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  • #4,461
  • Jul 17, 2008 6:39am Jul 17, 2008 6:39am
Quoting xscamx
1 more question have...... pls guide me....... how do you guys determine the current trend....... i am currently using woodies cci.... but i would like to know what are you guys using......
...i try to keep it simple these days. If price is making higher highs and higher lows, then up trend. Lower highs and lower lows then down trend.
  • #4,462
  • Jul 17, 2008 7:01am Jul 17, 2008 7:01am
what would the trend for g/u currently
  • #4,463
  • Jul 17, 2008 7:03am Jul 17, 2008 7:03am
Right now, flat with a bearish bias. Important news at 08:30 am. In 30 minutes.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,464
  • Jul 17, 2008 9:30am Jul 17, 2008 9:30am
dont know what happen to gu today...... its just doesn't want to move.... i ll stat away till tomorrow
  • #4,465
  • Jul 17, 2008 10:57am Jul 17, 2008 10:57am
Quoting xscamx
dont know what happen to gu today...... its just doesn't want to move.... i ll stat away till tomorrow
Smart move...very choppy this morning. When we get into these choppy days it better to just zoom out to a larger timeframe and trade a bigger picture. the larger timeframes most of the time will not be as choppy.
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  • #4,466
  • Jul 17, 2008 11:49pm Jul 17, 2008 11:49pm
Bo this is my GBP/USD update hope is good my freind..

I feel like today might be a day that the intraday levels wont hold as resistance though if at 2 am they do I will go int that direction since I have no Bias I will let the market guide me....

The resason why are because we have comed up to the 38.2 fibb from the daily chart from price 2.0155 to price 1.9643 as support and
this is one of the fibbs in mind. Second swing is from price 2.0155 to price 1.9812 we are at the 61.8 fibb as support and its a 4 hour swing.
Other factor is the fact price could not hit its targets yesterday and gave a nice hammer on the 4 hour chart....Plus a double bottom on the 1 hour chart..

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i will let price guide me thrue trading not my emotions.

Main report I read today. A couple of ig stoks are expected to comeout with bad results with big companies such as microsoft,google, merrill lynch and over all just big companies. This might cause the gbp to sustain or gain some value and could cause intraday levels to brake as resistance...
This is the link to the article..
http://www.bloomberg.com/apps/news?pid=stocksonmove

Let me know what you think Bud
  • #4,467
  • Jul 18, 2008 2:25am Jul 18, 2008 2:25am
I waited till priced showed me the tweezer tops and I reacted based on what I saw .....I hope ths was what you would do BO...

I have also now pulled out my swing fibb since I whant to see if my trade is worth holding on the short side...

Pleasse let me know what price you came in and at what time thanks bud...



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  • #4,468
  • Jul 18, 2008 7:29am Jul 18, 2008 7:29am
Quoting Shermenator
I waited till priced showed me the tweezer tops and I reacted based on what I saw .....I hope ths was what you would do BO...

I have also now pulled out my swing fibb since I whant to see if my trade is worth holding on the short side...

Pleasse let me know what price you came in and at what time thanks bud...



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I didnt get to trade Intraday Im still holding my short position from yesterday, I could have gotten up and added to it but it wasnt really necessary. Looking at the chart this morning it would appear 1.9980 to 1.9960 would have been a good entry point.
Another thing is its not important what I would do here its what would you do. Based on the information from the tools your using...what would you do. Your second guessing yourself if you thinking about what would I do and this is where you have to make the decision on your own because your not going to gain any true experience until you do, whether your right or not you have to make the call without hesitating, you gain experience from you losses maybe even more so than the winning positions. If someone else is telling you if your right or not your not gaining anything. Trust what your doing. If you stick with something long enough your going to become proficient with it. In the end its you that has to be satisfied with what your doing and youll never get there until you are making the call regardless of what someone else recommends and that includes me.
To me it looks as if you made the correct call...circumstances late yesterday warranted an entry since there was momentum late in the day, where normally there is none. I think you made the correct call on your short position.
  • #4,469
  • Jul 18, 2008 3:08pm Jul 18, 2008 3:08pm
My gbp/usd update we have a bullish intraday setting up for sundaw open....also keep in mind this seems to happening do to the larger timeframe swings that are coming in place. We have a 50 percent fib from the daily swing. But once Again I have understood to make u your mind as we get closer to london session since the probabailty of being correct is greater and thats what i need to be good...

we might also be looking for the other side of the channel...

