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  • #461
  • Jan 2, 2008 12:07pm Jan 2, 2008 12:07pm
Quoting mike w
Nice stuff Mike! Are you in any other positions at the moment? And how do you normally trade? Longer term or short term?
Hi Mike,
Been trading forex about a year.... the "LightBulb" is just starting to illuminate. I went throught the 5M-15M chart phase where basically broke even. I have recently moved to the 4H and D1 charts. It seems to be smoother and the profits are allot better. I'm switching between strategies from candlestick patterns/Fib lines to also include AB=CD pattern recognition with Psevento.

So to answer your questions, I am still searching for something that suits me. I came across your thread and I find it very interesting...hoping to pick up yet another piece to the puzzle.

I rode U/Y for a 100 pip gain this morning. Overall not a bad start to the new year.

Mike G
  • #462
  • Jan 2, 2008 12:27pm Jan 2, 2008 12:27pm
Quoting Matrixxdg
Hi Mike,
Been trading forex about a year.... the "LightBulb" is just starting to illuminate. I went throught the 5M-15M chart phase where basically broke even. I have recently moved to the 4H and D1 charts. It seems to be smoother and the profits are allot better. I'm switching between strategies from candlestick patterns/Fib lines to also include AB=CD pattern recognition with Psevento.

So to answer your questions, I am still searching for something that suits me. I came across your thread and I find it very interesting...hoping to pick up yet another piece to the puzzle.

I rode U/Y for a 100 pip gain this morning. Overall not a bad start to the new year.

Mike G
Not a bad start to the year, Thats a great start to the year - profit!
Anways, it's nice to see people coming to the light, instead of sticking to short term charts and losing moreso than winning. Fibs play a huge role in my trading and I feel they are very effective in determining where price should stall and reverse etc. The larger timeframes are where its at my friend! Trust me on that, you'll be a lot less stressed out once you make the jump as you wont have to be in front of a computer all day long. You can do other things with your life while making money at the same time. Best of luck to you Mike!
I dream, therefore I become.
  • #463
  • Jan 2, 2008 2:27pm Jan 2, 2008 2:27pm
For a bit there, I thought you were going to be right... but now I say we aren't in for a PB today...
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  • #464
  • Jan 2, 2008 2:33pm Jan 2, 2008 2:33pm
Quoting Tiki Trader
For a bit there, I thought you were going to be right... but now I say we aren't in for a PB today...
We still have an hour and a half and there's very much so the possibility of it closing below support, which would turn resistance. Based on my system, there is reasoning for me to be short still.
I dream, therefore I become.
  • #465
  • Jan 2, 2008 4:08pm Jan 2, 2008 4:08pm
Quoting Tiki Trader
For a bit there, I thought you were going to be right... but now I say we aren't in for a PB today...
On my charts, we closed right at resistance and now price should revert away from it. I have a few short term trades in for quick profit along with my long term trades for this pair.
I dream, therefore I become.
  • #466
  • Jan 2, 2008 4:13pm Jan 2, 2008 4:13pm
You mean back up agian right...??? Maybe back up to the fib line???

Do you think if GBP/JPY has a retrace at this point, that it will be above 223 ????

Quoting mike w
On my charts, we closed right at resistance and now price should revert away from it. I have a few short term trades in for quick profit along with my long term trades for this pair.
  • #467
  • Jan 2, 2008 4:29pm Jan 2, 2008 4:29pm
Now this DID get my attention today...!!!

http://biz.yahoo.com/ap/080102/oil_prices.html
  • #468
  • Jan 3, 2008 4:42am Jan 3, 2008 4:42am
Thanks for that info Tiki!

