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  • #781
  • Jan 31, 2008 6:06pm Jan 31, 2008 6:06pm
Quoting mike w
Ok, this deals with waves too. check out your daily charts. So far, from the bottom, we've had 2 waves up. That last move down created the retracement after wave 2 in order to fuel wave three. Normally, after these 3 waves, the prior trend (down) continues. I am just playing on the third wave up to the resistance. The resistance would give the already near exhausted third wave up rejection, which should push us back down. Do you understand what I mean or no?
OK, I somewhat comprehend this play now. However, I am not comfortable trading against the major trend at this point. Thanks for the explaination. I will need to further study this.

KissFan
  • #782
  • Jan 31, 2008 6:08pm Jan 31, 2008 6:08pm
Quoting mike w
Oh damn son,,,,check out the monthly pound. I am trading this so that I can get better used to the monthly charts. Long, btw.
Got to be GBPJPY with that pin bar on steroids looking at us!

KissFan
  • #783
  • Jan 31, 2008 6:11pm Jan 31, 2008 6:11pm
Quoting KissFan
Got to be GBPJPY with that pin bar on steroids looking at us!

KissFan
Nope. I am talking about the monthly gbp/usd.
I dream, therefore I become.
  • #784
  • Jan 31, 2008 6:11pm Jan 31, 2008 6:11pm
Quoting mike w
Oh damn son,,,,check out the monthly pound. I am trading this so that I can get better used to the monthly charts. Long, btw.


How do you know when to enter? Today because its the beginning of the formation of the new Feb candle?
KissFan
  • #785
  • Jan 31, 2008 6:12pm Jan 31, 2008 6:12pm
Quoting mike w
Nope. I am talking about the monthly gbp/usd.
Did you see this one?

KissFan
  • #786
  • Jan 31, 2008 6:18pm Jan 31, 2008 6:18pm
Quoting KissFan
How do you know when to enter? Today because its the beginning of the formation of the new Feb candle?
KissFan
I just entered on it. lol I look to see fairly higher levels because of it.
I dream, therefore I become.
  • #787
  • Feb 1, 2008 12:44pm Feb 1, 2008 12:44pm
Ok, so I basically got beat out of those trades except for 3 which I took profit early on. (The gbp/jpy and eur/jpy trades). I let myself get foggy about the big picture, which is why I lost these trades. I went against my own prior reasoning and so I lost money. Longer term, I even posted it in here that we would see 212-213 before another drop on the gbp/jpy about a week ago, but I didn't follow it. That's a lesson learned and now I am ready to take my A+ trades again. I will post with weekly analysis in a bit.
I dream, therefore I become.
  • #788
  • Feb 1, 2008 12:49pm Feb 1, 2008 12:49pm
The Aussie is finishing the week strong which will give us a confirmation candle for that pin bar of last week. With that, after we retrace to around 8920 again, I plan to buy into this pair again.
I dream, therefore I become.
  • #789
  • Feb 1, 2008 12:56pm Feb 1, 2008 12:56pm
Check out the eur/chf weekly. We got a bearish pin back into the main trend. I am going to be getting into this one. The daily chart for this pair shows the exact inverse, a bullish bar. With that, I plan on waiting for further upwards movement through the beginning of the week and then shorting at the best possible price.
I dream, therefore I become.
  • #790
  • Feb 1, 2008 1:01pm Feb 1, 2008 1:01pm
Once I look further into it, I plan on shorting the eur/jpy. Today's close is going to be bearish and possibly a pin. Along with that, the weekly is closing bearish (Price rejected higher levels). The monthly is a different story though. I could easily see 161.50 in the mix based on this chart. It may not come for a while, but I definitely see it as a possibility. We'll see.
I dream, therefore I become.
  • #791
  • Feb 1, 2008 1:04pm Feb 1, 2008 1:04pm
I'm looking at a good shorting opportunity on the usd/cad based on the daily charts. We are seeing a bearish engulfment pattern off of resistance.
Attached Image (click to enlarge)
Click to Enlarge Name: daily usdcad.gif Size: 11 KB
I dream, therefore I become.
  • #792
  • Feb 1, 2008 2:01pm Feb 1, 2008 2:01pm
Quoting mike w
Nope. I am talking about the monthly gbp/usd.
hi mike i noticed that monthly as it happened like you,but felt we would have a fall today,main reason was fundermentaly i thought we should b going up but was not,(intrest rate diff etc)and the news today was supossed to b good for US.
My question would b do you take fundimentals into consideration if so how much,and is that monthly bar still valid ?

