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Well GJ didn't drop as I'd hoped for but only half expected, so I'm out with a few pips loss on the pullback and will see what kind of move it makese overnight. I'm calling it a day.
I've waded in with you boca on GJ. The 5 minute bollies are tight and I'm thinking it may pop here very shortly. I just hope it drops when it pops.
I can't get mine to set when swapping time frames either charger. Maybe SG will have an answer for us next time he's on.
No but I just don't trust it. I'm just hugely relieved it didn't gap down at the open as I feared might happen.
Yep.....thanks SG for the grounded summation of the shitiation. I guess I do tend to rant at times and having never lost a leg in 'nam I guess I shouldn't be complaining about all the new and aging nuclear facilities and the bailing out of the wealthy at the taxpayers expense with QE but I find his "guru" flag waving as irritating as I do the high risk that others who are in control put the rest us at. On the other hand, if he's as good as he implies, I'd be more than happy to have him post info to help the rest of us avoid the forex landmines, or to have him give evidence as to why we should stay a trade or whatever. If only I could afford good organic food and didn't have to worry about what living in the US will be like in the next 30 years for my kids. I wish I had his same level of success in life where "it's all good" and "dont' you wish you were me". Nuff said! I've said too much!
I know it whatever.....and that's half my irritation. I just had to respond to his B.S. and allow myself to get sucked in. Just like that lousy GJ long on Friday....I just had to; couldn't seem to help myself....lol
Well there ya go then.....sounds like plenty of good reasons to be upset to me. But then I'm not upset. Irritated yeah, but not upset. So are you going to share the deep secrets of the forex market with the rest of us or are you going to waste my time with your provocations and condescending posts.
I don't know......why do the masses invest their future retirements on the stock market? Why do we put nuclear energy facilities all over the planet while the old ones are leaking uranium from their tanks due to their age? Why do we all consume foods loaded with chemicals and hormones? Why do we all pay taxes? Why do we pay nearly $5 a gallon for gas now? Because it's all that most of us can do.
And I never said I didn't know anything about the game of forex. I'm not losing my ass on it. I'm just not making out like a drug lord or the ceo of citibank or the way the brokers are. I'm doing ok, I'm just not doing as well as I need to if I ever plan on being able to pay my damn mortgage off considering the supposedly non-existant rate of inflation, the high value of the US dollar now and the astronomical amount of debt that our nations leaders have put on the backs of the working middle class taxpayer.
Right jav......and if I trade at all on Fridays it will be to scalp earlier in the morning before noon my time, or simply to close out already existing positions either locking in gains or preventing further loss potential that may occur during the remainder of the day or at Sunday open.
I think pennies rule of closing out all positions before close of business Friday is a good one to trade by. It was late enough in the day I should never have taken that GJ long, especially trying to catch a falling knife like that. I got lucky too.....it could have gapped down instead of up.
LOL....who knows stargate? Only those who have a working knowledge of the idiom I guess. And that ain't me! Maybe the brokers have that working knowledge, 'cause I sure don't.
I'm definately out of GJ and waiting for a touch of one of the major trendlines before I start testing the waters again.
Was that gap up on EA and GJ to be expected by everyone with that working knowledge of the idiom? And if you have a good working knowledge of that idiom, could you tell the rest of us where GJ is headed over the next 5 minutes, 30 minutes, 1 hour and 4 hours? Or better yet, would you?
I don't know what GJ is going to do for the remainder of the day but that pop allowed me to get out with a little profit and give GJ a chance to settle here before hopping into a new position, if I play it at all again this week.
Does pimsleur or rosetta stone offer a course in the language of the markets cheif?
Looks like we all agree GJ is headed lower, but with a hit of the .88 fib level on this latest 4 hour wave up, I'm going to see if there's any retrace at all before the downtrend continues. I'm not counting on it but I plan on holding to see enough bounce to get back to even. That or I'll take my losses and cut clear at open. Not sure yet. I am sure that it was a bum position entry on Friday though.
Not to butt in SG, but imo the real question to be answered regarding the existance of inflation and the amount of increase or decrease in inflation over the years is what were wages, in say 1983 (including minimum), compared to the cost of gas, bread, a television, a house, a car, etc. back then to current wages (including minimum) and cost of gas and bread, a house, television, etc., etc.
And then there's the second question that beggars to be answered which is "what is the cost of living"? The two questions are very necessary but at first appearance the same question. But they're not the same question.
