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

  • #93,681
  • Jun 14, 2008 4:03pm Jun 14, 2008 4:03pm
Price is in nice uptrend and possible upside target is 217.20/30

lots of easy pips and nice swap for smart traders
  • #93,682
  • Jun 14, 2008 4:04pm Jun 14, 2008 4:04pm
Quoting Srikanth
Price is in nice uptrend and possible upside target is 217.20/30

lots of easy pips and nice swap for smart traders

i'm actually starting to think the same thing. only my account is swap free
  • #93,683
  • Jun 14, 2008 4:18pm Jun 14, 2008 4:18pm
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?
Daily pivot are just an average of the previous days high , low ,close.

The formulas for the daily pivots are noted at the bottom of this post.

The daily pivots are major areas of support and resistance. If the price is under the daily pivot and breaks through it on a 15 min chart , and then the next 15 min candle is also an up candle then you could place a long trade and have the stop under the daily pivot.

I have placed some note on the charts to show how the daily pivot works

Attached Image (click to enlarge)
Click to Enlarge Name: gtbpjpy.png Size: 125 KB


The Pivot = P = (H+L+C) /3
1st Resistance Line = R1 = 2P- L
2nd Resistance Line = R2 = P+ (H-L) = P+(R1-S1)
3rd Resistance Line = R3 = 2P + (H-2L)
1st Support Line = S1 = 2P - H
2nd Support Line = S2 = P - (H-L) = P - (R1 - S1)
3rd Support Line = S3 = 2P - (2H - L)

Blogging daily now at www.volume.zone
  • #93,684
  • Jun 14, 2008 4:20pm Jun 14, 2008 4:20pm
Quoting ovaforty
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.
I think it is the best risk reward ratio hands down. I simply buy when my -30 to -50 pip stop loss will mean a break of the support. If history says 4 tries to break support, the second and third try are a great trade, with minimal draw down, so no stress, set it and forget it. Of course, SOME traders make money off scalping from indicators (like the great Malcomb14, who also does nice swing trades) ..but come on...I think they do it for the thrill and newbies do it out of impatience. This way is safer and my first target is usually double my sl. I have quit scalping for 25 pips or less, but if someone can defend it, I'd like to hear it...just for $h1+s and giggles.
  • #93,685
  • Jun 14, 2008 4:21pm Jun 14, 2008 4:21pm
long on swap free acc like, hum, no comercials here, and short on accs with a swap and triple interest wensday's, sound like a good idea also good for not hedging on the same acc, just an idea don't kill me please, just teach mehappy father's day, talking about adiction what I'm I doing here, learning I guess with a couple of workaholics, just kidding.
The Chonchy
  • #93,686
  • Jun 14, 2008 4:29pm Jun 14, 2008 4:29pm
Quoting chonchy
talking about adiction what I'm I doing here, learning I guess with a couple of workaholics, just kidding.
Hey, I'm getting married tomorrow, I can't sit here and stare at the wall, I'll bite my nails off...and I'm over T.V.
  • #93,687
  • Jun 14, 2008 4:33pm Jun 14, 2008 4:33pm
here is gbpchf trade for 50 pips using daily pivot and 50 sma on a 15m

Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.jpg Size: 290 KB
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  • #93,688
  • Jun 14, 2008 4:34pm Jun 14, 2008 4:34pm
Quoting malcolmb14
here is gbpchf trade for 50 pips using daily pivot and 50 sma on a 15m

Attachment
here is the right chart

Attached Image (click to enlarge)
Click to Enlarge Name: gtbpjpy.png Size: 146 KB
Blogging daily now at www.volume.zone
  • #93,689
  • Jun 14, 2008 4:40pm Jun 14, 2008 4:40pm
Quoting Petefaders
Hey, I'm getting married tomorrow, I can't sit here and stare at the wall, I'll bite my nails off...and I'm over T.V.
get out of here, on father's day, so you will celebrate father's day and aniversary next year with only one gift, not smart you should get marry another day so you get two gifts, just my 2 cents
The Chonchy
  • #93,690
  • Jun 14, 2008 4:48pm Jun 14, 2008 4:48pm
Quoting malcolmb14
here is the right chart