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  • #4,470
  • Jul 20, 2008 12:57am Jul 20, 2008 12:57am
Quoting Shermenator
My gbp/usd update we have a bullish intraday setting up for sundaw open....also keep in mind this seems to happening do to the larger timeframe swings that are coming in place. We have a 50 percent fib from the daily swing. But once Again I have understood to make u your mind as we get closer to london session since the probabailty of being correct is greater and thats what i need to be good...

we might also be looking for the other side of the channel...

Attachment
Now your talking, when you set up your trading plan you dont want to set a personal bias only an action if certain conditions happen. Here I placed some notes on these charts with conditions to look for going into next week. I will trade acccordingly to what unfolds as the market gets moving.
Stick to the rules you lay in your trading plan to try and eliminate your emotions from interferring and acting out of impulse. Let the conditions layed out detirmine what you react to and do, win or loose.
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  • #4,471
  • Edited 3:13am Jul 20, 2008 2:06am | Edited 3:13am
Quoting Bobokus
Now your talking, when you set up your trading plan you dont want to set a personal bias only an action if certain conditions happen. Here I placed some notes on these charts with conditions to look for going into next week. I will trade acccordingly to what unfolds as the market gets moving.
Stick to the rules you lay in your trading plan to try and eliminate your emotions from interferring and acting out of impulse. Let the conditions layed out detirmine what you react to and do, win or loose.

Awsome stuff....I learned alot out of this post. You look at taking price from level to another level and you let price tell you if it held as resistance or not. You never have a Bias but and idea of places price will give you the direction based on what happends whent it gets to those levels. Price will guide you on the next move...sounds obvious But I was overcoplicating it....I will give an analysis like you did but on eur/usd hope its right...
  • #4,472
  • Jul 20, 2008 3:12am Jul 20, 2008 3:12am
EUR/USd update

I will give it a shot at explaining it in the same way you did Bo...I have a couple of extra fibbs that I would normally not have since I would use my swing fibb to keep it simple but just for the explanation they will be up.

Well to begin with we have a bearish intraday level and price has found its rejection keep in mind its still to early to say it will hold.

Also keep in mind price is attempting to break out of the bearish channel and continue with the daiy channel thats bullish.

Also look at how price has found support at the 4 hour pivot at 5823 ....
If price decides to hold of as resistance from the intraday and head down it can be from the range of price 1.5823 to around 5780....

And if the resitance levels of the intraday dont hold we can find the eur long between price 1.5874 to price 1.5909 . I dont have a bias but simply different Plans of how I am going to trade if london tells me up or down.Hope this Is better bud....
Here is my template just incase my picture does not look clear.

Attached File(s)
File Type: tpl eurusdtemplate.tpl   5 KB | 660 downloads

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  • #4,473
  • Jul 20, 2008 9:06am Jul 20, 2008 9:06am
Quoting Shermenator
EUR/USd update

I will give it a shot at explaining it in the same way you did Bo...I have a couple of extra fibbs that I would normally not have since I would use my swing fibb to keep it simple but just for the explanation they will be up.

Well to begin with we have a bearish intraday level and price has found its rejection keep in mind its still to early to say it will hold.

Also keep in mind price is attempting to break out of the bearish channel and continue with the daiy channel thats bullish.

