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  • #3,941
  • Jun 17, 2008 7:25am Jun 17, 2008 7:25am
Just giving back or say adding to this great thread of yours.....after taking some much informations, knowledge and continuous tutorship and mentorship I can see you got in at a loving time on your shorts and also was able to notice the signs quite early....I was a lil more conversative and waited for the break of our intraday shorts and added to my position which is something Im getting better at doing...Im looking at closing one of my position at the intraday low and allow the other to ride to the next support level which is .9408.

Once again thanks

Attached is my chart
Attached Image (click to enlarge)
Click to Enlarge Name: charts.gif Size: 23 KB
  • #3,942
  • Jun 17, 2008 7:29am Jun 17, 2008 7:29am
Quoting zerosum
Just giving back or say adding to this great thread of yours.....after taking some much informations, knowledge and continuous tutorship and mentorship I can see you got in at a loving time on your shorts and also was able to notice the signs quite early....I was a lil more conversative and waited for the break of our intraday shorts and added to my position which is something Im getting better at doing...Im looking at closing one of my position at the intraday low and allow the other to ride to the next support level which is .9408.

Once again thanks

Attached is my chart
what is the sign? dear friends:
i am so upset to miss it. i am so stupid, just i am scared about so large candle.
regars
I need time ,I need money, I need more patience
  • #3,943
  • Jun 17, 2008 7:49am Jun 17, 2008 7:49am
Dear Friend,

Don't be too had on yourself......the game takes time and continuous practice like you I'm still a newbie and learning everyday.....I didn't see the sign early as Bob did and thats years and bags of experiences that Bob has and we are all learning from.

But look at his chart and see the candle he put the green arrow on.....thats the sign ...... Like everyone keep saying it takes alot of practice and continuous learning then you will start understanding how this Forex business...Thats the truth and dont let anyone tell you any different.

So dont beat yourself up about it.....we all started from somewhere and with continuous practice and learning we are getting better at the game.
  • #3,944
  • Jun 17, 2008 8:04am Jun 17, 2008 8:04am
I tink ur problem is pulling the trigger,now dis is how ur mind works ,u see a signal to either sell or buy and u re thinkin is it the rite signal,one of ur thots is u cant predict the market,yes u rite but for how long are u goin 2 wait.but my advice is this hav a sound money management principle in place,if dats in place then u know d worst u re ready 2 lose.then pull d trigger.are u trading live?
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,945
  • Jun 17, 2008 8:09am Jun 17, 2008 8:09am
Quoting zerosum
Just giving back or say adding to this great thread of yours.....after taking some much informations, knowledge and continuous tutorship and mentorship I can see you got in at a loving time on your shorts and also was able to notice the signs quite early....I was a lil more conversative and waited for the break of our intraday shorts and added to my position which is something Im getting better at doing...Im looking at closing one of my position at the intraday low and allow the other to ride to the next support level which is .9408.

Once again thanks

Attached is my chart
Nice Job!
  • #3,946
  • Jun 17, 2008 8:17am Jun 17, 2008 8:17am
Quoting ztdep
what is the sign? dear friends:
i am so upset to miss it. i am so stupid, just i am scared about so large candle.
regars
We'll I was long with the market as they tried to break yesterdays high, but they failed. They did get some penetration but the high from yesterday held since a candle could not open above that level. Thats the first clue then as soon as price began to break the previous candles lows it was retracing. I didnt get into expecting it to fall this far but it never gave an indication there was going to be a bounce from yesterdays Intraday levels so I just held on to them. Ive closed 1 of the shorts now and will close this once If we beginto break previous candle highs now. Dont worry about missing it this will happen again and again, I miss many trades but the market isnt going anywhere and there is always tomorrow.
  • #3,947
  • Jun 17, 2008 4:49pm Jun 17, 2008 4:49pm
Ok this is my daily chart their is a couple of fibbs i know i can put up but I am eliminating them. FOr example I am eliminatinf the counter fibb to the purple fibb since it broke.....

Second fibb Iam eliminating is the counter fibb to light blue fibb since at some point it broke....though now we are above that support....

then the last fibb i can place is the counter fibb to my red fibb....now depend on what time frame you look at it has broken or not...4 hour chart it broke and 1 hour chart it broke but not on daily so in my head itstill valid...

Daily chart

Attached Image



Now my 1 hour chart...

Here we can place a couter fibb the red fibb but it has broken in both the 1 hour chart and 4 hour chart but not the daily...I am trying to remove as many fibbs as i can but dont know if that one should be removed since price has come above once again.

Attached Image
  • #3,948
  • Jun 17, 2008 6:49pm Jun 17, 2008 6:49pm
Here`s my quick eod view, correct me if i am too wrong..

Were in clearly bearish channel continuation, looking to challenge key 2008 low at 9340..
Attached Image (click to enlarge)
Click to Enlarge Name: gbp170608.gif Size: 14 KB
.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,949
  • Jun 17, 2008 6:55pm Jun 17, 2008 6:55pm
Quoting Shermenator
Ok this is my daily chart their is a couple of fibbs i know i can put up but I am eliminating them. FOr example I am eliminatinf the counter fibb to the purple fibb since it broke.....