btw i think price now is a bargain (1.9670),im not seeing boe slashing intrest rates ,cutting yes but not huge,so with rate diff and as stock markets recover we might b on up again ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #793
  • Edited 8:39am Feb 2, 2008 8:19am | Edited 8:39am
also been looking ito pins a bit and a 50% retrace of the pin (where we are now)is a good entry right ?

suppose ive answered my own question on the valid thing
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #794
  • Feb 2, 2008 10:54am Feb 2, 2008 10:54am
Quoting Bones
also been looking ito pins a bit and a 50% retrace of the pin (where we are now)is a good entry right ?

suppose ive answered my own question on the valid thing
Yep, your right on that Bones. You need to realize that this is a longer term investment though as well. It could take a few months to play out entirely, which could potentially yield a huge amount of profit. I plan to add more to the position on sunday and if it goes any lower, I plan to add again.

Well, this week closed bearish so I will probably just wait for a better entry down the road.
I dream, therefore I become.
  • #795
  • Feb 2, 2008 11:17am Feb 2, 2008 11:17am
Quoting mike w
Yep, your right on that Bones. You need to realize that this is a longer term investment though as well. It could take a few months to play out entirely, which could potentially yield a huge amount of profit. I plan to add more to the position on sunday and if it goes any lower, I plan to add again.

Well, this week closed bearish so I will probably just wait for a better entry down the road.
Thats great Mike ,long term thats my middle name !!
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #796
  • Feb 3, 2008 4:53pm Feb 3, 2008 4:53pm
I am looking at a perfect entry opportunity on the 4 hour eur/jpy to jump into that short for a longer ride down. The daily and weekly are all coinciding that we will see lower price from here. If this bar closes as I think it will, then I will be shorting.
I dream, therefore I become.
  • #797
  • Feb 3, 2008 5:04pm Feb 3, 2008 5:04pm
Don't trade that Pin just yet...!!! that might make you very sorry !!! Trade it by the rules... when the pin breaks up... that is when you enter... don't be a fool... been there, done that !!!

Quoting Bones
also been looking ito pins a bit and a 50% retrace of the pin (where we are now)is a good entry right ?

suppose ive answered my own question on the valid thing
  • #798
  • Feb 3, 2008 5:19pm Feb 3, 2008 5:19pm
Quoting Tiki Trader
Don't trade that Pin just yet...!!! that might make you very sorry !!! Trade it by the rules... when the pin breaks up... that is when you enter... don't be a fool... been there, done that !!!
I know what you mean Tiki, this is just actually experimentation for my trading of monthly bars. It's money that I can afford to lose and I am not putting as much as I normally do for a normal trade on it. At lower prices, I do however plan to level in again and see how it works out. I am not sure as to how they play out as I have never really traded them before, but I want to learn. To me, that would be the most peaceful way of trading.

Thanks for looking out bro! How are your trades and everything workin out at the moment? I see that green on your signature!
I dream, therefore I become.
  • #799
  • Feb 3, 2008 6:05pm Feb 3, 2008 6:05pm
Remember though I was directing at bones... !!! I have weekly trades going.. so my balance has not moved in the last week... starting to bum me out a bit... I will be looking for some pips this week...


Quoting mike w
I know what you mean Tiki, this is just actually experimentation for my trading of monthly bars. It's money that I can afford to lose and I am not putting as much as I normally do for a normal trade on it. At lower prices, I do however plan to level in again and see how it works out. I am not sure as to how they play out as I have never really traded them before, but I want to learn. To me, that would be the most peaceful way of trading.

Thanks for looking out bro! How are your trades and everything workin out at the moment? I see that green on your signature!
  • #800
  • Feb 3, 2008 6:10pm Feb 3, 2008 6:10pm
Quoting Tiki Trader
Remember though I was directing at bones... !!! I have weekly trades going.. so my balance has not moved in the last week... starting to bum me out a bit... I will be looking for some pips this week...
Oh ok my bad lol

Nice man! I'm gonna be posting more thoughts on weeklies and stuff here in a bit after I get some sleep.
I dream, therefore I become.
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