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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #93,661
  • Jun 14, 2008 1:42pm Jun 14, 2008 1:42pm
Here is a 2 hour chart with the daily pivot (thick blue line)

Study how price action works around this pivot. It is awesome.

A 1-2-3 buy with fib extensions plotted on it leads to 212.8 and higher once we break 210.80

Attached Image (click to enlarge)
Click to Enlarge Name: gj1.png Size: 223 KB
Blogging daily now at www.volume.zone
  • #93,662
  • Jun 14, 2008 1:45pm Jun 14, 2008 1:45pm
Quoting malcolmb14
Here is a 2 hour chart with the daily pivot (thick blue line)

Study how price action works around this pivot. It is awesome.

A 1-2-3 buy with fib extensions plotted on it leads to 212.8 and higher once we break 210.80

Attachment
nice observation.

Can you explain to the newbies reading this thread what exactly is a pivot and why it works so well? And teach us how perform this on our charts?
  • #93,663
  • Jun 14, 2008 2:06pm Jun 14, 2008 2:06pm
Quoting ovaforty
If 204/205 will be revisited, then my sell order sitting below 209 will be rewarded. As the uptrend gains momentum, new levels of support will be established to build a solid base from which to build upon. The same goes for a downtrend. In an uptrend, each correction provides another opportunity to own geppy at a good price, and to build wealth slowly and steady by daily swap payments.

i don't know, this entire price action would seem confusing to someone like me who is waiting for a fall, loooool.

but, i was looking at one of rusty's charts and i think i saw something i didn't see before. i will post something shortly, i need u to answer me something first:
i'm not very good at Elliott wave counting. would wave 4 be ruined if the price reaches 228? i mean would that cancel out a fall according to the theory? i will post what i think when u answer.
  • #93,664
  • Jun 14, 2008 2:17pm Jun 14, 2008 2:17pm
Quoting lilmoe
i don't know, this entire price action would seem confusing to someone like me who is waiting for a fall, loooool.

but, i was looking at one of rusty's charts and i think i saw something i didn't see before. i will post something shortly, i need u to answer me something first:
i'm not very good at Elliott wave counting. would wave 4 be ruined if the price reaches 228? i mean would that cancel out a fall according to the theory? i will post what i think when u answer.
I really cant answer an elliot wave question. I only have a rudimentary understanding of it. I know that it follows certain rules. Maybe someone else can answer your question. I use the zigzag indicator for a rough idea of waves.
  • #93,665
  • Jun 14, 2008 2:18pm Jun 14, 2008 2:18pm
Quoting ovaforty
nice observation.

Can you explain to the newbies reading this thread what exactly is a pivot and why it works so well? And teach us how perform this on our charts?
it's a nice thing that u're trying to teach beginners what and how everything is plotted. but there are basic things they SHOULD know before viewing this thread. i would recommend babypips for those who don't know what a daily pivot is.
  • #93,666
  • Jun 14, 2008 2:20pm Jun 14, 2008 2:20pm
My system is very basic and simple. If a pair is making higher lows, I buy the dip until it quits working.
  • #93,667
  • Jun 14, 2008 2:23pm Jun 14, 2008 2:23pm
Quoting lilmoe
it's a nice thing that u're trying to teach beginners what and how everything is plotted. but there are basic things they SHOULD know before viewing this thread. i would recommend babypips for those who don't know what a daily pivot is.
good advice. Google should be a newbie's best friend. Everything you need to know can be found if you search it. That is how I learned it. If a newbie studies hard, he has a good chance to make it. If a newbie is looking for a free ride, by trading other people's trade calls, he wont succeed.
  • #93,668
  • Jun 14, 2008 2:27pm Jun 14, 2008 2:27pm
Quoting ovaforty
I really cant answer an elliot wave question. I only have a rudimentary understanding of it. I know that it follows certain rules. Maybe someone else can answer your question. I use the zigzag indicator for a rough idea of waves.

oh well...

i'm going to say it anyway. i hope i'm wrong, loooooool.

take a loot at this chart. i think an inverse h/s formation is coming to play....
i just noticed this an hour ago. i'm not sure, this might be a very huge sign of reversal. and after seeing this, i'm actually reconsidering my bearish bias... damn. again, let's just hope i'm wrong, loooool, i really want to see that fall.

