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

  • #60,501
  • Jan 30, 2008 9:09am Jan 30, 2008 9:09am
Quoting dagoods
HEY Q.... I have been playing with my demark trendline tool ... I have set mine to level 7!!!! try it out.... seems much more reliable at least so far (ps there is a reason why i picked 7, not because its lucky either ..

dagoods, I checked that setting that you mentioned and it's fantastic. It produces better and more reliable signals specially in lower TF's like 15M. I've been working with this tool (I've an advanced version of this) and I've found it very amazing but I had never manipulated it's settings. Now this level 7 gives much better signals.

I'm sure you've been studying skunny's thread, I think if we combine fib levels with signals of this indicator, we will get an amazing result. In this case we actually utilize 3 powerful methods: Fibonacci levels according to skunny's method, trendlines and the famous "Breakout" system.

Think about it and check it out. I'm working on this too.

This is the version I've been working with for some weeks. It gives you additional features and multiple targets.

Cheers
Attached File(s)
File Type: mq4 Demark_trend_alert_and_mail.mq4   18 KB | 391 downloads
Discipline + Patience - Fear - Greed = Success
  • #60,502
  • Jan 30, 2008 9:11am Jan 30, 2008 9:11am
my guess from looking at charts is the market will sell into any rallies later.
  • #60,503
  • Jan 30, 2008 9:21am Jan 30, 2008 9:21am
You can see on the 4 hour chart, we are in consolidation. Price has breached the triangle and is retracing slightly. There has been a slight uptrend of choppy trade. Price is sitting on the 4 hour 5 sma high for now (white).
Attached Image (click to enlarge)
Click to Enlarge Name: 4hour.gif Size: 25 KB
  • #60,504
  • Edited 10:02am Jan 30, 2008 9:40am | Edited 10:02am
Quoting arezab
Nicely explained q, then I deduce that if the cut is less than 50 points, we will never see %50 fib retracemet which is around 217.50. We haven't even touched %38 fib yet. If that huge sell of occurs, there won't be much hope for the market to return back up to current levels and above ...
That is a possibility. . .
But you also have to take in consideration supply and demand which is a whole topic within itself. If the demand is for price to increase then market fudamentals go out the window and vice versa for price to decrease. . .

Therefore, the best we can do is follow the charts and if charts are telling us to step aside and let the "big money" hash out where price should go then we do that. . . Once price settles down and we know the trend/direction then we can enter and go along for the ride. . .

Right now there are a lot of factors that could dictate where price will go next so at this time I choose to step aside after closing my short from 213.55-212.97 (I know a scalp) and enter once I have a signal to do so. . .
  • #60,505
  • Jan 30, 2008 9:41am Jan 30, 2008 9:41am
Quoting arezab
dagoods, I checked that setting that you mentioned and it's fantastic. It produces better and more reliable signals specially in lower TF's like 15M. I've been working with this tool (I've an advanced version of this) and I've found it very amazing but I had never manipulated it's settings. Now this level 7 gives much better signals.

I'm sure you've been studying skunny's thread, I think if we combine fib levels with signals of this indicator, we will get an amazing result. In this case we actually utilize 3 powerful methods: Fibonacci levels according to skunny's method, trendlines and the famous "Breakout" system.

Think about it and check it out. I'm working on this too.

This is the version I've been working with for some weeks. It gives you additional features and multiple targets.

Cheers
Thxs, will try it. . . Love this thread, its one of the best out there in sharing knowledge. . .
  • #60,506
  • Jan 30, 2008 9:46am Jan 30, 2008 9:46am
Q, have you seen the Weekely chart recently? Price kept on bouncing off the 200 EMA. It looks a little promising this week cause a coupe of my Mom are pointing up and mY STOCH's are slightly turning bullish QQE is still below so a whiile to go but just curious about your thoughts on the longerm scenario of the GJ
  • #60,507
  • Edited 9:59am Jan 30, 2008 9:46am | Edited 9:59am
Quoting vinesh2
Q, are you in any trades right now or just waiting on the sidelines till after the rate cut. What would be your advise for newbies about news trading. I mean would you want to trade during the news or wait a day or two after the news
I was in a trade (short) when price hit the top, meaning the top of my Demark trend line on a 30 min chart, once price stalled I entered, this is not suggested for any newbie as it is very risky if you don't know or understand market behavior (for geppy that is). I sold my short when price became bearish and sold once it broke the bottom trendline and hit my target of 213.00, I sold slightly below that. . . Price will probably go lower later today, 212.70's (even lower) but pips or pips and I always try to lock in profit and not get greedy. Greed will reduce your account to nothing but pennies. . .

My suggestion for newbies is never trade the news, always wait for a few hours after the news is released to understand how the market has recieved it. . .
  • #60,508
  • Jan 30, 2008 9:55am Jan 30, 2008 9:55am
Quoting vinesh2
Q, have you seen the Weekely chart recently? Price kept on bouncing off the 200 EMA. It looks a little promising this week cause a coupe of my Mom are pointing up and mY STOCH's are slightly turning bullish QQE is still below so a whiile to go but just curious about your thoughts on the longerm scenario of the GJ
Short-term, as long as price is trading above 4hr gann hi/lo then price will probably continue to go up. . . If you look at your 4hr chart you can clearly see price has been making higher lows and attempting to make higher highs, which tells me there is a demand for price to go higher. . .

Also, price is trading above daily hi/lo gann which is another positive. . . So one could trade/buy the dips as long as price pullback is higher than the previous low. Charts tells the story you just have to study them to determine what they are telling u. Also, remember today is triple Wed so we may see price go up on that alone. . . The market is funny you just have to understand its behavior. . .

