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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3054
Posted: Feb 22, 2010 5:00
Comments: 3054
Forum Topic:
GBP
Discuss GBP
that depend the time frame u r observing.
always bear the rule of the third in analyzing candlesticks in downtrend or uptrend.
we have another fake IP address
Im an advanced technical trader , but i want to know something its really confusing me about BREAK OUTS , my ques is :
1- should i wait until the broken area back tested and then i get in , or i get in when one day candle close above it?
2 - if the level is broken on daily can i get in on the lower time frames when its back tested on the lower time frames ?
please mr ashraf i need your answer if you can
gazak allah khayran
Yesterday bar low hit the 38.2% ret of the move up from 5296 low. Not terribly relevant, just a point of interest.
Ashraf
I developed an aversion to gann early in my trading career. Went to expensive workshops for a period of initiation. The gann geeser taught me levels at every 2.5% and after day 3 of the lessons I discovered he had bastardised Gann's work with his own modifications. When it came to saying adios I commented that he really couldn't go wrong with his levels and I felt mighty dissapointed :-) Needless to say no refund was offered.
You are right about "how we use our selected tools". Guess that applies for apre' trading activities also. I am a firm believer in sticking with what works for us as individuals and not many traders are able to use EWA objectively is one good example of one size cannot fit all. The important thing imho is that we create a map to navigate the markets. My maps are founded upon EWA and MP. I integrate the pattern work with volume studies, fibs & symmetry. Market internals like breadth,vix, tick, trin play a part for intra day moves with stock indices. Shame the algo developments ultimately destroyed bid/ask delta analysis. Come to that they have pretty much rendered NYSE volume a complete nonsence.
I have noticed markets changing over the duration of my experience and its important to identify change quickly and adapt accordingly. No good moaning that something no longer works !
big headfake in GBPUSD but now making some aggressive retracements & oscillators shaping up (down) nicely for 1,5550s, just above the Apr high
Ashraf
i use several technical methods... but in the end most of the technical methods/tools devloped so far whether EW, Gann Fan and other etc would likely point to the same thing... i believe all the different technical tools have been developed after countless hours of testing... usually when traders get it wrong... it's not the tools itself but the traders themselves who didn't use it properly...
most of my trades are based on trends and properly identifying the real supports and resistances...
have you tried the Gann Fan? very useful in identifying breakouts and possible targets... for the breakout....