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- #121
- Apr 9, 2013 7:14am Apr 9, 2013 7:14am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Please Do Not PM Me With Coding Enquiries
- #123
- Apr 9, 2013 8:02am Apr 9, 2013 8:02am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
As I said earlier, I was looking for retracement to broken support and then maybe taking a short signal.
Price did return to the level, but I didn't like that price had made an intermediate higher low, so no trade for me.
I will put sloping trend lines on my charts to show series of higher lows etc just as a visual aid to what I am talking about.
I don't actually use them in my reasoning.
I can't help but notice that these sloping lines can be effective, but I am not at all sure how to use them.
As this hourly chart approaches its close, I see that price has broken the line, but returning to close very close to it.
I would really like to hear about how others use these sloping trend lines in their PA analysis.
Price did return to the level, but I didn't like that price had made an intermediate higher low, so no trade for me.
I will put sloping trend lines on my charts to show series of higher lows etc just as a visual aid to what I am talking about.
I don't actually use them in my reasoning.
I can't help but notice that these sloping lines can be effective, but I am not at all sure how to use them.
As this hourly chart approaches its close, I see that price has broken the line, but returning to close very close to it.
I would really like to hear about how others use these sloping trend lines in their PA analysis.
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- #124
- Apr 10, 2013 3:22am Apr 10, 2013 3:22am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Hourly chart..
First hour cdandle of the London session was strongly bearish. There are weak signs of rejection at the level of the high of candle 4.
I would rather wait to see if price can go down to the next support level which has proved its strength in the past before considering a long.
20 minutes or so into the current candle and the bearish mood seems to be continuing.
I'm sitting out for now.
First hour cdandle of the London session was strongly bearish. There are weak signs of rejection at the level of the high of candle 4.
I would rather wait to see if price can go down to the next support level which has proved its strength in the past before considering a long.
20 minutes or so into the current candle and the bearish mood seems to be continuing.
I'm sitting out for now.
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- #125
- Apr 10, 2013 8:26am Apr 10, 2013 8:26am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Price has reached strong support.
Not even half way through this current candle, so no idea if there will be a good signal to go long or not.
Getting late for me now and so will not be able to take a trade if it materialises.
One of the problems of living in this part of the world is that is not easy to trade the US session.
Not even half way through this current candle, so no idea if there will be a good signal to go long or not.
Getting late for me now and so will not be able to take a trade if it materialises.
One of the problems of living in this part of the world is that is not easy to trade the US session.
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- #127
- Apr 11, 2013 5:56am Apr 11, 2013 5:56am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Hi Guys, I have just enter long on gold. Will keep you posted on the trade
Good luck with your trade.
Did you enter on M30 chart?
I see that price has moved in a sort of channel, upward direction and bears have not been able to take out the day low.
4 candles back was a strong bearish candle but bulls resisted strongly on the next candle and took price almost to the high of that bearish candle.
That candle failed to break the low of the bearish candle and had a shaven top. Very good indication that the bulls were taking back control.
Shame that the next candle had no follow through.
Look forward to seeing your reasons behind the trade
Not in anything myself at the moment.
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- #129
- Apr 12, 2013 7:12am Apr 12, 2013 7:12am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Please Do Not PM Me With Coding Enquiries
- #130
- Apr 12, 2013 12:51pm Apr 12, 2013 12:51pm
- | Commercial User | Joined Sep 2012 | 3,282 Posts
Trade the facts, not opinions.
- #131
- Apr 12, 2013 5:04pm Apr 12, 2013 5:04pm
- Joined Oct 2012 | Status: Trader | 1,959 Posts
And we are dead! Nobody believed, heh? Gumrai, at least you kept your cool! Good Luck!
I guess maybe a good day for break-out traders.
My way of trading with PA meant that I didn't see any opportunity to get in on the move.
Eventually I hope that I will improve at reading continuation signals when there is no real pullback.
