Hello all and I have returned after a long summer break from posting. It wont have taken more than a glance to see no new posts on here for some time and now it will be back to business as usual for the winter months.
I have an S&P500 update request which I will try and post this evening and will follow up with an over view of the other major pairs to get us all back on the same page and looking for whats logical and get close to the mind set of pro money.
Hope you all had a great summer, and those who are only now heading into summer in the southern hemisphere, try not to send us too much cold :)
Doc
Sunday, 25 September 2016
Monday, 13 June 2016
S&P500
A brief look at the S&P500.
This is the weekly chart and we are at major supply. There has been many attempts to break through and after each fall in price, we have had to go deeper below to get fresh buy orders. This cannot be indefinite and early warning of price breaking this range and pushing much lower looks more probable with each passing day. Just look at those long tails, there are some heavy hitters at work there.
Daily chart.
I placed a red line on top to show supply and look how weak price is when it got to the upper portion of this wide range. compare that to the reaction, one sudden strong move away and this says sellers are present and in good numbers.
The last two candles including todays show no buyers showing up. Hardly a surprise given the power behind the sellers. A blue line is marked lower down and I expect no major buying to take place until we drop below this. And even then, any buying may be weak. There are other markets showing the same weakness all around this time, and when this happens the results can be spectacular.
Take a look at the tails on many of the candles on this chart, that is not a sign of a strong market and the regular and sudden spike lower to gain orders.
This is the weekly chart and we are at major supply. There has been many attempts to break through and after each fall in price, we have had to go deeper below to get fresh buy orders. This cannot be indefinite and early warning of price breaking this range and pushing much lower looks more probable with each passing day. Just look at those long tails, there are some heavy hitters at work there.
Daily chart.
I placed a red line on top to show supply and look how weak price is when it got to the upper portion of this wide range. compare that to the reaction, one sudden strong move away and this says sellers are present and in good numbers.
The last two candles including todays show no buyers showing up. Hardly a surprise given the power behind the sellers. A blue line is marked lower down and I expect no major buying to take place until we drop below this. And even then, any buying may be weak. There are other markets showing the same weakness all around this time, and when this happens the results can be spectacular.
Take a look at the tails on many of the candles on this chart, that is not a sign of a strong market and the regular and sudden spike lower to gain orders.
Friday, 10 June 2016
AUS200
I will try and answer some questions in this post and perhaps in another if I can find some clear charts to post. There are jitters forming in the market with the UK voting on its future within the EU, and given the extent of the British reach around the world, this will have many ripple effects in many markets. Finding quality charts as voting day approaches will not be easy.
However, here I present the AUS200 Australian index. I have not covered this before and the economy of Australia is about to under go some tough times from what I can see. This should not come as any surprise, the mining industry was the first to send out warning signs, housing will following and folks already leaving for work abroad. Any politician in Government will do all they can to talk the opposite, but the charts dont tell porkies.
This will be a long term view of the AUS200 because of price action alone and day trading this is not good until it settles into full bearish mode.
Monthly chart.
Starting on the lower left, there is a point from where this market took off strongly during the boom times. Like many other countries the investors spent heavily and pushed hard. At the top we see supply that will have caught and burned many. There was warning of this before the top was reached with a large bullish closing candle with a large tail. The question you must ask when you see such price action especially on high time frames like the monthly is, if the market is so strong, how could price drop so quickly and violently. We know only pro money could do this and it was an exercise in taking out stops and grabbing more orders for the final push to the top. We also know that when price shot above the close of this candle where many got taken out, will have jumped back in again in full bullish mode. Greed takes over from the logical brain and such warnings tend to happen once and it is best to heed it once.
As price fell through 2008 it eventually hit the old area of demand and we see price reacting accordingly. The same traders who got stung at the top will have gotten stung here again, and the same warnings came up, a large tail which screams buyers coming in with deep pockets. A quickly test of this area came in early 2009 and price turned bullish into the near term supply I show on the chart. Of interest is the reaction in price, it got thrown into a relatively narrow range for around a year. We then see a large drop and terminating with a candle showing a large tail. If you think buyers you are correct. This was tested after a choppy ride back up into the range and price falls again but with much less force. Several times from the top of this range will fill more and more short orders and eventually weaken the area enough to where the bulls can spend a lot less money in turning the market.
After the testing area price finds enough willing buyers to push up through the range and even has enough orders to gap up, test quickly, grab more lower cost bullish orders and break the top of the range. From here we see a lot of choppy price action into the large supply candle from the left. I marked this with a blue line. I would not have been looking higher because the bullish candle to the left of this with the large tail has established itself as an area to keep an eye on.
