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cwn6161
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Postby cwn6161 » Tue Apr 09, 2013 12:48 pm

I can't post pics right now, but if you are interested - check out EURUSD in September of 2011. Parabolic move down, followed by a smaller parabolic move up. Price then slams back down again.

Is there a formal name for that pattern? I suppose its a form of 1-2-3 or a hook..

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newscalper
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Postby newscalper » Tue Apr 09, 2013 12:58 pm

cwn6161 wrote:I can't post pics right now, but if you are interested - check out EURUSD in September of 2011. Parabolic move down, followed by a smaller parabolic move up. Price then slams back down again.

Is there a formal name for that pattern? I suppose its a form of 1-2-3 or a hook..

If you're talking about the overall pattern that's evolving on the daily chart it's a head and shoulders. I wouldn't read too much into that apart from the price levels.

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Postby newscalper » Tue Apr 09, 2013 1:03 pm

:lol: I think I should have held on to that long

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Postby cwn6161 » Tue Apr 09, 2013 1:03 pm

I'll post some pics later this evening

pariah
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Postby pariah » Tue Apr 09, 2013 1:23 pm

Hi Legend,

Man, you guys posted alot in the last 8 hrs.

The basis for my trading is understanding Supply and Demand levels/zones. I don't really understand what a zline is, but in my experience, I believe now that they are the same. The tasks for me is:

1. Where to find these zones

2. How price reacts when they reach these zones.

ie. This is my understanding of s d. S D zones are created where there is an imbalance of buyers or sellers.

a) These can be identified on a chart by looking for momo. Momo tells you that we have arrived at an s d area. This is an area where you draw lines (zlines, S/R, SD etc...)

b) Price will do one of two things, at these levels 1. Price will move away, or 2. Cross these levels. Again, momo will give you this information.

- Bodies in the direction of profit, wicks in the direction of loss.

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Postby dojirock » Tue Apr 09, 2013 1:29 pm

Nice trading News.

newscalper wrote:I'm long EU but not liking it atm
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"A small loss is just as satisfying as a large gain" -MO
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Postby dojirock » Tue Apr 09, 2013 1:37 pm

I feel a storm a brewing.......... Vampire_Smile
"A small loss is just as satisfying as a large gain" -MO

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"Once you stack, you'll never go back!"

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Postby newscalper » Tue Apr 09, 2013 1:43 pm

I didn't get in at the bottom lol. Wasn't up at that time. I took the break of the cyan line which marked the M15 short Z-line. Had to sit through a fair bit of chop but didn't see anything significant to want to close. Should have held for more but hey ho :lol:

Price dropping again and there's a fair few z lines which are too near imo to risk the short so looking for another long.

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Postby pariah » Tue Apr 09, 2013 1:47 pm

mb trading has been screwing me over royally. Orders aren't getting filled and delays in closing.

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Postby dojirock » Tue Apr 09, 2013 1:53 pm

Is it time yet? or am I still hoping its time?
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"A small loss is just as satisfying as a large gain" -MO

"Sometimes we need to stop learning and start thinking...."

"Once you stack, you'll never go back!"

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