fxfxfx

Wow - total correct: 1A

And you also marked them on 1 chart -> Good work

Cheers

fxfxfx

here is my homework, i hope it is correct

 

http://imageshack.us/photo/my-images/35/unbenannt1hn.jpg/

http://img35.imageshack.us/img35/5791/unbenannt1hn.jpg

 

Uploaded with ImageShack.us

Hi rvoiz

No - I do not get up in the middle of the night (hey mate - I am a lazy guy with limited time to trade *g*) ;)

In fact I am so lazy that I programmed an indicator which sends me an e-mail when one of these patterns occurs.

This indicator also sends a pre-notification (I set it to 45 mins.)

So I will get a pre-notification 45 minutes before the time-frame ends and a "confirmation" e-mail when the setup is 100% verified (At the end of the time-frame).

The 45 minute pre-alarm gives me plenty much of time to re-act (Even when I am NOT sitting in front of my computer) ;)

I will also share this indicator - But only AFTER the homework is done. You must be able to detect these patterns even without this indictor (What if you want to trade other stuff like soy-beans, oil, stocks, indices... where no Metatrader is available).

So - You will get the present, but only when your homework is done...

Please: You are free to use this indicator - but I do not want that this indicator will be finally copied and re-sold at ebay as it took me plenty much of time to program this indicator (although I am not a programmer - so you could imagine how long it took... Also the indicator is not 100% finished and the code looks terrible)

I am happy to live in Austria which has GMT+1 :)

When NY closes it is 11pm in Vienna -> After NY-close you will see only less volatility on the charts -> So: nothing interesting.

I start my trading-day at 7-8 am where the EUR-session is already open for about 1 hour or so... - Anyway: I can not change this... If I missed opportunities -> I missed them... -> You must get the correct mindset to accept this fact: If you are unsure about a setup -> Skip it -> The next will surely follow ;)

If you have no time for a day -> Skip the day -> The next setup will surely follow ;)

If you missed a good setup -> Do not worry -> The next setup will sureley follow ;)

And also often the market will give you a 2nd chance for a re-entry or the market moved not that much of the 4-hourly candle so that you still have a chance to jump in...

But what I surely do is:

At the beginning/end of my (trading)day I update my charts (Which takes 5 minutes maximum) !

Hope this helps...

Cheers

fxfxfx

Hi fxfxfx

 

i got a question: do you get up in the middle of the night to watch every candle that is built?

Important !!!

These candlestick-patterns traded alone are NOT profitable !

They MUST be located at an area of S/R and/or at an area at S/R with confluence with other Price-Action-Elements and the trend of the time-frame where you want to trade PLUS the trend of one time-frame above MUST be aligned and it must be only traded in the direction of the trend !

I also do NOT trade S/R-Areas alone -> I always need one of these candlestick-patterns in place (Or a pivot-point - But I do not want to go into detail about pivot-points as these would be a chapter of its own ;) ) !

Cheers

fxfxfx

Next homework

So...

And now the next homework ;)

Open a chart and find PIN-BARS and mark them.

Open a chart and find INSIDE-BARS and mark them.

Open a chart and find FAKE-BREAKOUT-patterns and mark them.

Open a chart and find TWO-BAR-PIN-patterns and mark them.

You can upload them separately - It is not needed to mark all of them on one and the same chart -> For every candlestick-pattern you can use different charts ;)

If you have any questions regarding the patterns, feel free to ask...

Hope to see lots of pics now :)

Cheers

fxfxfx

Candlestick-Pattern: TWO-BAR-PIN

The last formation is the TWO-BAR-PIN (which is in fact just a PIN-BAR, but instead of 1 candle it is spread in 2 candles)

Some also call this railroad-pattern.

Could you remember my definition of a pin-bar ?

Just extend this instead of 1 bar to 2 bars:

Open AND Close of two bars must be in the upper third of the two bars or Open AND Close of two bars must be in the lower third of the two bars (When you overlay these 2 bars you will get a 1 PIN-Bar).

Here a pic:

Uploaded with ImageShack.us[/img]

Cheers

fxfxfx

Candlestick-Pattern: Fake-Breakout

Next one is the fake-breakout Candlestick-Formation:

A fake-breakout starts with an OUTSIDE-BAR followed by at least one INSIDE-BAR - then a candle which has a higher high than the OUTSIDE-BAR or a lower low than the OUTSIDE-BAR, but closed INSIDE the OUTSIDE-BAR. This formation must always be traded to the other side than the breakout happened (therefore the name "fake"-breakout *g*).

