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  • #81
  • Feb 26, 2008 7:08am Feb 26, 2008 7:08am
Quoting mjolimer
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
I think at time of posting the 50 sma cross over trigger on the 5 min happened already. 1 am pst ...was the time 212.42 trigger bar high , with a long entry at 212.67. Only 30 pips so far but better than nothing.

There are lots of ways to trade this market.
Blogging daily now at www.volume.zone
  • #82
  • Feb 26, 2008 8:37am Feb 26, 2008 8:37am
I will not be around this morning I am in meetings

Watch for a short 212.50 down or a break out of 213.

Plot the open range for the high and low of the 1st 30 min of US markest open on your charts. It will give a hint at bias for the US session.

PPI was stornger than expected this drove the futures down. Any news on the bond company will move the markets.

We are very close to the 50 sma on the 15 min. You could use this as a trade pivot also.
Blogging daily now at www.volume.zone
  • #83
  • Feb 26, 2008 8:41am Feb 26, 2008 8:41am
I will not be around this morning I am in meetings

Watch for a short 212.50 down or a break out of 213.

Plot the open range for the high and low of the 1st 30 min of US markest open on your charts. It will give a hint at bias for the US session.

PPI was stornger than expected this drove the futures down. Any news on the bond company will move the markets.

We are very close to the 50 sma on the 15 min. You could use this as a trade pivot also.
Blogging daily now at www.volume.zone
  • #84
  • Feb 26, 2008 2:04pm Feb 26, 2008 2:04pm
Great thread Malcolm! I plan on reading frequently. Thank you for sharing your insights into forex trading!


Best Regards,
Dave
  • #85
  • Feb 26, 2008 2:42pm Feb 26, 2008 2:42pm
OK. She was able to close past the 212.84 mark. Good for her. Now I am focusing on the next wave. Strong resistance is now sitting at 213.04. Every one take note how the waves headed north on the hour chart are getting shorter; I think shes running out of steam. However, if she can close here pretty soon past the 213.04, she may make a final move up to 213.83.
I got my 213.83 from the daily gann cycle we have going. The middle of the diamond mark for that cycle is 213.83. Also the most recent significant swing high on the daily chart was 214.03, and the successive highs on the daily have been getting lower from there. If this last breakout occurs I foresee her having trouble getting past the 213.25, even the 213.35. But you never know we may see a good final push to the north.

The move down. We are in a down trend on the big picture. My first target headed south is 212.24. I need to spend a little more time looking at that scenario though. I'll be back!
  • #86
  • Feb 26, 2008 4:53pm Feb 26, 2008 4:53pm
Here is the 2 hour chart


We have the formation of a cup and handle or is it just a rounded bottom ?

Top of cup 213.85 , if handle forms target 211 (that will be 50% retracement and test of the bull flag breakout).

When flags break out the p[rice should reatest. The last flag we did not even test on a 1 min chart .


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  • #87
  • Feb 26, 2008 4:58pm Feb 26, 2008 4:58pm
Did Any one trade the US markets open breakout this morning at 212.47 ? It just hit 213.4 .. how many 90 pips days do you get ?

10 lots x 90 pips = 9 k approx x 5 days x 30 weeks (take 22 weeks vacation) = 900k
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  • #88
  • Feb 26, 2008 5:03pm Feb 26, 2008 5:03pm
Cup and handle formations are everywhere in the gbpjpy right now.

They are not a fancy trading style , just simple chart patterns , of which the breakout of the handle can be traded.

Here is one on the 5 min chart from this monring.... the break of the handle has yet to really play out was 213. I think we will hit at least 213,8 zone later.

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  • #89
  • Feb 26, 2008 5:22pm Feb 26, 2008 5:22pm
Quoting malcolmb14
Did Any one trade the US markets open breakout this morning at 212.47 ? It just hit 213.4 .. how many 90 pips days do you get ?

10 lots x 90 pips = 9 k approx x 5 days x 30 weeks (take 22 weeks vacation) = 900k
you r awesome at math
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #90
  • Feb 26, 2008 5:28pm Feb 26, 2008 5:28pm
Quoting moneymagnet
you r awesome at math
Thanks ...

