Revisiting 'Price Action'

This is a discussion on Revisiting 'Price Action' within the First Steps forums, part of the Reception category; EURUSD So on another forum there are lots of people of the view that 'trend' is up. BUY BUY BUY...I ...

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Old Jan 14, 2011, 1:10pm   #106
 
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Re: Revisiting 'Price Action'

nunrgguy started this thread EURUSD

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So on another forum there are lots of people of the view that 'trend' is up. BUY BUY BUY...I don't think there are many traders on that board who hold for weeks...
Would anyone in their right mind be buying right now? Who buys into resistance and sells into support...dumb retail traders like you and me?

What do we have? EU right in a supply area. We've seen a stop and reverse, but yet have to see downward momentum (it's starting on h1 but for me personally that's not enough). We also have USDX in a demand area. Is the pin bar we see enough to trade offffffff. Some would say yes, I say no, wait for the momentum then get in on the spike or pullback, drilling down all the way to 15 or 5 min to finally get in. Where might price go afterwards...we don't know for sure but there are clues.

You see the problem with trend is that one man's trend is another man's top/bottom fishing. Trader A who trades a 4 hour chart (and we know you don't trade charts by now don't we?) says trend is up...I want to buy when price pulls back to X. Trader B who trades a 15 minute chart, when price reaches X says...are you insane? Trend is down you're just bottom fishing etc etc etc. It all depends on your point of view.

Trend following is only any good once you are already in a trade.
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Last edited by nunrgguy; Jan 14, 2011 at 1:30pm.
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Old Jan 14, 2011, 1:42pm   #107
 
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Re: Revisiting 'Price Action'

nunrgguy started this thread Google is my friend:

Wow, there's a lot more videos than when I watched a few.
http://www.fxstreet.com/search/contr...1-e9bf77216d2f

You're going to need some time as they're all about an hour long
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Old Jan 16, 2011, 12:10pm   #108
Joined Jan 2011
Re: Revisiting 'Price Action'

Fact-: 95% of forex traders lose their roll .
The majority of these "losers" relied on technical analysis .
They actually believed that they could predict the future just like a tarot card reader .

Fact-: Forex is a 50/50 proposition (minus the spread ,swap and rollover) .
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Old Jan 16, 2011, 10:27pm   #109
 
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Re: Revisiting 'Price Action'

Quote:
Originally Posted by volatiliti View Post
Fact-: 95% of forex traders lose their roll .
The majority of these "losers" relied on technical analysis .
They actually believed that they could predict the future just like a tarot card reader .

Fact-: Forex is a 50/50 proposition (minus the spread ,swap and rollover) .
tough week eh?
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