Here is the pic:

http://img824.imageshack.us/img824/8683/fakebreakout.gif' alt='fakebreakout.gif'>

Uploaded with ImageShack.us[/img]

The first bar is the OUTSIDE-BAR. The second and third candle are both inside-bars. The third bar is the FAKE-BREAKOUT-BAR. It has a higher high, but closed inside the range of the OUTSIDE-BAR. Trade-Direction would be SHORT.

And here a chart where I marked a few of the fake-breakouts:

http://img97.imageshack.us/img97/4226/markedfakebreakout.gif

Uploaded with ImageShack.us

Cheers

fxfxfx

Candlestick-Pattern: Inside BAR

The next candlestick-formation is the inside-bar.

This is a formation of AT LEAST 2 candles.

1 OUTSIDE-BAR (which totally engulfs at least the next candle)

1 or more INSIDE-BARS

Entry is the HIGH or LOW of the OUTSIDE-BAR

In fact EVERY INSIDE-BAR is a Triangle (which is also known as a Breakout-Pattern).

Find some inside-bars, mark them and switch to 1 or 2 time-frames lower -> You may be surprised that all are triangles ;)

A picture says more than thousand words:

Uploaded with ImageShack.us[/img]

Cheers

fxfxfx

Candlestick-Pattern:PIN-BAR

The PIN-BAR candlestick-pattern

Hi folks,

I have now a little bit of time - so I will continue with the stuff.

So I will explain to you what a PIN-BAR is:

A PIN-BAR is a bar where then Open AND Close are at the upper third of the candle OR Open AND Close are at the lower third of the candle - So to say a small body with a very long wick:

PIN-BARS must always be traded in the OPPOSITE direction of the long wick !

Uploaded with ImageShack.us[/img]

Cheers

fxfxfx

Hi nnn123,

Thx for asking -> Everything is OK.

We have Win7-Migration this week in the company where I am working -> So: Lot to do ;) and besides this I also trade ;)

Be sure: Next Lesson(s) will follow...

Cheers

fxfxfx

Hi 3fx,

 

I hope all is well with you.

Hi,

Price retraced now and if price closes 1.4475-Area we would definitively be in an up-trend -> Then wait for a re-trace to the "power-areas" and wait for reversal-patterns ;)

Cheers

fxfxfx

Hi r326196,

 

Sorry for the late reply ;)

 

OK - so you will find below my chart of EURUSD

 

http://img19.imageshack.us/img19/3719/eurusdwarmap.gif' alt='eurusdwarmap.gif'>

 

Uploaded with ImageShack.us[/img]

 

I know it looks a little bit messy, but this is only a "helper-chart". Basically this charts is a collection of ALL TIMEFRAMES.

 

They are color coded:

RED->MONTHLY

ORANGE->WEEKLY

YELLOW->DAILY

WHITE->4-HOURLY

 

Also the direction is coded:

solid lines: down-trend

dotted lines: up-trend

 

So let's analyze it:

DAILY Trend is: UP

4-Houry Trend is: DOWN

 

I only trade in the direction of the ACTUAL Trend - Although it is much safer to have the higher time-frame aligned - I personally give the ACTUAL Trend the most focus.

 

I personally would NOT trade a bounce UPWARDS of the 1.43485 - level as our actual trend is DOWN.

 

Let me show you some scenarios how I would trade it:

 

* Wait for a break THROUGH this level to the DOWNSIDE and then trade the retracement-move to this level DOWNWARDS -> Then I would again trade with the trend.

 

* Wait for a break THROUGH this level to the DOWNSIDE and maybe the trend of the 4-hourly will change to BULLISH -> Then we would have the Trend of ALL (Monthly, Weekly, Daily, 4-hourly) aligned. Wait for a break of this level to the UP-SIDE and then price eventually re-traces back again -> Then trade this level LONG (With trend of all timeframes aligned)

 

* Trade with the actual trend and trade the bounce (SHORT) of the 1.4420-Level as it is not tested until now and it would also be WITH the ACTUAL TREND.

 

The first and the last ones are NOT my preferred method as TREND OF CHANGE is already quite far away -> If you would play the first or last method you must definitively babysit the trade.

 

Just a few words regarding my chart handling.

 

I have for every currency-pair a Profile.

In every profile I have a chart in these time-frames:

MONTHLY

WEEKLY

DAILY

4-HOURLY

All lines are drawn in their time frames.

