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GBP/AUD, GBP/CAD, GBP/CHF and GBP/NZD thread 119 replies

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EUR/GBP Trading Room

Quoting Plutonite
Why is that ironic? They may use fib levels, but the theory as you know contains a lot of "wave numbers" and other nonsense that is practically irrelevant to the market. Everybody can count "waves" in different ways - that's why despite the fame of the theory it never became self-fulfilling like fibs. Only the simplest you-cant-get-me-wrong things like support/resistance and fibs on clear price action can ever be self fulfilling for that reason.

I too love Dave's analysis here, especially as he uses charts to illustrate incentives and very few analysts do that convincingly. A lot better than compiling news scenarios don't you think
Maybe it was just me. When I read Elliott waves don't work but fibs do, it's the equivelant of saying "I don't believe in Santa Claus but the Easter Bunny is definitely real." My only point is that EW rely upon fibs to some degree. I respect your opinion and enjoy your posts tremendously. It fascinates me that we can all have such diverse opinions and still manage to make pips.
Quoting philmcgrew
Maybe it was just me. When I read Elliott waves don't work but fibs do, it's the equivelant of saying "I don't believe in Santa Claus but the Easter Bunny is definitely real." My only point is that EW rely upon fibs to some degree. I respect your opinion and enjoy your posts tremendously. It fascinates me that we can all have such diverse opinions and still manage to make pips.
Thanks phil, it's mutual. I don't know either, but I sure am glad it's happening


PS: does this mean you're a naked-chart-only trader?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
Quoting Plutonite

PS: does this mean you're a naked-chart-only trader?
Pretty close. My system will make a dot or a line when a signal appears and then send me a text message. I keep MACD on my chart to look for divergence.
I see some compression in the eur/gbp.. I stand bull with it down to last swing low off daily..
Check Mate GAME OVER
While I realize you are probably tired of hearing about EUR/GBP, mainly because it has been pretty dead, let's not lose sight of where prices are likely heading. The wave count noted in the chart below remains bullish and offers clients decent upside potential, in a relatively 'tame' cross, at least in terms of price action. Granted this idea may take several days or a week or two to play out, but sometimes, the best trades just sit passively rather than micro-managing shorter-term trades.

I personally am comfortable holding a small long position and adding on dips.
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Dave Floyd, nice web site you got.. yep this one is not for most as it does not move 78,000 pips per second.. lol
Check Mate GAME OVER
It sort of like, doesn't move at all
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
Quoting Plutonite
It sort of like, doesn't move at all
Well it does move and yep not for most as it would not make a good day trading pair, but what is the pip value of it per lot?.. So you need twice as many pips in other pairs to compete..

10pip=205.17 on standard
10 pip=100 on gbp/usd
Check Mate GAME OVER
Quoting bunton
Dave Floyd, nice web site you got.. yep this one is not for most as it does not move 78,000 pips per second.. lol
Thanks 'bunton' on the web site comments. Regarding EUR/GBP, sure, not a real barn burner, but at $20/pip is all balances out. Given that my trades in here last several days or a couple of weeks, I have no issues regarding pace of movement, I just want to make money.

I sent this comment out to clients earlier today:

Don't let idle fingers/minds suck you into trades that do not exist. Trading is for gains; not excitement. Wait, the excitement is from the gains. Just my 2 cents.
Quoting bunton
Well it does move and yep not for most as it would not make a good day trading pair, but what is the pip value of it per lot?.. So you need twice as many pips in other pairs to compete..

10pip=205.17 on standard
10 pip=100 on gbp/usd
True of course, I was only kidding, but compared to pip value on the GJ*daily average I think the gain is not quite the same. I would not love a GJ that moves 30 pips a day (even for double the $/pip).

The attractive thing is, as you said the neat ranging action.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
Short since yesterday and targeting 0.6980. Anyone agree/disagree? Reasoning is price action+comparison of EURUSD and GBPUSD H4 charts - clearly the euro has more room to fall, particulalry after the GBP news. My 2 pips.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
i got the boot but not a short yet imo..
Check Mate GAME OVER
Quoting Plutonite
Short since yesterday and targeting 0.6980. Anyone agree/disagree? Reasoning is price action+comparison of EURUSD and GBPUSD H4 charts - clearly the euro has more room to fall, particulalry after the GBP news. My 2 pips.
*sigh*
One answer, and now target has been hit and I will close a few minutes from now, because 40 pips on EURGBP is a darn treasure. I wish this trading room had more input from people, feels like everyone is too fearful of contradicting opinions or defending their own positions that they don't want to chime in. It doesn't have to be a war, guys. I know there are people trading this pair. Oh well.

Thanks bunton and I hope you made some pips on that trade.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
well, nice time to buy if you ask me pluto.

underlying trend is up, price currently on support.

If i traded this i'd be going down a timeframe looking for the entry on an upmove.

might be right, might be wrong but probability is to the upside sometime in the next few bars.

time will tell i guess.
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Stop searching for entry and exit systems. Real traders dont do that.
There we go, finally some input

Nice indicator chart you have there for divergence..I know a few people who use MACD but I never really trusted it - is this one working better for you? And where is it hosted so I can look at the code?

As for going long right now, I'd say wait until you get at least some bottom formation on that H4. Too risky at the moment. I'm out for 8 hours.

Cheers,
-A

Quoting soultrader
well, nice time to buy if you ask me pluto.

underlying trend is up, price currently on support.

If i traded this i'd be going down a timeframe looking for the entry on an upmove.

might be right, might be wrong but probability is to the upside sometime in the next few bars.

time will tell i guess.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
Quoting Plutonite
There we go, finally some input

Nice indicator chart you have there for divergence..I know a few people who use MACD but I never really trusted it - is this one working better for you? And where is it hosted so I can look at the code?

As for going long right now, I'd say wait until you get at least some bottom formation on that H4. Too risky at the moment. I'm out for 8 hours.

Cheers,
-A
Nice job on da short..
Check Mate GAME OVER
Quoting Plutonite
There we go, finally some input

Nice indicator chart you have there for divergence..I know a few people who use MACD but I never really trusted it - is this one working better for you? And where is it hosted so I can look at the code?

As for going long right now, I'd say wait until you get at least some bottom formation on that H4. Too risky at the moment. I'm out for 8 hours.

Cheers,
-A
like i said, lower tf for entry - I dont trade eurgbp because i like to stay awake

The indicator is something i threw together myself but i dont use it, nor divergence - just that it's still on my default template lol
Stop searching for entry and exit systems. Real traders dont do that.
Quoting Plutonite
I know a few people who use MACD but I never really trusted it
What were you trusting it to do for you?
As for input and stuff I'm trying to figure out a blog thing and will be spending my time trying to learn how it works. I figure then I can keep things in order instead of all over the place.. I agree on lack of input but I wish not to persuade anyone into sumfin..
Check Mate GAME OVER
Quoting philmcgrew
What were you trusting it to do for you?
To give me more information via all those EMAs than I would ordinarily have by glancing at the chart.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
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