tradingwizzard

Trade nr. 13 Going LONG EURCAD here in 1.3712 for 1.3905 sl 1.3600 contracting triangle on the hourly chart

this is the chart for the previous position taken on the euraud and we have a possible irregular flat there as market seems to be poised for testing the 1.50 area again.......

More and more people are becoming interested in trading and therefore technical analysis is something every trader should take into consideration. However, were to start if you are newbie? Were to look for? What are the basic patterns, shapes, theories, etc. to know and, how to benefit the most out of them? Well, I think we have here on TL a great community of experienced traders and judging by the discussions level and the subjects debated, many newcomers or beginners in trading might be discouraged because the general impression is that this is too dificult too understand and the level is way too technical. And this is where this forum comes in: the purpose of it is to introduce basic concepts in technical analysis in such a way that any trader, beginner, medium or advanced, should understand and benefit, under the principle "Educate people first. Make them experts later." While it seems TL is full of experts, let's try to develop something really constructive here and I am sure even the experienced memebers here will have something to learn as well, or at least to remember the beginings. All members are welcomed to participate as the intention here is to make it both attractive and interesting for all. And a bit of fun never hurts. That being said, I prepared some guidelines for what this forum inteds to do and what to be expected: - in time I will start specific threads in which to cover one pattern, strategy, shape, theory, etc, presenting the basics of it, examples with charts; for example the first one will deal with contracting triangles. It will have a description, what to look for, where they appear, the fact that Elliott theory covers them, etc. - both newbies and old members, virtually anybody is invited to post a real time example of it (in the case presented above a contracting triangle), regardless of the time frame, currency pair, indices, etc....whatever he/she trades with a short description regarding the expactations for the triangle. In this way we will see multiple uses for the same pattern, not to mention clealy visible examples; - the idea is to make the forum as visual as possible, as talking about something and actually seeing with your eyes are two different things. Before actually starting the first thread, I would love to have your feedback regarding the initiative above. TW

Trade nr. 12 Going long EURAUD here in 1.4373 for 1.4844 tp sl 1.4169 ending diagonal on the 1h chart.....explanations to come

Trade nr. 11 Going LONG AUDCAD here in 0.9540 for 0.9796 tp sl 0.9401 flat on the 1h chart.......will post the chart a bit later

here's the standing......not good, but not too bad either......

stoped out for +22 pips profit

closed the trade here in 132.25 for 52 pips profit

time to update the positions and see how we're staying here

yes, I needed 1.3328 for that pattern's measure move but sometimes the last pip seems to be the most expensive one....anyways, trade setup was good

#eurusd trade looking good......ascending triangle posted on the previous post broke higher

here's the ascending triangle on the eurusd trade I took earlier......looking to see if NY session will come with the break

Trade nr. 10 Going LONG eurusd here in 1.3271 for 1.3328 tp sl 1.3220 ascending triangle on the 1h chart....will post the chart later

nice post, especially the 11 point you make there......you should give advices more often..... a big like from me

He he...you wish....my idea was why complicating things? Now woth almost 0 spread on ECN for eurusd (and it was just an example btw), why look for something else?....times are changing, so accepting that and moving on it's ok

raising SL to 0.9580 to protect 22 pips profit as price now well above 0.9600......bullish flag in progress, will keep it till close to final or even final....free ride now:cool:

raising SL to break even here.......still gunning for that 133.70....new highs to come........the beauty of a good SL here.....

Thank you Dunstan, trully good post ...

ónly now I see this thread.......it never stop to amaze me why people love complicated things.....what's happening with the simple ones? ....I never heard of the products you say you are trading there and what the heck it means......what hapenned with trading the eurusd for God's sake? ....keep it simple

I know it should help, but I won't......lack of time might be the right answer here......or I am not that disciplined.......

hi MK, is for everybody....feel free to post here.....actually I encourage everyone to do so, even if the trade goes wrong....this is how we all learn.......but please bring a chart guys, like MK did here

take profit hit in eurusd long trade for a nice 64 pips profit........that pennant worked like a charm

hi Dunstan, thank you for your answer.....so it can go up and it can go down......50-50 chance... is this COT data based on the market as a whole or on only one specific broker?......because if it reffers only to one broker, than it should not be that important an information as it's the same like the SVA when looking only at one broker

why it is useful then for?

and attached is the pennant on the eurusd hourly chart with the measured move to be around 1.3250 area