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Cable Update (GBPUSD)

  • #4,121
  • Dec 31, 2006 1:38pm Dec 31, 2006 1:38pm
With the price coiling in the converging triangle (Pennant/Flag) we are expecting it to come to point. (Triangle is the common usage of the word used in the Elliot Wave Principle)

The expecation for this resolution should be an explosion in the direction it was going before the triangle formed.

Another useful thing to know about a triangle is that lines connecting the coiling price highs and lows come to a point and will mark where the triangle must end.

If the data is still stalling around and going nowhere past the apex of the triangle, then we will know it was not a true triangle.
  • #4,122
  • Dec 31, 2006 1:58pm Dec 31, 2006 1:58pm
I find this on how to trade a triangle

Sorry it looks so bad !!
Attached Image
  • #4,123
  • Dec 31, 2006 2:21pm Dec 31, 2006 2:21pm
This is what we are waiting for now - we look for the break out either up or down, the trend has been up, so my first inclination would be Long on the Daily Chart.

Secondly, observing the Daily chart, we will also must watch the Weekly and the closing of the Monthly Candle.

These two time frames will help confirm the direction the Pennant/Flag on the Daily, and which way it will break out.

If we are at the Top of Wave 5 for the Monthly, then you will see the Wave A correction down, which will propel the breakout on the Daily for a downward breakout.

If we see a breakout upwards on the Daily, then this will confirm we are still in the Wave 5 upwards on the Monthly, therefore not completely at the Top of the Price range yet.

We must also consider the Weekly Chart.

The channels I have for now show the weekly top at 1.9670 (if the channel holds), if the price breaks the perimeter of the channel - then at that point you would see the breakout upwards on the Daily and the continuation of Wave 5 on the Monthly.

The bottom of the channel could see the price go into 1.9400's area if it bottoms out, this would show a breakout down in the Daily, and also reveal the top of Wave 5 has completed on the Monthly.

So many factors to consider, but one must be completely aware of every time frame and possible movement.
  • #4,124
  • Dec 31, 2006 2:28pm Dec 31, 2006 2:28pm
OK Monarch

You help a lot... I have been looking at daily and weekly and just have no clue !!!

But I guess it means we are wait mode for a bit to see where it goes...
  • #4,125
  • Dec 31, 2006 2:31pm Dec 31, 2006 2:31pm
Quoting monarch
If we are at the Top of Wave 5 for the Monthly, then you will see the Wave A correction down, which will propel the breakout on the Daily for a downward breakout.

If we see a breakout upwards on the Daily, then this will confirm we are still in the Wave 5 upwards on the Monthly, therefore not completely at the Top of the Price range yet.
Exactly why Elliot Waves are controversial. If this happens we are in this wave, but if this happens we are in this wave. Nobody knows what wave we were in until like three waves later.
  • #4,126
  • Dec 31, 2006 2:42pm Dec 31, 2006 2:42pm
Twinchell

And what you say is exactly the reason I have not put much attention to EW... but looking back the last week or month or so... when I see some like fixme1too, and moneymaster predicting moves almost to the pip... there must be at least something to the whole deal....
  • #4,127
  • Dec 31, 2006 2:44pm Dec 31, 2006 2:44pm
So it seems.

One trade could possibly be in a Wave upwards on the Hourly, but at the same time another trader could be in a trade for a correction Wave in a Weekly or Monthly time frame.

If we only trade one dimensional or one time frame, we will only see one possible direction/trade, but if we are continually watching every time frame; from the 15 Minute to the Monthly, we could have a better chance of recognizing the exact wave count in each time frame, thence making better entry and exit locations.

We may be here today as you state guessing the wave count, but actually what I am doing is only considering the actual wave count to confirm other means of my directional recognition of price movement.

I am not holding out my trading positions for the one moment the Wave hits, but what I am doing is taking every possible indication and trying to profit in the movement of the time frame I am trading in.

In order to trade correctly (this is only about my trading technique).
I must be completely aware of this currency pair I am trading. I study all the pairs partly, but I watch the Pound many hours a day, plus weekend and other times I study this pair and read a lot. The purpose would be to form a relationship and be totally in tune with its characteristics and patterns. This will help my understanding of every move it could possibly take.

