DislikedI'm going to lock in some gains and take profit on 50 lots here for 150 pips. Will hold the rest with stop loss in the money on the remaining.
RoIgnored
- #41
- Sep 14, 2007 8:32am Sep 14, 2007 8:32am
- Joined May 2005 | Status: I am not your bro | 1,302 Posts
- #42
- Sep 14, 2007 10:22am Sep 14, 2007 10:22am
- Joined Mar 2007 | Status: we are stardust, we are golden | 1,364 Posts
The rally back up last night in this pair really provided a great opportunity. I got short the whole load and got a great average price.
I'm going to lock in some gains and take profit on 50 lots here for 150 pips. Will hold the rest with stop loss in the money on the remaining.
Hope I provided some insight here.....
Ro
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
- #43
- Sep 15, 2007 11:05am Sep 15, 2007 11:05am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
This past week was excellent, hopefully next week will be better and with bigger moves since the Fed is going to have a little party with us lol 
Ok, let's get to analyzing..
After learning about the great Moving Averages (50ema, 100sma, 200ema) from our MA master 'Hakuna_Matata', I have drawn my weekly fibonacci levels differently this week (weekly chart) and I will explain to you why.
As we know, Moving Averages provide Support/Resistance levels, so now have a look at the chart and see how nicely price reacted (I'm amazed!). Now let's add some Fibo's to our cocktail, the 200ema acted as a support (it barely touched it, but I'll take it as support) on 17/07/05 , now if you draw a Fibonacci retracement from this low to the high of 251.07
http://img405.imageshack.us/img405/1646/gjij9.gif
Now look at that 100sma and 50% level, they were both close to each other and price bounced off that area perfectly. I said last week 212 is next on the cards for GJ but I'll change it to 212-214, since our 61.8% fibo is at 215 and 200ema is just below it, 212-214 should be achieavable in the coming weeks/months.
Remember now, we have lots of supports to break before getting there.. I don't trade based on weekly charts, I just have them in order to have an idea of where price might go next.
Daily chart:
That descending TL from the top has been acting as a support lately, but I believe it will be broken and next support area for GJ based on the daily chart is the 23.6% fibo level.
http://img514.imageshack.us/img514/250/gjna5.gif
4H chart:
The price has been bouncing off the green 61.8%, 50%, and 38.2% fibo levels, once price breaks the 38.2% + TL (close to my 2nd TP), 23.6% is next where we also have a weekly TL waiting for us there.
http://img460.imageshack.us/img460/1905/gjgw5.gif
Ok, let's get to analyzing..
After learning about the great Moving Averages (50ema, 100sma, 200ema) from our MA master 'Hakuna_Matata', I have drawn my weekly fibonacci levels differently this week (weekly chart) and I will explain to you why.
As we know, Moving Averages provide Support/Resistance levels, so now have a look at the chart and see how nicely price reacted (I'm amazed!). Now let's add some Fibo's to our cocktail, the 200ema acted as a support (it barely touched it, but I'll take it as support) on 17/07/05 , now if you draw a Fibonacci retracement from this low to the high of 251.07
http://img405.imageshack.us/img405/1646/gjij9.gif
Now look at that 100sma and 50% level, they were both close to each other and price bounced off that area perfectly. I said last week 212 is next on the cards for GJ but I'll change it to 212-214, since our 61.8% fibo is at 215 and 200ema is just below it, 212-214 should be achieavable in the coming weeks/months.
Remember now, we have lots of supports to break before getting there.. I don't trade based on weekly charts, I just have them in order to have an idea of where price might go next.
Daily chart:
That descending TL from the top has been acting as a support lately, but I believe it will be broken and next support area for GJ based on the daily chart is the 23.6% fibo level.
http://img514.imageshack.us/img514/250/gjna5.gif
4H chart:
The price has been bouncing off the green 61.8%, 50%, and 38.2% fibo levels, once price breaks the 38.2% + TL (close to my 2nd TP), 23.6% is next where we also have a weekly TL waiting for us there.
http://img460.imageshack.us/img460/1905/gjgw5.gif
Trade what you see, not what you think.
- #44
- Sep 15, 2007 11:59am Sep 15, 2007 11:59am
- Joined May 2005 | Status: I am not your bro | 1,302 Posts
- #45
- Sep 16, 2007 5:18am Sep 16, 2007 5:18am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #47
- Sep 18, 2007 11:54am Sep 18, 2007 11:54am
- Joined Mar 2007 | Status: we are stardust, we are golden | 1,364 Posts
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
- #48
- Sep 18, 2007 12:03pm Sep 18, 2007 12:03pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
That's sounds very interesting Roland. As good a plan as any, I think. But I've been bitted lately because of a badly placed short so I'm just gonna wait for a nice H4 bar (or maybe a couple of nice H1 bars) to go in. It will be volatile though, and volatile action is ugly.
- #49
- Sep 18, 2007 12:06pm Sep 18, 2007 12:06pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
- #50
- Sep 18, 2007 12:20pm Sep 18, 2007 12:20pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
I like your combo of PA and fozzy, BB
Just to add some sillyness to the chart (my own blend of channels + TLs)
Most indicative of a "direction change" for me, the TL hop+retest+move off.
Not that we can't do the same the other way around as well, but one thing after another...
This is gonna be one interesting release
Just to add some sillyness to the chart (my own blend of channels + TLs)
Most indicative of a "direction change" for me, the TL hop+retest+move off.
Not that we can't do the same the other way around as well, but one thing after another...
This is gonna be one interesting release
Trust price. Know yourself.
- #53
- Sep 18, 2007 1:17pm Sep 18, 2007 1:17pm
- Joined May 2005 | Status: I am not your bro | 1,302 Posts
- #57
- Sep 18, 2007 1:52pm Sep 18, 2007 1:52pm
- Joined May 2005 | Status: I am not your bro | 1,302 Posts
- #59
- Sep 21, 2007 11:29am Sep 21, 2007 11:29am
With 1 hour chart confirmation:
Thanks.
- #60
- Sep 21, 2007 11:34am Sep 21, 2007 11:34am
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
BB, what indicator is that which gives you those dotted red/blue lines at support/resistance? It looks like a variation of BW-Fractals indicator. Where can I find it please?
Thanks.
http://www.forexfactory.com/showpost...7&postcount=91
your welcome.................
