I completely agree with auxesis about not wave counting (stop counting and just read the charts), and about keeping a larger picture in mind. You can take what we both said in this context: my explanation works on any time frame, and his is the time ...

Technical Analysis Fallacy

Hi Fana, Not sure what your question is here, but let me give you my view of your chart. The move 1-5 is tradable until it stops going up, which is clearly signaled by the 5-a move (if this is not clear then it will be shortly when you see the b-c ...

Technical Analysis Fallacy

The E/$ has squared up nicely with yesterday's move south with some good pips from 1.3318, maybe late entry but not going to complain. It may continue moving today but I am done for the day/week and we'll see what happens next week. Good trading ...

Technical Analysis Fallacy

Now protecting 124.63 on the remaining 1/2 position, taking profit at 123.99. Now looking for another trade! Edit: just changed to protect level to 124.58. Someone needs to wake up the GBP. Edit: Square now at 39. Will revisit this if it breaks this ...

Technical Analysis Fallacy

Felt like CB intervention, starting about 2 hours before the Greece announcement. ECB getting ahead of the curve? E/$ and E/J both hit fibs nearly to the pip (my entry on the E/J was on this hit) and have run out of steam. Next move will tell if I ...

Technical Analysis Fallacy

No, but am short the E/J about 20 min ago at 124.69. Protecting the entry price now. Edit: took 1/2 off at 124.39, protecting the entry

Technical Analysis Fallacy

Lyrics from a song entitled "The Stand" by Hillsong United

Technical Analysis Fallacy

You saw what I saw on my charts. Again, sometimes it's like watching your kids run with scissors.

Technical Analysis Fallacy

Hi auxesis, I understand what you are saying. Was not being critical of anyone, and agree with you completely about mixing things up. I hope Fana is not playing "what if" games in his head now, aside from trying to figure out how he got the trend so ...

Technical Analysis Fallacy

Just reviewed some of the posts from this morning and am a little concerned about Fana, but also about the recommendations he received today. I do not want to open a can of worms here, nor am I absolving him of his trading sin. Why not just ...

Technical Analysis Fallacy

The news out of Europe is terrible today. I wouldn't share any thoughts on how low, but the euro is on the ropes now. Greece and Ireland both have bigger budget problems than originally thought -- surprise! Looking for a better price to take it ...

Technical Analysis Fallacy

Happy trading day everyone. Taking a coffee and fresh air break now after trading the E/J south, four nice pulses down and now retracing a bit. Probably needs to square up a bit above here if it is to continue south. A big FA in six minutes so time ...

Technical Analysis Fallacy

fti, bowing in humility to Him helps put it all into perspective and puts us in our place. Open hearts and open minds. Good post!

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"So I'll stand with arm high and heart abandoned in awe of the One who gave it all." Good trading everyone!

Technical Analysis Fallacy

Hi fti, I am glad to see you back. Hope you are well. It is a very nice day where I live with lots of sun and cool conditions (60F). I saw you post on MM skew and have great respect for you trying to go over this topic again. I would struggle ...

Technical Analysis Fallacy

BofC interest rate announced in abut 30 mins.

Technical Analysis Fallacy

Hi MaMood, You ask a very good question about fighting scorpions. Your scorpions are like family members you can't stand: you can't kill them, and it's ugly to fight them, so the best you can do is manage their impact on you. Fighting them can lead ...

Technical Analysis Fallacy

Hope everyone had a great weekend. The GBP/$ has opened with an impressive gap, but opening gaps on the other currencies have been squared. Watching the GBP for an early-in-the-week opportunity now.

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Good article. This situation is still playing itself out and will continue to spiral down until the PIIGS cut spending and raise taxes, which they are unable to do at this time. The EU/IMF plan just "kicks the can down the road" a few weeks or ...

Technical Analysis Fallacy

Happy weekend to everyone. Hope you all had great trading week. Love the forex -- it's so predictable! auxesis, I have another trading buddy who was betting the E/$ square up level was 1.3480, which was closer to the actual level than my 1.3498, so ...

Technical Analysis Fallacy