Day Trading & Forex Forum

forexkunta

Rob,
I really understand the issue of naked trading with as few things on a chart as possible. With EW, you may trade with 0 indicators. It was just a thought. I, however am no FOOL, just have learned afew things in the 7 months in the forex markets. According to EW theory, the DOW is going to take a major dive in the coming 2 years. I didn't make that projection, just subscribe to the validity of it. When the market tanks, and goes below 3000, just remember that it was projected with EW theory. The forex markets are driven by the exact same thing that the DOW is, peoples emotions. So there for, the forex markets are just as predictable, as the DOW. Just thought you might want another opinion, but, I am out and will leave you to it. I am in the forex markets to make money, not try to guess which way the pair is going to go. and hope I am right. That is what I did when I first started trading. I no longer have to do that.
Usually this forum is a place for people to have different opinions, and discuss the reasons for that. Calling someone a Fool, is just down right mean, and uncalled for. Yes, I know that you didn't, but others have. I will now bow out and leave you to your thread.
Good luck and happy trading.
Kent

apmf

For those who are not familiar with basic 1-2-3 formation this is a good thread. 1-2-3 Formations and Ross Hook

If I am not wrong, what I have understood from Rob is 1-2-3 patterns is not just a reversal signal but a continuation patterns too. In simple terms price swings high/low and then it generally retraces/pull's back as price doesn't moves in a straight line up/down. If the trend has to continue then after retracement it should breakout out of swing's hi/lo in the direction of original move.

kitejedi

Hello APMF,
Thanks for dropping in. After throwing her toys out of the pram earlier in the week she's being a little better behaved now.



How GJ looking for you today?

All the best
Rob

Edit: Missed this level - explains why price has stalled...

foredog

According to EW theory, the DOW is going to take a major dive in the coming 2 years.

NB, what if it had a decent rally to 14000, then fell to 9000, that would be a major dive. I've no opinion on EW etc but that all seens a bit vague really, at what point do you sell to capture this major fall?

Don't want to spoil the thread with a massive debate on EW, open a different thread if want a big discussion.

__________________
Thinking of paying for a course, read this first http://www.trade2win.com/boards/gene...tml#post707344

My blog of a simple GBPUSD system http://simpledibs.blogspot.com/ or here http://www.trade2win.com/boards/trad...side-bars.html

kitejedi

Just to put this EW thing to bed and hopefully something we can agree on :-)

Regardless of whether EW is applicable to forex or even works, it relies on diagonal lines, and I had asked that this thread to stick to a horizontal playing field then we can all keep nice and laid back. FWIW I used to be obsessed with diagonals until I realised that, for me anyway, they masked what was really going on. Whether I am right or wrong is irrelevant as I don't believe in 'right's and 'wrongs' in trading. What I would like to do is to try and keep this thread to a few straight (horizontal) lines on a chart and seeing what happens next.

kitejedi

That's certainly how I understand them, although there are obviously reversals as well which is what I think was being alluded to. The key for me is your last few words about swing hi's and lo's etc. To me anyway, a 1-2-3 is just price taking out a previous high (for long) or low (for short). I tend to try and avoid giving things names too much as once one calls something on a chart an inverse shampoo or some such thing, one is loading oneself up for a big fall when the 'pattern' doesn't work.

candles

A few small losses and then a nice 124 pip winner which im closing here.

Attached Thumbnails

 

apmf

Hi Rob,
Great, you are having a nice day!!
I took three trades so far( see attached chart below) all went fine. In T3 I exited earlier at the Hourly resistance area.
BoE news is neutral, lets see what ECB says...
As far as G/J is concerned longterm trend is down lets see 5 minutes shows any signs of nice short rally but at the moment I am waiting on sidelines.
Happy Trading.
Paul

Attached Thumbnails