Thread: EUR/USD Trading Room

Originally Posted by ;

In this specific case that the diamond has about 90% chance to be a continuation pattern. So, 1.4650-70 is the most likely target before the end of the week.

Which may be true... especially thinking about the strength of the bear. Each time it starts going up, lower TFs rush to over purchased levels, this indies more consolidation.

I am for a retracement right now, I think price should obtain more selling power to break through. This will not eliminate the possibility of the going down after consolidation. I think if we do not get a retracement today, down we go tomorrow

this is quite similar to PA back in the end of feb start of march of the year. Price merged and resumed it's uptrend. The only distinction is that the current amount of price has a S/R history.

Originally Posted by ;

This is the most obvious continuation diamond example on the weekly EUR/USD chart that even a whole TA idiot must have the ability to identify correctly.

I am having trouble getting those diamonds correctly.

Welcome to trading area btw

Originally Posted by ;

I am having a hard time getting those diamonds properly.

Welcome into trading area btw

Thank you, but I'm much more comfortable in my own thread cave. Explaining some common knowledge stuff to those cocky kids seems like a waste of time.

Originally Posted by ;

This is definitely the most obvious continuation diamond case on the weekly EUR/USD chart that even a whole TA idiot must have the ability to identify properly.

Call me an idiot, but that's not a gemstone! It doesn't even have a named contour in geometry, possibly a non-symmetrical rhombus or something. Oh dear.

Http://en.wikipedia.org/wiki/Lozenge

PS: Only joking, I trust all is well with you (long time no see, Phil!)

Originally Posted by ;

Call me an idiot, but that's not a gemstone! It doesn't even have a named contour in geometry, maybe a non-symmetrical rhombus or something. Oh dear.

Http://en.wikipedia.org/wiki/Lozenge

PS: Only joking, I hope all is well with you (long time no see, Phil!)

But it WAS a gemstone when we first spoke about it

the fact that price never reversed rules out the possibility anyhow...

Originally Posted by ;

Thanks, but I'm more comfortable in my own thread cave.

I concur with this line of thought.

Recently(past, oh, 12 months) it seems just about ANYONE who's even a fidget of clue and dares poke their head out at all, only gets snapped and shot on FF, resulting in a people(imho rightfully) just believing Well, I certainly don't need this and YOU - but a few of you could have used some of me.
Disrespect permeates.

I was afraid this would occur and over the years it appears it just gets worse. Maybe I just grew to expect a lot of people(taking things serious rather than as a forum game) after seeing how it CAN be different.

Igrok - do not take 'em badly and keep doing your own thing at the usual hangout.

Some things are just not worth bothering.

Things constantly feed back. If you get for trying to assist or participate will be negativity or instant dismissal, then that simply ceases. We all get what we want out of things, and if people prefer FunFactory(some posts are reminiscent of a day at Kindergarten instead of of a professional exchange of view) rather than forexforum.co.za that is exactly what they will produce.
And if the sole reward for effort is ridicule, well, there's not quite as big a essential masochist around who'll opt for that long term.

It sometimes appears we progressively and consistently focus on kicking out those that really have things of value, but can not stop increasing the numbers of those with gimme gimme approaches, kewl posts, powerful morphing troll powers and astounding prowess. . .on demo.
IMHO that is neither in the spirit of a subject oriented forum(FF in general), nor in the spirit of something which's ironically even assumed to be it is upper echelon(1kT).
It is more than a bit. . .ridiculous at times.

Especially when I see that a few people do not even care to even attempt to post here anymore because they know the kind of responses they will get about something they have done for a living for x decades now.

Again - we'll get what we ask for with our behaviour in toto.

Originally Posted by ;

This is definitely the most obvious continuation diamond example on the weekly EUR/USD chart that even a whole TA idiot must have the ability to identify properly.

What criteria do you use to differentiate between a diamond top/bottom and a diamond continuation?

The Encyclopedia of Chart Patterns has research that shows 73% of all diamonds inverse and reach their profit goal. That would mean that just 27% of diamonds are what you'd call continuations. Why would anyone trade a pattern which in just 27% accurate?

Originally Posted by ;

What standards do you use to distinguish between a diamond top/bottom and a diamond continuation?

The Encyclopedia of Chart Patterns has study that shows 73% of all diamonds inverse and reach their profit target. That would mean that just 27 percent of diamonds are exactly what you'd call continuations. Why would anyone trade a pattern that in just 27% accurate?

I'm sorry, but since we are calling BS, it's only fair that I point out the Encyclopedia of Chart patterns sounds like it's talking out of its butt. I don't have the publiion so bear with me : Are they trying to say that there is ANYTHING (let alone something with a cool name like diamond) that repeats itself with 73% precision, and without breaking this pattern on which it is based before hitting it has targets? Do you know these profit targets? Are they significant?

There is no peer-reviewed statistical evidence, anyplace in academia or the public domain, that demones patterns doing anything over 50 percent or so in robust predictive precision. Robust meaning verifiable by pattern matching (patterns that are broken then finally met later are not verifiable or testable).

Otherwise we could all retire in three months at the most. You obviously know this. . I'm only pointing out that your quote sounded very misleading.

Originally Posted by ;

What criteria do you use to distinguish between a diamond top/bottom along with a diamond continuation?

The Encyclopedia of Chart Patterns has study that shows 73% of all diamonds reverse and reach their profit goal. That would mean that only 27 percent of diamonds are exactly what you'd call continuations. Why would anyone trade a pattern that in only 27% accurate?

There are a lot of misconceptions over technical problems even in the most respected TA sources. I have found enough of critical mistakes even in some timeless TA books such as John Murphy's, for example. I have been conducting my own research for over 15 decades and had discovered a lot of new and fascinating things never said anywhere else. That includes some foundings about the diamonds that do not correspond with that BS encyclopedia theory at all.

Originally Posted by ;

I am sorry, but since we're calling BS, it's only fair that I point out the Encyclopedia of Chart patterns seems like it's talking out of its butt. I don't have the publiion....

It has to be challenging to criticize what you've read. Your concerns are addressed in the publiion and till igrok publishes his version, the book I referenced is well respected amongst market technicians.

Igrok said the diamond has a 90% chance of humour and nobody questions that. I quote a respected origin and it's BS?