I’d like to know if I’ve caught the good way to evaluate a setup.
Have you guys any thought?
Looking forward for your kind comments, especially any corrections.
Many thanks!
Claudio
[QUOTE=“sworksmax;551707”] It is interesting you saw a flag and I saw a mother and her 5 kids! Of course, Im not familiar with the flag pattern and can now see it after you pointed it out. After I got your message, I took my SL to a few pips above BE. I wanted to see how it played out. As luck would have it, it went right to the traffic zone and gave me my profit and reversed back below my entry point. All in the wee hours of the night too! Regardless of the outcome here, I wish to learn from it. Was I incorrect in identifying this as a mother-child pattern? If so, what disqualified it? Thanks![/QUOTE]
Hey swords, we only trade inside bars on the daily charts here. But it was obvious that price was winding up and the breakout was quite explosive. Although you can have individual candlestick signals inside of patterns since patterns encompass many candles.
I just received a phone call on my work cell regarding trading. I’m not quite sure how someone here found my number. I couldn’t understand the person that called but if it was you and you are reading this, please keep it to baby pips or skype.
Pros:
Weekly gap still needs to be filled
Day closed below S/R line
Engulfing 4 previous candles
look what happened last time price broke below this level
Cons:
Low wick show supports below
I am not sure if engulfing bars can be treated as continuation (since momentum is already down for a few days)
Why would you want to go Short on a BEEB that is sitting right on support, and at a pullback of an uptrend ? I would rather wait for a bullish Price Action to happen in this case…
Eternal B, if you are thinking a short, I would wait for a close below the support. Then wait for it to retrace back to the price level that was previously support. If you get a PA candle at that level, you are good to enter a high probably short sell.
If it does not break below support and close, you should be looking for a long PA candle.
Gee, I wonder how difficult it is nowadays to find an a technical manager and programmer with a company that is involved in the gas and oil industry around Iowa with the name ‘Aaron Kruger’ whose wife’s uncle works as successful investment manager.
But yes, I agree it’s kinda creepy when someone you don’t know can find out about your number and call you out of blue.
They somehow found the website the promotes our gas and oil monitoring system. The problem is the phone number on that website directs to the vice president(my boss). The weird thing is I have never directly references the website, or the name of the product we sell. I may just have to get rid of some of the bio stuff if it is going to cause problems. They may have even seen it on my facebook, where I often post about the product. If anyone sees anywhere I may have posted that information please let me know and I will remove it.
It is surprisingly difficult! I actually tried to find it myself and I couldn’t do it.
So it looks like we will not default on our debt, I guess our intelligent lawmakers found the better solution, adding more debt! I should try that out, next time I have debt collectors knocking on my door, I will go wrack up more debt, that should do the trick.
And I thought you once declared that you are one of that internet generation…??
Well, NSA can do it if they want to, but that really is an overkill to say that an NSA official wants to learn Forex from Grandmaster Krugman.
Let’s just say someone with too much time in their hand can learn about you sooner than later, Krugman. It’s not a big deal, at least if it’s not borderline harassing or invading your privacy. You may want to put that in writing in front page of this thread that you do not accept any personal call without appointment unless you really trust the caller ahead.
Seriously, what’s the problem with the Americans??? It’s always about [B]debt, debt, and debt[/B]. And I’m talking about everyday American Joes and Janes till Uncle Sam himself. Heck, I found it crazy that the first day I step my foot on American soil, I got a Credit Card offer right in my campus building! I haven’t even got my student id that day! And the more I interact with my American friends, the more I hear about “mortgage, auto loan, student loan, credit card debt, etc…” in daily basis. It’s like an unofficial slogan in America: “Give me debt, or give me death!”
Hey Eternal, I just noticed that you are a senior member, congrats!
Chances are if you are shorting this pair, I will probably be going long at the same time, lol.
One thing I always do before I take a trade is I ask myself “If I were to take the opposite position that I am about ready to take, would it have a decent chance of winning?” If you can answer that question with a yes, then don’t take the trade.
Hello Aaron,
I’m Christian, husband, father, airline pilot, newbie to trading; I’m halfway through the BabyPips course, but have done extra research on Technical Analysis, namely Elliot Waves and Candlesticks. I’m presently searching for an appropriate method to actually start trading (in demo mode first, as encouraged by Baby Pips); your Thread could well be my missing link to actually get started! If I may, I’d like to ask a basic question at this point: why have you chosen not to include Pivot Points and other indicators? Wouldn’t they provide potential confirmation for Price Action analysis?
[QUOTE=“RavingEagle;552031”]Hello Aaron, I’m Christian, husband, father, airline pilot, newbie to trading; I’m halfway through the BabyPips course, but have done extra research on Technical Analysis, namely Elliot Waves and Candlesticks. I’m presently searching for an appropriate method to actually start trading (in demo mode first, as encouraged by Baby Pips); your Thread could well be my missing link to actually get started! If I may, I’d like to ask a basic question at this point: why have you chosen not to include Pivot Points and other indicators? Wouldn’t they provide potential confirmation for Price Action analysis?[/QUOTE]
Hey Eagle, welcome to the one stop shop for all things price action. The thread is fairly young but has already started to accumulate some great price action information. Although I am adding more articles and videos regularly because there is so much more to teach yet! If it’s ok, what airline do you fly for? I travel a lot in my primary career and fly United a lot. My boss is from Louisiana and swears by Southwest.
To answer your question, I ignore indicators because they do not provide any extra benefit over pure price. Price action candlesticks are already confirming what the market is thinking. The other reason is that indicators are just a fancy rehash of price. If I wanted to get the most clean and pure look at what the market is thinking and doing, I would be much better off looking at price in its purest form, rather than a mashed up calculation of it. The EMA indicator is allowed here but only as dynamic SR, it is not used for trade confirmation.
