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Tenno system

  • #361
  • Aug 27, 2007 11:03am Aug 27, 2007 11:03am
Aristo,

I always look at the oversold/overbought levels on the William. But, like I said, there's 2 to 3 times per week when the market just goes lopsided in one direction or the other and the william doesn't help much.

When you get used to seeing the lopsidedness, you'll understand more about what I'm talking about...

ct

Quoting Aristo
so you are not considering williams ??
  • #362
  • Aug 27, 2007 11:11am Aug 27, 2007 11:11am
Quoting currencytrader
Guys/gals,

If you see a morning star and then see that the market is consolidating for 30 to 40 minutes after the morning star was pronounced(like this european session), my advice is to get the hell out of the market and take a small loss(the market may very well go down but I don't trust consolidations after morning star reversal formations due to the fact that the market could go against your account too much before seeing any real profit), because you'll have another oppt during the night to get that small loss back plus 5-10 pips profit on the top of that...

happy trading,

ct
i think today is not a good day for GU.... at 11.00 ET GU just make 67 pips in range and heading south....
"Live is for living not for working"
  • #363
  • Aug 27, 2007 11:15am Aug 27, 2007 11:15am
Dropesparky,

Go back and look at the time between 2:15am & 2:25am Eastern time or 1:15am & 1:25am Central time and you'll see the 3 candle formation that forms the morning star reversal. You'll also find that the william was at the appropriate level on the first and second candle.

If you're not trading on FXCM's chart, then your chart may have a slight different look.

So, if this is the case, then check out another morning star, located at the times between 3:30am & 3:40am EST/ or 2:30am & 2:40am Central. It's a 3 candle formation that is just absolutely astonishing my friend....just astonishing.

The thing about it is that on the very first morning star reversal, the market went 10 pips against that position, but like always, morning start will guarantee a minimum of 10 full pips profit; not including the spread, so it would be 14 pip movement..

I don't post pics of charts online because not all charts look the same. I have found that some charts have a slight difference in price and as a result the outcome of a reversal may be a bit different.

CT

Quoting droesparky
CT can you post a pic of the morning star you saw this morning?
It was on 5min or 15min?
  • #364
  • Aug 27, 2007 11:18am Aug 27, 2007 11:18am
Pips,

The morning star reversal said what the story was going to be early in the european session today my friend.

As a result, you have witnessed one of those lopsided days and it just so happens that the market headed straight south...

A good day for the GU depends on what side of the market you're on my friend. If you're on the correct side, every day can be a good day, but knowing when to get out is another story...

CT

Quoting pips_warrior
i think today is not a good day for GU.... at 11.00 ET GU just make 67 pips in range and heading south....
  • #365
  • Aug 27, 2007 11:20am Aug 27, 2007 11:20am
Pat,

did you see the lopsided down movement today?

During the european session, there was actually two whole 'morning star reversals' that told the story about where the market was going and the move was just that much more powerful due to TWO morning star reversals.

When that happens, WATCH OUT!!

CT

Quoting patrick25
CT,
You are so right about it. Because we are trading against the trend, and if we don't get 10 pips within 15-30 mins, the trend may continue.
  • #366
  • Aug 27, 2007 9:54pm Aug 27, 2007 9:54pm
Hi Currencytrader!
thank you for your posting... I got a lot information from you. Can you reccomend me a web site with explaining of candles patterns? Thank you in advance.
  • #367
  • Aug 27, 2007 10:21pm Aug 27, 2007 10:21pm
Forward,

Too much info isn't good for anyone if you don't put it into immediate use. Man, you know what? I hate reading books. Seriously, I do. But, you know what? That's not necessarily a bad thing. The human mind can only absorb so much information at a time and the human mind only retains less than 10% of what it absorbs. You'll never use every piece of information you read about, and you sure as hell won't retain anywhere close to all the info you read.

But, what I do, is read the things that counts the most and use it IMMEDIATELY!

Now days, unlike my high school and college day, I read less and less and watch more and more movies..

When I was in high school and college, I read 5 newspapers a day and hundreds of books through my college years. But, NO MORE!

I have learned that reading less, and only reading the things that counts, which can be used and applied immediately are the only things that count.

I know this because I know alot of college professors and PH'D's who are dead broke and could not make enough money to get themselves out of a wet paper bag. They are knowledge smart, but 95% of it is useless when it comes to making money.

So, what does all this mean for you and me?

Well, I gave someone else, on this site, a website that I will give to you...

http://www.candlestickwarrior.com/download1.html

The free charts you'll find on the first page are some of the candlestick patterns I use to trade the gbp/usd.

As you become better and better at trading the gbp/usd you'll see certain patterns happen over and over and over again, and you'll get so excited you'll wound up wanting to trade the U.S session also!

For the morning star reversal signal go to this site:

http://www.candlestickforum.com/article_morn_star.html

This is a good example of what a morning star reversal looks like.

