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Thread: Price reversal points

  1. #191
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    it is indeed difficult to identify the balance point. i keep a list of the gap/momentum, the contrary wave, and the directional change on my desk. try to marry them up with lines from highs and lows is crucial. when i first started i only accepted lines of least resistance, and although it is a good thing to check for, it is more important to recognise a other patterns as discussed in the video.

    Often times the wicks will line up for us to draw a line from thru a perfect balance point set up.

    I do still find though, that after the move, i should have identified it. All about hindsight in those situations.

    Im trying to construct a step by step method for us to use to allow us to be able to trade this effectively.

    A checklist for us to consult prior to taking a trade is always a good habit to get into.

  2. #192
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    Hi foxy and blott have you read about the inverse?.The method i use is first mark out all the reversal possibilities on the daily and 4hrs using 2 highs and low or 2 lows and high before i start with the balance points.Mark out supports and resistances as well.Remember we are dealing with price against time triangulations.balance points should fit into the concept.From experience if you do get the time factor right you will get a reversal or a continuation to the next triangle time.Nice that everyone start making contributions.Good luck

  3. #193
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    yes i had to watch that video a few times to get a handle on what he was saying, and how to confirm it. nice to hear you use the the daily and h4 too. the smaller tfs just dont interest me unless (as parsons says) its to confirm a bias or get into a move.

  4. #194
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    Bunch of perfect BP examples on Gold

    Like Parsons says, FX may not give you the best BPs and reversal points because of "paired" nature of these markets. I believe we can find a lot more good examples in non-paired markets such as Gold, Silver, Oil etc. Here's a chart of gold to prove my point. Very clean BPs all over-

    Price reversal points-gold-daily-2-29-2012-6-27-27-pm.jpg

    Now go do your home work and contribute some charts. If only one or two people are contributing, it won't be long before they also quit posting. If you want to keep this thread alive, everyone please post what you find- even if it's wrong!

  5. #195
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    USDCHF Weekly - More BP Examples

    Here's a hint- if you are having trouble finding BPs on lower TFs, look for them on Daily and above TFs. They will stand out on higher TFs. Then use these BP targets for setting bias for intra-day trades.

    On this chart, there is a possible BP forming at current levels. If it finds support and moves up from the current levels, you are looking at a BP target of 1.1000 in the worst case.

    Price reversal points-usdchf-wkly-bp-examples-2-29-2012-8-13-23-pm.jpg

    foxy, koalpo, monster and others- please comment on the charts I have posted.
    Last edited by duggils; 03-01-2012 at 01:25 AM.

  6. #196
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    HI All,
    I am still finding it hard to identify some BPs in Forex, but this scenario should be quite obvious; it's heading for the other side of the channel (maybe it likes cheese!).
    Price reversal points-20120301-pldr-188kb.jpg

    I think I'm correct in identifying the flag marked with the blue arrow as a BP?

    Cheers,


    Mike
    senator likes this.

  7. #197
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    hey Duggils, that chart is a pair. its usd and gold. if you want non paired markets you could try the future commodities if your charting service gives you the data. not sure mt does. I find the indices dow ftse dax s+p etc. works great with parsons.

  8. #198
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    Quote Originally Posted by foxy View Post
    hey Duggils, that chart is a pair. its usd and gold. if you want non paired markets you could try the future commodities if your charting service gives you the data. not sure mt does. I find the indices dow ftse dax s+p etc. works great with parsons.
    foxy, you are absolutely correct about XAUUSD being a pair. I got carried away when I spotted so many BPs without too much effort on one chart and overlooked that fact.

    In any case, how do you like the BPs I marked on the chart? Do you think they are correct?

  9. #199
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    Quote Originally Posted by blott View Post
    HI All,
    I am still finding it hard to identify some BPs in Forex, but this scenario should be quite obvious; it's heading for the other side of the channel (maybe it likes cheese!).


    I think I'm correct in identifying the flag marked with the blue arrow as a BP?

    Cheers,


    Mike
    Hi Mike, It does look good. The flag BP in the making and the targets based on Fibs and line connecting prior swing high through the triangle BP of the prior wave are converging well at the same point. My target is around 3200.

  10. #200
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    hey Blott, on your eurusd the blue arrow could be pointing at a BP. A difficult call. half way down the long candle could be the BP, but im favouring your blue arrow is a BP and we are in for a nice ride down the same distance again. before taking it we want to see some confirmation it will indeed head further down. 1.32406 or thereabouts would confirm a move down for me for a possible 90 pips profit or so.(or even further if the BP of the previous swing is the gap) my only concern is that it would be taking a short trade when the bias is long on the H4, depends how you want to read it though, its only been on the long bias for the past month or so. The positive is that it will be a short trade with the bias being short too, on the D1. Another question i would have about taking this trade at this level is where to place a logical stop.

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