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Simplicity in TA
- Thread starter Xspurt
- Start date
Quote from flipside21:
Another interpretation on 5 year charts is the USD index is headed back to 86.00, whereas the Euro/USD is headed back down briefly sub 1.20.
Possible, as I don't rule out any outcome, seen it all, hope for the best, prepare for the worst.
However, I will be looking for a swing long signal around 1.23-1.24 that could give ample reward.
Will do my best to try to catch it on smaller timeframes to lower my risk, albeit no 1 pip stops, don't know how to do those.
Quote from ammo:
tell that to the big guys who sell the tops and buy the bottoms and turn the market and ride it to the next s/r...this is a good thread xspurt, learn to take comments in stride,let's keep it on TA
No doubt! This a good thread. Thanks xspurt, ammo, red tank, etc.,
And hopefully a mod can step in here to remove the rambling, foul posts that have zero to do with the thread. And yes, let's keep it on ta.
Translation: It will go down unless it goes up. And since it gapped up he missed all of it because there were no 1-tic risk entries...Quote from Xspurt:
SUMMARY & CONCLUSION
The daily looks due for another push down into the base and if it breaks then 12,200 would look great for a weekly reversal. The Weekly looks great for a strong move up so I would be looking to get long after the drop. A fake drop would make sense here to make it look like the support has broken.
The reason for my rant is not just to highlight the risks we face but because of how I have seen major events impact chart reading. As I said my daily expectation is down but if something big kicks off, a minor short set up like that on the daily will be all the warning you get to roll everything into a big move that overruns the weekly.
ACTION
I'd be looking for longs if PA breaks above the last high tails but preferably after signal on a return to the base and better still if we get 12,200'ish on the Dow.
All being well the weekly will kick in for the upside and let's see how the monthly closes as right now it is very bearish.
The longer you listen the sweeter the pitch...
Here's an area I had marked on the bigger charts (yellow line).
Going down to the 1 hour you can notice a support line coinciding with the area, this is confluence.
Price reacts by plotting a bullish wick bar, some call it pin bars, others simply call it a hammer, either way, it's a snap reaction which is a good confirmation that you not the only one watching such area.
You could even go to smaller timeframes and witness the snap like effect reaction developing, before the 1 hour hammer was completed, allowing you to enter using smaller risks, etc. You get the idea. PA works in every timeframe, no matter how small or how large you go.
As of now the reaction obtained follow-thru, not surprising considering it's first-test nature.
At the same time if you had been trading the downtrend you knew where to exit based on prior studies.
And so it goes until the next high probability signal develops.
Anyway, just sharing ideas on how to locate areas of high probability of reaction. this is very basic but it's a start to get others on the right track on obtaining killer exits and/or high probability counter trend signals.
Going down to the 1 hour you can notice a support line coinciding with the area, this is confluence.
Price reacts by plotting a bullish wick bar, some call it pin bars, others simply call it a hammer, either way, it's a snap reaction which is a good confirmation that you not the only one watching such area.
You could even go to smaller timeframes and witness the snap like effect reaction developing, before the 1 hour hammer was completed, allowing you to enter using smaller risks, etc. You get the idea. PA works in every timeframe, no matter how small or how large you go.
As of now the reaction obtained follow-thru, not surprising considering it's first-test nature.
At the same time if you had been trading the downtrend you knew where to exit based on prior studies.
And so it goes until the next high probability signal develops.
Anyway, just sharing ideas on how to locate areas of high probability of reaction. this is very basic but it's a start to get others on the right track on obtaining killer exits and/or high probability counter trend signals.
Attachments
Quote from RedTankEra:
Here's an area I had marked on the bigger charts (yellow line).
Going down to the 1 hour you can notice a support line coinciding with the area, this is confluence.
Price reacts by plotting a bullish wick bar, some call it pin bars, others simply call it a hammer, either way, it's a snap reaction which is a good confirmation that you not the only one watching such area.
You could even go to smaller timeframes and witness the snap like effect reaction developing, before the 1 hour hammer was completed, allowing you to enter using smaller risks, etc. You get the idea. PA works in every timeframe, no matter how small or how large you go.
As of now the reaction obtained follow-thru, not surprising considering it's first-test nature.
At the same time if you had been trading the downtrend you knew where to exit based on prior studies.
And so it goes until the next high probability signal develops.
Anyway, just sharing ideas on how to locate areas of high probability of reaction. this is very basic but it's a start to get others on the right track on obtaining killer exits and/or high probability counter trend signals.
How did u know there was support at the 2464 area?