Auslanco - GBP/JPY and GBP/USD (newstrade)
They are buying OIL futures ..lol ... oil will be $50,000 per barrel at this rate and i will go back to the old days of riding around in my horse and cart
I agree with you Ephisi and your earlier post about Auslanco's system. (and in the same breath, I disagree with you Malcolmb).
While several persons were running around like headless chickens wondering what's happening!!!, the signs were crystal clear. anyone who even remotely follows Auslanco's strategy would see that this was a clear upmove trade. Every person on this thread owes it to themselves to, at the very least, be familiar with the basics of Auslanco's strategy.
As Elder says in his book ( A big thank you , Scrat), the best strategies that stand the test of changing markets are simple. They work because there are fewer elements that make up the system to break.
I believe you guys complicate trading by looking at the DOW, and looking at other currencies. Yes, these thing help, but if they are off you are going to be crippled in taking a trade. Just simply trade what your chart shows you.
Thats another thing too, with any currency their are 2 basic market conditions. Ranging and trending. Either you only trade one of them or you have strategies for both.
Several people got caught flat footed, because they were trading as if they were still in a range bound market, which is trading counter-trend. So they were buying when price going down and selling when price going up. This is great for a ranging market, but you need to recognize when price momemtum has stepped outside of that market and its time to put on a new strategy hat. The trending hat.
Incidentally, IF there was bearish divergence on 1hr /4hr chart the decision by some to go short at 204.30 (the 50% fib) would have been correct. But with absolutely no divergence, as had been in the previous few cases, this was a very risky decision.
I agree with you Ephisi and your earlier post about Auslanco's system. (and in the same breath, I disagree with you Malcolmb).
While several persons were running around like headless chickens wondering what's happening!!!, the signs were crystal clear. anyone who even remotely follows Auslanco's strategy would see that this was a clear upmove trade. Every person on this thread owes it to themselves to, at the very least, be familiar with the basics of Auslanco's strategy.
As Elder says in his book ( A big thank you , Scrat), the best strategies that stand the test of changing markets are simple. They work because there are fewer elements that make up the system to break.
I believe you guys complicate trading by looking at the DOW, and looking at other currencies. Yes, these thing help, but if they are off you are going to be crippled in taking a trade. Just simply trade what your chart shows you.
Thats another thing too, with any currency their are 2 basic market conditions. Ranging and trending. Either you only trade one of them or you have strategies for both.
Several people got caught flat footed, because they were trading as if they were still in a range bound market, which is trading counter-trend. So they were buying when price going down and selling when price going up. This is great for a ranging market, but you need to recognize when price momemtum has stepped outside of that market and its time to put on a new strategy hat. The trending hat.
Incidentally, IF there was bearish divergence on 1hr /4hr chart the decision by some to go short at 204.30 (the 50% fib) would have been correct. But with absolutely no divergence, as had been in the previous few cases, this was a very risky decision.
Not sure if you actually can make consistently profit trading using indicators other than using it for divergence trade.
Ha Ha. Price action + Indicators = profits.
I firmly believe that markets are utimately based on the psychology of those playing the markets, there fears , their greed etc. Because human emotions are predictable, there is to some extent a certain cyclical predictability to markets. For example, I guarantee you Shakes, would not hold his short order till 209. A lot of persons who are short are going to let go at a certain point which is somewhat predictable.
Now, I write like I've got the market cornered. On the contrary I usually don't have a clue where the market is going medium to long term, I really admire how guys on this thread make long term predictions. I have finally learned to quit predicting where GJ will go, I simply get on the bandwagon when it starts moving and get off at a hard take profit or divergence. Now that means I don't usually get in at the bottom, but it is safer.
How do I know when it starts moving. There are certain patterns which are repeated at least once every two days for the last 12 months. When I see those patterns as evidenced by price action and indicators I get on. Consider the lowly momentum that looks like a jumble of non-sensical lines. If you look deeply enough at several months of charts, you will begin to see patterns that play out in certain market conditions. I have said it before, there is no substitute for chart time.
My problem, which I am working on, is I don't have a ready supply of Karmo's patience pills, I still find it difficult to wait 2 days for a trade, and end up taking some crappy "test" trade not on my strategy or one where all the requirements have not been fulfilled, but you know the feeling... you just don't want to miss out on a potentially great move.