Here you will find a cool tool to "save" and "load" all objects.

http://www.fxorg.org/DownloadMtSaveLoadObjects.aspx

 

When I am finished with my drawings I finally create a "helper-chart" (4-hourly).

I then navigate to the monthly chart and save all the objects

Then I move to the "helper-chart" and load all objects.

Then I move to the weekly chart and save all objects.

Then I move to the "helper chart" and load all objects.

I do this also for the rest of the timeframes...

I think you got the idea behind this ;)

 

One side-note to this tool:

To save all objects -> This is no problem

When you want to load objects, you must create on the chart at least 1 item and only then you are able to load all the objects (As I am not the author of this script - I do not know why this is the case).

I usually put a text object on the chart -> Load all objects and then remove the text object again from the chart

 

I assigned STRG+S to the SAVE-SCRIPT and

STRG+L to the LOAD-SCRIPT

 

Usually I update the monthly charts every few months, the weekly every few weeks, the daily once a week and the 4-hourly 1-2 times a day.

 

Hope this helps

 

If you have any questions regarding my thoughts -> Please write a short post

 

Thx for your great contribution,

 

Cheers

 

fxfxfx

Hi izogrey,

Saw your update too late :(

Did not recognized that you already took a little profit and moved SL to break-even.

Wow !

Beside the fact that you traded it in a sideways-market -> Hats off :)

You also managed to babysit the trade and apply your own trade-management -> Again: Wow

But please be aware -> Look always first if the currency moves upwards, downwards or sideways.

When sideways -> Conservative (50% Entry,...) and TP to the last high/low -> When price made his first breakout and retraces to the area of sideways market (which is NORMAL -> Price wants to re-test these levels) -> Go for a BIG move!

izogrey - I think you are not far away from trading this PA-Strategy and understand it.

=D>

Hi izogrey,

 

Cool =D>

 

You must have analyzed my last few analyses very deeply ;)

 

Place of PIN-Bar was good - also the PIN-Bar looked good ;)

Trend was in your favour and pin-bar occured in an up-trend and you have PA-confluence.

 

The only thing that I saw in an other way was the current market-situation.

H4 is currently in a SIDEWAYS-STATE or looks like a triangle or a FLAG -> Or all combined ;).

 

If price does NOT move outside the SIDEWAYS-Market and retraces back, the move will not have that much power.

 

In this case the better entry-option would have been the 50%-Entry.

 

If you did it this way you would already be in profit 2% and even when your 2nd position fails, the worst case would be 2%-1%=1% gain.

 

Sorry for the late reply, but in Austria was today holiday and I spend my time with my familly :)

 

Thx you izogrey for your great contribution. The only thing what you can do now is to sit it out until the price hit the profit or hit your SL ...

 

Cheers

 

fxfxfx

Hi izogrey,

Cool =D>

You must have analyzed my last few analyses very deeply ;)

Place of PIN-Bar was good - also the PIN-Bar looked good ;)

Trend was in your favour and pin-bar occured in an up-trend and you have PA-confluence.

The only thing that I saw in an other way was the current market-situation.

H4 is currently in a SIDEWAYS-STATE or looks like a triangle or a FLAG -> Or all combined ;).

If price does NOT move outside the SIDEWAYS-Market and retraces back, the move will not have that much power.

In this case the better entry-option would have been the 50%-Entry.

If you did it this way you would already be in profit 2% and even when your 2nd position fails, the worst case would be 2%-1%=1% gain.

Sorry for the late reply, but in Austria was today holiday and I spend my time with my familly :)

Thx you izogrey for your great contribution. The only thing what you can do now is to sit it out until the price hit the profit or hit your SL ...

Cheers

fxfxfx

Hi all of you,

 

Here it is my first trade ( still open ) on UC, using the ideas shared in this thread.

 

Reasons for the trade:

- daily trend UP;

- H4 trend changed to UP just before the weekend;

- on H4 there is a nice pinbar which shows us UP rejection on two cluster regions ( the middle and the lower ones ) - there was the place where some short traders were eliminated from the game ( or they changed their mind :-) );

- on H1 there was a down move, but the blue bar after it closed above the middle cluster region - this means it was a climactic down move, where the last shorters were eliminated.

 

All these reasons give an edge on the UP side.

 

So I thought that the upper cluster region, where the climactic down move started from, will be breaked out upward successfully, and also the distance till first stop up on H4 gave me a good RR ratio.