Given we hit supply and now have fallen off, we want to see if nearer term supply is working as expected and in the last candle of the current month we see it is working so far.
Weekly chart.
A closer look at what is still very choppy price action and a sign of no strength from buyers. The area I marked off as run for orders shows how price was marked up to entice buyers and take additional time to fill short orders while price was above recent highs. Once price fell back into the range, we can see several areas where it was clear the bulls were not interested and the bears had a chance to take control.
At the moment we have hit recent supply and price is falling. There may well be some day trading action we can take here and if the swings are within your means.
I am looking for a target below the blue line, this is the best place to find clean fresh buyers and it is a good area untouched for some time. There is some buying below price, but none of it looks particularly strong. Time will soon tell.
Daily chart
Here you will get a sense of how choppy price has been. Very ugly nasty and account hurting for the small trader. But wait for the main areas to revisit and it gets real interesting and after a time you will see how price gets cleaner as pro money works in enough orders to show us a path.
The top red line is an area of supply. To the right we see a sharp stab through it and close below, just following on from that we see a close near to the top of the spike.....and the word to focus on is, near. Without a higher close and a continuation it was given price will fall back. But it done more than fall back, look at the days candle with a large red body closing on its lows, that is powerful and it formed in the right place. A retest of this is what we want and it came about a few days later and right now we are falling again and with good force behind it.
You can see the retest was used to full plenty bearish orders and all timed so that price would not fall off a cliff and pro money allowed time to support this move. You would think they planned all this :)
And finally at the bottom I placed a box showing where the most recent buy orders happened and we can expect this to become their target. But I have my doubts it will hold up price for too long and at some point, price will march lower as is expected on the higher time frame charts.
However, here I present the AUS200 Australian index. I have not covered this before and the economy of Australia is about to under go some tough times from what I can see. This should not come as any surprise, the mining industry was the first to send out warning signs, housing will following and folks already leaving for work abroad. Any politician in Government will do all they can to talk the opposite, but the charts dont tell porkies.
This will be a long term view of the AUS200 because of price action alone and day trading this is not good until it settles into full bearish mode.
Monthly chart.
Starting on the lower left, there is a point from where this market took off strongly during the boom times. Like many other countries the investors spent heavily and pushed hard. At the top we see supply that will have caught and burned many. There was warning of this before the top was reached with a large bullish closing candle with a large tail. The question you must ask when you see such price action especially on high time frames like the monthly is, if the market is so strong, how could price drop so quickly and violently. We know only pro money could do this and it was an exercise in taking out stops and grabbing more orders for the final push to the top. We also know that when price shot above the close of this candle where many got taken out, will have jumped back in again in full bullish mode. Greed takes over from the logical brain and such warnings tend to happen once and it is best to heed it once.
As price fell through 2008 it eventually hit the old area of demand and we see price reacting accordingly. The same traders who got stung at the top will have gotten stung here again, and the same warnings came up, a large tail which screams buyers coming in with deep pockets. A quickly test of this area came in early 2009 and price turned bullish into the near term supply I show on the chart. Of interest is the reaction in price, it got thrown into a relatively narrow range for around a year. We then see a large drop and terminating with a candle showing a large tail. If you think buyers you are correct. This was tested after a choppy ride back up into the range and price falls again but with much less force. Several times from the top of this range will fill more and more short orders and eventually weaken the area enough to where the bulls can spend a lot less money in turning the market.
After the testing area price finds enough willing buyers to push up through the range and even has enough orders to gap up, test quickly, grab more lower cost bullish orders and break the top of the range. From here we see a lot of choppy price action into the large supply candle from the left. I marked this with a blue line. I would not have been looking higher because the bullish candle to the left of this with the large tail has established itself as an area to keep an eye on.
Given we hit supply and now have fallen off, we want to see if nearer term supply is working as expected and in the last candle of the current month we see it is working so far.
Weekly chart.
A closer look at what is still very choppy price action and a sign of no strength from buyers. The area I marked off as run for orders shows how price was marked up to entice buyers and take additional time to fill short orders while price was above recent highs. Once price fell back into the range, we can see several areas where it was clear the bulls were not interested and the bears had a chance to take control.
At the moment we have hit recent supply and price is falling. There may well be some day trading action we can take here and if the swings are within your means.
I am looking for a target below the blue line, this is the best place to find clean fresh buyers and it is a good area untouched for some time. There is some buying below price, but none of it looks particularly strong. Time will soon tell.
