superspurs
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Best Thread Potential setups
- Thread starter trader_dante
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superspurs
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superspurs
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first steps,stuart
trader_dante
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TrendTracker
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H&S in the Dow?
Hello all,
thanks for the interesting posts and charts. Here's one that I've been looking at lately: DJIA seems to be forming a huge head and shoulders market top. It seems that if we don't get a turn around from here (in the light of fundamentals there's not much hope) the H&S completes and the projection's at least to DJIA 10 000, and even below.
Link: DJIA chart
What do you think?
Cheers!
TT
Enjoy
Hello all,
thanks for the interesting posts and charts. Here's one that I've been looking at lately: DJIA seems to be forming a huge head and shoulders market top. It seems that if we don't get a turn around from here (in the light of fundamentals there's not much hope) the H&S completes and the projection's at least to DJIA 10 000, and even below.
Link: DJIA chart
What do you think?
Cheers!
TT
trader_dante
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You are probably talking about Sundays bar. I generally ignore these as they only represent a few hours trading.
TD, Yes I am.
Brings my nicely onto my next question about longer term positions. Do you guys leave stuff open over the weekend, or is it best to close up on a Friday regardless?
Also, I take it you don't ignore the price action, but just pay less relevance to charting taking from it? Does that not skew everything else throughout the week?
Brings my nicely onto my next question about longer term positions. Do you guys leave stuff open over the weekend, or is it best to close up on a Friday regardless?
Also, I take it you don't ignore the price action, but just pay less relevance to charting taking from it? Does that not skew everything else throughout the week?
1Pipped
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Hi Stuart, I sometimes leave things open over weekend and sometimes dont. If I had a deal Ide donet off the daily chart Ide be less inclined to close it just because its weekend, but if I had a trade on Ide done off the 4hr or 1hr and it was an important weekend, say g8 meeting or something I might close it. I wouldnt close it with the idea of putting it back on on Monday though, if its closed, its closed, for me.
1Pipped
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Inside bars on gbpchf, wouldnt really know what to do with these so not doing anything myself, something to look at though.
My long gbpjpy stop is coming under fire at the moment at 211.82, 212.00 might save it yet... (it might! lol)
Have moved stop to b/e at last on usdcad, anyone still in this now? long tails on yesterdays and fridays bars thats why I moved stop down.
My long gbpjpy stop is coming under fire at the moment at 211.82, 212.00 might save it yet... (it might! lol)
Have moved stop to b/e at last on usdcad, anyone still in this now? long tails on yesterdays and fridays bars thats why I moved stop down.
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Question for you guys. In the past where i've invested in equities i've always drawn trend lines using close prices
Now i'm trying to trade i'm using candlesticks to get a better idea on intraday price action, but wondered with trendlines do you use the intraday low/high points or do you go for close price still?
Now i'm trying to trade i'm using candlesticks to get a better idea on intraday price action, but wondered with trendlines do you use the intraday low/high points or do you go for close price still?
hey 1pipped,did your gb long make it??
got stopped out(by 10 pips) over nite on my demo us/j short,thought i could scalp 20 pips or so
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personaly i use h/l prices.for TRENDlines always,i usually ignore spikes on PATTERNS. just my way,im sure other people have theres.
theres something to be said about drawing trendlines from a line chart on close price also but i dont think its so important which way is correct,its more important imo to realize which ones everybody else are drawing/seeing
1Pipped
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No! and I got the price wrong in my post, it was at .76 and alpari's low was..... .76
would have got stopped out couple of hours later anyway.Looks like a lot of pins on the */chf charts at the mo, not looked properly got to go and do a bit of late work now
TraderZer0
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Stuart
I'm an Aussie and noticed that candlesticks replaced bar charts for many private and institutional traders much earlier here than in the US or UK. I've been using candles for more than 8 years and always use highs and lows for trendlines and s/r, with 3 touches being the minimum for a high level of confidence (validity if you like.)
I guess there is no right or wrong answer to your question - I find that the majority of the Aussie institutional traders tend to use highs and lows rather than closing prices and therefore I do as well. I believe that a trendline or s/r level is more likely to be respected if others also recognise the level on their charts - hence I'm going with whatever the large traders use.
I'm interested if anyone has ideas about what the larger FX traders use by way of moving averages. Anyone think there is a "norm" or is it individual preference?
Great thread and a big thanks to Trader Dante for his contributions.
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