Also look at how price has found support at the 4 hour pivot at 5823 ....
If price decides to hold of as resistance from the intraday and head down it can be from the range of price 1.5823 to around 5780....

And if the resitance levels of the intraday dont hold we can find the eur long between price 1.5874 to price 1.5909 . I dont have a bias but simply different Plans of how I am going to trade if london tells me up or down.Hope this Is better bud....
Here is my template just incase my picture does not look clear.

Attachment
Attachment
Thats good, just keep the attitude of "you could care less what direction it goes" If this happens I will go long...If this hapens I will go short. Support and resistance levels tell you the most likely places this will happen by one or the other breaking. Now once you get your entry conditions set, make another analysis of if you enter long or short...what would it take for price to show you it has turned against your entry. Just stick to your plan and dont cut your winning trades short just because they go in profit and dont hold one that meets the conditions of your stop or exit strategy.
  • #4,474
  • Edited 11:15am Jul 20, 2008 10:59am | Edited 11:15am
I would like to express my opinion, obviously summer doldrums have picked up as ADX is showing us with a value in the bottom figure, Using IntraWeek fib i clearly see the price is stable on the pivot, so range trading strategy would be prefered over trend trading untill ADX show an higher value.

Bo what would be a good range trading strategy in case like this?

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Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,475
  • Jul 20, 2008 11:25am Jul 20, 2008 11:25am
Quoting GreatYves
I would like to express my opinion, obviously summer doldrums have picked up as ADX is showing us with a value in the bottom figure, Using IntraWeek fib i clearly see the price is stable on the pivot, so range trading strategy would be prefered over trend trading untill ADX show an higher value.

Bo what would be a good range trading strategy in case like this?

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Personnally I would like to see it break from this and take the breakout from last weeks movement..... I would still trade from the center out from each Intradays levels that we get next week, if we dont break out from this early next week.
  • #4,476
  • Jul 20, 2008 1:20pm Jul 20, 2008 1:20pm
BoBobos are freind Greatyves uses S1 and R1 I think this levels are 23 and 76 percent fibs. BOBOKUS let me know if you use them still, Or you simply know the location of them in your head and treat them like another tear of support or resistance fibb but you removed them simply to not overcrowd your charts and prevent you from pulling the trigger when the 61 long or short brakes...?
  • #4,477
  • Jul 20, 2008 2:35pm Jul 20, 2008 2:35pm
Quoting Shermenator
BoBobos are freind Greatyves uses S1 and R1 I think this levels are 23 and 76 percent fibs. BOBOKUS let me know if you use them still, Or you simply know the location of them in your head and treat them like another tear of support or resistance fibb but you removed them simply to not overcrowd your charts and prevent you from pulling the trigger when the 61 long or short brakes...?
Sherm friend, I put them only when needed since it have hit twice last week.. It is not important but they are valid level wich anyone should be aware of..

From wednesday intraday and again from thursday intraday.
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You will notice still Wednesday t1 hit perfectly.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,478
  • Jul 20, 2008 2:52pm Jul 20, 2008 2:52pm
I also see triple confluence at 9872 area. That i would like to see.
Attached Image (click to enlarge)
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Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,479
  • Jul 20, 2008 4:18pm Jul 20, 2008 4:18pm
There will be big week-end gap down.


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  • #4,480
  • Jul 20, 2008 6:00pm Jul 20, 2008 6:00pm
Quoting xscamx
1 more question have...... pls guide me....... how do you guys determine the current trend....... i am currently using woodies cci.... but i would like to know what are you guys using......

http://www.forexfactory.com/showpost...50&postcount=4

Quote
Trend Trading. I am a Trend Trader

EVERYONE SHOULD TEST OUT THIS VERY UNUSUAL AND RARELY USED STRATEGY;

1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)
3. bank your profits

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.

3. If you are still confused, print it off and show it to a 5 year old...they will get it right EVERY time...LOL

The trend is the BEST friend you will ever have in the Forex market.

When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!
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