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  1. #14381
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    Any comments?

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    .

  2. #14382
    Quote Originally Posted by dudest View Post
    Any comments?

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    Just too small for me to CT trade it.

  3. #14383
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    This bar isnt a BUEB. Because it isnt engulfing previous bar. Previous bar's high: 1329.58 and it's high 1327.29

    Quote Originally Posted by dudest View Post
    Any comments?

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  4. #14384
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    Quote Originally Posted by afdx View Post
    This bar isnt a BUEB. Because it isnt engulfing previous bar. Previous bar's high: 1329.58 and it's high 1327.29
    Hallo afdx,

    How about a 2BR?

  5. #14385
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    Quote Originally Posted by dudest View Post
    Any comments? <img src="http://forums.babypips.com/attachment.php?attachmentid=53356"/> .
    It sits straight into resistance, apologize can't post the chart at this time

  6. #14386
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    Quote Originally Posted by dudest View Post
    Hallo afdx,

    How about a 2BR?
    Hello dudest. Firstly thanks to you for your valuable writings in this thread. After ı thought you mean BUEB so ı wrote message. You are right with 2BR and it is on support line.

  7. #14387
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    Quote Originally Posted by buster48 View Post
    Regarding support and resistance lines,you do have to wonder sometimes if its just the human mind seeking logic that we put any s/r line in.Try this on your chart ,put a line on your chart randomly (with your eyes closed maybe) then check if price has bounced of it,I bet you find it has in a few places.So this begs the question are we just fooling ourselves to think there's a logic there when none exists.Don't get me wrong I'm not saying I'm definitely right,its just after 3+ years spending large amounts of time looking at charts I am beginning to wonder if I'm trying to find logic in an illogical situation .I know a few people will jump up and down saying I'm wrong but are they really consistently right (I'm pretty good at recognizing the BS merchants now) or have they had a few lucky wins only to lose it all on the next trade.If your a true thinker and not a blind follower there's nothing wrong with asking these questions,you'd be a fool if you did'ent really.Is it a case of the kings new clothes,(google it if you don't know the song). I know Johnathon will have an opinion but he has got an axe to grind after all.Saying this though Ive probably learnt more from his thread and method than any other Ive looked at so Id have to thank him for that.Im just not sure Its enough.
    Questioning is part of our human consciousness and intelligence, and I wanted to have a go at this (from how I see it). So at the risk of being labelled <a something>, here goes everything

    The human mind seeks to understand/logicize/attach a structure to daily life experience. In our context, we seek to understand the workings of the forex market, in order to extract a profit [ and to alter our psychology+thinking in order to extract that profit on a regular basis ].

    What is a chart? ( or what is shown on a chart? ) ==> simply, the actions of traders ALL OVER THE WORLD (actions that cause orders to be consumed or removed, resulting in price movement ). Since the chart is a picture of human actions, it will by definition show the traits of the humans whose actions it is graphing. The following becomes apparent after experiencing naked charts: Markets are RECURRENT ==> And no surprise here, as humans are 'recurrent' (habitual).

    Another human trait that works to our advantage is: we humans are not always rational, and this leads to market INEFFICIENCIES. This is also related to RECURRENCE.

    In a perfect market, ALL traders would decide rationally and act immediately. The price curves in such a market would follow a Gauss Normal distribution (bell-shaped curve). Those price curves would not contain any information for predicting a future price move. Fortunately for trading strategies, real markets are far from this theoretical ideal. Any such inefficiency allows a strategy to predict a small part of the price curve with some degree of accuracy. Developing a trade strategy begins with the inefficiency that one wants to exploit. This can be done by eye-balling through price curves (to find patterns or other hints that precede certain price movements) or using computer algorithms/machines/automatons.

    Which brings us to S/R.

    FACT: a human recurrent behaviour (leading to a particular market inefficiency) is that: we humans attach significance to numbers in our lives. Why does a week have 7 days?, and an year have 12 months? Why is 'totality' referred to as '100%'? Because we attach significance to numbers/levels.

    The principal participants in the forex market are NOT speculators (like us). The lion’s share of Forex transactions are done as a function of international business ( by governments & banks ). Added to that is the reality that for every buyer there MUST be a seller or no transaction can occur. When an order is too large to transact at a current price, the price moves to the point where open interest is abundant enough to cover it.

    These areas of open interest are SUPPLY/DEMAND ZONES, otherwise known as resistance/support zones. On a chart, they are areas where price stalls or turns (where orders are accumulated/distributed in real life). That basically is to show that S/R is not simply our minds trying to logicize something; it is a pictorial representaiton of a real-life reality.

