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Old Apr 5, 2008, 11:52am   #1940
Joined Jun 2006
Mr Gecko,

Can you (or anyone) recommend any books regarding analysis of the basic bar chart? Can't see much in the Bookstore.

Grant.
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Old Apr 5, 2008, 12:13pm   #1941
 
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Mr Gecko,

Can you (or anyone) recommend any books regarding analysis of the basic bar chart? Can't see much in the Bookstore.

Grant.
Might be too obvious, but have you read Technical Analysis of the Financial Markets, by John Murphy?
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Old Apr 5, 2008, 12:16pm   #1942
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Mr Gecko,

Can you (or anyone) recommend any books regarding analysis of the basic bar chart? Can't see much in the Bookstore.

Grant.
anything by Steve Nison should be OK
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Old Apr 5, 2008, 12:36pm   #1943
 
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Please look at the attached docs. They should all make sense if you read them all.

The candlestick patterns I've shown so far are well publicised. There are perhaps half a dozen patterns that, if understood and utilised, can be engineered to provide multiple entry and exit signals to suit different trade environments and different traders.

Candlestick alchemy, I recommend it.

But to be frank, IMO the use of candlesticks just to fine tune entries and exits is a total waste of their potential. I absolutely believe that they are suited to this, and have applications across most aspects of trading, but there's more to them than that (see docs).

As an aside, I appreciate that the vast majority of posters on this thread are solely concerned with Trader_Dante's pin bar setups - and so far none of my posts have contributed to pin bars or their uses. However, it has been my intention to make new traders aware that pin bars aren't the only way to trade price action. Yes, of course they are a formidable tool to have in your "toobox". Infact they are probably one of the sharpest tools of applied PA available. But there is a whole bunch more to them also; there are plenty of good trades that dont have a pin bar anywhere near them, but are founded on entirely the same principals.

Mr Gecko,

That is an outstanding post. Your breakdown of Eur/Gbp was extremely interesting and I, for one, very much enjoyed reading it.

I have a handful of setups that I like (in particular pin bars and inside bars as shown throughout this thread) but I try and read the price action like you show.

As you say, there is always a conflict going on in the market.

The price is the land that is being fought for.

In real wars, land has natural resources that help SUPPORT armies to defend it. Land has strategic vantage points such as hills that the soliders can use to their advantage. Other areas have problems such as terrain that hinders transport and communication - this prevents armies from defending to the best of their ability - it acts as a RESISTANCE to them. I think of these natural resources as round numbers and support and resistance levels. As fibs and moving averages.

And all the time the soliders are advancing and they are getting pushed back.

They defend key areas and move on to gain more land. Sometimes those areas dont hold, soldiers get slaughtered and land gets lost.

Our job is to join the winning side at any time.

Just repeating things I have heard before but that make sense to me.

As an aside: I am STRONGLY BULLISH on Eur/Gbp. I am not saying that right now is the best time to buy but I am certainly looking to be a buyer.

It could well be in for a short term retracement but BOTH FUNDAMENTALS AND TECHNICALS point to a strong and continued advance. My ultimate target is parity. (1.00)

Hope you are well and thank you so much for the contributions to the thread.

Tom

Last edited by trader_dante; Apr 5, 2008 at 12:44pm. Reason: working on my war analogies :)
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Old Apr 5, 2008, 12:45pm   #1944
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Fiftytwo,

I read it years ago and gave it to a friend. I'll consider buying it again (I spent nearly £100 yesterday on books).

Mr Gecko,

Thanks for the name, will check it out.

Grant.
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Old Apr 5, 2008, 2:16pm   #1945
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Originally Posted by trader_dante View Post
Mr Gecko,

In real wars, land has natural resources that help SUPPORT armies to defend it. Land has strategic vantage points such as hills that the soliders can use to their advantage. Other areas have problems such as terrain that hinders transport and communication - this prevents armies from defending to the best of their ability - it acts as a RESISTANCE to them. I think of these natural resources as round numbers and support and resistance levels. As fibs and moving averages.

And all the time the soliders are advancing and they are getting pushed back.

They defend key areas and move on to gain more land. Sometimes those areas dont hold, soldiers get slaughtered and land gets lost.

Our job is to join the winning side at any time.
"And therefore I say; Know the enemy, know yourself; your victory will never be endangered. Know the ground, know the weather; your victory will then be total"

(Sun Tzu, The Art of War, on terrain). Succinctly sums up what PA is all about. Grant, I would recommend this for your cofee table; it's full of hidden gems that can be applied to candlestick analysis.

W.R.T the Euro, I agree that it will strengthen against the Pound. I think the next macro cycle (the next 8 - 12 yrs) will see western currencies depreciate and eastern currencies appreciate, but this is just my opinion.
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Old Apr 5, 2008, 4:11pm   #1946
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Mr Gecko,

Your posts are always informative however, re The Art of War I must say this is the worst book I've
ever read. But thank you for the suggestion.

I agree about the Euro, certainly over a longer time-frame (+5 years), for two reasons: diversification away from the dollar (although I doubt the dollar will lose it's status); increasing expansion of the EU.

All the former Soviet satellites/Eastern bloc countries will probably need at least 5 years to make the transition from almost third-world economies/Soviet dependency and subsidies to free-standing western economic/capitalist systems. In the interim and beyond, new capital will need to be raised (Euros), former state enterprises will be privatised and listed (Deutsche Borse), Euro-denominated bonds will be issued (Eurex), and new companies created.

Grant Trichet.
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