Attachment
owsome explanation on the pivot's Malcolmb, thanks a lot I use a PP calculator from fast track forex you just imput the HLOC of the daily candle of the previus close at 5.00 and it give me the PPs there is also other PP calculators out there, but now thanks to you I know how to do it profesionaly, thanks again, and the technique is great, learn a lot today, thanks
The Chonchy
  • #93,691
  • Jun 14, 2008 4:53pm Jun 14, 2008 4:53pm
Quoting chonchy
get out of here, on father's day, so you will celebrate father's day and aniversary next year with only one gift, not smart you should get marry another day so you get two gifts, just my 2 cents
lol...you took my wedding date and turned it into me taking a position for yearly profit! You must be a good trader hmm..limited upside on the yearly chart...lol. too late I already put the order in and market is closed. ...lol
  • #93,692
  • Jun 14, 2008 5:00pm Jun 14, 2008 5:00pm
Quoting Petefaders
lol...you took my wedding date and turned it into me taking a position for yearly profit! You must be a good trader hmm..limited upside on the yearly chart...lol. too late I already put the order in and market is closed. ...lol
well I'm shure you will be a very happy couple any ways congratulations I hope you the best on your marriage, I been marry for 25 years 3 girls and I love it, a great wife, great girls, I just need a good forex mentor, what about the hoonymoon, hawaii?
The Chonchy
  • #93,693
  • Jun 14, 2008 5:10pm Jun 14, 2008 5:10pm
Quoting chonchy
well I'm shure you will be a very happy couple any ways congratulations I hope you the best on your marriage, I been marry for 25 years 3 girls and I love it, a great wife, great girls, I just need a good forex mentor, what about the hoonymoon, hawaii?
with your good trading skills, you don't need two gifts anyways on the contrary I belive you the one that makes the gifts around there
The Chonchy
  • #93,694
  • Edited 5:29pm Jun 14, 2008 5:12pm | Edited 5:29pm
Quoting chonchy
well I'm shure you will be a very happy couple any ways congratulations I hope you the best on your marriage, I been marry for 25 years 3 girls and I love it, a great wife, great girls, I just need a good forex mentor, what about the hoonymoon, hawaii?
Thank You! Good to hear. Thought about Hawaii but settled on Florida, the Keys. Back to where I would go as a kid...hope it hasn't changed too much. As for a mentor, so much is tought on this site alone, I'm sure you're learning alot. My take is to stay dedicated and keep learning and applying and the pips come.
  • #93,695
  • Jun 14, 2008 5:53pm Jun 14, 2008 5:53pm
Quoting Petefaders
Thank You! Good to hear. Thought about Hawaii but settled on Florida, the Keys. Back to where I would go as a kid...hope it hasn't changed too much. As for a mentor, so much is tought on this site alone, I'm sure you're learning alot. My take is to stay dedicated and keep learning and applying and the pips come.
thanks a lot my friend I ive in miami if you want to give me a call at 305 821 0724 maybe I can be of some help here in miami, are you flying directly to the keys or pass by miami, anything I can help you with let me know, pm if you want, I was working in the keys until december is still as nice as it can be, I was in mm50 maraton very nice, the photo on my profile is there in Marathon, beutifull houses $4 000 000.00 with private docks for your boat, etc some day
The Chonchy
  • #93,696
  • Jun 14, 2008 5:58pm Jun 14, 2008 5:58pm
everyone's getting married, karmo and now petefaders....sighs

makes me feel like a loner

i guess i'll get married to my position
crap, u guys know i'ma two timer now

congrats petefaders, i hope u enjoy every bit of your new life
  • #93,697
  • Jun 14, 2008 6:04pm Jun 14, 2008 6:04pm
good morning from Tehran
hi lilmoe
hi malcolmb
  • #93,698
  • Jun 14, 2008 6:06pm Jun 14, 2008 6:06pm
Quoting hussin naiji
good morning from Tehran
good morningfrom miami
The Chonchy
  • #93,699
  • Jun 14, 2008 6:06pm Jun 14, 2008 6:06pm
Quoting lilmoe
everyone's getting married, karmo and now petefaders....sighs


It aint all that ROFL OIL and Water most times
"Millionaires don't use astrology, billionaires do"
  • #93,700
  • Jun 14, 2008 6:07pm Jun 14, 2008 6:07pm
malcolmb
what is viewpoint about usdyen ??
thanks
hussin
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