Goldmine! - page 53
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Lines In The Sand and Updates
Well EU has been under some selling pressure. Hanging at the moment at some lines in the sand. US news to come. A time to be watchful and careful.
FX4
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Hello Traders,
Here is a close-up of the action. Price back at another line in the sand moment. Made some "higher highs" earlier today...and "lower lows", but overall no real change or indication as to where next. We'll see what it gives today.
FX4
Chop and more chop. Look at the long shadows (tail and wick) indicated by the blue arrows. Shorter swings here. Just trade what you see. Bears are pushing but the bulls are standing guard.
FX4
Well Traders,
Seems like it has been a little treacherous the past few days. Got a chat message from a trader saying the same. Thought I would make a few comments here about it...
How to "know" when to expect chop:
1. Where is price on the longer time-frame in reference to the fork lines? For example, if price is at an intersection of two MLs (from one up-trending fork and one down-trending fork, each using major swings), then there might be a war.
2. Is the longer time-frame (D1 or H4) in sync with the H1 and lower? Is one looking "bullish" and the other "bearish"? That would spell more confusion. An advantage of using multiple time-frames in your approach.
3. Do you see longer shadows (wicks and tails) and more of them on the candles than normal for the time of day you are trading? That could be a sign of low volume: thin trading.
4. Low volume means that it is easier to "control" price (could mean more volatility)...a place for whales to play with those who dare to jump in.
So, what might be a good approach? Pass? When red flags are up at the beach, it might be a good day to go to the park instead. If you decide to trade, gotta be quick about it...in and out, with sharply accurate entries...and you better be dancing in step with the market. No time to be wrong...you'll be like blood to a shark. Have you ever seen a movie where a shark is in the water and then "smells" blood. He goes straight for it with increased momentum. Get the idea?
Haven't listened to news today, but something is not the same.
Take care,
FX4
Well the EU pushed some and is at a resistance area again (blue arrow). The bulls will need some help to push this one to new highs (in the context of the chart shown here). News to come. Will have to see what the market gives today.
FX4
NFP Friday! Here is the chart as it stands. Price hanging around to move into position. Watch how it moves and let it tell which way. Usually after about an hour, the real move begins to take shape after the volatility drama is over.
Many ways to draw forks here...decided to stick with what we have been looking at thus far.
FX4
Hello Traders,
Just a reminder that the weekly wrap ups will be posted on the blog by Saturday night.
Enjoy your weekend,
FX4
Price showing a little weakness...long shadow on candle and also the fall below the red HL. Blue arrow could begin to mark an area for a significant tell, if price gets back there. Let's see how it plays out. Will check back in later today.
FX4
Price showing a little weakness...long shadow on candle and also the fall below the red HL. Blue arrow could begin to mark an area for a significant tell, if price gets back there. Let's see how it plays out. FX4
Hello again traders,
Well...the blue arrow (#1) did give an area for the tell (came in an hour later ) as price tested the red WIF U-MLH before beginning its descent. Added a second blue arrow as price could bounce for another test area if it is going to fall again. Could test teal L-MLH or red HL. The fact that it is now outside of the teal fork is of interest.
Trade well,
FX4Newbies
P.S. The Glossary on the blog will define the terms/codes used.
Hello traders,
The bulls took the price higher still. Hanging around the L-MLH of the darker green fork. Have three forks going on purpose...notice that each successive fork has a progressively steeper slope. Will see how it all plays out. If it falls out of the forks, we'll see how far the bears can take it.
All the best,
FX4Newbies