Second fibb Iam eliminating is the counter fibb to light blue fibb since at some point it broke....though now we are above that support....

then the last fibb i can place is the counter fibb to my red fibb....now depend on what time frame you look at it has broken or not...4 hour chart it broke and 1 hour chart it broke but not on daily so in my head itstill valid...

Daily chart

Attachment


Now my 1 hour chart...

Here we can place a couter fibb the red fibb but it has broken in both the 1 hour chart and 4 hour chart but not the daily...I am trying to remove as many fibbs as i can but dont know if that one should be removed since price has come above once again.

Attachment
Still a little busy. On my Daily all I have is the Uptrend that began back in 2005, because we are now in a downtrend and this shows the major support levels below. Then the last downtrending move mar14th to may14 to indicate the closest major resistance levels and then the retracement fib into the downtrend this gives you your Daily intermediate term type targets.

The 1 hour is the same now just zoomed into 1 hour with nothing else added but the Intraday to give me an idea of price in relation to those 3 daily fibs, the swing I will use if I enter a trade.

You can use all those other fib tools but why clutter the chart until price is moving and you want to know where those levels are.
Its busy enough with just these on it. Sometimes I will just look at the blank chart with my 2 horizontal lines I use to mark my own points with.
The more you can simplify it the easier it will become.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 0617.gif Size: 30 KB
Click to Enlarge Name: 06171hour.gif Size: 21 KB
  • #3,950
  • Jun 17, 2008 6:58pm Jun 17, 2008 6:58pm
Try this template, dont add anything else to it. If you want to measure something other than what you see here..use the swing fib thats it purpose to move around and look at the other levels when needed and as an aid once your in a trade.
Attached File(s)
File Type: tpl 0617temp.tpl   7 KB | 459 downloads
  • #3,951
  • Jun 17, 2008 9:17pm Jun 17, 2008 9:17pm
Quoting GreatYves
Here`s my quick eod view, correct me if i am too wrong..

Were in clearly bearish channel continuation, looking to challenge key 2008 low at 9340..
Attachment .
Funny how Hourly T2 leads us exactly @ 9334..
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,952
  • Jun 17, 2008 9:20pm Jun 17, 2008 9:20pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Was wondering if anyone else took the cable short trigger about 20 minutes ago. Asia session has been showing some decent moves over the last couple weeks, so that's why I took it. Price tested intraday short for a couple minutes and is now falling. Not sure if this move is sustainable, but looks pretty strong for now. Thanks Bo for teaching us the ways.
"Wishful thinking dies hard." Igor T.
  • #3,953
  • Jun 17, 2008 9:28pm Jun 17, 2008 9:28pm
I took it. We'll see what happens
  • #3,954
  • Jun 17, 2008 10:03pm Jun 17, 2008 10:03pm
yes just be careful since its still the asian session and it could retrace every pip of this.
Attached Image (click to enlarge)
Click to Enlarge Name: 0618.gif Size: 20 KB
  • #3,955
  • Jun 17, 2008 10:09pm Jun 17, 2008 10:09pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I'm stopped out on my trade. Took small profits on it. Tired...need sleep. See you guys later.
"Wishful thinking dies hard." Igor T.
  • #3,956
  • Jun 17, 2008 10:21pm Jun 17, 2008 10:21pm
Quoting FxChi
I'm stopped out on my trade. Took small profits on it. Tired...need sleep. See you guys later.
Later Chi
  • #3,957
  • Jun 17, 2008 10:42pm Jun 17, 2008 10:42pm
I'm out too. With that bounce I expect it could go up to 9600.
  • #3,958
  • Jun 17, 2008 10:51pm Jun 17, 2008 10:51pm
Well today we do have the
MPC Meeting Minutes
And it could give us clues of what is expected to happen with the interest rates..
To me it should be bearish for the gbp

Now today be aware of tha major trendline from the daily chart that has only been pierced but never broken...this might cause intraday levels to not get reached....if you do in fact take a short at this tiome treat as a scalp since we are in tokyo session and its simply riskier. Maybe the scalp can turn into a trade... Also we are now below the retracement shor in our daily chat and this can maintain the short momentum in that direction.

Daily chart...
Attached Image


1 hour chart...If you did take a short in the 1 hour chart be aware of the possibell head and shuolders at the bottom and also the fact that price bounced preety closed to the trendline...Once again any short must be treated like a scalp...untill later time or price picks up speed...
Second price my consolidate a bit later on today waiting for the meeting of the banks today on gbp/usd....and today might be the day we have the breack of the trendline....

Attached Image
  • #3,959
  • Jun 18, 2008 12:18am Jun 18, 2008 12:18am
have moved my stop to the previous candles high...
will close halve of my postion at the swing fibb target and let the market take me out overall..
  • #3,960
  • Jun 18, 2008 1:53am Jun 18, 2008 1:53am
Hi All,

Yesterday was a nice day pips in the bank.....hoping for the same today Im still short bias and think theres alot of gas in the bear camp and we might see a test .9400 and maybe a retracement to the .9600 before going any further down.

My bias for this week will remain shorts and any long position will be treated as retracement and scalping all the way to the bank. I think we have to see a break of .9800 before my bias will change......watch out for the news later, it might take cable even further down and test the low so far this year .9336
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