This was the only purpose I bring the Elliot Wave in to the equation of the conversation.
  • #4,128
  • Dec 31, 2006 2:58pm Dec 31, 2006 2:58pm
Quoting Tiki Trader
Twinchell

And what you say is exactly the reason I have not put much attention to EW... but looking back the last week or month or so... when I see some like fixme1too, and moneymaster predicting moves almost to the pip... there must be at least something to the whole deal....
Actually Fixme1too has uses the EW, even though he has not stated the movement on this thread as often as you think he has. Fixme1too does come reguarly and state some direction, but he has not to my knowledge stated that he was using the EW to give him this target area.

As per Money$Master, I have not seen much response from him concerning the EW, it may be that Fixme1too and Money$Master are looking beyond just the EW theory, and have adopted other trading indicators to help then make predicitions that the novice trader has not even experienced yet.

What qualifies an experience trader from a novice trader would be they could constantly predict price direction and only miss a few. The end result would be that every trader who gives prediction on a thread should be a trader who practices what he posts.

It only profits me if I can recognize and trade my own trading predictions/strategies, even if I am taking the time to make post in the threads trying to help others recognize the patterns that may be forming.
  • #4,129
  • Dec 31, 2006 3:15pm Dec 31, 2006 3:15pm
Yes, I do agree with all you say... not so much that they use EW... but they surely, (and you too) know what you are doing more than I.. for me this is what the 'reputation button' is all about ( twinchell )... I too must find a way to profit... it is an absolute MUST. I cannot do the things some of you guys do.. so I must find a way to get my pips... I seek out those who can get me going in the right direction... I DO USE their trade ideas... when I think they are right... I press the reputaion button for them too... to me, a pip is a pip... it does not matter to me how I get a pip... even if I take advantage of you guys... I do come up with my own ideas too... more and more I can make better and more winning trades on my own.
  • #4,130
  • Dec 31, 2006 3:22pm Dec 31, 2006 3:22pm
I choose forex because I loved it from the moment I saw it.. it IS what I plan to do for a very long time... I perhaps am far behind many of you... some of you come from backrounds of trading other things... I come from a company that produces adhesives... I have a long ways to go to learn it all... but I will not be the one who drops out... I will find my way... it is imperative that I do. Those of you who share your knowledge and ideas here... are part of my stepping stones... I will use you. Oh yeah, well this is the GBP thread... I just happen to like GBP best ( to keep on topic here )
  • #4,131
  • Dec 31, 2006 3:37pm Dec 31, 2006 3:37pm
Quoting Tiki Trader
Yes, I do agree with all you say... not so much that they use EW... but they surely, (and you too) know what you are doing more than I.. for me this is what the 'reputation button' is all about ( twinchell )... I too must find a way to profit... it is an absolute MUST. I cannot do the things some of you guys do.. so I must find a way to get my pips... I seek out those who can get me going in the right direction... I DO USE their trade ideas... when I think they are right... I press the reputaion button for them too... to me, a pip is a pip... it does not matter to me how I get a pip... even if I take advantage of you guys... I do come up with my own ideas too... more and more I can make better and more winning trades on my own.
I am amazed by this simple little green spot - Twinchell, just last week had 1 button, then they jumped him to two the same week, and today he has three. WOW, I guess he is making some great calls on the threads, I will have to go see what this is all about.

I was starting the new year off making a bunch of Pips, but now I have a new agenda - push aside trading and chase some green reputation button. That was how Twinchell did it right? It's who you know I guess?

Onward soldiers..............

Were now in search of the Holy Grail of the Green Reputation Button!!!

  • #4,132
  • Dec 31, 2006 7:27pm Dec 31, 2006 7:27pm
Quoting monarch
...but now I have a new agenda - push aside trading and chase some green reputation button. That was how Twinchell did it right?
You caught me. I admit, I know absolutely nothing about trading and my one goal in life is to get reputation on an internet forum of people I will never see or speak to ever in my life. I also admit that I paid to get my reputation higher. At only $5,000 a dot, it's worth it to my ego. Good catch monarch...

Shouldn't you all be guessing what wave we are currently in?
  • #4,133
  • Dec 31, 2006 8:40pm Dec 31, 2006 8:40pm
Quoting twinchell
You caught me. I admit, I know absolutely nothing about trading and my one goal in life is to get reputation on an internet forum of people I will never see or speak to ever in my life. I also admit that I paid to get my reputation higher. At only $5,000 a dot, it's worth it to my ego. Good catch monarch...

