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Thread: Price reversal points

  1. #271
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    Hi Mike,

    How's it hanging (doors).

    Accurate analysis again. 2 possible issues.

    1) Your time window is closing.

    2) Your target is outside/above a clearly defined down trend channel, as marked on your chart in light blue.

    Regards

    Steve P

  2. #272
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    Quote Originally Posted by SMPFutures View Post
    Hi Mike,

    How's it hanging (doors).

    Accurate analysis again. 2 possible issues.

    1) Your time window is closing.

    2) Your target is outside/above a clearly defined down trend channel, as marked on your chart in light blue.

    Regards

    Steve P
    Hi Steve,
    They were too wet from the stripping chemicals/neutraliser, so are drying outside before sanding - phew they stink down wind!

    Do you think price couldn't reach 'B' tomorrow? It's only 125 pips, well within the daily range I would say. Where would you reckon it will go then - to the confluence at the bottom RH side, following the trend?

    Regards,

    Mike

  3. #273
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    Hi Mike,

    The daily time frame supports your idea(see Chart). I would like to see another test of the yellow line to get long.
    Not saying your wrong, just be mindful of the downward channel price it is in now on your chart.

    RegardsPrice reversal points-eur-daily-12th.png
    Steve P

  4. #274
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    Quote Originally Posted by SMPFutures View Post
    Hi Mike,

    The daily time frame supports your idea(see Chart). I would like to see another test of the yellow line to get long.
    Not saying your wrong, just be mindful of the downward channel price it is in now on your chart.

    RegardsClick image for larger version. 

Name:	Eur Daily 12th.png 
Views:	77 
Size:	39.8 KB 
ID:	555

    Steve P
    Hi Steve,
    Where do you get your blue dotted TL from? I couldn't see anything even on monthly TF.

    Regards,


    Mike

  5. #275
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    Its a copied "Repeating Trend Angle" from further back in the daily euro price history.
    It is not attached to any previous bottom. Read the CS book Chapter 8 page 124 for clarification.

    Regards

    Steve

  6. #276
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    Thanks Steve. Not got that far in the book yet; it's hanging on a nail in the loo More Vindaloos needed?

    Regards,


    Mike

  7. #277
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    Quote Originally Posted by SMPFutures View Post
    Hi Mike,

    The daily time frame supports your idea(see Chart). I would like to see another test of the yellow line to get long.
    Not saying your wrong, just be mindful of the downward channel price it is in now on your chart.

    RegardsClick image for larger version. 

Name:	Eur Daily 12th.png 
Views:	77 
Size:	39.8 KB 
ID:	555
    Steve P
    Had to go to A&E so luckily put on a tight 30 pip stop. Still hurt though; ouch!

    If I'd looked properly at Channel Surfing and not put so much emphasis on Balance Points, I'd be a happier bunny

    Regards,


    Mike

  8. #278
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    Hi Mike,

    The second retest of the daily channel failed, so no long position for position for me.
    There's nothing wrong with your analytical skills, you just need to apply CS with the same rigour as you do BP.
    You must used all the tools all the time,if they conflict then stand aside. Try to be more patient.
    Remember we discussed this trigger happy stance on our phone conversation.
    Track more pairs as well Mike, CAD/AUS/CHF/GBP /NZD/JPY and stock indices if your platform allows.
    Our main edge as off-floor traders or hedge funds is we DO NOT have to trade. Wait until your convinced.
    You are are trading your money not somebody else's methodology.

    Onwards.

    Steve P
    sunpost likes this.

  9. #279
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    Looks like this would have been a wiser target.....! Next likely target is blue circle.


    Price reversal points-20120313-yqj6-135kb.jpg

    Mike

  10. #280
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    Quote Originally Posted by SMPFutures View Post
    Hi Mike,

    The second retest of the daily channel failed, so no long position for position for me.
    There's nothing wrong with your analytical skills, you just need to apply CS with the same rigour as you do BP.
    You must used all the tools all the time,if they conflict then stand aside. Try to be more patient.
    Remember we discussed this trigger happy stance on our phone conversation.
    Track more pairs as well Mike, CAD/AUS/CHF/GBP /NZD/JPY and stock indices if your platform allows.
    Our main edge as off-floor traders or hedge funds is we DO NOT have to trade. Wait until your convinced.
    You are are trading your money not somebody else's methodology.

    Onwards.

    Steve P
    Hi Steve,
    Thank you for your words of caution; maybe I should wear boxing gloves, then I wouldn't be able to operate the keyboard so readily! It's my choleric nature; must learn to be more phlegmatic and wait for tests.

    Were you referring to other pairs for reasons of correlation or just to look for other likely set-ups?

    Mike

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