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  • #61
  • Feb 25, 2008 12:52am Feb 25, 2008 12:52am
Quoting malcolmb14
I appreciate Scottys postings

Seems that we can all learn from each other.
ditto. we're gonna have to read 8 threads now......
  • #62
  • Feb 25, 2008 4:25am Feb 25, 2008 4:25am
Ah the life of a trader ... sitting here with 4am pst with one eye open.

Here is what I see:

BBA Mortgage approvals pushed gbpjpy up to retest that monthly pivot of 212 zone.

We have bearish divergence on the rsi off the top at 212 on the 5 min. The same divergence shows up off the double top at 212 zone on the 2 hour.

We are forming what looks like a bull flag on the 5 min and the 50 sma right at 211.5. ( feb 22nd daily high).

At this point the dj-30 futures are just above the 12400 zone. This is a critical support zone on the chart.

I am waiting for a break down of 211.50 zone or a breakout of 212 zone before I trade today.

With existing home sales coming out at 8am PST this could be the deciding factor for market direction today.

Aslo note the awesome rsi14 buy trigger we had off the low of the night at 210.58 with entry at 210.73 (just above the ftse100 open range low). The rsi14 crossed under then back up thru 30 giving a buy trigger. Anyone who played that one would have got an easy 120 pips.

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  • #63
  • Feb 25, 2008 4:35am Feb 25, 2008 4:35am
Quoting Scotty B
It is the gann grid. People will tell you time and time again that the gann grid is nothing but a bunch of useless lines. Play with it for a while and try fibbing the diamonds! Look at my chart. Price broke the 100 mark and said hey scotty b I'm getting ready to take off like a rocket so get in this thing long! And you stay in the trade until an extension is CLEANLY met! The example on my chart netted 142 pips. This goes on all the time!

Wow Scotty

You called that bottom within 10 pips .. Gann grid .. mmmm .....something else for me to check out.
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  • #64
  • Feb 25, 2008 5:54am Feb 25, 2008 5:54am
Takjing small short position off 212 zone 5 min .... bear div rsi 14 and Resistance.

Dj futures sitting on Fridays close .... they should drop today as dj-30 chart very overbought
Blogging daily now at www.volume.zone
  • #65
  • Feb 25, 2008 6:52am Feb 25, 2008 6:52am
GBPJPY in bottom half of open rnage so far for the US session,

I will post chart of open range in 10 min
Blogging daily now at www.volume.zone
  • #66
  • Feb 25, 2008 2:14pm Feb 25, 2008 2:14pm
Quoting malcolmb14
GBPJPY in bottom half of open rnage so far for the US session,

I will post chart of open range in 10 min

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  • #67
  • Feb 25, 2008 2:28pm Feb 25, 2008 2:28pm
Sorry I thought I posted it .... I went thru the motions

The open range high for the GBPJPY today was 212.26.

Lets try again tomorrow ....


A note of interest .... dj-30 only moved 700 points up and down today. .. like 700 pips

I caught some playing the breakout of the open range , one of the moves was this afternoon after a re - test of the open range high of the dj-30 and then it ripped from 12395 all the way to test Resistance at 12560. I also caught another move for 60 points this morning on an Open Range breakout

I will post the chart later this evening showing the open range for the dj-30.

This should be of interest to day traders as the dj-30 and gbpjpy are still connected , and the direction of dj-30 will show direction of gbpjpy.
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  • #68
  • Feb 25, 2008 3:38pm Feb 25, 2008 3:38pm
I have kept my short orders open...I hate stop losses because they are a waste of money (my opinion). File those numbers down south away though guys, there are several open cycles down south that need to be fulfilled. If anything we have good targets.
I've been working on an hourly chart today and it's hinting another move up. The cycle from the significant swing low to the first swing high of 210.56 has been hit it's 61.8 ext (this is using my fib of gann crosses). So I moved my 100 level fib line to the gann cross above the high of 210.89. I'm sorry if that doesn't make sense.
With this fib setup all the initial targets have been disregarded by the price. No clean meeting, all pierced (25,382,and618)
With my crazy method on the hour chart, my understanding at the moment is that price wants to move to the 1.25 ext @ 214.07.
Before that can happen though, the price will need to get past the smelly troll at the 1 ext. level @ 213.48. If 213.48 is an initial clean meet, then she could fall hard from there.
Watch these levels closely!!!!
I'll attach my chart, sorry for all the lines, there is method to my madness!
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  • #69
  • Feb 25, 2008 4:33pm Feb 25, 2008 4:33pm
Quoting malcolmb14
Takjing small short position off 212 zone 5 min .... bear div rsi 14 and Resistance.