Daily chart
Here you will get a sense of how choppy price has been. Very ugly nasty and account hurting for the small trader. But wait for the main areas to revisit and it gets real interesting and after a time you will see how price gets cleaner as pro money works in enough orders to show us a path.
The top red line is an area of supply. To the right we see a sharp stab through it and close below, just following on from that we see a close near to the top of the spike.....and the word to focus on is, near. Without a higher close and a continuation it was given price will fall back. But it done more than fall back, look at the days candle with a large red body closing on its lows, that is powerful and it formed in the right place. A retest of this is what we want and it came about a few days later and right now we are falling again and with good force behind it.
You can see the retest was used to full plenty bearish orders and all timed so that price would not fall off a cliff and pro money allowed time to support this move. You would think they planned all this :)
And finally at the bottom I placed a box showing where the most recent buy orders happened and we can expect this to become their target. But I have my doubts it will hold up price for too long and at some point, price will march lower as is expected on the higher time frame charts.
Saturday, 5 March 2016
EUR/USD
A new month and some Euro action showing signs of promise. Overall the Euro is bearish against USD and we are getting closer to what may be a final leg down. I have a very long term chart here showing the monthly time frame and where I expect to see a target on lower time frames.
The media will as I suspect play down the Euro to allow enough negative sentiment built around the currency and all commentators come out with silly talk of the Euro is a failed experiment, a failed monetary union and all sorts of other TV fodder. Pro money requires news to be bad and getting worse in order for price to fall to where they want it.
On this chart I have two small lines showing a clear area of buying back in 2002. What is unimportant is the time that has elapsed since the buying. It doesnt change history and where pro money felt the Euro was a good deal and bought into it hard for years.
Note an expected price range where support could have been established. This failed in dramatic fashion in late 2014. There is good intel from that fact, the Euro fails to gain support and therefore has to fall further and will do so into the next area of support and we are looking to short into that on lower time frames.
Now on to the weekly.
You can see where price blew through the area where support was likely to form. Price races away below and on this time frame has set into an approx 1000 point range. There was one large spike out of the top of this range and this achieved a number of goals. It got day trades long when there was no pro money support to be long, they same folks will have been stopped out, and any shorts from it will have been bored out of the market with weeks of poor price action. The net result was low cost short orders from pro money. Their efforts are clearly seen a little later with a brief retest out of the top of the range and a rapid retraction. The following day price collapses as one would expect.
The best trade in that range was the one I just mentioned and it pinned demand at the bottom of the range cleanly. At present we see a painful rise higher into that old supply, but it will become a weaker area to sell from and price action will become very choppy. Right now we are falling from near term supply and getting clean price action and targets will get harder the longer we stay inside this range.
Next up is the daily.
I have marked up where price reached near term supply and has sold off. Also where it hit demand below, but the demand there looks weak to me and higher quality demand lay further down. To get there, price has a real mess to go down through.
Ultimately I want to see the bottom of this big range fail and price break through and continue with its long term bearish path in order to see a much longer term cycle in the Euro start from clean untouched prices for many years.
Final chart of the 4hr.
This is as close as I wish to go for the moment and even here price is looking very tired and taking laboured movements towards supply and demand. Over head there is some supply and none of it is real quality. The only good news I see on this time frame is that the best of the quality demand is all gone on the left.
Something to remember, when you see daily price moves and daily squabbling that is meant to be news, all this is nothing but noise and taking any of it as the truth will put you on a loosing path. The media is not there to give you trading advice and you must be your own judge based on what the charts tell you. The media has to make money daily by conducting daily analysis.
Keep the big picture charts in mind at all times, they dont lie and dont have the intraday noise of unimportant news and commentators who make money by selling news.
Sunday, 14 February 2016
EUR/GBP
A follow up on the last EUR/GBP post.
Here is the weekly and pay attention to the last closed candle. It has a range of around 235 points and it closed with around 95 points from its low. Supply has come in because we are at high time frames where the significance in the amount of supply shows up with greater effect. Note, we are taking one candle in isolation and little else on offer on this time frame, it will take another week before we know on this time frame if the bulls are either weak or interested.
Any clued in trader will know that in order to get the best and cheapest price for your order, you will want to see most of the opposing traders no longer interested in going against you. Banks do this all the time and have the patience to wait, and if needs be, will trade in the other direction in order to get price back to where they can filter orders into the market. This wont be logical to many folks and takes considerable mental effort to get into the logic of pro money.