Happy trading,

CT

Quoting Forwarder
Hi Currencytrader!
thank you for your posting... I got a lot information from you. Can you reccomend me a web site with explaining of candles patterns? Thank you in advance.
  • #368
  • Aug 27, 2007 10:24pm Aug 27, 2007 10:24pm
gang,

for those of you who want an example of a morning star reversal pattern, go to this site.

It's free and has an example of what to look for when it comes to trading the 'morning star reversal' pattern:

http://www.candlestickforum.com/article_morn_star.html

Happy trading,

CT
  • #369
  • Aug 27, 2007 10:41pm Aug 27, 2007 10:41pm
Here is another website: http://candlestickforum.com/PPF/Para...andlestick.asp

TimeFreedom

Quoting Forwarder
Hi Currencytrader!
thank you for your posting... I got a lot information from you. Can you reccomend me a web site with explaining of candles patterns? Thank you in advance.
  • #370
  • Aug 27, 2007 10:57pm Aug 27, 2007 10:57pm
Thank you currencytrader. I agree with you, and I'm trying to catch an essence of this method. As I understood, you are using only 5m timeframe and your general rules: williams levels and candles paterns? is it right?
  • #371
  • Aug 27, 2007 11:16pm Aug 27, 2007 11:16pm
Forward,

Time gave you a good reference point.

Anyways, yes, I only trade the 5 minute chart. I don't look at the 1min. chart, or 10 min chart, or 1 hr chart for any kind of confirmation.

But, I've been trading on the 5 min. chart for years and years and know every creek and turn in the market.

It's like reading the same story over and over again and then being able to memorize, verbatim, what the story is going to say and the turning points in the story itself.

It takes looking at hundreds and hundreds of different situations, but once done, there's no turning back buddy....

CT

Quoting Forwarder
Thank you currencytrader. I agree with you, and I'm trying to catch an essence of this method. As I understood, you are using only 5m timeframe and your general rules: williams levels and candles paterns? is it right?
  • #372
  • Aug 27, 2007 11:44pm Aug 27, 2007 11:44pm
Folks,

I just found a forex broker in Switzerland.

One of the advantages of opening up an account, starting with $2,000, is that there's No capital gains tax on profits even if you're based in the United States.

Damn, I may have to switch from FXCM to ACM, located at:

http://www.ac-markets.com/

Everyone here knows that I plan on moving to Hawaii and hawaii has the highest taxes in the united states. But, by moving my funds over to ACM and not paying any capital gains taxes, because this company is based in Switzerland, I could be saving myself 30% on my income every year!

Hmmmm.....

CT
  • #373
  • Aug 28, 2007 12:15am Aug 28, 2007 12:15am
Folks,

Did you see what I saw?

Between 12:45am and 12:55am central, the market gave a perfect 'morning star reversal. Plus the William was over 80% for a sell signal.

I sold mkt at 2.0067 and just got out at 2.0053 for 10 quick pips in about 15 minutes...

Not bad at all. Since it's still early, I'll wait for another signal and then call it a night..

ct
  • #374
  • Aug 28, 2007 12:42am Aug 28, 2007 12:42am
Hi CT,
That is interesting. How good is ACM? How long have they been in business?
  • #375
  • Aug 28, 2007 12:51am Aug 28, 2007 12:51am
gang,

can you see it?

from 1:20am - 1:30am central time, a 3 candle formation of a morning star reversal formed below 20% william.

Where do you think the market has a chance to go?

ct
  • #376
  • Aug 28, 2007 12:52am Aug 28, 2007 12:52am
pat,

they been in business, I think, since 2002 I think. It says it on there site..

ct

Quoting patrick25
Hi CT,
That is interesting. How good is ACM? How long have they been in business?
  • #377
  • Aug 28, 2007 12:52am Aug 28, 2007 12:52am
gang,

can you see it?

from 1:20am - 1:30am central time, a 3 candle formation of a morning star reversal formed below 20% william.

Where do you think the market has a chance to go?

ct
  • #378
  • Aug 28, 2007 1:37am Aug 28, 2007 1:37am
All,
I noticed GBP usually is setting up for London open around 06-07 GMT. If morning or evening stars around this time, the move can be big.
  • #379
  • Aug 28, 2007 1:38am Aug 28, 2007 1:38am
.
Quoting patrick25
All,
I noticed GBP usually is setting up for London open around 06-07 GMT. If morning or evening stars around this time, the move can be big.
  • #380
  • Aug 28, 2007 1:59am Aug 28, 2007 1:59am
Well gang,

I'm out of the market and exited when it went back up to 51 level; actually the 2.0055 level and broke dead even on the second trade. So, I still have my original 10 pips and am happy about that..

Time to get some shut eye for the night cause it's 2am Central time and I don't trade over 2 hours or watch the market past two hours per night.

Talk to you guys tomarrow night...

CT
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