
Anybody else suffering from this? Is it a lack of confidence, ability or just plain analysis paralysis?Ignored
Quoting IsotonicDisliked1-2-3 pattern - can be high or low with the 2nd peak not reaching the 1st - along with a reversal bar pattern (or dark cloud cover candles).Ignored
Quoting IsotonicDislikedThe problem I'm finding now is that although I can generally draw the larger structures fairly well, its reading the smaller structures thats the problem - especially weeding out the false moves and hence stops being hit.Ignored
Quoting habeebDislikedHey 777, nice going
you think you could explain a bit more on your strategy. I'm not quite getting it.
Thanx
HabeebIgnored