Daily chart
A much zoomed in daily chart to show you where we closed out the day and week. The 2nd last candle shows it hitting supply and the large spike on top will have trapped a lot of day trader longs. Such stupidity no longer surprises me because it has been like this for over 100 years and greed never ends, until the account ends.
The last candle is where we are now and clearly there is an engulf of the previous days emotional price action. Towards the close there was some buyers came in, but major looking on this time frame. Lets drop down another and see how it looks there.
4hr
This is as far in on the action as I like to get for a reasonable view on where to look next. I have 3 lines showing an area where price will have little difficulty in blowing through, very little in the way of demand is waiting and the next nearest spot is in the candle where I drew a horizontal line through. I expect something to happen there and a higher quality and more buy orders I expect to see at the top of the box on the left lower down. It is still clean and untouched for a long time and price has not been anywhere near it.
There is however one area I have not mentioned. The thick dark blue line is a major S/R area on the high time frames and it is acting as support at the moment. This is where you could see major supply broken and good reason why trading off that line is a bad move. I want to see conviction in the chosen direction and where some testing has happened even if on low time frames to allow one or two nice entries within the London session.
Here is the weekly and pay attention to the last closed candle. It has a range of around 235 points and it closed with around 95 points from its low. Supply has come in because we are at high time frames where the significance in the amount of supply shows up with greater effect. Note, we are taking one candle in isolation and little else on offer on this time frame, it will take another week before we know on this time frame if the bulls are either weak or interested.
Any clued in trader will know that in order to get the best and cheapest price for your order, you will want to see most of the opposing traders no longer interested in going against you. Banks do this all the time and have the patience to wait, and if needs be, will trade in the other direction in order to get price back to where they can filter orders into the market. This wont be logical to many folks and takes considerable mental effort to get into the logic of pro money.
Daily chart
A much zoomed in daily chart to show you where we closed out the day and week. The 2nd last candle shows it hitting supply and the large spike on top will have trapped a lot of day trader longs. Such stupidity no longer surprises me because it has been like this for over 100 years and greed never ends, until the account ends.
The last candle is where we are now and clearly there is an engulf of the previous days emotional price action. Towards the close there was some buyers came in, but major looking on this time frame. Lets drop down another and see how it looks there.
4hr
This is as far in on the action as I like to get for a reasonable view on where to look next. I have 3 lines showing an area where price will have little difficulty in blowing through, very little in the way of demand is waiting and the next nearest spot is in the candle where I drew a horizontal line through. I expect something to happen there and a higher quality and more buy orders I expect to see at the top of the box on the left lower down. It is still clean and untouched for a long time and price has not been anywhere near it.
There is however one area I have not mentioned. The thick dark blue line is a major S/R area on the high time frames and it is acting as support at the moment. This is where you could see major supply broken and good reason why trading off that line is a bad move. I want to see conviction in the chosen direction and where some testing has happened even if on low time frames to allow one or two nice entries within the London session.
Sunday, 7 February 2016
New content
Greetings everyone and many thanks for all your comments recently.
The time is here once again to get more content online and while I know you all crave more information, I detest those who have been collecting my data and selling it without my permission. All content on this blog is exclusive my content and its copyright is protected. If I see more of this selling taking place this blog will end and will be replaced with a paid members only access solution and that comes at a cost to everyone including my time which is more valuable to me than any website.
There are no reproduction rights granted or inferred to anyone to use what is on this blog. Clear enough?...ok lets move on.
EUR/GBP monthly
Back to basics, this is our ten mile high view and from this we want to know what direction price has come from and where it is going to. What we can see is price has come from a high peak back in December of 2008 and has fallen with very deep pull back to the origin of the entire move.
The lowest thin blue line shows the upper range of the origin and the warning to you is, there is additional room below for price to fall if pro so desires. From this upper part of the range we also see price reacted bullish on two occasions with the most recent rise in price coming into the most near term recent supply as shown with the thick blue line. While it is not yet end of the current month and the last candle yet to close, all we can see is price is willing to push again upwards.
Weekly chart
Useful additional data shows up each time we drop down in a time frame. We see how price pinned the lower part of the supply over head and no major bearish follow through. The week ended with price ending up close to the high range of the weekly candle.
A little lower I have a thin blue line and this forms the lower range of a new price range that has setup. This range around 250 points and more than ample to become of interest for day trading if we see a fall. The thin line is a place where buyers appeared that were not there in big numbers when price fell to the left on the way down. Useful intel to be aware of.