Dj futures sitting on Fridays close .... they should drop today as dj-30 chart very overbought
Still in a short also at 212.77 but not real optimistic about much more profit in this one.
History is written by the victors.
  • #70
  • Feb 25, 2008 4:54pm Feb 25, 2008 4:54pm
Interesting thread!!

Would you be so kind as to post your entry rules for the RSI?

Thanks in advance
  • #71
  • Feb 25, 2008 6:24pm Feb 25, 2008 6:24pm
Just picking up this thread, I day trade this cross as well and altho I do not follow the fibonacci numbers, I'd agree with Scotty that things are looking higher (high 213's), it's too close for it not to try and run up there again.. I'm buying between 211.80 and 30 if it gets down that far.

I'm normally staring at charts but this thread breaks up the monotony and I just may learn something in the process!
  • #72
  • Feb 25, 2008 8:10pm Feb 25, 2008 8:10pm
Here is the posting for the dj-30 5 min for today. The trades , entries and exits shown can be used for forex as well as indexes.

For open range trading go to www.marketgauge.com and down load the free e book ' trading the 10' o'clock bulls'

The rsi technique I use is when the rsi14 crosses up thru either 30 or 40 go long 15 pips above the high of the trigger bar ( this avoids getting into trades that the trigger was false on)
For short I use rsi14 crossing down thru 70 or 60 . The entry is 15 pips lower than the the short trigger.

On a 5 min chart the values of 70 and 30 work a lot better , but on say 15 min chart and higher the values of 60 and 40 can be used as the rsi does not always get into the overbought and oversold zones.

The trades below gained 270 pips for today.

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  • #73
  • Feb 25, 2008 8:59pm Feb 25, 2008 8:59pm
Quote
The rsi technique I use is when the rsi14 crosses up thru either 30 or 40 go long 15 pips above the high of the trigger bar ( this avoids getting into trades that the trigger was false on)
For short I use rsi14 crossing down thru 70 or 60 . The entry is 15 pips lower than the the short trigger.


Hi

Regarding the short trigger is entry point 15 pips below the low or 15 pips below the high of the trigger bar. Thanks. sw
The Will is Greater than the Skill
  • #74
  • Feb 25, 2008 9:17pm Feb 25, 2008 9:17pm
Quoting skillwill
Hi

Regarding the short trigger is entry point 15 pips below the low or 15 pips below the high of the trigger bar. Thanks. sw
sorry short trigger 15 pips under the low of the trigger bar
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  • #75
  • Feb 25, 2008 9:43pm Feb 25, 2008 9:43pm
I'm enjoying and learning a lot from this thread. Thanks Malc. I particularly like the way that people can put up their views without being slapped down by others who just want to have the "thread guru's" way of looking at things.

I understand why they don't want the confusion, but life is about noise.. so live with it and enjoy it!

Really interested in Scotty's stuff... and I'm trying to work it out. I think there is a good logic in it, but i've not quite convinced myself yet. if it works then cool.

I really love learning all the ways others pick their trades. I try to pick up a little here and a little there and blend it into something that works for me.

I use the 50 ema rather than sma.. but use more or less the same as Malc's system. I've started flicking it over to sma to see what difference is before i take a trade now..

Anyway.. currently looking at the gbp/jpy which seems to be testing the 15m 50 ema.. if it closes above i'll be thinking about long. I think the 15 pip thing makes sense too.. (hmm just flicked it over.. it does make quite a difference.. maybe i should drop the ema for sma.. hmm)

I really enjoy trading forex and all the theories and things.. probably would be a better trader if i didn't but hey.. i don't care.. it works for me.



John
  • #76
  • Feb 25, 2008 10:05pm Feb 25, 2008 10:05pm
Quoting mjolimer
I'm enjoying and learning a lot from this thread. Thanks Malc. I particularly like the way that people can put up their views without being slapped down by others who just want to have the "thread guru's" way of looking at things.

