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

  • #112,041
  • Sep 9, 2008 10:40pm Sep 9, 2008 10:40pm
With any reversal pattern, there should be an existing trend to reverse. In the case of the triple top, an uptrend or long trading range should be in place.
Price does what price wants , I just need to be prepared.
  • #112,042
  • Sep 9, 2008 10:40pm Sep 9, 2008 10:40pm
Quoting malcolmb14
it is neither this is ascending triangle

once you know the pattern on a 30 min then you can play it on a 3min

Attachment
only thing is ascending triangles that don't break to the upside when it approaches the apex tend to break violently to the downside making the cap just as effective as a triple top.
  • #112,043
  • Sep 9, 2008 10:42pm Sep 9, 2008 10:42pm
Quoting Eulogy
only thing is ascending triangles that don't break to the upside when it approaches the apex tend to break violently to the downside making the cap just as effective as a triple top.
I am good with a break in any direction lets just break boring asia for last 2 hours.
Price does what price wants , I just need to be prepared.
  • #112,044
  • Sep 9, 2008 10:44pm Sep 9, 2008 10:44pm
Quoting TraderStar
Triple top I would say ... and they don't have to come at the end of a trend IMHO.
Thats what I thought......
Thanks.
Markets are not Random, they are designed!
  • #112,045
  • Sep 9, 2008 10:48pm Sep 9, 2008 10:48pm
Quoting PJkiller
With any reversal pattern, there should be an existing trend to reverse. In the case of the triple top, an uptrend or long trading range should be in place.
Well you say potayto, I say potahto, whatever you call it ... it looks like price so far can't get past that 189.20 level .... so I wish she would just quit trying and finish her descent And soon!!!
  • #112,046
  • Sep 9, 2008 10:50pm Sep 9, 2008 10:50pm
Quoting TraderStar
Nope, don't understand that....
if you know the 30 min pattenrn and direction then you can trade that on a smaller time frame

for example on 15 min right now we have ascending triangle with possible breakout 189.20 top .

There fore I would be looking for pull backs on short time frames to go long

also on a 10 min price is above both 13 and 33 sma = bullish for now with 33 sma heading up

now this is not to say that everything could not change in a heart beat and the pair could collapse and if we break 188.80 we are below the 33 sma on the 5 min and may head down into 188

also you cannot trade anything less than 10 min this time as this is the quiet time ..... no trading during the hours 7:30 pm to 10 pm pst ... it is a waste of time 90% of the time

If you cannot think fast and know chart patterns , candle sticks etc etc really really well I would stick to swing trading 4 hour charts .. you get more time to think

alot of my trading is instinct or gut felling .. I look at a chart and see something and just place trade .. making sure i have good tight stop loss

I trade alot of different things that all seem to come fast to me .....
Blogging daily now at www.volume.zone
  • #112,047
  • Sep 9, 2008 10:52pm Sep 9, 2008 10:52pm
Quoting Raza
Thats what I thought......
Thanks.

if the triple top you speak of is the triple test of 189.20 ... then no it is not a triple top as each consecutive low on a 15 min chart has formed higher lows = ascending triangle = bullish breakout pattern
Blogging daily now at www.volume.zone
  • #112,048
  • Sep 9, 2008 10:55pm Sep 9, 2008 10:55pm
have a great night all .... got to get some sleep ......and re charge to take on euro / us overlap and beyond
Blogging daily now at www.volume.zone
  • #112,049
  • Sep 9, 2008 10:55pm Sep 9, 2008 10:55pm
Quoting malcolmb14
if the triple top you speak of is the triple test of 189.20 ... then no it is not a triple top as each consecutive low on a 15 min chart has formed higher lows = ascending triangle = bullish breakout pattern
Thats what i see too. now if you look at hourly chart down from 195.50 that could ba triple bottom which is strong reversal pattern..
Price does what price wants , I just need to be prepared.
  • #112,050
  • Sep 9, 2008 10:55pm Sep 9, 2008 10:55pm
Quoting malcolmb14
if you know the 30 min pattenrn and direction then you can trade that on a smaller time frame

for example on 15 min right now we have ascending triangle with possible breakout 189.20 top .

