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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #641 (permalink)
Elite Member
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alex123's Avatar
 
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Dear TRO: I am a newbie for FOREX and Futures, I ask you a question that you may laugh at me, can I LONG or SHORT when current bar price crossing previous bar closing price if previous H1(say EURJPY H1) is green or red, or strictly trade at its previous HIGH or LOW? Because I watched the EURJPY H1 history chart, maybe we can do that?

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  #642 (permalink)
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Dragon View Post
See this is why I suck at price action. How do you draw this conclusion jones? I see a green doji and a red spinning top (I think that is what its called) to signal a continuation of the downward trend after small pullback.

One way is to read the candles. Not sure of the chart time frame but the direction price has been traveling is bound to reverse. So I would expect a pullback then see price shoot upward. Spinning top(s) don't mean a reversal but often means indecision. If the body of the Spinning top was lower with a larger upper wick then it would be safe to say that price will continue to the downside. Just an observation.

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  #643 (permalink)
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YM naked


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  #644 (permalink)
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So the trendline prevails? Why look at candles at all if support and resistance, "Tro's buy zone" matters most?

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  #645 (permalink)
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alex123 View Post
Dear TRO: I am a newbie for FOREX and Futures, I ask you a question that you may laugh at me, can I LONG or SHORT when current bar price crossing previous bar closing price if previous H1(say EURJPY H1) is green or red, or strictly trade at its previous HIGH or LOW? Because I watched the EURJPY H1 history chart, maybe we can do that?

I usually do not laugh at newbies. It's more fun to poke fun at the experienced traders. They are the ones I laugh at.

I am not exactly sure what you are asking...

You can trade anyway you want to trade.

What I have shown today is how the rat would trade because the rat would win 2 out of 3 trades by trading as follows:

If previous bar is red, then look to go short at the previous bar low.

If previous bar is green, then look to go long at the previous bar high.

Remember, once you hit your daily goal QUIT TRADING or else the rat will beat you.

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  #646 (permalink)
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jonesr9 View Post
one way is to read the candles. Not sure of the chart time frame but the direction price has been traveling is bound to reverse. So i would expect a pullback then see price shoot upward. Spinning top(s) don't mean a reversal but often means indecision. If the body of the spinning top was lower with a larger upper wick then it would be safe to say that price will continue to the downside. Just an observation.

This is trading... Anything can happen!

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  #647 (permalink)
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dragon View Post
so the trendline prevails? Why look at candles at all if support and resistance, "tro's buy zone" matters most?

Price always prevails.

The original BUY ZONE has nothing to do with support/resistance. The Buy Zone is based on open price.

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  #648 (permalink)
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Hey Dragon,

I believe that different people look at the same thing in a different way. That's the way it is with trading approaches. Big Mike or Sharky might trade differently than TRO or whoever..... ultimately you have to find a way that makes sense to you.

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  #649 (permalink)
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Dragon View Post
So the trendline prevails? Why look at candles at all if support and resistance, "Tro's buy zone" matters most?

Trendlines don't prevail. Trendlines shows a trending market(either up or down like a flight a stairs), patterns forming, possible entry into a trade if the pattern breaks the trendline. Take a look at Jeff's chart he just posted. Pictures can show allot of great information.

Candle recognition comes with time.

Don't be afraid of drawing trendlines on a chart. They can help you see things that you are possibly not seeing.


Last edited by jonesr9; September 13th, 2009 at 01:38 AM.
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  #650 (permalink)
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Jonesr9..... exactly...... that's is why there was no commentary on my last chart.... the chart said it all.

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