Just wanted to make some people salivate !!! lol
Blogging daily now at www.volume.zone
  • #91
  • Feb 26, 2008 6:00pm Feb 26, 2008 6:00pm
the geppy was too bouncy but I did snag 15 pips off ther eur-usd move above 1.5000. Knew it had to at least re-test that mark. Isn't that what scalping is all about. Thanks for starting this thread Malcolmb. I'll be a regular.
  • #92
  • Feb 26, 2008 6:25pm Feb 26, 2008 6:25pm
Quoting malcolmb14
Did Any one trade the US markets open breakout this morning at 212.47 ? It just hit 213.4 .. how many 90 pips days do you get ?

10 lots x 90 pips = 9 k approx x 5 days x 30 weeks (take 22 weeks vacation) = 900k
Unfortunately this only works if you plan your vacation so that you are away on the days you would've lost money scalping.
  • #93
  • Feb 26, 2008 6:29pm Feb 26, 2008 6:29pm
I closed my short on that double bottom last night as well.
Stop losses are a waste of money. I almost got killed on that yesterday
afternoon run up to double top about 212.88.

I am new to the thread. Awesome Thread. Greetings to all.

Elijah
  • #94
  • Feb 26, 2008 6:47pm Feb 26, 2008 6:47pm
Quoting charlinks
Unfortunately this only works if you plan your vacation so that you are away on the days you would've lost money scalping.
90 pips a day in this market is possible including losses.

DJ 30 index , more than that is possible. I trade CFDs, contract for a difference, not available in the USA.

Indexes trade at 1% like forex with CFDs .... today was only a 425 point move in an 8 hour period (major waves).... .. we had 700 point move yesterday.

The OPEN RANGE high of the dj-30 was 12550 today. It broke this and went to a high of 12730....180 pips only.

If anyone is interested I will post dj-30 5 min in here in the mornings. Let me know. It is just an option to scalping forex. US traders can play the e-mini's

Here is the 5m in of gbpjpy right now..,.

Nice break out of the ascending triangle , then a re-test back into the triangle to test the base.... now forming some kind of smaller channel... need break of this channel at 213.40.

I am long since this morning 212.5 as i could see the futures getting good support 12505 zone premarket.

Target 213,8..... hope it gets there ... would be AWESOME. I am missing those nice long 200 pip runs we had during the US session a couple of weeks ago.


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  • #95
  • Feb 26, 2008 7:12pm Feb 26, 2008 7:12pm
Here are two awesome rsi trades for today during the US open that if played would have netted 120 pips for the day

15 min chart
trigger 1 - rsi crosisng down thru 60 , triggerl ow = 212.76 , entry =212.6 , take profit 212.10.
Trade 2 = rsi crossing up thru 40 , trigger bar high = 212.47 , entry 212.60 , high since then 213.3

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  • #96
  • Feb 26, 2008 7:18pm Feb 26, 2008 7:18pm
Typing not so good in last post

Next week we will be learning Russian Spy Encryption ... so that you can understand the typing
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  • #97
  • Feb 26, 2008 9:32pm Feb 26, 2008 9:32pm
There seems to be a hidden bullish divergence in the rsi 14 off the bottom of the linear regression channel in the 15 min chart below.


That rsi14 sell trigger of the top gave me a trigger bar low of 213.12 , entry 212.98.

I closed on test of linear regression channel and am waiting for the next trade.

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  • #98
  • Feb 26, 2008 9:58pm Feb 26, 2008 9:58pm
Was on the same retrace south today Malcomb, gained 45 pips out of it the second I saw it starting to hang up. Entry was at 213.06. What are your thoughts now, continuation of uptrend? Or just a test?
  • #99
  • Feb 26, 2008 10:18pm Feb 26, 2008 10:18pm
Quoting totalpips
Was on the same retrace south today Malcomb, gained 45 pips out of it the second I saw it starting to hang up. Entry was at 213.06. What are your thoughts now, continuation of uptrend? Or just a test?
15 min chart

Right now there is hidden bull divergence in RSI ( indicator has formed a lower low and price has formed a higher low).

If I take the same slope line as we had on the move from 212.20 to 213.50 and apply it to the low at 212.50, we should hit the top of the channel at about 3:00 am pacific on the 27th . This should be a great trade. I prefer to wait for the confirmation of the buy from the rsi and go long 15 pips above the high of the trigger bar. With the target at 213.80 even if we do not get entry till 212.8 there is still 100 pips to be had in the trade. I might go long 1/2 position here ( I trade 10 lots).

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  • #100
  • Feb 26, 2008 11:06pm Feb 26, 2008 11:06pm
hey malcomb

i smell bullish too. gj has made weak double bottom (waiting for euro session). if it goes up and retouch the low(around 212.55) i think its confirm to be bullish
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