My parents were able to pay their house off. I may never be able to. They didn't have to pay over a hundred dollars a month for a television signal, nor did they have to pay up to or well over a hundred bucks a month for their phone service, as we do for our cell phones. Of course gas was a hell of a lot cheaper in '83. Medical insurance was too. As was the cost of a stamp. We have the electronic toys that weren't available in '83 but they come at high cost. The printer for your computer is affordable but the ink isn't really just as the movie ticket is barely affordable but the concessions kill you. Do I go back to the dark ages with no computer driving old vehicles to be able to pay my house off? That may not be enough. Nonetheless I may have to in the upcoming years if the cost of living continues it's steady increase when a new 1983 Ford diesal pickup cost around $5,000 to $8,000 and today a new one costs $30,000 to 50,000. And where our retirements are now wrapped up in the uncertainty of the market instead of a pool of moneys that the government set up for the masses to pay into and withdraw from who worked most of their lives and were unaware the same government was dipping into to it for the numerous pet projects on its agenda.
I'm sure I've missed some things and my numbers may be a little off, and everything can be argued, but I'm really not open to debating the subject when the realities of a steadily increasing cost of living over the last three decades of my adult life are apparant to me, and during that same time frame wages have fully failed to advance any where near the same rate year after year and its all glaringly obvious to me. I'm not trading forex to get rich, I'm struggling at it in hopes of one day maybe paying my fucking house off. And it's looking less and less likely that I'll reach that goal as each month passes.
The thing I can't shake from my thoughts about "The Beast" is that they call it that for a reason BUT we haven't seen an attempt at a test of the current daily/weekly high yet. So there's a little conflict internally over those two considerations.
I'll be back on later, time to go fill my belly...
Stop it SG.....your scaring me! "The Beast"....LOL!!!
I put the MA21 on my chart again after reading your post SG but scrolling back through history it still just adds to my confusion and takes focus away from more significant things on the chart. I'm keeping the 62 on though as it does truly add to support/resistance confidence.
So maybe I'll lay down the daily and weekly fibs on one candle window and the 4 hour and 5 minute on another candle window. I'll see how that wants to work for orienting me to potential reversal spots.
Off topic...I spent a bit of hard earned on a nice bamboo lazy-susan for my monitor so I can turn it to see it from the kitchen and living room when I'm in a trade or watching for a trade whilst making food or cleaning or whatever the heck it is I'm doing. Can't take my eyes off the screen for too long can I? LOL
Thanks SG. Looks like I'm stuck for part of the next week or two then it seems until I can get a good place to lay down a heavier long to get back to even from. That or I take my lumps and close out early at tomorrows open. And I was doing so well. This pretty much removes my weeks gains and puts me back to even from the week before.
I've got two fib possibilities on my chart below. Regardless the fibs, I'm not giving up on the channel bottom trendline yet either. My daily chart below is showing a good bounce potential based on the channel as well as the TRIX and PPO lines all bottoming in their windows. I am curious though as to which fib lay is more accurate and what to expect based on fibs alone.
Off topic, I've dropped the MA21 after all the confusion as it's just not cutting it for me as an adequate or strong support/resistance area. At this point, it's just another line that clutters my chart. In fact the MA62 would be my choice if I were going to leave an extra MA on a candle window below the main chart. And as it so happens, the price is currently sitting on the daily MA62 line which does add to the support area that I'm seeing with the channel bottom trendline.
Simplegreen and pennies....what are your thoughts for a likely bounce spot considering fib lines on GJ?
WOW......I could swear I clicked on that "Apply to" tab more than a couple times before while trying to apply the default MA indi and this is the first time over the last couple days since trying that "first indicators data" was in that dropdown window!!! But that can't be right can it? I'm really rattled here...
But you're right SG and I was finally able to apply it to my second indi window. Thanks for prompting me to try it again with this post! Bizarre..
Right sdcalalan.....and my only MA indi is in the "indicators" list to the left of the chart but when I bring up meta-editor, the "custom" MA indi shows up in its list of those that can be altered but it's not a standard MA indi that I want to use; it's a variation and not a good one. I guess I need to search for a stock MA.
Simplegreen......my default MA indi doesn't have option for "first indicators data" as far as I can tell. I'm really not seeing a way to place it anywhere below the main chart.
I want to mention though that I was able to apply the bollinger bands in a window below the main chart and that's pretty damn exciting and beneficial, especially as I apply it to the HA/fib window to gauge whether the bands are tight and pressure high near a specific significant fib line.