    Example: the SNB has set a ceiling on the value of the CHF relative to the EURO [ in terms of the pair, a floor of EURCHF = 1.2 ]. That value on the chart is an S/R because it is an AREA OF INTEREST to an entity that can affect price

    Being interested in values/levels/numbers and attaching SIGNIFICANCE to those numbers [ in this case numbers = prices ] creates AREAS where prices can STALL / REVERSE. Just like in real life: there are prices for goods which if they hit certain levels we will either buy with a frenzy, or keep off (driving the prices down). Plot these on a chart, and the key STALL/REVERSAL areas are S/R zones. So it's not in the mind [ belaboured of necessity ].

    Lastly: about drawing a random S/R on a monthly chart and checking on lower TFs

    # Drawing on monthly (high timeframe) and looking at lower timeframes for price bounces: NO SURPRISE THERE, because high TF has highly compressed data likely to be more important on lower TFs.

    # Try the reverse: draw a random S/R on 15min chart, and check on Monthly... No surprise if it means NOTHING on Monthly TF (too short a view).

    # Relevance of S/R's
    -> Are all S/R's relevant (key)? No.
    -> Do S/R's hold every time? No.
    -> Do key S/R's reliably show areas of interest for price over time? Yes
    -> Can knowledge of price interest areas create a market inefficiency enough to give us an edge (esp when coupled with price patterns)? YES


    That's a wrap. Cheers!

    References to individuals whose work has informed my above viewpoint during my learning of forex:

    a) Johnathon [ forexschoolonline.com ]
    b) Darkstar [ Darkstar's Profile @ Forex Factory ]
    c) Dali [ http://forums.babypips.com/members/dali.html ]
    d) JCL [ zorro-trader.com ]
    e) Scott Percival [ Market-geeks.com ]
    Last edited by dudest; 10-22-2013 at 09:44 AM.

  8. #14388
    Join Date
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    1,814
    Quote Originally Posted by buster48 View Post
    ...
    Because of the very few tradeable setups we see with this method it would seem untenable unless huge stakes were involved which most of us (I guess) cant afford,so while I think Js concise method is excellent the traceable setups are too few and far between,so could you (Johanathon) include another thing in to give us more setups somehow.
    Hallo,

    In addition to the core method (trading reversals with/against the trend) taught here, Johnathon also teaches how to use PA to trade continuations and breakouts.

    The use of additional MT5 timeframes ( e.g H6/H8/H12 ) provides alot more setups that what we're used to with H4/D1/W1 alone.

    PS: thought this was necessary to state [ not specifically to you buster, but as a general truth ].

    Some join this thread ( and FSO ) hoping to have a way paved with a direct route to $$, and get frustrated.

    As (esp those who join FSO with this mindset) quickly learn, we all have to LEARN TO FISH for OURSELVES (even with simply outlined rules) and that takes a creation of co-ordination paths between our minds/eyes/hands/subsconcious ( just like learning to ride a bike or drive a car; it's straightforward (theoretically) how to do it, but only sinks in with constant APPLICATION (which sometimes involves un-learning what we already know).

    I know what it feels like to be very short of money and the need to make money fast in forex (esp after previous failures), so I'm not just spouting 'theory'. But I've had to learn the hard way that mental attitude and thinking have to change for profitability to check in; that's just how it is. When that happens, frequency of setups is no longer an issue. We are our own barrier to success.

    Cheers.

    .

  9. #14389
    Join Date
    Jun 2013
    Posts
    517
    You know, dudest, you are one of the very few people in this thread that have truly earned my respect. And you really earn the title 'legendary dudest' and 'our guardian angel'. Respect.

    I still have a long way to go to accomplish that same level of you to explain something like that so eloquently. You make it sound so easy.


    PS: You know you REALLY have crossed the line when you successfully make this so sweet, gentle, bubbly, mellow, polite, peaceful, all-so-ever-nice-guy dudest snaps. I only saw it once after reading all this 14000-ish pages, and I can say it here, that I'm praying day and night that I will never be on the wrong side when dudest once again snaps.....

    Quote Originally Posted by dudest View Post
    Questioning is part of our human consciousness and intelligence, and I wanted to have a go at this (from how I see it). So at the risk of being labelled <a something>, here goes everything

    The human mind seeks to understand/logicize/attach a structure to daily life experience. In our context, we seek to understand the workings of the forex market, in order to extract a profit [ and to alter our psychology+thinking in order to extract that profit on a regular basis ].

