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Cable Update (GBPUSD)

  • #54,221
  • Feb 17, 2008 10:49am Feb 17, 2008 10:49am
Quoting Bones
Look, you may think it works for you but this is not correct, I thought maybe there was an obscure thread here or something you may have learned from. The correct way is from a significant swing Low and potential swing High. A swing high is a short term
bar with at least two lower highs on both left and right of the high bar. A swing low is a short term bar with at least two higher lows on both left and right of the low bar.

Why make your own system up against the big boys and books? You want to be with the masses not out there on your own. It is important to straighten out with no confusion here as others may get it wrong also.
Trust me if Carrera says it’s not correct its not. He is THE MAN on this sort of stuff!
No comment, let us see the market
  • #54,222
  • Feb 17, 2008 11:24am Feb 17, 2008 11:24am
I'd rather not speculate when market hasn't even opened, especially in this uncertain climate.
  • #54,223
  • Feb 17, 2008 11:52am Feb 17, 2008 11:52am
Quoting forexmoments
I'd rather not speculate when market hasn't even opened, especially in this uncertain climate.
has forex market become harder to predict or has it always been like this?
  • #54,224
  • Feb 17, 2008 12:56pm Feb 17, 2008 12:56pm
Quoting nAVIN2007
has forex market become harder to predict or has it always been like this?

i love the way shes working now..
anyways my speculations are for GU to go down overall, but a retrace will likely happen soon.
And your mouth dropped
  • #54,225
  • Feb 17, 2008 1:41pm Feb 17, 2008 1:41pm
you guys think we can have a chat session at the open today? anyone down for it?
And your mouth dropped
  • #54,226
  • Feb 17, 2008 1:57pm Feb 17, 2008 1:57pm
I am down with that!!

  • #54,227
  • Feb 17, 2008 2:08pm Feb 17, 2008 2:08pm
u can take a fib off any points, but if you are looking long term as professional money would use for supply and demand they would be using swings for overall concensus, not that they dont use individual bars. But we know one thing for sure they dont buy tops and sell bottoms.
"Millionaires don't use astrology, billionaires do"
  • #54,228
  • Feb 17, 2008 2:10pm Feb 17, 2008 2:10pm
are we gonna use makey's chat lobby ??????????/
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #54,229
  • Feb 17, 2008 2:44pm Feb 17, 2008 2:44pm
Ill be logged in as AmeriTrini @ the release of the UK's housing data.

  • #54,230
  • Feb 17, 2008 2:46pm Feb 17, 2008 2:46pm
Quoting nAVIN2007
has forex market become harder to predict or has it always been like this?
It is always hard to predict, but sometimes when carry trades get into the market, the long runs are good for a while.
But the crisis of the economy, specialty US, make the market more volatile because the the risk involved.
This is why I'm a pattern trader, because no matter what the market does, patterns always happen.

Let me use the AB=CD pattern as an example.

Psychology of the AB=CD pattern
As the price begins to rise in the AB leg it catches the interest of those wanting to be early. This could be early buying from large money sources such as mutual funds, pensions, and so on. As the price continues to rise, speculators may take note and climb on board, causing the price to rise further into AB leg. Toward the top of the AB leg, individual inverstors (general public, retail traders, MANY OF US) may start buying, not wanting to miss the move. There may be some news items on the market, further drawing attention to the price rice. It is usually the case that this is toward the end of the first leg. Once the first leg is complete, some profit taking occurs and the price begins down. Those who bought near the top of this leg are now in a loss and some fear begins to set in, which can increase the selling.

As the price decline toward the fibonacci retracement levels, those who may have missed the first move up begin to step in to buy the dip. Intitutional investors may add to their positions, and speculators also may step in to buy a higher low, providing price support. The selling subsides, and the price finds support as more buyers come into the market and price begings to resume its rice (CD leg). At this piont some inverstor who rode out the loss from buying near the top of the AB leg may sell as the price approaches their breakeven point on the retracements back up from the BC leg. Some who missed getting out at a profit near the top of the AB leg now take profits as the price is close to those levels again.

The CD leg now begins to repeat the cycle of buyers, and as the price rises further those who realized they sold too soon may jump back in. A new surge of buying (or Selling) will then push the price through the B point to complete the pattern at D.

See chart bellow.