Daily
With yet more detail we can see that not only is price again into supply, with even more supply over head on higher time frames, it is important to know where buyers would come in if price were to fall and if their buying is enough to not only support price and prevent bears from pushing lower, but if there is enough interest from pro money to break supply in a significant enough way to show us they are bullish and in control. On this chart it is a waiting game with no immediate trade setting up. Unless you trade with crystal clear targets for entry and exits, you only give money to those who are more than willing to take it.
The lower angled blue lines show historic buying, more bullish orders will be hiding in those candles and as yet we dont know the quantum of the force behind them. Time will show us once we are patient.
4hr
This is one of my go to charts for trading, it is between long term and short time frames and has clear information most of the time. Over all we can see a range setup that is roughly 230 points wide, that is plenty for day trading and most of you here are day traders. We always look for what I call, room for profit. Unless there are clearly defined and obvious room in one direction and its in tune with higher time frames, then we consider the interest pro will have to be greater than if the room for profit was say 50 points. The point count has no formula or rule, it is a guide to help you make better decisions.
What else can we see, clearly price has been to the bottom of this range twice and on each occasion it moved away quickly indicating there was lots of buy orders waiting there. If price took longer to move away it would show that the interest from the bulls was lack luster.
At 'A' arrowed, we see the most recent significant supply where sellers came in with force and pushed the market hard down to the lower part of the range. We are now at the close back into this supply area and some more information comes our way, take of the move away from supply. We see a lot of buying came in on the 3rd last candle. Ask yourself, if there was so much selling before and price moved away rapidly, and now I see price move away, buy be bought into hard, does this mean new buyers appeared to push price higher?
At this moment the answer is no, what happened is price was prevented from falling and some support came in. This move will have taken out many day trader bears and got others long at the wrong time. The time is wrong because any trade taken there was right into the market close for the week and you do not want to hold forex over a weekend, and ideally not held even over night unless you can handle the games that happen by pro money.
If price were to fall from here there is a box below which is the only point that would interest me. Buyers remain there and with good conviction as indicated by the clean break and swift move up. This plays well into the bigger picture that looks bullish and it also gives me a large room for profit and likely outside of the top of the range. We know this because much of the over head supply has been taken out and those orders for the most part are gone.
1hr
For interests sake I will throw up a 1hr chart and show you what I am looking at. Where price is currently all it tells me is that the price action is terribly chaotic and lots of dumb folks trying to get price to break up or break lower. Logic suggests the best move is lower and back down near the box below. But, if you look at the arrow A, you will see some spiky moves that has taken bullish orders from the box. The candle A is where any sensible longs look most reasonable once we see pro money showing is the way. Any break up from where price is now is a fools game and best left to run until we break supply and find a good place for support to show up.
Ranges are fine to trade is they are wide enough and if there has been a good amount of time since the last tough of the extreme edges. There is nothing to say price has to respect the edges and always keep in mind that the time will come with either side of the range will fail and price will move away from there quickly, aiding in that move and all the stops that get taken out, break out traders who run after price, and new short orders that were waiting below, or in the case of a bullish break, long orders waiting above. I do not advocate break out or chasing trades, its a fools game.
15min
To drive the point home even more, does the blue line show you enough to say, buyers?....if they appear again it will be in or around the candles shown. Just be wary of the spiky nature of forex and that they can hurt stops if you are not careful and can go deeper into an range in order to get more orders filled.
Food for thought and I hope this is if benefit to you and help you tune your brain and eye to where orders lay.
I cannot take emails looking for comments on charts, it would be a full time job in itself. If some of you really want a private place to discuss trading, I will consider it, but only in a secure, private and considered method.
Be well,
Doc
The time is here once again to get more content online and while I know you all crave more information, I detest those who have been collecting my data and selling it without my permission. All content on this blog is exclusive my content and its copyright is protected. If I see more of this selling taking place this blog will end and will be replaced with a paid members only access solution and that comes at a cost to everyone including my time which is more valuable to me than any website.
There are no reproduction rights granted or inferred to anyone to use what is on this blog. Clear enough?...ok lets move on.
EUR/GBP monthly
Back to basics, this is our ten mile high view and from this we want to know what direction price has come from and where it is going to. What we can see is price has come from a high peak back in December of 2008 and has fallen with very deep pull back to the origin of the entire move.
The lowest thin blue line shows the upper range of the origin and the warning to you is, there is additional room below for price to fall if pro so desires. From this upper part of the range we also see price reacted bullish on two occasions with the most recent rise in price coming into the most near term recent supply as shown with the thick blue line. While it is not yet end of the current month and the last candle yet to close, all we can see is price is willing to push again upwards.
