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

  • #142,981
  • Nov 25, 2008 10:35pm Nov 25, 2008 10:35pm
well i dont see it going down. We are slowly moving higher
  • #142,982
  • Nov 25, 2008 10:39pm Nov 25, 2008 10:39pm
Quoting plrbear
well i dont see it going down. We are slowly moving higher
so said the 240.00 bulls.

I'm actually more worried about what they're gonna throw at us tonight. Perhaps a little $1 trillion extra TARP... or a $50 billion bailout to each of the big 3 automakers. Pocket change i'm sure after all.
  • #142,983
  • Nov 25, 2008 10:40pm Nov 25, 2008 10:40pm
Quoting plrbear
well i dont see it going down. We are slowly moving higher
not really. We've just been ranging for the past four hours or so....i'm flat for the time being...asian session sucks like usual
  • #142,984
  • Nov 25, 2008 10:41pm Nov 25, 2008 10:41pm
so than most likely nothing till london than?
  • #142,985
  • Nov 25, 2008 10:43pm Nov 25, 2008 10:43pm
Quoting plrbear
so than most likely nothing till london than?
Most likely yes. I would stay flat now, ugly choppy range for now
  • #142,986
  • Nov 25, 2008 10:44pm Nov 25, 2008 10:44pm
Quoting susufx
no need for the arrogance i'm just trying to help
Where did u learn that kind of drawing? This is true if it is on lower time frame like 30 min but not hourly.
In order to consider a valid hill and valley point. Each must have 2 consecutive bars higher on left and right for valley and vice versa for hill. Well, at least this is what I have learned. You may verify with other references though.
  • #142,987
  • Nov 25, 2008 10:47pm Nov 25, 2008 10:47pm
Quoting susufx
no need for the arrogance i'm just trying to help
That may be valid on the 30 min chart, but the most recent low on the 1 hr is not yet established, you need a clear bounce to join the last low.

Either of these are valid for the 1 hr.
Attached Images
  • #142,988
  • Nov 25, 2008 10:49pm Nov 25, 2008 10:49pm
Quoting susufx
no need for the arrogance i'm just trying to help
http://www.forexfactory.com/attachme...4&d=1227674021
Your upper TL is not drawn correctly, unless, that TL belongs to a previous high of a higher timeframe.
Learning never ends.
  • #142,989
  • Nov 25, 2008 10:51pm Nov 25, 2008 10:51pm
Quoting NuckingFuts
That may be valid on the 30 min chart, but the most recent low on the 1 hr is not yet established, you need a clear bounce to join the last low.

Either of these are valid for the 1 hr.
Well we have 10minutes until the bar closes and if i does then that would make the LTL valid from my understanding.

But he was referring to UTL on his chart and from my understanding thats wrong. Take a look at it....
  • #142,990
  • Nov 25, 2008 10:51pm Nov 25, 2008 10:51pm
Those in favor of 140 raise your tails please.
  • #142,991
  • Nov 25, 2008 10:53pm Nov 25, 2008 10:53pm
Quoting mktjong
Where did u learn that kind of drawing? This is true if it is on lower time frame like 30 min but not hourly.
In order to consider a valid hill and valley point. Each must have 2 consecutive bars higher on left and right for valley and vice versa for hill. Well, at least this is what I have learned. You may verify with other references though.
hey mktjong, what i don't like about that chart is specifically the 2nd red TL (steeper one, the flatter one is fine)

I find it extremely unreliable to draw TL's if it is based off 2 points on the chart and one of them is a still developing pattern. Wait several bars and if there is a definite bounce off that point then by all means draw it in as a future reference for S/R. Otherwise the beast could just whip several hundred pips in the opposite direction effectively voiding your TL immediately after you drew it in.
  • #142,992
  • Nov 25, 2008 10:54pm Nov 25, 2008 10:54pm
Quoting kbrown
Your upper TL is not drawn correctly, unless, that TL belongs to a previous high of a higher timeframe.
Show me yours. Is his TL valid?
  • #142,993
  • Nov 25, 2008 10:57pm Nov 25, 2008 10:57pm
Quoting Eulogy
hey mktjong, what i don't like about that chart is specifically the 2nd red TL (steeper one, the flatter one is fine)

I find it extremely unreliable to draw TL's if it is based off 2 points on the chart and one of them is a still developing pattern. Wait several bars and if there is a definite bounce off that point then by all means draw it in as a future reference for S/R. Otherwise the beast could just whip several hundred pips in the opposite direction effectively voiding your TL immediately after you drew it in.
Yup ..agree. This beast is wild ..
What I've noticed: trendline is consider more reliable if coupled with an indicator like macd. Once the trendline breaks confirmed by the macd cross (or fresh cross is more reliable) then it is very valid.
  • #142,994
  • Nov 25, 2008 10:59pm Nov 25, 2008 10:59pm
Quoting susufx
lol my trading style is much different then yours. I'm testing a few things out while finetuning my trading system.

If something doesnt work for you doesnt mean it doesnt work for everyone else out there.
I suggest u can try Period Converter with a 3-min chart. for earlier entries than a 5-min when momentum is present.
CCI decipherer
  • #142,995
  • Nov 25, 2008 11:02pm Nov 25, 2008 11:02pm
Quoting sogt725
I suggest u can try Period Converter with a 3-min chart. for earlier entries than a 5-min when momentum is present.

Thanks i've downloaded the indicator and looking to test out later.
  • #142,996
  • Nov 25, 2008 11:05pm Nov 25, 2008 11:05pm
Quoting susufx
hey,

I'm not sure if anyone on here can help me out. I remember someone posting something earlier on here, im just not sure who it was so it'll take a while to search through the thread.

I'm basically looking for an indicator to convert the one minute chart into a 2minute, 3minute etc.

Can anyone help me out ?

Thanks in advance
Use this susu
Attached File(s)
File Type: mq4 Period_Converter_Opt.mq4   15 KB | 272 downloads
Discipline + Patience - Fear - Greed = Success
  • #142,997
  • Nov 25, 2008 11:06pm Nov 25, 2008 11:06pm
how about i raise my acorn?

Quoting forexlion
Those in favor of 140 raise your tails please.
Nihil Sine Deo.
  • #142,998
  • Nov 25, 2008 11:08pm Nov 25, 2008 11:08pm
Quoting arezab
Use this susu
Thanks I downloaded it earlier and bookmarked your post on how to use it. Will check it out in a bit.
  • #142,999
  • Nov 25, 2008 11:10pm Nov 25, 2008 11:10pm
Quoting susufx
Well we have 10minutes until the bar closes and if i does then that would make the LTL valid from my understanding.

But he was referring to UTL on his chart and from my understanding thats wrong. Take a look at it....
It could consolidate for another 10 bars and continue down to make its final low. It has to be an established low with a clear bounce.

Yes it may be the actual low, but it's still "in-progress" right now and cannot yet be deemed a low yet....
  • #143,000
  • Nov 25, 2008 11:10pm Nov 25, 2008 11:10pm
Quoting sogt725
I suggest u can try Period Converter with a 3-min chart. for earlier entries than a 5-min when momentum is present.
btw did you get my pm earlier?
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