Attached Image (click to enlarge)
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  • #93,669
  • Jun 14, 2008 2:29pm Jun 14, 2008 2:29pm
Quoting lilmoe
oh well...

i'm going to say it anyway. i hope i'm wrong, loooooool.

take a loot at this chart. i think an inverse h/s formation is coming to play....
i just noticed this an hour ago. i'm not sure, this might be a very huge sign of reversal. and after seeing this, i'm actually reconsidering my bearish bias... damn. again, let's just hope i'm wrong, loooool, i really want to see that fall.

Attachment
this is probably very valid. BUT i think 214 has to give in first. and i believe it to be pretty tough.
  • #93,670
  • Jun 14, 2008 2:29pm Jun 14, 2008 2:29pm
By trading the longer time frames I can set and forget while being protected from major losses. I can take a long time away from the pc and enjoy life, fishing and gardening, while the charts are making money for me.
  • #93,671
  • Jun 14, 2008 2:31pm Jun 14, 2008 2:31pm
Quoting lilmoe
oh well...

i'm going to say it anyway. i hope i'm wrong, loooooool.

take a loot at this chart. i think an inverse h/s formation is coming to play....
i just noticed this an hour ago. i'm not sure, this might be a very huge sign of reversal. and after seeing this, i'm actually reconsidering my bearish bias... damn. again, let's just hope i'm wrong, loooool, i really want to see that fall.

Attachment
try to google cup and handle formation. It might help.
  • #93,672
  • Jun 14, 2008 2:36pm Jun 14, 2008 2:36pm
Quoting ovaforty
try to google cup and handle formation. It might help.

lol, i dont think i see any on the daily or weekly charts, would u be kind enough to point it out?
  • #93,673
  • Jun 14, 2008 2:40pm Jun 14, 2008 2:40pm
Quoting lilmoe
lol, i dont think i see any on the daily or weekly charts, would u be kind enough to point it out?
you kinda have to look at an angle. I see the same thing you see for now.
  • #93,674
  • Jun 14, 2008 2:41pm Jun 14, 2008 2:41pm
Quoting lilmoe
oh well...

i'm going to say it anyway. i hope i'm wrong, loooooool.

take a loot at this chart. i think an inverse h/s formation is coming to play....
i just noticed this an hour ago. i'm not sure, this might be a very huge sign of reversal. and after seeing this, i'm actually reconsidering my bearish bias... damn. again, let's just hope i'm wrong, loooool, i really want to see that fall.

Attachment
oops, i have a typo on the chart:

(neckline is "not" support) should've been: neckline is NOW support
  • #93,675
  • Jun 14, 2008 2:43pm Jun 14, 2008 2:43pm
Quoting ovaforty
you kinda have to look at an angle. I see the same thing you see for now.

btw, aren't we supposed to be enjoying the weekend? or are u we just too addicted to this. or maybe u're just old

just teasing u for ur nickname
  • #93,676
  • Jun 14, 2008 2:50pm Jun 14, 2008 2:50pm
Quoting ovaforty
My system is very basic and simple. If a pair is making higher lows, I buy the dip until it quits working.

makes sense, but what kind of SL do u use? i mean this is the geppy.
  • #93,677
  • Jun 14, 2008 3:31pm Jun 14, 2008 3:31pm
Quoting lilmoe
btw, aren't we supposed to be enjoying the weekend? or are u we just too addicted to this. or maybe u're just old

just teasing u for ur nickname
yeah, i am old. way older than forty by now.
  • #93,678
  • Jun 14, 2008 3:34pm Jun 14, 2008 3:34pm
Quoting lilmoe
makes sense, but what kind of SL do u use? i mean this is the geppy.
I make my entries close to support and place the stop loss on the other side of said support. Good risk to reward. I blew 2 accounts when i first began by not using stop losses and trading short time frames with market orders.
  • #93,679
  • Jun 14, 2008 3:47pm Jun 14, 2008 3:47pm
i think you can recognize an oldtimer trader because he ain't looking that holy grail anymore.


heehheheeee
  • #93,680
  • Jun 14, 2008 3:53pm Jun 14, 2008 3:53pm
Quoting ovaforty
i think you can recognize an oldtimer trader because he ain't looking that holy grail anymore.


heehheheeee
yep, well said. ain't no such thing.
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