PS. The data about AB=CD Pattern is from one of my pattern recognition books.
Attached Image (click to enlarge)
Click to Enlarge Name: AB=BC PATTERN.png Size: 31 KB
  • #54,231
  • Feb 17, 2008 3:03pm Feb 17, 2008 3:03pm
Thx for taking the time to post...its amazing i never looked for such patterns whilst trading its given me something to think about..
  • #54,232
  • Feb 17, 2008 3:09pm Feb 17, 2008 3:09pm
Quoting Carrera
It is always hard to predict, but sometimes when carry trades get into the market, the long runs are good for a while.
But the crisis of the economy, specialty US, make the market more volatile because the the risk involved.
This is why I'm a pattern trader, because no matter what the market does, patterns always happen.

Let me use the AB=CD pattern as an example.

Psychology of the AB=CD pattern
As the price begins to rise in the AB leg it catches the interest of those wanting to be early. This could be early buying from large money sources such as mutual funds, pensions, and so on. As the price continues to rise, speculators may take note and climb on board, causing the price to rise further into AB leg. Toward the top of the AB leg, individual inverstors (general public, retail traders, MANY OF US) may start buying, not wanting to miss the move. There may be some news items on the market, further drawing attention to the price rice. It is usually the case that this is toward the end of the first leg. Once the first leg is complete, some profit taking occurs and the price begins down. Those who bought near the top of this leg are now in a loss and some fear begins to set in, which can increase the selling.

As the price decline toward the fibonacci retracement levels, those who may have missed the first move up begin to step in to buy the dip. Intitutional investors may add to their positions, and speculators also may step in to buy a higher low, providing price support. The selling subsides, and the price finds support as more buyers come into the market and price begings to resume its rice (CD leg). At this piont some inverstor who rode out the loss from buying near the top of the AB leg may sell as the price approaches their breakeven point on the retracements back up from the BC leg. Some who missed getting out at a profit near the top of the AB leg now take profits as the price is close to those levels again.

The CD leg now begins to repeat the cycle of buyers, and as the price rises further those who realized they sold too soon may jump back in. A new surge of buying (or Selling) will then push the price through the B point to complete the pattern at D.

See chart bellow.

PS. The data about AB=CD Pattern is from one of my pattern recognition books.
GREAT INFO!!
  • #54,233
  • Feb 17, 2008 3:57pm Feb 17, 2008 3:57pm
Quoting AmeriTrini
GREAT INFO!!
for real... i see a 9200 in the next months

and i never expected so many people in the chat dang.
And your mouth dropped
  • #54,234
  • Feb 17, 2008 4:02pm Feb 17, 2008 4:02pm
Quoting makey2u
for real... i see a 9200 in the next months

and i never expected so many people in the chat dang.
yes, thats almost guaranteed, we have to go up first though.......
  • #54,235
  • Feb 17, 2008 4:03pm Feb 17, 2008 4:03pm
Quoting AmeriTrini
yes, thats almost guaranteed, we have to go up first though.......

6 weeks ETA
And your mouth dropped
  • #54,236
  • Feb 17, 2008 4:07pm Feb 17, 2008 4:07pm
Quoting makey2u
6 weeks ETA
I see no problem with that.........
  • #54,237
  • Feb 17, 2008 5:06pm Feb 17, 2008 5:06pm
Quoting 4x_Trader
It seems you bypass some of impt posts here TraderJR my technical sentiment is already posted here http://www.forexfactory.com/showthre...0378&page=3611

posts # 54155 & 54158 Happy trading bro!
Thanks 4x_Trader

BTW what is "pipe low"

PS I liked your previous avatar better
Darkness lies one inch ahead..
  • #54,238
  • Feb 17, 2008 5:11pm Feb 17, 2008 5:11pm
Quoting Carrera
It is always hard to predict, but sometimes when carry trades get into the market, the long runs are good for a while.
But the crisis of the economy, specialty US, make the market more volatile because the the risk involved.

This is why I'm a pattern trader, because no matter what the market does, patterns always happen.
Thanks for the clear explanation.

Do you think you have a higher success rate (than using non-pattern TA), and what is your good trade %? Do you use Gartley?
Darkness lies one inch ahead..
  • #54,239
  • Feb 17, 2008 5:11pm Feb 17, 2008 5:11pm
down we go! ..1.9529
  • #54,240
  • Feb 17, 2008 5:14pm Feb 17, 2008 5:14pm
Quote
Originally Posted by Carrera http://www.forexfactory.com/images/buttons/viewpost.gif
It is always hard to predict, but sometimes when carry trades get into the market, the long runs are good for a while.
But the crisis of the economy, specialty US, make the market more volatile because the the risk involved.

This is why I'm a pattern trader, because no matter what the market does, patterns always happen.

Amen to that!
The only sovereign I can allow to rule me is reason.
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