There fore I would be looking for pull backs on short time frames to go long

also on a 10 min price is above both 13 and 33 sma = bullish for now with 33 sma heading up

now this is not to say that everything could not change in a heart beat and the pair could collapse and if we break 188.80 we are below the 33 sma on the 5 min and may head down into 188

also you cannot trade anything less than 10 min this time as this is the quiet time ..... no trading during the hours 7:30 pm to 10 pm pst ... it is a waste of time 90% of the time

If you cannot think fast and know chart patterns , candle sticks etc etc really really well I would stick to swing trading 4 hour charts .. you get more time to think

alot of my trading is instinct or gut felling .. I look at a chart and see something and just place trade .. making sure i have good tight stop loss

I trade alot of different things that all seem to come fast to me .....
Now that was VERY helpful Now I see what you mean by looking at the larger timeframe but trading off the smaller .. just for scalping of course.

Being a Gemini, I think pretty fast, in fact both of us do And I do know candle patterns well .. but do not use the patterns like ascending triangles etc that much ..just a personal thing. I also trade by gut which is why I am specializing in the GY, apart from being the most fun to trade, I feel like I am getting to know her little idiosyncricies very well .. so it is just a matter of time & I shall own her. MU-hahahahaha..... (evil laugh)
  • #112,051
  • Sep 9, 2008 10:57pm Sep 9, 2008 10:57pm
might as well as we have so many opinions, its neat to see who's might play out. if we go down, which is likely with the bearish flag/pennant, or whatever it is, we have our targets highlighted as 1, 2, and 3 in grey. I find that nine times out of ten, the pennant will target the width of the base of the pennant from the breakout point. so the widest point, drawn as an eqidistant channel beyond the breakout. lets see. good trading. M.
Attached Image
  • #112,052
  • Sep 9, 2008 11:10pm Sep 9, 2008 11:10pm
Quoting mudskipper
might as well as we have so many opinions, its neat to see who's might play out. if we go down, which is likely with the bearish flag/pennant, or whatever it is, we have our targets highlighted as 1, 2, and 3 in grey. I find that nine times out of ten, the pennant will target the width of the base of the pennant from the breakout point. so the widest point, drawn as an eqidistant channel beyond the breakout. lets see. good trading. M.
I'm cool with either way let the move begin...
Price does what price wants , I just need to be prepared.
  • #112,053
  • Sep 9, 2008 11:13pm Sep 9, 2008 11:13pm
Hi all, I'm back after a year at the sidelines.
AUDUSD just bounced off the upper channel wall, possibly great profit opportunity with small risk.
Just joking..
  • #112,054
  • Sep 9, 2008 11:16pm Sep 9, 2008 11:16pm
Quoting malcolmb14
close but no ...price has to cross the 14 sma .. if there is enough room from 14 to 33 then go long. You need at least 30 pips gap to pay for spread / creep and make a little. Price may stall on 33 sma. If it crosses above the 33 sma then so much the better . By the time cross overs happen you have missed half the trade.

A lot of my trading also comes from having traders intuition. There is no holy grails in this game , no one indicator will work all the time

Knowing when to trade and when not to trade ( like now as I only trade the 1st 2.5 hours of asia before it all dies down)

gbpchf long on breakout 1.9890
Thanks for youre help,what TF do you use for this strtegy
  • #112,055
  • Sep 10, 2008 12:32am Sep 10, 2008 12:32am
alright whats the news with this spike, and don't say due to triangular breakout because there was definitely news in this one. ASX and Nikkei all spiked up simultaneously
  • #112,056
  • Sep 10, 2008 12:33am Sep 10, 2008 12:33am
Quoting Eulogy
alright whats the news with this spike, and don't say due to triangular breakout because there was definitely news in this one. ASX and Nikkei all spiked up simultaneously
KDB seeks to buy Lehman
Good selling opportunity for those waiting for a bounce
The Only Constant Is Change!
  • #112,057
  • Sep 10, 2008 12:39am Sep 10, 2008 12:39am
Quoting JazzmanQ2
KDB seeks to buy Lehman
Good selling opportunity for those waiting for a bounce
what? they walked away didn't they?
  • #112,058
  • Sep 10, 2008 12:42am Sep 10, 2008 12:42am
Quoting Eulogy
what? they walked away didn't they?
nope i think they want to now
  • #112,059
  • Sep 10, 2008 12:47am Sep 10, 2008 12:47am
something really took the market by surprise in those few minutes. ASX and Nikkei indicies both spiked at least 1% in 20 seconds, essentially a mid day trading gap, very unusual.
  • #112,060
  • Sep 10, 2008 12:47am Sep 10, 2008 12:47am
Can anyone confirm that news report, I'm seeing rumors of Goldman, and KDB, all unsubstantiated so far?
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