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GBPUSD - Looking to buy today

Discussion in 'Jarratt Davis- Trading Signals' started by Jarratt Davis, Jun 10, 2014.

  1. smeetz

    smeetz Recruit

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    Hi Triantus, I have looked at your chart and I have to say I can't see the chart for lines. Sorry I don't see how anybody can make a trade with so many indicators, MA's and other stuff.

    Only my opinion.
     
  2. Triantus Shango

    Triantus Shango Sergeant Major

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    i guess it's a question of habit formation. this is nothing compared to what another trader showed me: he plots gann squares and fib time resistance lines and TLs all over the place. looks like an absolute mess but somehow (don't ask me, i never figured out how he manages ;)) he manages to be amazingly accurate in timing market turns.

    on my chart, if you delete the call-outs, all you have is fibs, the weekly zone (that i hide after consulting it at the beginning of a session), 1 set of bands (not Bollinger's, but custom developed), 2 major MAs, and 2 major 'special MAs' (don't know what to call them as they are not MAs per se, just something i custom developed) that give short term turn confirmation.

    the stuff at the bottom (also custom developed) i just put there for illustration (except TDI (modified bc classic TDI gives more false positives), which is the only study i really use in conjunction with PA--any other good oscillator would do.

    honestly, i don't think that's too much. maybe it's just me, but in the past, more simple didn't show me the big picture resulting in missed opportunities when others just sit on hands waiting because they don't see the current opportunity as having good probability.

    edit: forgot to add: when driving, your brain processes way more information than what's on a chart, even more so when talking on the phone and barreling down the autobahn at 220kph ;) so it's feasible.


     
  3. smeetz

    smeetz Recruit

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    2014-06-10_1840.

    Hi Again, Not sure if you can see my chart, if you can you will see 200 SMA for trend, R/L and Stochastic. Only trade with trend, buy at extreme lows with Stochastic's with Price action at Support Levels and only sell at extreme highs
    with Stochastic's with price Action. Charts are clean and easy to make decisions.

    What do you think?
     
  4. dolzsan

    dolzsan Private, 1st Class

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    If you look at the daily or the 4H chart you will see that around 6730 there is a support area. The price hovered that value before shooting up on Thursday. It is conceivable to think, should the price cross 6790 (which it did today), that around 6730 it will either bounce upwards or continue falling on to the downwards channel that started forming on the 6th of May. However, since there are no fundamentals to legitimate this channel, I'd say it will sooner or later resume the previous upwards trend. We are reaching post-2008 maximums here, so who knows what will happen?

    I suppose that's just a way to interpret it. I have very little experience in fact. :D

    I should have stayed out of this trade after seeing that risk/reward ratio though.
     
  5. MiracleTrading

    MiracleTrading Private, 1st Class

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    I agree that 1.6700 area is where strong support lives. A bit early. :)
     
  6. Triantus Shango

    Triantus Shango Sergeant Major

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    thanks for sharing. i think the chart is more than clean ;) . it's great if you can get all the info you need like this. but it's too simple for me in the sense that it doesn't provide all the info that is there hidden in the price dynamic. that's one reason i ditched the Stoch, RSI, and others like them because they give too many false positives. my problem is that if i don't have a context, i can't make sense of PA properly, so if on top of that i use something like RSI or Stoch, which are unfortunately flawed, it leads down the path of tears. so i ended up developing my own studies and now wherever PA spikes, i can see it in a context that makes sense (in addition to S/R lines of course).


     
  7. Triantus Shango

    Triantus Shango Sergeant Major

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    forgot to add... pivot points (computed the traditional way) are critical. just take a look at sive's section on this site, and you'll see why i write this.
     
  8. smeetz

    smeetz Recruit

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    Thanks for your thoughts
     
  9. Triantus Shango

    Triantus Shango Sergeant Major

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    i should have mentioned i only trade intraday and always found identifying swings correctly with Stoch is tricky for me. just take a look at M15 and compare to the TDI on my chart. on 2014-06-09 18:30 Stoch already enters OB, but modified TDI clearly shows that market is not OB yet. with Stoch you would have to see that PA doesn't match what Stoch indicates and wait for the 2nd Stoch high inside OB zone. TDI also shows the standard deviation so the yellow midline helps gauge whether we are still in bearish or bullish mode. that's the one thing that always bothered me with RSI or Stoch, the indicator swings tend to stretch too much sometimes and are not proportional to what price is doing, thus potentially confusing me. many times Stoch comes out from OB, seems to stretch a little over the 50-line only to fall back into OS. in contrast, TDI filters out those moves better IMHO.

    but like i said, it's all a question of habit. some people can use Stoch. am just not one of them. ;)
     
  10. smeetz

    smeetz Recruit

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    I am always willing to learn. How do you use the TDI and on what settings?
     

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