Intraday FX Player
- Thread starter CFerret
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ok I had a refreshing sleep and I didn't miss any action!
We'll take a look at the big picture - the triangle in the 1 hr chart.
Let's not get a "bankers head" on here. By that I mean bankers always, always get on the wrong side eventually because they think, "This has a great track record and can only go one way."
When it got to the top yesterday I noticed some guys on ET were playing the song "The Only Way Is Up" when we were getting ready for the swing down. But more important let's look at how a market finishes off a big move.
There are usually 3 distinct pushes - you can see this in the trend lines that we are on the third push, so my "BEWARE" radar is on full alert.
Yesterday was very hard to play in 1 min charts - they did everything to throw us off. That's why you have to play for position at times and know what the gameplan is most likely going to be. Won't always be right, but that's where the big bucks are made - having a good sense of direction.
OK so look at this chart - a big emotive triangle and lot's of, "It can only go one way" talk with 3 trendline pushes. Hmmm
We'll take a look at the big picture - the triangle in the 1 hr chart.
Let's not get a "bankers head" on here. By that I mean bankers always, always get on the wrong side eventually because they think, "This has a great track record and can only go one way."
When it got to the top yesterday I noticed some guys on ET were playing the song "The Only Way Is Up" when we were getting ready for the swing down. But more important let's look at how a market finishes off a big move.
There are usually 3 distinct pushes - you can see this in the trend lines that we are on the third push, so my "BEWARE" radar is on full alert.
Yesterday was very hard to play in 1 min charts - they did everything to throw us off. That's why you have to play for position at times and know what the gameplan is most likely going to be. Won't always be right, but that's where the big bucks are made - having a good sense of direction.
OK so look at this chart - a big emotive triangle and lot's of, "It can only go one way" talk with 3 trendline pushes. Hmmm
Morning CF - glad you're getting some "heat" hehe... it's blue skies and 33 here.
Re the chart set up, triangles have a higher odds breakout in the direction of the prior move, but it's far from 100% and I'm concerned about there being too much sentiment that it's one way from here - the market likes to throw in a few twists.
In any event it's a great trading set up - long into space over the top or short out the bottom. There could be a major event that lets all hell break lose and the markets are so entwined with each other and loaded with bad news and time bombs that that is possible, even probable. But 3 pushes and one-way sentiment has made me think this doesn't look as good as it seems.
If we do resolve the triangle to the downside then we'll see how long the direction will last. It's waves within the hourly and the hourly set ups that interest me most, but I couldn't help but say, "Well, will you look at that!"
Re the chart set up, triangles have a higher odds breakout in the direction of the prior move, but it's far from 100% and I'm concerned about there being too much sentiment that it's one way from here - the market likes to throw in a few twists.
In any event it's a great trading set up - long into space over the top or short out the bottom. There could be a major event that lets all hell break lose and the markets are so entwined with each other and loaded with bad news and time bombs that that is possible, even probable. But 3 pushes and one-way sentiment has made me think this doesn't look as good as it seems.
If we do resolve the triangle to the downside then we'll see how long the direction will last. It's waves within the hourly and the hourly set ups that interest me most, but I couldn't help but say, "Well, will you look at that!"
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