 

Speaking about RR ratio, I choose the SL position below the lower cluster region, because this region has been rejected upward two times on H1, and this means there are many buy orders there, so it should be a good support.

 

I didn't use the entry on 50% of H4 pinbar for two reasons:

1) if there is a trend change on H4, the first entry needs some more breathing space, so an entry on the upper region of the pinbar is more adequate;

2) I was outside at that moment, playing with the dog :-) :-) :-)

 

I post also the continuation of the move. As I post, price already breaked up above the weekend gap.

 

Please fxfxfx, give your comments about what's wrong or right.

 

Cheers

 

http://img695.imageshack.us/img695/2452/uctradesetuph4.jpg

 

http://img696.imageshack.us/img696/2452/uctradesetuph1.jpg

 

http://img11.imageshack.us/img11/3610/uch1cont1.jpg

 

 

UPDATE: Took 50% profit 25 pips at the last HH, SL on remaining 50% moved at about BE ( -3 pips ). Reason of the operation: FF Calendar => President Obama speaks.

SL hit, so +22 pips from this trade.

Hi 4xmeter,

I agree to you ;)

But I must also say that trading S/R levels at 5 min/1 min should be nearer at the price.

And I also only can say that every timeframe is a universe of it self -> Because you will find traders in every time-frame -> Long Term traders will let lots of pips on the table -> But only in the sight of a short-term trader.

In the sight of a long-term trader it is not lagging.

I personally do not think that I am able to handle these small time-frames as it always leaded to me to make mistakes (which I saw then afterwards).

Although I make lesser trades - I focus at the quality of the setup and also do not want to try every breakout or retrace.

I personally must say to you:

hats off to you (And I really mean this in a positive manner) as I was not able to handle these small time-frames successfully (I made too many mistakes because I was under too much pressure).

Maybe when I am more trained or skilled at the lower timeframes for a longer time-period I will give them again a new try.

Thx for this great contribution

Cheers

fxfxfx

Hi fxfxfx!

 

First off, I am happy that you and many others are very successful on high time frames.

 

Because of time constraint I cannot graphically show it to you. However, I can say this; a breakout of a Support and Resistance on a 4h chart is approximately 90+.pips. Meaning, many many times before a breakout occurs 90+ pips has passing by, gone. That makes a S/R in a 4hr chart a lagging indicator. A simple retrace in a 4hr chart is about 70 pips; a trend in a 5/15 min chart. Traders who use the 4hr tf they do it because they don't want to be glue at the computer screen and I understand that but it doesn't mean it is more efficient than the 15 min chart if you have an understanding of S/R.

Hi r326196,

Sorry for the late reply ;)

OK - so you will find below my chart of EURUSD

http://img594.imageshack.us/img594/5599/70198238.jpg

Yep - I forgot to mention that...

A "FALSE breakout" always goes out of the boundaries just to continue the move to the opposite direction (Therefore "false" breakout).

Usually these setup is really good and should also give mostly a good R/R Ratio.

Regarding your question about weekend-gap:

Yes - you are right. But only the users who are watching this trade now are knowing this ;)

When users look ages later (Hopefully this thread will then still exist *g*) to this thread, it does not makes sense to close the trade in total (As they do not know that the weekend is coming).

Cheers

and thx for your contribution - It makes me always happy when I see students which are really thinking about it and also spend much time about what I have said and also were able to read "between the lines" when I say something :)

And when someone is asking questions - I know that he will take this all serious - And this is really a MUST to be successful.

Thx alright - and of course to you all who are reading this thread.

Have a nice weekend

Ok, got the idea now. You meant a false breakout on the upside. Everything makes sense now. Thanks for clarifying. :)

Hi 4xmeter,

Can you explain this to me as I am making money on a regular basis for a longer time-period by trading S/R and price-action on 4-hourly and above and I know also others who are doing this very successfully for years.

So I would be interested in more detail why it does not makes sense to trade 15min above ....

Cheers

fxfxfx

It doesn't make sense to me to trade in a timeframe higher than the 15M. The only drawback happens in the sideways with volatily price action. You know those 2 or 3 bars 10 + pips in one direction making the indicators trigger. You enter and immediately price change to the opposite direction very fast. Then you are caught. Then you enter again and the same thing happens. Caught again. However, this is not really a problem if you kow price action in the sense of Support and Resistance. I most add, everybdoy knows i am controversial; any naking trading that it is base mainly in S/R above the 15 min get away from it. That is, if you do not have deep deep deep pockets. I am just trying to be conciliatory here. In reality, in money sense; it doesn't makes any sense to trade above the 15m timeframe.