On another note, there's that 1000 pip trade, which is going to be followed by a few more soon actually. The other long term trades that I have in are primed to move quite a bit. The gbp/Jpy has just taken off downwards. I am still unsure as to where we should retrace at now. A lot of thanks goes out to LearnToCount for posting, which actually kept me in that short position because of his thoughts. After I looked at his charts, I saw reasons in my own that I didn't before for holding.
I dream, therefore I become.
  • #469
  • Jan 3, 2008 6:18am Jan 3, 2008 6:18am
The US news today should end up making my Usd/Cad shorts start to head in that direction. I am tightening stops on my longs on aud/usd in order to stay in profit no matter what.
I dream, therefore I become.
  • #470
  • Jan 3, 2008 6:41am Jan 3, 2008 6:41am
Based solely on technical analysis, I may keep my gbp/usd shorts in. I already have the stop provided so that I am in profit if I were to get stopped out. I love waking up and in 10 minutes time be able to make a good deal of money.
I dream, therefore I become.
  • #471
  • Jan 3, 2008 8:20am Jan 3, 2008 8:20am
If this continues to retrace today... we could end up with a daily PB !!!
  • #472
  • Jan 3, 2008 8:25am Jan 3, 2008 8:25am
Quoting Tiki Trader
If this continues to retrace today... we could end up with a daily PB !!!
I agree, but I don't really think it will. I'm still holding my shorts but that's not the reason for my bias. We've just gotten the retracement needed for the 4 hour chart before falling again in my opinion. Who knows though, this thing moved, what, close to 1000 pips again today?
I dream, therefore I become.
  • #473
  • Jan 3, 2008 8:27am Jan 3, 2008 8:27am
If we can mange to retrace today to 217.35 or so.... we end up with a daily PB.... with further retrace tomorrow or later up to 219, or even better yet... 221 which would mean a nice trade off a PB today...
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  • #474
  • Jan 3, 2008 8:29am Jan 3, 2008 8:29am
Quoting Tiki Trader
If we can mange to retrace today to 217.35 or so.... we end up with a daily PB.... with further retrace tomorrow or later up to 219, or even better yet... 221 which would mean a nice trade off a PB today...
I definitely agree with that if we would retrace that far up. I'd, for sure, be in with you.
I dream, therefore I become.
  • #475
  • Jan 3, 2008 8:30am Jan 3, 2008 8:30am
That's why I think it's got to get some rest and recoup... another fall... all the way to 213 ?? maybe......

You've got your shorts... you are in... yeah... you got leave it... Me, it is all peice meal for me... I've got room for a long right now...

Quoting mike w
I agree, but I don't really think it will. I'm still holding my shorts but that's not the reason for my bias. We've just gotten the retracement needed for the 4 hour chart before falling again in my opinion. Who knows though, this thing moved, what, close to 1000 pips again today?
  • #476
  • Jan 3, 2008 8:33am Jan 3, 2008 8:33am
Quoting Tiki Trader
That's why I think it's got to get some rest and recoup... another fall... all the way to 213 ?? maybe......

You've got your shorts... you are in... yeah... you got leave it... Me, it is all peice meal for me... I've got room for a long right now...
I think it'll move to that point in due time and actually, I'm looking to see lower than that. We'll see how it pans out.
I dream, therefore I become.
  • #477
  • Jan 3, 2008 8:41am Jan 3, 2008 8:41am
Absolutely....!!! Don't drop your shorts... ( if you know what I mean ) GBP/JPY has potential down to 203 if you ask me !!!

Quoting mike w
I think it'll move to that point in due time and actually, I'm looking to see lower than that. We'll see how it pans out.
  • #478
  • Jan 3, 2008 9:19am Jan 3, 2008 9:19am
Hi Guys,
Thought I would make my first contribution to Mike W's thread. Looking at the below chart. There is a huge consolidation of Fibs at 216.61. If it breaks through, we could see 217.13 before it hesitates again. I have a pending Buy just above at 216.64, IMO

Mike G
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  • #479
  • Jan 3, 2008 10:26am Jan 3, 2008 10:26am
I think this very much coincides with the idea of daily Pin Bar today... would be nice... and mean some further retracement too...


Quoting Matrixxdg
Hi Guys,
Thought I would make my first contribution to Mike W's thread. Looking at the below chart. There is a huge consolidation of Fibs at 216.61. If it breaks through, we could see 217.13 before it hesitates again. I have a pending Buy just above at 216.64, IMO

Mike G
  • #480
  • Jan 3, 2008 12:05pm Jan 3, 2008 12:05pm
Quoting Matrixxdg
Hi Guys,
Thought I would make my first contribution to Mike W's thread. Looking at the below chart. There is a huge consolidation of Fibs at 216.61. If it breaks through, we could see 217.13 before it hesitates again. I have a pending Buy just above at 216.64, IMO

Mike G
Excellent, Thanks Mike! As you'll notice it couldn't break and hold above that level and so I am still looking to see more downside.


On another note, the Usd/Cad trades are finally panning out well (My newer ones that is) and are finally in profit for the ride on down.
I dream, therefore I become.
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