Goldmine!

[FX4Newbies]

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

 

[FX4Newbies]

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

 

[FX4Newbies]

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

 

[FX4Newbies]

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

 

[FX4Newbies]

Hello Traders,

Just a reminder that the weekly wrap ups will be posted on the blog by Saturday night.

Enjoy your weekend,

FX4

 

[FX4Newbies]

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

 

[FX4Newbies]

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.

 

[FX4Newbies]

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

 

[JahDave]

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

Hi Newbies,

There are a lot of things said in your comment, but I'll only weigh in on one here. Almost every time a currency accelerates up and climbs steep then it is headed for a major reversal.

Good Trading
Dave

 

[FX4Newbies]

Hi Newbies,

There are a lot of things said in your comment, but I'll only weigh in on one here. Almost every time a currency accelerates up and climbs steep then it is headed for a major reversal.

Good Trading
Dave

I agree that steep moves often bring major reversals. Just continuing to play this one as price reveals it.

Thanks for taking the time to comment.

FX4

 

[JahDave]

You know that you are always more than welcome Newbies. I hope your trading is going well.


Take Care,
Dave

 

[FX4Newbies]

What has the EU done? It found support at WL, blasted off and has been rolling in that gold zone. Highlighted it just for chart pattern lovers. Lots of lines there but all in play. Price will need a push from here as it appears to be "stuck". No major tells at the moment...imho, but still making higher highs...etc.

FX4

 

[FX4Newbies]

Just letting you know that the weekly wrap-up of the ten pairs I follow on the blog should be posted by tonight.

Enjoy your weekend.

FX4

 

[FX4Newbies]

Good Monday Morning traders,

Price at a critical spot...hanging on the edge of the green L-MLH. Still no significant lower lows. Seeing bullish sentiment on H4 at this time. Will have to wait to see how that develops. WL could be a target. Buyers have also shown to be hanging around there.

Take care,

FX4

P.S. Market has also been very slow thus far.

 

[FX4Newbies]

Well... price did fall out of the green fork and found some buyers at support...at the WL area (actually at the sliding parallel drawn from the low at 1.4240). Price moving up again to darker green L-MLH. Will see what we get there. News to come as well.

All the best today,

FX4

 

[FX4Newbies]

Price is still giving the impression that it wants to go higher...notice the support (buyers) along the teal L-MLH. Buyers have not yet been able to make higher highs. Patience to wait for a confirmed tell is key. News to come this morning as well.

All the best,

FX4

 

[FX4Newbies]

Well almost everyone is still watching to see what will be next with EU. News to come this morning. Price parked at a crossroad: just below green L-MLH and at red WIF Ain't no tellin' now...gotta wait for this one p-a-t-i-e-n-t-l-y.

Take care,

FX4

 

[FX4Newbies]

Hello again,

Hope your weekend is going well. The weekly chart warp-ups of the 10 pairs I follow on the blog are now available. Hope they provide a good second opinion for you.

Enjoy your day tomorrow,

FX4

 

[FX4Newbies]

Good Morning Traders,

EU did break some lows...finally. Now there are some more buyers at the blue trend line...see the long tail? Support at certain levels gotta go if this is to fall for real and that blue line is one of them. Market knows best .

Take care,

FX4Newbies

 

[FX4Newbies]

Well, the bulls are still in town. Price just crossed ML of teal fork but is at that area of resistance again...and a Doji candle at that. A perfect place for whales to do their laundry. Patience and focus is key.

Have a good day...bulls and bears or just market traders .

FX4

P.S. Price found support around the teal U-MLH.