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  1. #11
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    AMR - thanks for that, do you use latitude aswell?, how do you find it?, Ive been using it for 2 weeks now and I am finding it great,

    Dumbass - thanks for that post, that has made it alot clearer now, can you have a look at my attachment and see if im on the right track, not sure if my fibonacci retracement is 100% correctly plotted, but i spotted what could have been a gartley if the B wave retracted at 50 and not at 85, c wave is correct for a gartley at 23.6 right?

    Am i on the right track here?

  2. #12
    action-reaction arco's Avatar
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    J

    Heres a tip ................


    ....if B is 618+ the pattern is more likely to be a Butterfly.

    arco
    Last edited by arco; 10-09-2008 at 12:12 PM.
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  3. #13
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    good start , the key levels in the pattern are the b and d retracements

    i wouldn't be bothered if c wave wasnt perfect.

    now you are in a position to watch picture perfect set ups fail and ugly imperfect ones work

    the lesson being you need confirmation from other sources and the perfect nature of the set up bears no relation to sucess.

    just one of the weird things of this game

  4. #14
    Guru Dr_Who's Avatar
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    I am in need of some lessons. Just dropped a few grand and covered my short position. OUCH! It is brutal if it goes against ya. :mad:
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  5. #15
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    I'm finding latitude to be pretty good as well. It's cheaper than CMC Markets, and I can run their platform and trade without lugging my laptop around. This new charting platform is much better than their old one, much more responsive and quick.

    Dr Who, what did you short? I surely hope it was not the USD over the last month.
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  6. #16
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    - thanks for the reply arco, dumbass,

    Bad luck Dr Who, this is the right thread to learn in, some very clued up people on here,

    On that note, would someone be able to awnser a few other questions I have .. :o

    - 1st, How do you draw a Fibonacci retracement correctly?, is it from the highest peak to the lowest trough?, surprisingly I cannot find a simple awnser to this anywhere on the net..

    - 2nd, what is the best timeframe for MA, 21 days?, and is 2 MA a good idea?


    lastly if you look at my attachment...

    What do you do when there is no clear patterns that you can see, and its just bouncing around all over the place, no clear up or down trend, the only pattern I could find was a reverse head and shoulders,

    It just doesnt seem to make any sense changing positions each time the price goes below the support line, or starts a downtrend, shown in the far right of my attachment, as you wouldnt even make your bid-ask spread back by the time you need to exit/enter the market,

    hope that makes sense, much appreciated fellas

  7. #17
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    That's the one minute chart, I don't think any of us scalp like that...If I were confronted with such a chart on a stock on the dailies, I would shelve it and either look at something or set up alerts as soon as the price makes a new high for a breakout trade. The biggest mistake I'm doing now is trying force trades and to create "something out of nothing". It's called overtrading.

    You'll find better formations and trends on the longer term charts.
    Last edited by AMR; 10-09-2008 at 08:23 PM.
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  8. #18
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    Quote Originally Posted by Juggernaut View Post
    -
    - 1st, How do you draw a Fibonacci retracement correctly?, is it from the highest peak to the lowest trough?, surprisingly I cannot find a simple awnser to this anywhere on the net..
    fib retracement can be drawn from any significant high to a significant low

    usually this is upper wick to lower wick eg candle high to candle low.

    sometimes it may not be the absolute peak and trough and i may search other peaks and troughs in a larger move to see which fits the fib retracement the best.

    never force trades if the action is sideways, simply wait for a good set up.

    nzd usd rate decision at 9 am.

    triangle on 1 hour chart , have a go on demo at trading it .

    its normally a pretty wild ride.

  9. #19
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    triangle broke out to the downside for 60

  10. #20
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    Quote Originally Posted by AMR View Post
    That's the one minute chart, I don't think any of us scalp like that...If I were confronted with such a chart on a stock on the dailies, I would shelve it and either look at something or set up alerts as soon as the price makes a new high for a breakout trade. The biggest mistake I'm doing now is trying force trades and to create "something out of nothing". It's called overtrading.

    You'll find better formations and trends on the longer term charts.
    Thanks AMR, I am starting to get the hang of this now.

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