Shouldn't you all be guessing what wave we are currently in?
Now that is one expensive way to get a reputation. You'll have to trade another month to make that kind of money back.

Wish you Good Trading in the New Year Twinchell.
  • #4,134
  • Dec 31, 2006 11:33pm Dec 31, 2006 11:33pm
I have been posting on this thread for several months now, and I usually show my information with charts or strategies that I use for my trading.

There has been a few members come through and give their five cents worth, and basically leave nothing positive to help, or teach.

Some like to spread Negativity which becomes the breeder of discontent and lack of unity.

It seemed that originally when I came to this thread there were individuals who were interested in working together making trading better and more exciting.

Some traders have their own agenda when placing post, some times they are gearing up to start a signal service, or discredit other traders from succeeding by making references to every type of technique or strategy one may use.

I guess we must sit here and give credit only to those who may have a greater following, or ones who have posted 500 times but have given little or no informational help, but they constantly nag at the other traders and their abilities.

I guess what I am trying to say is this.

SHUT UP and LEAVE if you don't have good things to say, or better yet go dig yourself a Negative Thread and let all the traders that have negative thoughts join yours.

If you have nothing to share that has some credit of being truthful, then maybe your just blowing smoke, and causing others to feel like yourself.

This is just suppose to be a forum where we share ideas, it was never designed to give trading signals or advertise other propaganda.

Let's get back to relating information that is for the good of the traders who visit on a daily basis, and wish to make trading more exciting and profitable.

Happy New Years Folks - A Great Year to Celebrate - 2007!
  • #4,135
  • Jan 1, 2007 2:41pm Jan 1, 2007 2:41pm
so what is the day off tomorrow going to do with the action in the market??? any ideas??? anyone???
  • #4,136
  • Jan 1, 2007 2:51pm Jan 1, 2007 2:51pm
amen monarch!! now if i just had as much expierience as you, i would be a contributer about how i make pips. as it is, i am still learning what everyone is talking about, watching the market react and how good their predictions are. recently, monetmaster and luigimp seem to have hit great in the last 2 weeks. if i had followed their preds to the letter, it would have been very profitable!! it would have been nice to have them standing over my shoulder with a 2x4 to teach me patience, my biggest fault!!! i know this is a thread to trade ideas, but until i get all the lingo down and see what all the lingo is showing me in the charts, some of my comments/questions will be stupid, but as they say, the dumbest question is the one never asked, and if i am ever going to contribute here, i request a little slack. as well as the plethora of ideas to keep coming. thanks for all the help fellow traders, and keep it coming, very much appreciated!!
  • #4,137
  • Jan 1, 2007 2:55pm Jan 1, 2007 2:55pm
Quoting mtrmth
so what is the day off tomorrow going to do with the action in the market??? any ideas??? anyone???
As far as I know the forex markets and the brokers are all going to be open. I have checked both my brokers websites and neither has posted a change in their plans to reopen tomorrow morning.

As long as people are off work and therfore at loose ends with little or nothing to do, I think it very possible that this will be a normal trading day or possibly have higher volumes than usual due to people beieng free to trade when they would normally be at work.
  • #4,138
  • Jan 1, 2007 3:07pm Jan 1, 2007 3:07pm
Quoting mtrmth
so what is the day off tomorrow going to do with the action in the market??? any ideas??? anyone???
I'm very curious about what Asia is going to do with what was left in the market last Friday. USD/JPY has broken an important resistance (119.0), that resisted for a week - BUT the price close at 119.05. Notably, the market bought GBP/JPY heavily on last Friday with little or no repercussion in GBPUSD - YET?

In the other hand, EURUSD went along with GBPUSD during last Friday morning but broke loose in the afternoon - while EUR went up to (also) an important resistance, Cable dropped to what doesn't seems to be a meaningful price - that is not an important S or R.

I would say this Tuesday's holding surprises, that's why I'll be up during first 3 hours of Asian market... Commencing soon...

Here we go 2007!
  • #4,139
  • Jan 1, 2007 3:25pm Jan 1, 2007 3:25pm
Markets trading Tuesday ?? Nasdaq and DOW are closed due to that Ex Pres that died, so expecting it to be quite atleast, but maybe day #1 new years spending madness ??

Staying out to wedneday be my plan anyways.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #4,140
  • Jan 1, 2007 3:47pm Jan 1, 2007 3:47pm
Well price has begun to move on my oanda charts
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