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Buy Low xxx Sell High

  • #41
  • Jul 4, 2009 8:52pm Jul 4, 2009 8:52pm
One of the concepts I am a huge fan of is harmonic points of support and resistance. I like to look at the market as if it we're 3 dimensional and like a puddle of water. Each major level of support or resistance is said to be harmonic as if you threw a rock in to the puddle and create a ripple. The ripple keeping a course while continuing to spread further and further - just like life and evolution. The market is the heartbeat of modern day society affecting so many us in ways most cannot fathom.

I found a harmonic line within the gbp/jpy that I thought might be worth sharing. It has come to the final point of it's current harmonics so we'll see how the market will be afftected going forward.

If you are unfamiliar with my harmonic levels I'll attach an old euro chart to which has unfolded beautifully within the confines of it's harmonic level. Please note that these are looked at more of zones of opportunity and aren't trendlines. They have turned out to be great indicators for support and resistance and when broken become their alter-ego.

cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp.jpy daily.jpg Size: 153 KB
Click to Enlarge Name: eu.jpg Size: 172 KB
  • #42
  • Jul 4, 2009 9:58pm Jul 4, 2009 9:58pm
this chart looks nice

I now understand why they call it a wave theory...
it's a few bounces after you throw a stone into water! oh... but if channel is where wave is going... how to explain horizontal S/R then?

Quoting sleep1Iopen
One of the concepts I am a huge fan of is ...
If you are unfamiliar with my harmonic levels I'll attach an old euro chart to which has unfolded beautifully within the confines of it's harmonic level. Please note that these are looked at more of zones of opportunity and aren't trendlines. They have turned out to be great indicators for support and resistance and when broken become their alter-ego.

cheers
  • #43
  • Jul 5, 2009 9:41pm Jul 5, 2009 9:41pm
Quoting billye
this chart looks nice

I now understand why they call it a wave theory...
it's a few bounces after you throw a stone into water! oh... but if channel is where wave is going... how to explain horizontal S/R then?
We all have different tools to interpret the market moves we see. You could probably answer your question better than I.

I don't really classify those as waves, TL's, or S/R; just harmonics to point out exhaustion/strength. Channels are good for direction while in trades, and/or finding good entries with good risk:reward. They really don't represent significance though as horizontal S/R is king to all. Finding those hard levels of S/R is one of the hardest things to do in our profession as we don't have a REAL price ladder to see where the big positions are.

Hope this clears up any thoughts of yours.
  • #44
  • Jul 6, 2009 1:54am Jul 6, 2009 1:54am
Quoting sleep1Iopen
One of the concepts I am a huge fan of is harmonic points of support and resistance....
Took profit for 162 pips at 155.66 as 155 is previous support and still holding for a long term play at 154.85.

Still holding shorts on gbp/usd as this looks like a breakout to target first 1.5850 zone.
  • #45
  • Jul 6, 2009 2:07am Jul 6, 2009 2:07am
Quoting sleep1Iopen
Took profit for 162 pips at 155.66 as 155 is previous support and still holding for a long term play at 154.85.

Still holding shorts on gbp/usd as this looks like a breakout to target first 1.5850 zone.
Wow, big ups here. More to come and still holding.
  • #46
  • Jul 6, 2009 3:08am Jul 6, 2009 3:08am
Quoting sleep1Iopen
Wow, big ups here. More to come and still holding.
There is nothing like riding a great wave. Tonight the market smiled at me and I just smiled back.

Trading is about taking the good with the bad. Even the super good days. Smile at the market all the time and just listen to it.

Good night
  • #47
  • Jul 6, 2009 10:52am Jul 6, 2009 10:52am
Quoting sleep1Iopen
There is nothing like riding a great wave. Tonight the market smiled at me and I just smiled back.

Trading is about taking the good with the bad. Even the super good days. Smile at the market all the time and just listen to it.

Good night
Closed out about 70% of positions for some nice profits last night. Gonna take the day off and check back before NY close and Tokyo open to see if we continue with yen pair weakness and pound weakness.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: multiterminal.jpg Size: 102 KB
  • #48
  • Edited 4:07pm Jul 6, 2009 3:16pm | Edited 4:07pm
Those shorts played out nicely for us. The remaining positions had profitable SL's hit for another 81 pips on gbp/usd and 49 pips on gbp/jpy. Now I'm flat and awaiting to see how 155 is handled with the large pullback in the NY session. No-trade zone is 160-154.85.

Still bearish overall from the 161 zone but looking for signs of resistance going forward to take additional shorts.
  • #49
  • Jul 8, 2009 4:37pm Jul 8, 2009 4:37pm
For the last couple of months I have been bearish carry trades. When the Dow was at 8500-9000 and gbp/jpy was at 155-160. We broke out today!

Last night my girlfriend and I we're out driving and I noticed it was a big Harvest Moon. They are huge and kind of an off white yellowish color. Absolutely beautiful to watch. Usually these translate to shifts in market sentiment as well. The following morning we see a huge sell off in carry trades. Welcome to the first week of wave 5! For the next 19-26 weeks I'll be selling into strength and carrying shorts on carry trade pairs whilst taking some profits along the way.

Cheers and lets get some!
  • #50
  • Last Post: Jul 28, 2009 11:23am Jul 28, 2009 11:23am
Hello and sorry for not posting trade signals. I've been on vacation for the last couple weeks. I also have taken a position with a capital management group and have to charge for my services now.

Hope the thread followers made some money off my signals.

If you have any other questions for me please PM me.

Thanks

P.S. I'm still short gbp/jpy and usd/jpy.
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