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Rufus

  • #461
  • Aug 26, 2010 10:52am Aug 26, 2010 10:52am
Headed out today for college....Not mine

My bread and butter setup, and wouldn't you know I am not trading. Oh well I will catch it monday. I love quick bounces off pivots. For me they need to move out immediately. These did

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #462
  • Aug 26, 2010 8:33pm Aug 26, 2010 8:33pm
Well I am here at my daughters college and while at the bookstore I thought I would look at some Macroeconomics books. I thought it might be good to increase my understanding of this topic......used $128.00 I will practice my economics and get an old one for 5 bucks. Daughter is excited of course I am excited with her but of course will miss her. Looking forward to getting back to my charts. Rufus
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  • #463
  • Aug 26, 2010 8:48pm Aug 26, 2010 8:48pm
aaah taking the kiddie off to college - that's gotta be bittersweet. Least its not Pullman, though, so you don't have to worry about alcohol poisoning as much. Personally I am just happy that mine is not in jail.

A 20-pip range since Tokyo opened, slow dinky waves. I have 8 pips for my trouble but I ain't trying too hard. I am curious as to what Big Dog may have planned for tomorrow's GDP news. I will probably even try to wake up for it.

Drive safely - that's a long one.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #464
  • Aug 27, 2010 1:13am Aug 27, 2010 1:13am
Inserted Video
Annoying Precision
  • #465
  • Aug 28, 2010 12:10pm Aug 28, 2010 12:10pm
I dropped my daughter off at college yesterday. The second time wasn’t much easier then the last year for me.


The Eu took out the first target from last week and has since retraced to the 61.8 fib. If this holds as a continuation pattern the next targets are 1.2515 and 1,2460. I have still marked the 1.2363 no my chart from the last retracement as another target. So until we get a full reversal all these targets remain viable.


The Bankers reversal targets I have marked are still a long way off.

Rufus
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  • #466
  • Aug 28, 2010 4:45pm Aug 28, 2010 4:45pm
GU has been in a downward range pattern for 14 days now. It may take NFP to get this one to commit one way or the other. We are in a reversal off the confluence of two fibs. So basically from last week to this there is not much change. Needless to say I have a lot of targets all to the upside. I am looking forward to seeing how all this plays out.
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  • #467
  • Aug 28, 2010 5:14pm Aug 28, 2010 5:14pm
Now for the UJ.
I think we may have seen the bottom for this one. I don’t trade this pair very often. The wicks chew up my stops often. It seems I have an easier time trading the EJ instead. But it helps to have an understanding of the UJ to trade the EJ.
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  • #468
  • Aug 28, 2010 5:57pm Aug 28, 2010 5:57pm
Back from a nice vacation in south west England, it reminded me that ‘I trade to live’. Rufus, I hope your daughter is doing well at college and that you are coping.

I see a lot of chart material but few words; can you explain some things more?

Back in business! Greetzzz
  • #469
  • Aug 28, 2010 5:58pm Aug 28, 2010 5:58pm
Now for the AU

I would like to see a pullback to the marked area to jump in on a long. The gold chart continues to be in a nice gradual uptrend. This will help out AU longs.

Not to mention my call spread on the gold futures

Rufus
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  • #470
  • Aug 28, 2010 6:08pm Aug 28, 2010 6:08pm
Quoting Forexmist
Back from a nice vacation in south west England, it reminded me that ‘I trade to live’. Rufus, I hope your daughter is doing well at college and that you are coping.

I see a lot of chart material but few words; can you explain some things more?

Back in business! Greetzzz
What I try to do each weekend while the charts are not moving is lay out an overall plan for the week ahead. With fib retracements you can project fib targets. These give me an idea what might be happening in the coming weeks. Also if I can get into a long term swing position it gives me targets to look for.

38.2 retrace target 161.8
50 target 138.2 - 161.8
61.8 target 121.4 -138.2
78.6 Bankers reversal look for at the ends of trends target 100 - 127

I plan out the week. I may be right or wrong in my planning but it gives me a perspective of each pair I look at. Then while the charts are moving I know where I am at any given time frame.

Rufus

Rufus
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  • #471
  • Aug 28, 2010 6:11pm Aug 28, 2010 6:11pm
Quoting Forexmist
Back from a nice vacation in south west England, it reminded me that ‘I trade to live’. Rufus, I hope your daughter is doing well at college and that you are coping.

I see a lot of chart material but few words; can you explain some things more?