I understand why they don't want the confusion, but life is about noise.. so live with it and enjoy it!

Really interested in Scotty's stuff... and I'm trying to work it out. I think there is a good logic in it, but i've not quite convinced myself yet. if it works then cool.

I really love learning all the ways others pick their trades. I try to pick up a little here and a little there and blend it into something that works for me.

I use the 50 ema rather than sma.. but use more or less the same as Malc's system. I've started flicking it over to sma to see what difference is before i take a trade now..

Anyway.. currently looking at the gbp/jpy which seems to be testing the 15m 50 ema.. if it closes above i'll be thinking about long. I think the 15 pip thing makes sense too.. (hmm just flicked it over.. it does make quite a difference.. maybe i should drop the ema for sma.. hmm)

I really enjoy trading forex and all the theories and things.. probably would be a better trader if i didn't but hey.. i don't care.. it works for me.



John
see how there has been a lot of trades around the 50sma on the 5 min , but none filled, other than the short at 16:30 pst 212,47 low of trigger bar passing thru the 50 sma....212.30 entry , low since then 211.84

Only 40 pips , but 40 pips with 10 lots is 4 k per day = 1 million per year
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  • #77
  • Feb 25, 2008 11:08pm Feb 25, 2008 11:08pm
Hi Malkolmb, this is truly a great thread with a lot of market insight.
Thank you and all others who contribute to this great thread.

Alex
Think BIG!
  • #78
  • Feb 26, 2008 12:36am Feb 26, 2008 12:36am
Hello all. I'm keeping myself busy on the charts. She is falling at the moment, but should not fall past the yellow line on my chart. I can't give a specific low other than the intersection point with the current candle and the line in question (it's hard to be specific with an angled line).
Scotty b says she will not dip below 211.96 and as I type she is headed back north anyways toward that wonderful green line which is 212.84.
Thats an easy 40 pips anyway. She will hit 212.84 but will have a tough time closing past it.
I'm gannin' it up tonight!
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  • #79
  • Feb 26, 2008 3:18am Feb 26, 2008 3:18am
Quoting Scotty B
Hello all. I'm keeping myself busy on the charts. She is falling at the moment, but should not fall past the yellow line on my chart. I can't give a specific low other than the intersection point with the current candle and the line in question (it's hard to be specific with an angled line).
Scotty b says she will not dip below 211.96 and as I type she is headed back north anyways toward that wonderful green line which is 212.84.
Thats an easy 40 pips anyway. She will hit 212.84 but will have a tough time closing past it.
I'm gannin' it up tonight!
Totally correct so far Scotty! nice.. to the pip more or less. Now back down to test the bottom trendline? Maybe it will just test the 21255 midline on the gann diamond... that could be a buy but not for me i think i wait for it to go below the 50 on the 5minute and get it on the way back.. if that's the way things play out..


John
  • #80
  • Feb 26, 2008 5:05am Feb 26, 2008 5:05am
Quoting Scotty B
Hello all. I'm keeping myself busy on the charts. She is falling at the moment, but should not fall past the yellow line on my chart. I can't give a specific low other than the intersection point with the current candle and the line in question (it's hard to be specific with an angled line).
Scotty b says she will not dip below 211.96 and as I type she is headed back north anyways toward that wonderful green line which is 212.84.
Thats an easy 40 pips anyway. She will hit 212.84 but will have a tough time closing past it.
I'm gannin' it up tonight!

Scotty

Nice call once again !!!

I closed my short on that double bottom last night right at 210.90 and reversed to long on an rsi crossing up thru 40 long trigger on a 15 min chart with a trigger bar high of 212.12 , entry of 212.27

we have a new 1-2-3 buy formation , fe target 214.80 (123.8%)

The second chart is a 5min with a new linear regression channel drawn on it showing the current uptrend.. As long as we remain in this secondary channel and 212.7 is not broken to the downside we should break the longer channel from yesterday and test 214.

I have drawn the open range high and low for the FTSE100 on the chart.The open range high was at 212,53. Even trading a breakout of the open range high would have scalped you 80pips last night. AS we had a good breakout of the OR high at 212.53 to 212.84 then a retest to the open range high , then another run from 212.53 to 213.

There is a lot of news coming out the morning , it should be built in already unless there are any surprises.


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