Hi alright,

Hi alright,

you are right: Your lines look different than mine - I made the lines on the 4-hour chart and then switched to the 1-hourly ;) This is the reason.

But this is of no importance.

Drawing these lines is more than an art than an exact science. But this does not mean that you made the lines wrong -> You just would have OTHER entry-setups.

But what I basically wanted to say to you all:

When there is no setup or you are not 100% sure about your setup -> Skip the trade ;) -> The next will surely follow.

Regarding the PIN-Bar: The PIN-Bar with the comment in your chart shows the wrong direction. PIN-Bars are always traded in the opposite direction of the long wick (nose). When the nose is showing down, the trade-direction must be up -> So I would not have taken this PIN-BAR as the trend is down. But only a few bars later an other setup occured (Fake breakout) -> I would have taken this one ;) .... So: Do not force a setup -> The next setup will surely follow.

My 1H chart looks a bit different as the strongest confluence is above that pinbar while on the one you show the distance between the 2 lines is 15 pips. Probably I should still consider the pinbar as a reversal and a good entry as it almost reached that blue confluence and also one more reason would be the doji before it. Is that right?

Also, is the breakout entry the one I marked?

One last thing: leaving a profitable trade like that in the hands of an after weekend market would not be too risky in case of a big gap like it sometimes happens, so the stop orders could be jumped?

 

http://img823.imageshack.us/img823/4971/201106110021001.png

Outlook of how we should trade in the Future

Hi folks,

I will post here as an Outlook how a trade can come out and what I am speaking all about.

See below my chart from yesterday (fib-confluence) - I switched to the hourly chart.

The blue boxes represented my S/R and Fibonacci-Cluster Confluence.

As long as price is in no-mans-land it is not interesting for me -> When price comes to my "power-area" you have to be prepared. Watch now for price-action.

We finally got prompted -> A pin-bar has formed (blue vertical box).

What also already happened was a "change in trend" (white dotted lines are BULLISH Trendlines, white solid lines are BEARISH Trendlines).

I know the price-movement will be big (Because of the TREND-CHANGE) so I would not get for a fixed 1:2 or 1:4 Ratio nor the next swing low and I also would not take the 50% Entry-Option.

Best to use is to trail the stop-loss.

What happened ? Price shoot down -> Entry: below the Low of the pin-bar, Stop-Loss: Above the High of the pin-bar

Price went as expected to the last swing low. At this point a fake-breakout happened (A Fake-Breakout is an Inside-Bar followed by a bar where the high or low went outside the boundaries of the outside-bar, but was rejected from the market so that price CLOSED inside the boundaries of the outside-bar - So to say: A market-trick).

What to do ?

Place a new sell order.

Entry: Low of the fake-breakout-bar

Stop-Loss: High of the fake-breakout-bar

Immediately put the SL from the PIN-Bar-trade to the SL of the breakout-bar and lock 41 PIPS of profit (This is for sure - even when price goes against us).

The Fake-breakout got triggered and price found its way down and at today's market close the price is at 1.4333 and also an inside-bar has formed. What to do ? Move BOTH stop-losses (the SL from the PIN-BAR and the SL from the Fake-Breakout) to the high of the outside-bar (1.4375).

Status as of now:

PIN-BAR:

Risk: 20 PIPS

Profit Locked: 153

Locked Risk/Reward: 1:7.65

Fake-Breakout:

Risk: 39 PIPS

Profit Locked: 73

Locked Risk/Reward: 1:1.8

http://img31.imageshack.us/img31/9417/eurusd60minconfluence.gif' alt='eurusd60minconfluence.gif'>

Uploaded with ImageShack.us[/img]

As I said: I am NOT a full-time trader (maybe soon) as I must have a day-job and accumulate the earnings until I have grabbed so much money until I can survive for ages and therefore was NOT able to catch the trade.

But we trade exactly this way on the 4-hourly (at least I do it as this timeframe suits my lifestyle).

Cheers

fxfxfx

Hi alright,

Thx for your kind words.

I only can tell you: Once finished with all the excercises you will see the market the same way as I see it - trust me.

This is also the reason why I make these "Training"-Lessons, because when you only read an e-book you will NEVER get these information or feeling -> You must DO it !

Folks that is really SO important to do the homework (I am sure there are many users following this thread who are trying to get the system by only watching) -> You must DO it.