    What is a chart? ( or what is shown on a chart? ) ==> simply, the actions of traders ALL OVER THE WORLD (actions that cause orders to be consumed or removed, resulting in price movement ). Since the chart is a picture of human actions, it will by definition show the traits of the humans whose actions it is graphing. The following becomes apparent after experiencing naked charts: Markets are RECURRENT ==> And no surprise here, as humans are 'recurrent' (habitual).

    Another human trait that works to our advantage is: we humans are not always rational, and this leads to market INEFFICIENCIES. This is also related to RECURRENCE.

    In a perfect market, ALL traders would decide rationally and act immediately. The price curves in such a market would follow a Gauss Normal distribution (bell-shaped curve). Those price curves would not contain any information for predicting a future price move. Fortunately for trading strategies, real markets are far from this theoretical ideal. Any such inefficiency allows a strategy to predict a small part of the price curve with some degree of accuracy. Developing a trade strategy begins with the inefficiency that one wants to exploit. This can be done by eye-balling through price curves (to find patterns or other hints that precede certain price movements) or using computer algorithms/machines/automatons.

    Which brings us to S/R.

    FACT: a human recurrent behaviour (leading to a particular market inefficiency) is that: we humans attach significance to numbers in our lives. Why does a week have 7 days?, and an year have 12 months? Why is 'totality' referred to as '100%'? Because we attach significance to numbers/levels.

    The principal participants in the forex market are NOT speculators (like us). The lion’s share of Forex transactions are done as a function of international business ( by governments & banks ). Added to that is the reality that for every buyer there MUST be a seller or no transaction can occur. When an order is too large to transact at a current price, the price moves to the point where open interest is abundant enough to cover it.

    These areas of open interest are SUPPLY/DEMAND ZONES, otherwise known as resistance/support zones. On a chart, they are areas where price stalls or turns (where orders are accumulated/distributed in real life). That basically is to show that S/R is not simply our minds trying to logicize something; it is a pictorial representaiton of a real-life reality.

    Example: the SNB has set a ceiling on the value of the CHF relative to the EURO [ in terms of the pair, a floor of EURCHF = 1.2 ]. That value on the chart is an S/R because it is an AREA OF INTEREST to an entity that can affect price

    Being interested in values/levels/numbers and attaching SIGNIFICANCE to those numbers [ in this case numbers = prices ] creates AREAS where prices can STALL / REVERSE. Just like in real life: there are prices for goods which if they hit certain levels we will either buy with a frenzy, or keep off (driving the prices down). Plot these on a chart, and the key STALL/REVERSAL areas are S/R zones. So it's not in the mind [ belaboured of necessity ].

    Lastly: about drawing a random S/R on a monthly chart and checking on lower TFs

    # Drawing on monthly (high timeframe) and looking at lower timeframes for price bounces: NO SURPRISE THERE, because high TF has highly compressed data likely to be more important on lower TFs.

    # Try the reverse: draw a random S/R on 15min chart, and check on Monthly... No surprise if it means NOTHING on Monthly TF (too short a view).

    # Relevance of S/R's
    -> Are all S/R's relevant (key)? No.
    -> Do S/R's hold every time? No.
    -> Do key S/R's reliably show areas of interest for price over time? Yes
    -> Can knowledge of price interest areas create a market inefficiency enough to give us an edge (esp when coupled with price patterns)? YES


    That's a wrap. Cheers!

    References to individuals whose work has informed my above viewpoint during my learning of forex:

    a) Johnathon [ forexschoolonline.com ]
    b) Darkstar [ Darkstar's Profile @ Forex Factory ]
    c) Dali [ http://forums.babypips.com/members/dali.html ]
    d) JCL [ zorro-trader.com ]
    e) Scott Percival [ Market-geeks.com ]
    Last edited by wm247; 10-22-2013 at 10:40 PM.

  10. #14390
    Join Date
    Jun 2012
    Location
    UK and New Zealand
    Posts
    458
    Quote Originally Posted by dudest View Post
    Questioning is part of our human consciousness and intelligence, and I wanted to have a go at this (from how I see it). So at the risk of being labelled <a something>, here goes everything

    The human mind seeks to understand/logicize/attach a structure to daily life experience. In our context, we seek to understand the workings of the forex market, in order to extract a profit [ and to alter our psychology+thinking in order to extract that profit on a regular basis ]this is the kind of post I would have appreciated in reply to my post so thanks for that dudest a succinct and intelligent reply someone not stating the obvious.This during a period of uncertainty which all traders go through not sarky comments that Id had the temerity to question the master even going to the extreme of reporting me for saying something they dident like.However onwards and upwards knowing who to listen to and who not to.I;ll just keep my head down now cheers mate.