Charger......I'm always looking for channels anymore as I trade because I see them all the time, and everywhere on any given chart. And obviously when a channel is broken there is break of a trendline either top or bottom. And knowing that those trendlines always become compromised eventually, I had been looking for that GJ break to happen, but during the initial 15 minutes that it occured, I wasn't at the computer so I missed the break. And when it did finally break down and I had seen the drop I immediately, and errantly, began looking for a bounce entry since I missed the drop. Now knowing that the price could have gone up again to the top trendline of that channel some 100 pips above instead of breaking down through the trendline, I decided not to put a short position in at the bottom trendline waiting for the break that finally occured some approximate 5 hours after it first touched the bottom trendline. Looking back, I should have. And during the time that price was churning around the trendline I got no real indication either way from the pincher setup chart or TDI or the cloud or anything else that the price would bust down dramatically like that. At least not on the smaller time frames. The 4 hour pincher chart presented a TRIX crossover that would have indicated a breakdown but I wasn't looking at the 4 hour pincher chart unfortunately. Anyway, it all came down to the trendline and waiting out the consolidation. I took my long at the first significant trendline hit but that was a mistake. I'm in small so it's not a huge mistake, but now I have to guess where GJ is headed lower for the true bounce location and I honestly don't have a good feel for where to add at this point. Maybe somebody else does and will declare it or offer it to the rest of us.
Ok SG.....I've modified your setup to accomodate my needs. Oh and I was unable to lay down a weighted MA21 on the lower windows. Not sure why but my meta editor didn't list my default MA indi as one that could be edited. Regardless, I'm really liking this latest toy of yours! If for no other reason than it provides an excellent way for me to focus on the price action with the fib lines in a separate window without having the clutter and confusion of other indis in the way and without having to change to another chart to see indis on one chart and fibs on another. In fact one could essentially have several "main charts" now using the meta editor to make separate candle windows to lay different tools and indis on. Yep, I'm really liking this your latest discovery of yours! In point of fact....had I had this template to go by earlier today I may not have been so confused as to go long on GJ upon following that 80 pip drop during the last half hour of market thinking it might bounce on the lower time frames. I'm stuck over the weekend as usual in a bad trade. Anyway, my template as it stands is in my chart below. Ok, time to go eat out with my family.
Very good SG! I'll be looking forward to it! eom
I want that! What are the HA looking blue and yellow candles on your main chart with your regular candles?? And is that a simple TDI in the window below with your candles overlaying it or vice versa?
Don't let him fool you SG.....he's got his nose stuck on the charts 20 hours a day and he's making so much money trading that he don't have time for us anymore! LOL. Listen though..... you can share your latest toy with the rest of us any time you feel the urge to share. lol
Well since I had to be gone from the house during the very 10 minutes that GJ hit near the top trendline, I was unable to get as good an add on my short as I needed so I closed out that position with a little loss compared to a potentially large one and since then I've scalped along the way to get back to near even. What a wasted day of trading!
No wonder pennies has gone AWOL as jav says...lol
Yeah, I dunno either and it looks like a breakout topside setting up to me too but I'm kind of stuck here.
Well I just missed out on that 60 pip drop on GJ and I'm about done for the day. No positions overnight and knowing how Fridays usually go, I may be done for the week. Wonderful.
Goodnight to whomever may still be on. Tomorrow....
Hey charger.......I don't know why some charts show up larger than the screen so that the viewer has to scroll to be able to see the whole chart. I've noticed others posting charts that are the size of the post window while others post charts like yours that must be scrolled. I wish I could answer that question for you.
Regarding GJ, I'm not sure what to expect from it at this point. I've been scalping it successfully all day but I'm really confused as to whether it's a safe area to scalp long or short. The daily candle is 50 pips from the 62ema which leads me to consider a good bounce might occur, but the daily also busted down through a long term support line which could mean a deeper drop than the 62ema. Below is my 30 minute and I don't see any curl on the pincher overlay lines to indicate a bounce yet, plus there's the red supporting channel line below that might be where the price is headed for. I'm just watching and waiting for a trade setup to become obvious to me. I've had a good day so far with GJ and don't want to screw it up with a low confidence trade.
Where's pennies? eom
Charger......I believe that I do understand your need to make it work soon or give it up. That's about where I'm at. But I'm looking for the 100 to 150 pips a day. I don't care to get in and hold for three weeks. I want the steady 10% a week. That's all I want and so far that's become a pip dream for me. I'll let you know if I come up with anything useful to us both. Good luck to you whatever you do in the end charger.
I had to buy mine jav. I do not believe you can get it free and if it is, it's probably defiled if you know what I mean.