RA
rat89
Rep: 0
Posts: 7,015
roofer once told me "if things aren't making sense, keep drawing"
i could see that the turn was at the .685, but the set i had wasn't making sense
i could see that the turn was at the .685, but the set i had wasn't making sense
Click image for original size
JI
jimkane
Rep: 3,058
Posts: 33,089
Gold up almost 40 off its low!!! That's like $140 of movement in about half a day. Unreal...
MA
MarcinO
Rep: 67
Posts: 5,506
Your and Roofer's charts are incredible.
You make the market follow the lines you draw
You make the market follow the lines you draw
Originally posted by rat89
roofer once told me "if things aren't making sense, keep drawing"
i could see that the turn was at the .685, but the set i had wasn't making sense
MA
MarcinO
Rep: 67
Posts: 5,506
Two areas should be watched in euro now: 1.3350 and around 1.3366.
Reaction there may indicate TD or EXP correction on the way down.
Reaction there may indicate TD or EXP correction on the way down.
RA
rat89
Rep: 0
Posts: 7,015
Maybe roofer can do that...I have a long way to go. Remember Jim was talking about seeing a setup without the context? My goal is to do that less often and if I improve a little over time I'm happy. When roofer talks about the three thing that price can do at line, the next question is obviously 'how do we know which one?'. We don't. In fact part of being successful is losing the fantasy that it is even possible to know for sure.
But we can know the context. We can study how price reacts over time in hundreds of samples and out of that we can rate the probability based on context. For instance, what Jim said the other day about the odds of a reversal on a Monday, or my own observations about price patterns on a Friday. When you see context for what it is, a guide, you respect the odds and gravitate less to improbable trades where you spend your emotional capital wishing for price to do what you think you see.
I have thousands of charts with setups that got busted because the context wasn't there. I have a lot of respect for traders like roofer and jim who not only have learned to see the context, but have trained themselves not to argue with it.
Marcin, I am also liking your charts here too.
But we can know the context. We can study how price reacts over time in hundreds of samples and out of that we can rate the probability based on context. For instance, what Jim said the other day about the odds of a reversal on a Monday, or my own observations about price patterns on a Friday. When you see context for what it is, a guide, you respect the odds and gravitate less to improbable trades where you spend your emotional capital wishing for price to do what you think you see.
I have thousands of charts with setups that got busted because the context wasn't there. I have a lot of respect for traders like roofer and jim who not only have learned to see the context, but have trained themselves not to argue with it.
Marcin, I am also liking your charts here too.
MA
MarcinO
Rep: 67
Posts: 5,506
Yes,I remember. You are right that understanding context and remaining realistic about it is the hardest part of this business. It comes from experience and descent work done.
I am working on it, but my job is quite time consuming, so I cannot spend as much time on charts and books as I wish. The road before me is very long.
I am working on it, but my job is quite time consuming, so I cannot spend as much time on charts and books as I wish. The road before me is very long.
