PearsonFX Trades

just need to know how they work?

This is a longer term outlook of where I believe price is heading hence the 104-106

Let me post a shorter term pic

ok

Here you go....ultimately looking for the 161 fib but shorter term look for lower fib levels

Zack

this is all quite new to me, though i have been trading a while mainly scalping, trying to take it all in, you are great to point this out to me, thanks zack,

Zack
Can you explain the templates you send me, what they indicate etc
sorry to be a pain

No problem...I am setting down for a nap....

but the RSI template is a good tool for scalping on the 5 minute chart....if both indi's are above/below 80/20 then sell/buy for 5-10 pips

The other is useful on pairs for finding counter trend trades. There is a slight pattern to it. In short 5 ma crosses 21, changes slope twice, and you target the 200 ema....

I will post more pictures and explain later, for now I need sleep badly
be back later

Zack

My bed time too, I will speak to you in a few hours
Tom

Morning Zack
Hope you slept well
Tom

I actually did not sleep very well at all....I have had only 15 minutes of sleep since we last talked here.....

pound and euro still not falling as expected, dollar very weak still
Tom

Let me post a chart...tell me what you think brb

You gotta sleep zack, i didnt get much but i got some, why you no sleep, forex?

ok mate

Yes Forex kept me up....i couldn't sleep having a long on G/J that was going way down... I closed at 206.00 then I reopened at 205.30 and it kept dropping

so I hedged some of it off

Here is a pattern AB-CD for Cable....this shows us looking at a target of 2.0483...soon, what do ya think?

Zack

Yeah I think it is nearly a certainty, there is US news out at 12.30 gmt but even with good news lately the dollar is still sinking, the fed is highly rumoured to be cutting rates again next week and it is not unknown territory for pound it was higher than that last year, I think the ECB will intervene somewhere soon concerning the euro, they have voiced concern about it being too high, but I think it will hit the target you suggest and go beyond t0 20650
Tom

I don't know about that. I do know that Trichet has voiced concern over the overstrength of the euro.....
Dollar may or may not cut interest rates next week. I have heard rumors that banks are trying to get Euro to 1.58 fast....

The 2.0492 mark we will have our first MAJOR pullback, I mean one that lasts and is not abruptly ended. From there I think we will start to begin another round of ascension to the top, but when news hits late next week it will drive it to possibly as high as 2.0570 then the huge Gartley pattern will take effect and take us down

what is a gartley pattern

pound dropped 50 pips in 10 mins now, maybe its on a downer? or just a retrace

Hi Zack
You had some sleep then
Tom