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salamy for everbody joining us here & thanks for Ganja about his special theard , i hope u to take it seriously , this isn't about some colored indicators( for me indicators 're just a confirmation tool & the less the better ) ,this's about real trading , trading that realy works in the real market
today i'll write about trading chart pattern failure ,
at first & cause of my bad english i caught a picy from Mark McRae article at surefire trading to explain how to excel over others by trading pattern filure,
read carefully & enjoy it
"I want to explain a great way to benefit when everyone else is wrong. Here's the theory. Most trader are very single minded when they trade. They get an idea into their head and it stays there.
Once they have decided they are going to go long on a breakout they generally stick with it. This is particularly true of well-defined technical levels like the 52-week high or low. It could even be a trend line or chart pattern. The thing is, it could be anything.
If you follow only one or two markets you will know what I am taking about. Even though you shouldn't listen to other traders you will probably have a fair idea of where the major support and resistance levels everyone is watching.
Remember also that trading is as much about the study of human behavior as anything else. Once one of those big levels breaks everybody and their dog will try and get on the right side of the move. This is where we come in - listen up, this is important.
When The Market Doesn't Do What You Expected It To Do, Chances Are It's Probably Doing The Opposite.
For example - lets look at our greedy little friends who went long on the breakout and got wrong footed. Some of their stops will have been taken and some of the kamikaze crowd without stops will be filling their pants. This is exactly where we jump in - when everybody else is exercising damage control.
To take advantage of this we need two plans. Plan A and Plan B. As you probably guessed, Plan A is to go with the crowed: if the market breaks in the direction you first assumed it might, then you are there. You have an entry point, a stop loss level and a probable target already worked out.
Nothing make me belive that euro will stall, only, if You trading with pitchfork You know that reaching of UML is losing of energy for curr.,also we have five days of hard bullish movement, with hard oversold.Expecting only retracment, but 23% of present move is nice trade!
Euro brake 1.3000 and open a new range for trading and wery lot of traders trying to pick a top of it, for a nice short. For me that is the reason why it cant stop!Also we have a biger pitchfork on weekly (I wiil post) with targets much higher then 1.3660! Will see.
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