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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #15,541
  • Aug 25, 2007 7:03am Aug 25, 2007 7:03am
Quoting fourxtrader
Thoroughly enjoying and learning by the inspirations from this thread
with all the interesting, entertaining, talented, cooperative traders.

I've been dabbling with this for ~2 years on and off until this spring when
I retired. I 've been searching 10 years for something to do after retirement.
But I suppose there wasn't a forex opportunity then as we know it today.

Now I'm approaching this with equal the passion and enthusiasm as my earlier
career.

Thanks to all....

Dr. D.
Hi Dr. D!

It's good to have you around these forums, wise one.
We are all wholeheartedly passionate about Forex here, and I think this passion is contagious!

I would also like to take this opportunity to thank all the wonderful traders for their insights!

-Dickens
  • #15,542
  • Aug 25, 2007 7:09am Aug 25, 2007 7:09am
Quoting cryten
For anyone still using VT here is the QQE with alerts.

Pink dot for sell and blue dot for buy
Anybody has QQE with alerts for MT4?
  • #15,543
  • Aug 25, 2007 10:20am Aug 25, 2007 10:20am
Nevermind...
  • #15,544
  • Aug 25, 2007 11:50am Aug 25, 2007 11:50am
Quoting Hakuna Matata
oops posted twice:

Attachment

Attachment

Your charts with arrows, labels and explanations are very clear and readable
and a great aid for learning. Repetition is a valuable teaching tool.

Could you share some of the basics about buttlerfly patterns and how they
could be integrated into Auslanco's strategy. I've never heard of this.

This gathering is like the old one room country school house, beginners
mixed with intermediates and advanced traders.

Much appreciated.

Dr. D.
  • #15,545
  • Aug 25, 2007 5:25pm Aug 25, 2007 5:25pm
GJ dropping so far this weekend. I wonder if it has anything to do with this story that leaked out after market close yesterday?

http://money.cnn.com/2007/08/24/maga...ion=2007082417
  • #15,546
  • Aug 25, 2007 5:32pm Aug 25, 2007 5:32pm
Where do you get the price on the weekend?

Quoting markam
GJ dropping so far this weekend. I wonder if it has anything to do with this story that leaked out after market close yesterday?

http://money.cnn.com/2007/08/24/maga...ion=2007082417
Is your SL my TP?
  • #15,547
  • Aug 25, 2007 5:43pm Aug 25, 2007 5:43pm
I don't see any movement for GBP/JPY since Friday's close. I did see it drop .53% at one source, but this source which claims to have a real-time data feed rarely has any significance on what happens on Sunday open. It usually adjusts back to what it was on Friday. I tried trading it thinking it was an indicator of where thing would be going, and needless to say, I put a stop to that right away.
  • #15,548
  • Aug 25, 2007 5:44pm Aug 25, 2007 5:44pm
Anyone else looking to go long on Sunday open assuming your indicators support long positions? To me, it's looking more long than short.


Frank
  • #15,549
  • Aug 25, 2007 6:30pm Aug 25, 2007 6:30pm
Quoting kenmania
Where do you get the price on the weekend?
I use http://www.xe.com/ website to monitor the price over the weekend. It's auto refresh ..
  • #15,550
  • Aug 25, 2007 6:37pm Aug 25, 2007 6:37pm
Thank you.

Quoting fxnewb
I use http://www.xe.com/ website to monitor the price over the weekend. It's auto refresh ..
Is your SL my TP?
  • #15,551
  • Aug 25, 2007 6:50pm Aug 25, 2007 6:50pm
Quoting cryten
For anyone still using VT here is the QQE with alerts.

Pink dot for sell and blue dot for buy
hi
how do i install it on my existing vt software, i seem not to be able to open it
THE TREND IS UR FRIEND
  • #15,552
  • Aug 25, 2007 7:11pm Aug 25, 2007 7:11pm
Thanks for the feedback my fellow ex-Melburian. I hope this post is not too overwhelming.

Firstly, for the sake of others here, the butterfly, gartley, bat etc... are call harmonic patterns and they rely entirely on Fibo levels. Look up Harmonic Trading if you'd like to learn more.

These patterns are secondary to me, like Fibo levels. I like to use the basics as primary indicators, such as S/R levels, trendlines, price patterns (reversal and continuation) plus volume. I use secondary indicators as confirmation only (ie, generally not in isolation - unless there are a few of them)

Now, If you look at a post I made early on Friday
http://www.forexfactory.com/showthre...71#post1557171
I was looking at a primary price pattern, a symmetrical triangle. That post, by the way, confirms that I was expecting a reversal from 234.20 to 235.10 so I was not raising the bar (as suggested by karmo ) Now, the symmetrical triangle is normally a continuation pattern and since we were heading up there was a 75% chance that it would continue. I was looking for confirmation and then discovered the butterfly harmonic (in formation). The CD leg was heading up and when the triangle broke, I entered long on the throwback (232.63).