I have noticed that quite often when there is a candle with a relatively long upper or lower shadow and that is followed by a candle that is mostly contained within the shadow, it can indicate a move or continuation in that direction.
I have ringed some examples on the chart. The first 2 are a bit squashed because of the large range on the chart.
At the moment this is just an observation. Obviously this pattern does not work all the time and may not be reliable enough to incorporate into my PA trading.
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- #132
- Apr 13, 2013 5:28am Apr 13, 2013 5:28am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Please Do Not PM Me With Coding Enquiries
- #133
- Apr 13, 2013 6:18am Apr 13, 2013 6:18am
- | Commercial User | Joined Sep 2012 | 3,282 Posts
Although this is nothing to do with PA, I will repeat a post that I made in another thread. "Regarding Gold, it is possible that you will see further major falls in Gold price. There is an action group that alleges that the London Bullion Market Association has been selling Gold based on the fractional reserve basis. Because most people/organisations that that buy Gold do not take physical delivery, this has allowed the LBMA to sell more Gold than they actually have access to. LBMA is not an exchange that deals in futures or derivatives, it is...
However, I still say, PA did show only Down.
Trade the facts, not opinions.
- #134
- Apr 15, 2013 3:52pm Apr 15, 2013 3:52pm
- Joined Oct 2012 | Status: Trader | 1,959 Posts
With the candle range on the M15 chart, it's almost like looking at the H1.
I watched this set-up forming, but found myself unable to make a decision. One of the problems that I have with trading is that when there is a huge move, a little voice in my head keeps telling me "Surely it's gonna turn soon"
I watched this set-up forming, but found myself unable to make a decision. One of the problems that I have with trading is that when there is a huge move, a little voice in my head keeps telling me "Surely it's gonna turn soon"
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- #135
- Apr 15, 2013 4:05pm Apr 15, 2013 4:05pm
- | Commercial User | Joined Sep 2012 | 3,282 Posts
Trade the facts, not opinions.
- #136
- Apr 16, 2013 4:10am Apr 16, 2013 4:10am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Just watching H1 to see what happens and whether we get a signal for a short in the direction of the strong bear trend
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- #137
- Edited 5:05am Apr 16, 2013 4:39am | Edited 5:05am
- | Commercial User | Joined Sep 2012 | 3,282 Posts
GOLD is showing signs for going back up, at least for now.
PS.
Price did make it exactly to the Resistance level.
Only, the Resistance level is not just some H/L level.
It is the H/L of the PTECZ (Potential Trend Ending Consolidation Zone).
On image: One historical further in the past, the other more recent.
PS.
Price did make it exactly to the Resistance level.
Only, the Resistance level is not just some H/L level.
It is the H/L of the PTECZ (Potential Trend Ending Consolidation Zone).
On image: One historical further in the past, the other more recent.
Trade the facts, not opinions.
- #138
- Apr 16, 2013 4:47am Apr 16, 2013 4:47am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
GOLD is showing signs for going back up, at least for now. {image} {image}
Since I made the previous post, bulls have pushed higher than the extremes of the last few candles which nullifies my previous analysis. Now looking for new signs of bullish weakness before jumping in in the direction of the trend. But still at S/R level.
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- #139
- Apr 16, 2013 5:56am Apr 16, 2013 5:56am
- | Commercial User | Joined Sep 2012 | 3,282 Posts
Yes it is now. Since I made the previous post, bulls have pushed higher than the extremes of the last few candles which nullifies my previous analysis. Now looking for new signs of bullish weakness before jumping in in the direction of the trend. But still at S/R level. {image}
The scenario is going to be like this:
The Price will turn back in an arch, somewhat like the "Italian boot".
It will either reach a new Low, or the retrace will Close Higher.
Then, there will be a few smaller arches, like a ball bouncing.
Then, we will see if they shoot up?!
Trade the facts, not opinions.
- #140
- Apr 16, 2013 6:42am Apr 16, 2013 6:42am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Please Do Not PM Me With Coding Enquiries