Trade what u see and this is not a trade call. . .
  • #60,509
  • Jan 30, 2008 10:05am Jan 30, 2008 10:05am
Awesome dude thanks a ton. I am studying the charts as much as possible in the amount of time I have to look at the screen. Good luck today buddy
  • #60,510
  • Edited 10:24am Jan 30, 2008 10:10am | Edited 10:24am
Here is what I'm looking at on a 4hr chart. . .

Price is still above gann hi/lo, signal on ZL Stoch and QQE still a buy for now. . . The trend seems to be up as long as it stays above the thin yellow line @ 213.10 on my chart where I am now long with stops at +1.
Will move stops to +25 once price has made a 1hr close above r1 @ 213.57 with 1st TP target @ r2 on my chart @ 213.94. . .

Plan your trade and trade your plan. Always take profits off the table and never get too greedy. . .

My 2 cents. . .
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr chart 013008.gif Size: 34 KB
  • #60,511
  • Jan 30, 2008 10:27am Jan 30, 2008 10:27am
Q, I am assuming you just gor stopped out
  • #60,512
  • Jan 30, 2008 10:30am Jan 30, 2008 10:30am
Quoting vinesh2
Q, I am assuming you just gor stopped out
Yes, just got stopped out for a tiny profit. . . Will look to re-enter in a bit. . .
  • #60,513
  • Jan 30, 2008 10:45am Jan 30, 2008 10:45am
One Questions from the DeMark Trendline Indicator,is it the default setting from the level 7?
thanks, and best regards
  • #60,514
  • Jan 30, 2008 10:54am Jan 30, 2008 10:54am
Quoting vinesh2
Awesome dude thanks a ton. I am studying the charts as much as possible in the amount of time I have to look at the screen. Good luck today buddy
Always good to print/save your charts for the day/session/week and and so on....so u can study them on the run sometimes. Even if its just to analyze trades you made based on those charts. Helps to understand why u made the decision u did, good, bad or profitable . .
  • #60,515
  • Jan 30, 2008 11:50am Jan 30, 2008 11:50am
Hi Dagwood,

Is your denmark trendline tool place only on a 4 hr chart?

Thanks..

Quoting dagoods
HEY Q.... I have been playing with my demark trendline tool ... I have set mine to level 7!!!! try it out.... seems much more reliable at least so far (ps there is a reason why i picked 7, not because its lucky either lol) i'm sure its not perfect but certainly more reliable IMO anything less was givning too many false breakouts and anything more is probably kinda useless at least so it seems to me so far.....

here is the version i am using now which i like only because it displays the targets and has an alarm if u walk away from computer....

PS I wouldnt rely on just this one indicator alone and i wouldnt count on the target reaching 100% as its only a tool...but its a good tool since it identifies s/r with trendlines....anyone who wants to add in fibs to this and/or combine with aus systems.... = good stuff

  • #60,516
  • Jan 30, 2008 12:01pm Jan 30, 2008 12:01pm
Quoting sinclap
Hi Dagwood,

Is your denmark trendline tool place only on a 4 hr chart?

Thanks..
The tool/trend lines should be on all charts. . .
  • #60,517
  • Jan 30, 2008 12:47pm Jan 30, 2008 12:47pm
Im with you there Q! Sit aside and collect the smart money later whether its today or maybe not even till tomorrow.

Quoting quecee5
That is a possibility. . .
But you also have to take in consideration supply and demand which is a whole topic within itself. If the demand is for price to increase then market fudamentals go out the window and vice versa for price to decrease. . .

Therefore, the best we can do is follow the charts and if charts are telling us to step aside and let the "big money" hash out where price should go then we do that. . . Once price settles down and we know the trend/direction then we can enter and go along for the ride. . .

Right now there are a lot of factors that could dictate where price will go next so at this time I choose to step aside after closing my short from 213.55-212.97 (I know a scalp) and enter once I have a signal to do so. . .
  • #60,518
  • Jan 30, 2008 12:49pm Jan 30, 2008 12:49pm
Quoting quecee5
The tool/trend lines should be on all charts. . .
quecee5, can I ask something, I'm curious ? what is that 1kt label below your username?
You place it yourself or it is because your number of posts are nearing 1000?

How did you get that?
Discipline + Patience - Fear - Greed = Success
  • #60,519
  • Jan 30, 2008 1:11pm Jan 30, 2008 1:11pm
Quoting arezab
quecee5, can I ask something, I'm curious ? what is that 1kt label below your username?
You place it yourself or it is because your number of posts are nearing 1000?

How did you get that?
you have to have several people vouch for you that you have made at least 1,000 trades. . . typically senior members that think you are worthy based on your chart analysis and other factors vouch for u. . .

What it does not mean is that people follow or interpret your analysis as trade calls. . .
  • #60,520
  • Jan 30, 2008 1:22pm Jan 30, 2008 1:22pm
Quoting arezab
dagoods, I checked that setting that you mentioned and it's fantastic. It produces better and more reliable signals specially in lower TF's like 15M. I've been working with this tool (I've an advanced version of this) and I've found it very amazing but I had never manipulated it's settings. Now this level 7 gives much better signals.

I'm sure you've been studying skunny's thread, I think if we combine fib levels with signals of this indicator, we will get an amazing result. In this case we actually utilize 3 powerful methods: Fibonacci levels according to skunny's method, trendlines and the famous "Breakout" system.

Think about it and check it out. I'm working on this too.

This is the version I've been working with for some weeks. It gives you additional features and multiple targets.

Cheers
thanks mate... i will check out what u have here for sure....yes I agree it is great tool
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