Back in business! Greetzzz

I trust you had a great vacation

Lesli loves the college and does very well. I am proud of her and of course will miss her.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #472
  • Aug 28, 2010 6:20pm Aug 28, 2010 6:20pm
Thanx!
I am only using fib 100-0 or 0-100. How can you use fib above 100% and can I do that in MTrader4? And what does fib tells you (I use them as a confirmation for ppa)? Does it also tell you something about the direction of the trend?

And now my greatest question, what do you mean by ‘Bankers reversal look’?

Greetzzz

I bought in my vacation a book from Curtis Faith with the title ‘Trading Instict’. It is a curious book… (he was a former turtle) it’s about trading from a more psychological perspective (left hemisphere and right hemisphere).
And I had time to read patterns and probabilities from Ed Ponsi (he could be a brother of you Rufus in his approach).
  • #473
  • Aug 28, 2010 6:30pm Aug 28, 2010 6:30pm
Strong move in oil right now. If this continues we should see a number of shorting opportunities with the USDCAD.
This pair turned right at resistance with the oil market. I think we are long over due to seeing a climb in the oil prices which will give value to the Canadian Dollar.
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  • #474
  • Aug 28, 2010 6:41pm Aug 28, 2010 6:41pm
Quoting Forexmist
Thanx!
I am only using fib 100-0 or 0-100. How can you use fib above 100% and can I do that in MTrader4? And what does fib tells you (I use them as a confirmation for ppa)? Does it also tell you something about the direction of the trend?

Go to fibonacci properties and you can add fib levels.. Mine are 23.6, 38.2, 50, 61.8, 78.6, 88.5, 100, 113, 121.4, 127, 138.2, 161.8, 224, 261.8

Some of these are for identifying retracements, reversals,...
You are far to kind...Thanks


(Well I thought I answered all your questions but I must have done something wrong. I will try it again)
Rufus
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  • #475
  • Aug 28, 2010 6:50pm Aug 28, 2010 6:50pm
Quoting Forexmist
Thanx!
I am only using fib 100-0 or 0-100. How can you use fib above 100% and can I do that in MTrader4? And what does fib tells you (I use them as a confirmation for ppa)? Does it also tell you something about the direction of the trend?

approach).
Go to fibonacci properties and you can add fib levels.. Mine are 23.6, 38.2, 50, 61.8, 78.6, 88.5, 100, 113, 121.4, 127, 138.2, 161.8, 224, 261.8

Some of these are for identifying retracements, reversals, then targets.

It does not tell you the direction of the trend. More like if the trend continues these targets should be hit. Keep in mind that depending on the time frame you are looking at you will get counter trends which often start at fib levels of higher time frames.

Rufus
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  • #476
  • Aug 28, 2010 6:56pm Aug 28, 2010 6:56pm
Quoting Forexmist
Thanx!

And now my greatest question, what do you mean by ‘Bankers reversal look’?

.
78.6 is often associated with the "Bankers Reversal" The big money grabs ahold of it for a quick buck. The targets are 100 and 127 fib levels, in this case these fibs are called extensions. It is found at the top or bottom of trends and often starts a long reversal. It helps to know where these targets are as that is where banks are exiting the show, so we can keep our money away from thier exit.

Rufus
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  • #477
  • Aug 28, 2010 6:59pm Aug 28, 2010 6:59pm
Quoting Forexmist

I bought in my vacation a book from Curtis Faith with the title ‘Trading Instict’. It is a curious book… (he was a former turtle) it’s about trading from a more psychological perspective (left hemisphere and right hemisphere).
And I had time to read patterns and probabilities from Ed Ponsi (he could be a brother of you Rufus in his approach).

Let me know what you think of the book. I am studying the psychological side of things now as well.

Thanks for the compliment. You are far to kind. It is a great book. He does a good job showing the practical side of trading.

Rufus
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  • #478
  • Aug 29, 2010 10:44pm Aug 29, 2010 10:44pm
No trading for me tonight. London session. GBP bank holiday. Might see about catching a few pips US session.

Rufus
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  • #479
  • Aug 30, 2010 9:46pm Aug 30, 2010 9:46pm
Took the retest off the weekly pivot. So far 10 pips on one part of the positionn, 15 for the next. Still have a "piece of the pie in the kitchen".
Very small stop, 7 pips.

Rufus
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  • #480
  • Aug 31, 2010 4:12am Aug 31, 2010 4:12am
Well I have a lot to type up concerning this evenings trading. Some good some bad. But I am to tired top do it right now so it will have to wait till sometime tomorrow. .

I learned a lot this evening including the importance of zooming in. Making the candles bigger to not miss details.

So goodnight all

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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