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  • #11,981
  • Jul 21, 2014 3:22pm Jul 21, 2014 3:22pm
This scenario is based on a longer term projection of a bearish view...

* I still find myself aligned to this view for atleast the next few weeks or the sideways correction (which I posted on july 17)* or until price doesn't break some key areas...

July 17th post http://www.forexfactory.com/showthre...29#post7614529.
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  • #11,982
  • Edited 5:28pm Jul 21, 2014 4:31pm | Edited 5:28pm
Quoting Pip Anon
Break out of triangle, targeting 1,330. 1,311 holding as decent support. A breakdown and back to 1,300 {image}
Quoting farukh
{quote} yes i just uploaded 2 pics of charts.. u can also comment/suggest ur experience on that
IMO, the thing about triangles and channels is that though they seem very intuitive and "obviously seem to work"...but the reality is that they are as good as a coin flip! (50/50% chance especially in the short time frame charts)...

Yes they can generally enhance your overall trading plan when they are used in tandem with market structure & other "indicators/strategies" which helps in filtering the bad calls and increasing the probability of good trades...

but to develop a strategy based solely on them is a recipoe for disaster...
  • #11,983
  • Edited 8:32pm Jul 21, 2014 6:12pm | Edited 8:32pm
Quoting Pip Anon
Break out of triangle, targeting 1,330. 1,311 holding as decent support. A breakdown and back to 1,300 {image}
same numbers different way came out with me,1311 or 1310 should hold,a break down can take it to 1300,under 1300 very bearish ,and i guess the high for today will be 1324.6
  • #11,984
  • Jul 21, 2014 6:18pm Jul 21, 2014 6:18pm
Quoting waleed.khan
{quote} I don't know why I cant... Hi Farukh; when one is new to trading they should stick to one method of trading (and see if it works for you for atleast 3-6 months before moving on... ) I see that you are working with Nitsans moving average method... In terms of your chart; I would just like to say that at this price level it is too hard to tell which way the market is headed and it might be to early to start making a triangle too also when "C" leg of the triangle isn't clearly formed (The fact that a doji is on the verge of being posted on...
thnx bro..

again a nice learning!
P.S. Trade with the discipline of Money Management and Risk Management.
  • #11,985
  • Jul 21, 2014 8:58pm Jul 21, 2014 8:58pm
My area of focus remains same as yesterday. I plan to be patient and wait for NY morning. Lets see if I can get some cues.

Moved SL to 1301, its been boring lately.
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  • #11,986
  • Jul 21, 2014 9:16pm Jul 21, 2014 9:16pm
I think we may see it skim up to the 1320 level then straight back down to sub 1306. We'll see after the unemployment claims.
  • #11,987
  • Jul 21, 2014 9:38pm Jul 21, 2014 9:38pm
Quoting weti
I think we may see it skim up to the 1320 level then straight back down to sub 1306. We'll see after the unemployment claims.
I think you got the direction right but it will take some time
"The Market is Not Evil, it Simply Separates Dumb People From Their Money."
  • #11,988
  • Jul 21, 2014 10:37pm Jul 21, 2014 10:37pm
it'll be the 2nd option he gave. we'll visit fibo's 161 at 1281 then go up hopefully the entire august. but be ready for a down to 1281 this week catching longs that have been placed after fundamental events came out
  • #11,989
  • Jul 21, 2014 11:38pm Jul 21, 2014 11:38pm
The bears look angry this morning.. so far trampling bulls.
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  • #11,990
  • Jul 21, 2014 11:44pm Jul 21, 2014 11:44pm
Quoting ClockTrader
The bears look angry this morning.. so far trampling bulls.
hate when this happens though.. usually means it will shift unless there is a breakout.
  • #11,991
  • Jul 21, 2014 11:47pm Jul 21, 2014 11:47pm
hmm this might the breakout i'm hoping for though. lets see how the h candle closes. And i might start my vacation today if the price hits my 1280 target
  • #11,992
  • Jul 21, 2014 11:51pm Jul 21, 2014 11:51pm
Quoting Windstrown
{quote} hate when this happens though.. usually means it will shift unless there is a breakout.
This could be the beginning of bear-phase, if it is so, this could go long way..

Glad, I'm sort of prepared.
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  • #11,993
  • Jul 21, 2014 11:56pm Jul 21, 2014 11:56pm
Quoting ClockTrader
{quote} This could be the beginning of bear-phase, if it is so, this could go long way.. Glad, I'm sort of prepared.
As per VSA no chances of bounce so far, unless its silent.
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  • #11,994
  • Jul 21, 2014 11:56pm Jul 21, 2014 11:56pm
why bearphase ct? last week they wanted to have corrected the way up we'v had but because of risky events tumbles back up for a bit but it's only a matter of time it goes back where they wanted it to go right?..
The thing is, in 9 days seasonal month for bulls is here i strongly believe i have to get some pattern defined for entry.. But i also don't believe if we have a bearish moment it won't last more than 2 weeks
  • #11,995
  • Jul 21, 2014 11:59pm Jul 21, 2014 11:59pm
i agree i still think yearly targets for gold and silver 24 and 1400. however a trace back down is long deserved.
  • #11,996
  • Jul 22, 2014 12:05am Jul 22, 2014 12:05am
Quoting Windstrown
why bearphase ct? last week they wanted to have corrected the way up we'v had but because of risky events tumbles back up for a bit but it's only a matter of time it goes back where they wanted it to go right?.. The thing is, in 9 days seasonal month for bulls is here i strongly believe i have to get some pattern defined for entry.. But i also don't believe if we have a bearish moment it won't last more than 2 weeks
Ever taken a rock uphill? or done rock climbing? Its very hard to go up, isn't it? Its very tiring.

Now throw a rock or body off the cliff, there it falls, its gravity. Its straight, we talking velocity here. Hope I need not explain more.

Like I said, IF we are in a bear-phase and even if it lasts like a week or two, dirty falls can wipe everything.

Lets wait until London morning to see how things go..
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  • #11,997
  • Jul 22, 2014 12:10am Jul 22, 2014 12:10am
yeah that explanation was quite cool aha.

I'm placing a training stop on my short to guarantee some profit if it turns but i'm leaving this open i believe this is the day and it'll be triggered by US CPI if its above expectations, hell even if its 0,2 considering no1 believes the data anymore it might do it
  • #11,998
  • Jul 22, 2014 12:39am Jul 22, 2014 12:39am
A question. I know, we possibly facing a downtrend, but the price of the oil went up. So shouldnt go the price of the gold up too?
  • #11,999
  • Jul 22, 2014 12:45am Jul 22, 2014 12:45am
gold is a buy.
  • #12,000
  • Jul 22, 2014 12:58am Jul 22, 2014 12:58am
Quoting arinforex
gold is a buy.
For a long term / very long term, YES!

for swing / day, I could think like that IF you had a good reason to share.
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