I compare it this way:

You can watch 100 times how to make a do-it-yourself couch (or whatever) but never tried to make it on your own... You will DEFINITIVELY FAIL !

Therefore great thanks and contributions to the users who are actively doing their excercises and shares them all with the community !

Cheers

fxfxfx

Definitely impressed! If I think of all the time I've wasted until not long ago while looking for the magic indi...

What you say makes a lot of sense to me. Thanks once again. :)

Hi crips - price already reacted nicely (as expected) to your level ;)

Just a side-comment -> Do you draw the swings with a zig-zag or manually ?

Cheers

fxfxfx

Here is my homework and I wanted to tell you that now I can see that chart way better. I have even spoted some entry possibilities.

http://img17.imageshack.us/img17/1160/eu4hpachartwithfibs.gif

 

Uploaded with ImageShack.us

 

Regards

 

Crips

Hi izogrey,

Well done :)

Next chapters will be about candlestick-patterns ;) You will see: You will see then the "big picture" :)

Cheers

fxfxfx

I use M1 chart, with 200 SMA typical price on it ( and the channel formed by 200SMA high+200SMA low ). When the price makes a move which intersects the channel, I put a fibo on it and I enter only at pivots on 38.2 . I discovered that this level measures the force of a move. I enter when a pivot is formed at 38.2 and when the Oscar oscillator ( kind of smoothed Sto ) takes off from OB/OS region. I add on subsequent moves in the same direction, when a new pivot appears on a new 38.2 level. I exit at predefined levels from Joe Ross books ... or when my SL is hit ... :-). I control the big picture with M15 and H1 ( where are also the predefined levels ). I should be always very aware when it's a range in order to not evaporate the profit.

 

Pros:

- I am already in when a big move develops;

- SL is small due to M1 chart.

 

Cons:

- very energy consuming - I mean very !!

- I'm not always aware about the range situations;

- if I cannot trade ( because of a job, for example :-) ) the system statistics are altered, with result on the daily profit.

 

The general result is some kind of oscillations at about breakeven, with jumps on green when a big move develops ( because of addings ).

But this kind of system is good for learning, not for a long run trading. At least I cannot resist in a long run with this.

 

This is the reason why I follow this thread: because it's more human than on M1. :-)

 

My homework on UC:

http://img30.imageshack.us/img30/7126/ucfibocluster.gif

 

 

Cheers

Hi grooter,

great work.

The good news for you: The longer a market stays sideways - the more powerful would be the breakout :)

Cheers

fxfxfx

And mine. Can not wait for GY to break out from this range to see what will happen :-)

 

http://img151.imageshack.us/img151/1434/swinghilofibconfluenceg.gif

 

Uploaded with ImageShack.us

Hi nnn123,

Thx for your contribution :)

Please look at the chart and then you will see the importance of the color of the swings and to trade in this direction and not the other way ;)

Price reached the highest high (1.0556) - now lets analyze the move down ;)

Price reacted nicely at the 1.0492-Level - but lost strength and was not able to make a higher high -> OK ?

Then price closed below the TREND-CHANGE-LINE (1.0486) -> TREND CHANGE !!! -> Change Direction is now SHORT !

Then price broke (as expected-because Trend is DOWN) the 1.0431-Level - Found its support at 1.0378 and then PULLBACK and BOUNCE of a specific level -> Where? -> WHAMM -> from the 1.0431-LEVEL which is your PA-Confluence-Level -> And now the price has also the right direction ;) -> Price got rejected from this level hardly and WHOOM -> continued its way down :)

So you see the importance of determining the direction of the trend ;) And also trade in the direction of the trend !

This is the A&O - because we (both) looked at the same chart - but only a little parameter (Direction of the trend and in which direction to trade) makes the difference -> From your side the price broke all levels, From my side price re-acted as expected to these levels ;)

Hope this clarifies it or at least has helped you to see the market as I see.

Anyway: Excellent work !

Cheers

fxfxfx

http://clip2net.com/clip/m0/1307689932-clip-48kb.png?nocache=1

Hi 3fx,

 

Here is my homework.

 

The large blue rectangle is the current move down swing.

 

I lack something as this analysis does not give me much in a way to trade on the current downswing based on what I have plotted on this chart.

So 3fx, can you please help. Thanks.

 

http://clip2net.com/s/Zmxb

What can I say? Just :-O

Thanks

Confused or impressed ?

May you need additional info regarding my thoughts ?