[Cory2679]

Originally Posted by forrestang »

Post #1937.

I believe Thales was referring to the 'wedging' type action, where price is making marginally HHs and HLs, signaling the potential end of a trend. If price actually does break above then the move up is often powerful.

Yeah I saw the "ending diagonal", or the "wedge", and price broke below that and began the downtrend. But he had already mentioned that, so I thought maybe he was alluding to something other than that, and something other than the standard H, L, LH, which also has formed on that chart...

-Cory

[Don4]

"If price actually does break above then the move up is often powerful."

I guess I could say the same thing for a short. But you have no way of knowing. Any body could guess. But the truth is everybody here is only guessing! Even Thales. OK back to the program.

Don

[Cory2679]

Originally Posted by Don4 »

"If price actually does break above then the move up is often powerful."

I guess I could say the same thing for a short. But you have no way of knowing. Any body could guess. But the truth is everybody here is only guessing! Even Thales. OK back to the program.

Don

Educated guesses...the same way meterologists, in their prediction of the weather, can only make educated guesses.

[Gabe2004]

Originally Posted by Cory2679 »

Educated guesses...the same way meterologists, in their prediction of the weather, can only make educated guesses.

In my experience, meteorologists have a worse track record than 50/50

Gabe

[Gabe2004]

Potential Short EJ.

Gabe

[Cory2679]

Originally Posted by Gabe2004 »

In my experience, meteorologists have a worse track record than 50/50

Gabe

They might not get it exact, but they generally have the right idea...they don't predict 100 degree weather on a day there's a blizzard...(of course that's extreme, but you know what I mean...)

I think that if meterologists could bet each day on whether it was going to rain or not, I think they would be wildly profitable in the long run.

This is an interesting random discussion, because I met a trader from Tudor via video conference, and he actually employed 2 meteorologists to help him at his trading desk (commodities that are strongly influenced by the weather situation)... He was actually featured in Trader magazine in the 30 under 30 issue...I can't remember his name right now...

[Cory2679]

Originally Posted by Cory2679 »

Looks like the BP (EDIT: GBP/USD) may be able to push up to 1.6640...just broke some resistance...I almost went long with a buy stop @1.6576, but at one point when I looked at my DOM, there was a 4 tick spread for a moment...no thanks. I think I'll just stick to trading in the morning.

I almost went short as well, because there looked to be a double top forming, but that went on to break the high, which would have triggered the long at 76.

No actual trades though, just observations. I think I'm calling it quits now...I'll get started early tomorrow...

As of now, it's not really exploding up or anything...oh well, not my concern!

Looks like the break didn't stick, and it soon reversed. Based on the PA, I'd like to think that would have been a break-even trade for me.

There were some short opportunities, shorter and longer term, as a result of the bounce off the resistance, but I was not up then...

[Gabe2004]

Originally Posted by Cory2679 »

They might not get it exact, but they generally have the right idea...they don't predict 100 degree weather on a day there's a blizzard...(of course that's extreme, but you know what I mean...)

I think that if meterologists could bet each day on whether it was going to rain or not, I think they would be wildly profitable in the long run.

This is an interesting random discussion, because I met a trader from Tudor via video conference, and he actually employed 2 meteorologists to help him at his trading desk (commodities that are strongly influenced by the weather situation)... He was actually featured in Trader magazine in the 30 under 30 issue...I can't remember his name right now...

Employing the meteorologist sounds like a good idea but here in Toronto where I live sometimes they call for a snow storm of 6 inches or more and nothing happens.

Gabe