Weekly chart
Useful additional data shows up each time we drop down in a time frame. We see how price pinned the lower part of the supply over head and no major bearish follow through. The week ended with price ending up close to the high range of the weekly candle.
A little lower I have a thin blue line and this forms the lower range of a new price range that has setup. This range around 250 points and more than ample to become of interest for day trading if we see a fall. The thin line is a place where buyers appeared that were not there in big numbers when price fell to the left on the way down. Useful intel to be aware of.
Daily
With yet more detail we can see that not only is price again into supply, with even more supply over head on higher time frames, it is important to know where buyers would come in if price were to fall and if their buying is enough to not only support price and prevent bears from pushing lower, but if there is enough interest from pro money to break supply in a significant enough way to show us they are bullish and in control. On this chart it is a waiting game with no immediate trade setting up. Unless you trade with crystal clear targets for entry and exits, you only give money to those who are more than willing to take it.
The lower angled blue lines show historic buying, more bullish orders will be hiding in those candles and as yet we dont know the quantum of the force behind them. Time will show us once we are patient.
4hr
This is one of my go to charts for trading, it is between long term and short time frames and has clear information most of the time. Over all we can see a range setup that is roughly 230 points wide, that is plenty for day trading and most of you here are day traders. We always look for what I call, room for profit. Unless there are clearly defined and obvious room in one direction and its in tune with higher time frames, then we consider the interest pro will have to be greater than if the room for profit was say 50 points. The point count has no formula or rule, it is a guide to help you make better decisions.
What else can we see, clearly price has been to the bottom of this range twice and on each occasion it moved away quickly indicating there was lots of buy orders waiting there. If price took longer to move away it would show that the interest from the bulls was lack luster.
At 'A' arrowed, we see the most recent significant supply where sellers came in with force and pushed the market hard down to the lower part of the range. We are now at the close back into this supply area and some more information comes our way, take of the move away from supply. We see a lot of buying came in on the 3rd last candle. Ask yourself, if there was so much selling before and price moved away rapidly, and now I see price move away, buy be bought into hard, does this mean new buyers appeared to push price higher?
At this moment the answer is no, what happened is price was prevented from falling and some support came in. This move will have taken out many day trader bears and got others long at the wrong time. The time is wrong because any trade taken there was right into the market close for the week and you do not want to hold forex over a weekend, and ideally not held even over night unless you can handle the games that happen by pro money.
If price were to fall from here there is a box below which is the only point that would interest me. Buyers remain there and with good conviction as indicated by the clean break and swift move up. This plays well into the bigger picture that looks bullish and it also gives me a large room for profit and likely outside of the top of the range. We know this because much of the over head supply has been taken out and those orders for the most part are gone.
1hr
For interests sake I will throw up a 1hr chart and show you what I am looking at. Where price is currently all it tells me is that the price action is terribly chaotic and lots of dumb folks trying to get price to break up or break lower. Logic suggests the best move is lower and back down near the box below. But, if you look at the arrow A, you will see some spiky moves that has taken bullish orders from the box. The candle A is where any sensible longs look most reasonable once we see pro money showing is the way. Any break up from where price is now is a fools game and best left to run until we break supply and find a good place for support to show up.
Ranges are fine to trade is they are wide enough and if there has been a good amount of time since the last tough of the extreme edges. There is nothing to say price has to respect the edges and always keep in mind that the time will come with either side of the range will fail and price will move away from there quickly, aiding in that move and all the stops that get taken out, break out traders who run after price, and new short orders that were waiting below, or in the case of a bullish break, long orders waiting above. I do not advocate break out or chasing trades, its a fools game.
15min
To drive the point home even more, does the blue line show you enough to say, buyers?....if they appear again it will be in or around the candles shown. Just be wary of the spiky nature of forex and that they can hurt stops if you are not careful and can go deeper into an range in order to get more orders filled.
Food for thought and I hope this is if benefit to you and help you tune your brain and eye to where orders lay.
I cannot take emails looking for comments on charts, it would be a full time job in itself. If some of you really want a private place to discuss trading, I will consider it, but only in a secure, private and considered method.
Be well,
Doc
Thursday, 24 December 2015
Seasons Greetings
A much over due post and activity from me, so while I have some time I hope to get some posts up for you all over the next few days.
Best wishes to you and your families while you enjoy a deserved break.
Doc
Best wishes to you and your families while you enjoy a deserved break.
Doc
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