    What is a chart? ( or what is shown on a chart? ) ==> simply, the actions of traders ALL OVER THE WORLD (actions that cause orders to be consumed or removed, resulting in price movement ). Since the chart is a picture of human actions, it will by definition show the traits of the humans whose actions it is graphing. The following becomes apparent after experiencing naked charts: Markets are RECURRENT ==> And no surprise here, as humans are 'recurrent' (habitual).

    Another human trait that works to our advantage is: we humans are not always rational, and this leads to market INEFFICIENCIES. This is also related to RECURRENCE.

    In a perfect market, ALL traders would decide rationally and act immediately. The price curves in such a market would follow a Gauss Normal distribution (bell-shaped curve). Those price curves would not contain any information for predicting a future price move. Fortunately for trading strategies, real markets are far from this theoretical ideal. Any such inefficiency allows a strategy to predict a small part of the price curve with some degree of accuracy. Developing a trade strategy begins with the inefficiency that one wants to exploit. This can be done by eye-balling through price curves (to find patterns or other hints that precede certain price movements) or using computer algorithms/machines/automatons.

    Which brings us to S/R.

    FACT: a human recurrent behaviour (leading to a particular market inefficiency) is that: we humans attach significance to numbers in our lives. Why does a week have 7 days?, and an year have 12 months? Why is 'totality' referred to as '100%'? Because we attach significance to numbers/levels.

    The principal participants in the forex market are NOT speculators (like us). The lion’s share of Forex transactions are done as a function of international business ( by governments & banks ). Added to that is the reality that for every buyer there MUST be a seller or no transaction can occur. When an order is too large to transact at a current price, the price moves to the point where open interest is abundant enough to cover it.

    These areas of open interest are SUPPLY/DEMAND ZONES, otherwise known as resistance/support zones. On a chart, they are areas where price stalls or turns (where orders are accumulated/distributed in real life). That basically is to show that S/R is not simply our minds trying to logicize something; it is a pictorial representaiton of a real-life reality.

    Example: the SNB has set a ceiling on the value of the CHF relative to the EURO [ in terms of the pair, a floor of EURCHF = 1.2 ]. That value on the chart is an S/R because it is an AREA OF INTEREST to an entity that can affect price

    Being interested in values/levels/numbers and attaching SIGNIFICANCE to those numbers [ in this case numbers = prices ] creates AREAS where prices can STALL / REVERSE. Just like in real life: there are prices for goods which if they hit certain levels we will either buy with a frenzy, or keep off (driving the prices down). Plot these on a chart, and the key STALL/REVERSAL areas are S/R zones. So it's not in the mind [ belaboured of necessity ].

    Lastly: about drawing a random S/R on a monthly chart and checking on lower TFs

    # Drawing on monthly (high timeframe) and looking at lower timeframes for price bounces: NO SURPRISE THERE, because high TF has highly compressed data likely to be more important on lower TFs.

    # Try the reverse: draw a random S/R on 15min chart, and check on Monthly... No surprise if it means NOTHING on Monthly TF (too short a view).

    # Relevance of S/R's
    -> Are all S/R's relevant (key)? No.
    -> Do S/R's hold every time? No.
    -> Do key S/R's reliably show areas of interest for price over time? Yes
    -> Can knowledge of price interest areas create a market inefficiency enough to give us an edge (esp when coupled with price patterns)? YES


    That's a wrap. Cheers!

    References to individuals whose work has informed my above viewpoint during my learning of forex:

    a) Johnathon [ forexschoolonline.com ]
    b) Darkstar [ Darkstar's Profile @ Forex Factory ]
    c) Dali [ http://forums.babypips.com/members/dali.html ]
    d) JCL [ zorro-trader.com ]
    e) Scott Percival [ Market-geeks.com ]
    this is the kind of post I would have appreciated in reply to my post so thanks for that dudest a succinct and intelligent reply someone not stating the obvious.This during a period of uncertainty which all traders go through not comments that Id had the temerity to question the master even going to the extreme of reporting me for saying something they dident like.However onwards and upwards knowing who to listen to and who not to. cheers mate.
    Last edited by buster48; 10-23-2013 at 04:28 AM.

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