Now the butterfly reversal target (CD leg) is 127% or 161.8% of the XA leg. My first short (reversal) entry was at the 127% (234.20) and I was looking at the confluence (a Majd term) of the 138.2 (XA leg) and the 61.8 (8/9 Aug high) fibo levels as extra protection. Whether it reverses there or not, it doesn't really bother me. I have missed way too many boats waiting for the ideal position so now I prefer to scale in (starting small and adding).

The next CD butterfly target is the 161.8% level (at 251.10), which is close to karmo's 50% (recent high/low) retrace. That will be the ideal short level but I'm not sure it will print. The 150% (XA) level (234.81) lines up with the 23 Aug high and that could provide enough resistance to turn this mother around.

So, we could have already reversed but if not, then we should see a bounce off 234.81 and then 235.10 - enough resistance to get some profit in. They are the levels I will add to my short.

Now finally, why would I be looking for a reversal in the first place? To answer simply, we have just had a 3000+ pip fall and are heading up again. It is unlikely to just continue going up without a retest of the low (double bottom). So my positioning is to get in on the retest and I suspect it will happen soon!

Hope that clears things up.

Z

Quoting Hakuna Matata
Zoran--very inetersting as i was goin thru this butterfly pattern/setup u posted
few points:
--these kind of setups are usually more powerful/accurate n larger TF's-- but 15min could work as well
--the way this pattern has emerged at the moment is excellent as we are at the 100sma on 4hr which is at 234.70 right now---now price at this area usually stalls and reverses--unless momentum UP is strong and candle closes above it---so i would watch for a 4hr candle to close above it as that would indiacte much further UP movement---i hope u catch my drift !
--we have 50% retracement level of the whole big move down on the daily at 235.15/20
--As u said that the CD leg could extend to 161.8% level and thats where the 50% of that move down retracement level is also--then that would be an ideal level for a bounce off/retrecment to back down to supports according to this bearish butterfly setup.--i see this more of a possibility IF we do not get a close above the 50% retraco level. (look at pic 1)

now all this is an analysis on a smaller TF (15 min)---overall trend looks back up again---but that 50% level will have to be watched closely as a close above that on 4hr/daily and together with a close above 100sma means we r heading back way UP --back to the 250.00 + level again after passing 61.8%, 50ema, 100sma, 78.6% ( look at 2nd pic posted)

enuff said
Hakuna Matata --"no worries"
  • #15,553
  • Aug 25, 2007 7:36pm Aug 25, 2007 7:36pm
As a newbie I have a question about the potential of the forex market. Do the experienced traders here believe that one can consistantly average 20 pips per day or approximately 400 pips per month?

Assuming a go system, a defined trading plan, and money management.

Thanks
Spent1
  • #15,554
  • Aug 25, 2007 7:42pm Aug 25, 2007 7:42pm
Quoting tradechief
hi
how do i install it on my existing vt software, i seem not to be able to open it
Start VT Trader. Then from the Navigator window:

Tools / Indicator Builder / Import

Ron
  • #15,555
  • Aug 25, 2007 7:50pm Aug 25, 2007 7:50pm
I have to go on vacation and I'll miss out of the moves next week

Just joking..
  • #15,556
  • Aug 25, 2007 8:12pm Aug 25, 2007 8:12pm
Quoting frank99
Anyone else looking to go long on Sunday open assuming your indicators support long positions? To me, it's looking more long than short.

Frank
Technicals are looking more long than short to me, also. I have an open long position and feel pretty good about it, though I wish the fundamentals were a little more bullish.
  • #15,557
  • Aug 25, 2007 8:17pm Aug 25, 2007 8:17pm
Quoting pedro13
I have to go on vacation and I'll miss out of the moves next week

I suspect it will still have a few moves up it's sleeve when you return. Hope you have a great time!

Ron
  • #15,558
  • Aug 25, 2007 8:55pm Aug 25, 2007 8:55pm
Quoting teekee
Thanks for sharing Hakuna Matata....i really learn a lot from 100sma and 50ema...
by the way, where can i get QQE indicator??

http://www.forexfactory.com/showthread.php?t=41509

pg 7

i think the last post
  • #15,559
  • Aug 25, 2007 9:01pm Aug 25, 2007 9:01pm
Quoting karmostaji
Great analysis Zoran and Hakuna Matata

but, the Bull-man is still standing strong
Karmo-- u got some good tgts
i just wanted to close my position of rthe weekend , hence closed it at the 100sma as i explained on my chart
everythings pointing north at the moment (although fundamentally, the subprime issue is not finished its impact yet)----i will play what my charts tell me---the confluence area of near resistence we are at (mainly the 50% fib level) and that butterfly projection setup i explained just tells me that if i see a reversal even on a lower tf such as 15/30 min--- i will jump in for a minimum 100-200 pips drop----so like i say--im with u right noe as a bull BUT-- my analysis tells me that a reversal is due--so any oppurtunity to make pips on the way down-- im there !!
  • #15,560
  • Aug 25, 2007 9:03pm Aug 25, 2007 9:03pm
Quoting HnP
Anybody has QQE with alerts for MT4?

http://www.forexfactory.com/showthread.php?t=41509

pg 7

i think the last post --its got alerts too--thanks to its contributors

http://www.forexfactory.com/images/misc/progress.gif

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