On the daily eurusd it looks like a saucer. The only thing what confuses me is that there was not really a big drop in the last days. 
I guess the consolidation just gets more volatile.
Iām afraid youāre going to have to take your riddling hat off love, itās not something Iām into.
You got green as apples new comers wandering onto this forum for the first time all day long every day, thinking theyāre going to change the world with their $200 bucketshop small change.
The objective of this place should be to advise & encourage sensible practices wherever possible. And Iād have figured that someone thatās been here as long as you would have had more sense as to encourage that outlook.
One of the golden rules of trading, any type of trading, is not to attempt to be a hero (or a clown) & try pick market tops & bottoms. Even for those stupid enough to wander around these places with their head in the clouds, the law of averages dictate that even [B]they[/B] will come across that warning at some point in their journey.
That one major trip wire is responsible for more carnage, frustration & loss of discipline/patience than most any other form of self destruction out there, especially at the hands of newbies who havenāt got a clue what theyāre doing or why theyāre doing it it.
And you actually encourage that type of lunacy?
No wonder the carnage & ignorance is so commonplace.
You donāt consider that some kind of a riddle?..maybe not to those of you who speak like that maybe, but for the rest of us āgreen as apples newcomersāā¦(more riddlespeak) it certainly is. And thereās a whole thread filled with that kind of jargon to which most of us feel like we need a decoder book to go with it. So unless youāre willing to first come down to our level and speak babypips in order to bring us up to from the depth of carnage & lunacy, sure Iāll encourage anyone who is figuring this all out on their own , and if youāre not, then go ā[B]FOCUS[/B]ā somewhere elseā¦dear.
I donāt [I]try[/I] to pick tops and bottoms, [I]I do[/I]ā¦and I do it well.
ā¦Show some respect or move along.
Nothing unusual going on here. Retrace to .50 fibb.
Some people have been asking me about Aisa, so Iāll try to explainā¦
Volume is always low, but we can still read it relative to the rangeā¦increases and decreases.
Late US, into Aisa session price will tend to retrace the move of the day. First obvious thought is that intraday trades are being closed, causing a reverse move.
So, when moves retrace what do we get from that? ā¦fibbs
All the usual questionsā¦
Will it reach .50 fibb?
If so will volume increase there to show buyers coming back in?
If it doesnt reach .50 fibb, did it hit increased volume early, showing alot of strength?
Heres what we have todayā¦
I have to conclude that this is accumilation off .50 fibb based on the candle/volume reaction. Also note the lower volume in red at the topsā¦we are just looking at the relative range.
Iām out for now. I should be around for London today if Iām not too tired.
High vlm rejection of 61.8 and now upper TL break. I wanted to make sure it was ready to get out of its range, so waited for the break.
I had to close some of my position in loss to control risk, it happens lol. Now I have a bit more breathing room but probably wont hold on to it much lower. Always another tradeā¦itās still early.
edit: Closed it for a lossā¦keeping risk in check, just wait for the next good setup.
ā¦heh.
Interesting day for vsa lolā¦ g/u looks stuckā¦ e/u looks a lil stuckā¦ hmmmmmmm
Pete,am i wrong on this chart?or i just lucky today?
Any early sign?just give your commentā¦
i want to learn from you :o
Looking good. You can see the highest volume off the bottom support showing it was likely to move up out of that consolidation.
Easy longs today on e/uā¦and g/u had a very nice double bottom VSA setup. Looked like many charts I have posted in here. I took both pairs, but smaller positions to keep risk in check.
I noted 2 entry points for scaling in. Bullish close on medium volume after bottom, and break of upper TL.
Iām long E/U. It shot up 30 pips about 1 min after I got inā¦some luck in there. You see the accumilation off the bottom. I simply got long due to the time of day, and put my SL below support. This market is too easy for intraday trading. The types of setups I post in here semms to be playing out 90% of the time. Itās not always like thisā¦itās a nice phase right now.
The red square points out where .50 - 61.8 and uppr trend line meet, so a likely target for me. Banked some locked BEā¦see what I get. Just too easy latelyā¦must be because computers are taking over trading decisions and itās making things more clean and organized, who knows.
Please forgive the newbie question, I know I may look like a complete idiot here, butā¦
How can āsmart moneyā control the price when the forex market is so large ($4 trillion a day)? Do the āsmart moneyā traders act together as a sort of super-group?
[I]The foreign exchange market is so huge and has so many participants that no single entity ā¦can control the market price for an extended period of time.[/I]
This is a quote from the BabyPips school.
Thats actually a really good questionā¦Maybe its the government???
They donāt conrtol the market per se, but it just so happens that they think and act similarly.
ā¦ at the same time?
More or less, yes. It is not like they say: we will drive the price down 300 pips now. No one is that powerful, I hope. It is just that they observe, interpret and act on the market activity similarly. They do what the big guys do, and by doing it they become one of the big guys.
Iām looking to scale in longs off this support area. Lots of buy activity at the lower prices of the range. Iām hoping to get in at the bottomā¦if it gets there.
tsk, that didnāt work out. Hey look, were at 1.36 like I called. Too bad I was long today lol. 