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

  • #143,621
  • Nov 26, 2008 5:29pm Nov 26, 2008 5:29pm
Quoting malcolmb14
one thing about ew is that it is very open to interpretation

I tried it and found fib retracements and extensions to work way better ...just my experience

think it was a surprise for price to stop at 147.75 on the spike??? to the tick it was the 78.6 % fib retrace of the down move.

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Well Said, Malcolm
  • #143,622
  • Nov 26, 2008 5:33pm Nov 26, 2008 5:33pm
oanda reversed the spike , did anyone else got their trades off the spike reversed?
  • #143,623
  • Nov 26, 2008 5:33pm Nov 26, 2008 5:33pm
Quoting malcolmb14
one thing about ew is that it is very open to interpretation

I tried it and found fib retracements and extensions to work way better ...just my experience

think it was a surprise for price to stop at 147.75 on the spike??? to the tick it was the 78.6 % fib retrace of the down move.
I agree Malcolmb, I'm just trying to use it to anticipate which level makes the most sense to place a limit order. I caught that spike because my limit sell was at 1.4760, and EW made sense with respect to fibs.
What's that smell?
  • #143,624
  • Nov 26, 2008 5:35pm Nov 26, 2008 5:35pm
Quoting Vanhook2
Malcolmb,

What settings do you suggest for these indies?
Thanks

lilmoe is cci man ... you may want to ask him on best setting

rsi I like 14
Blogging daily now at www.volume.zone
  • #143,625
  • Nov 26, 2008 5:35pm Nov 26, 2008 5:35pm
Quoting jon clogger
I agree Malcolmb, I'm just trying to use it to anticipate which level makes the most sense to place a limit order. I caught that spike because my limit sell was at 1.4760, and EW made sense with respect to fibs.
it is an excellent tool for a lot of traders.
  • #143,626
  • Nov 26, 2008 5:39pm Nov 26, 2008 5:39pm
Trading indicators takes time and experience to correctly interpret.
  • #143,627
  • Nov 26, 2008 5:42pm Nov 26, 2008 5:42pm
Quoting mktjong
One thing that am confused why terrorist attack in India would cause people to buy Yen pairs?
their crazy..
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #143,628
  • Nov 26, 2008 5:59pm Nov 26, 2008 5:59pm
Even good traders go through bad periods in a market like we have here. There is so much craziness and adrenalin flowing, that you need a sedative to calm you down, hehehehe.

Back off and rest your mind. Come back when you are rested and fresh.
  • #143,629
  • Nov 26, 2008 6:02pm Nov 26, 2008 6:02pm
i can see bears coming into play next few hours - thoughts pls

maybe not lol
  • #143,630
  • Nov 26, 2008 6:08pm Nov 26, 2008 6:08pm
Quoting cohiba pips
i can see bears coming into play next few hours - thoughts pls
I see it. Price needs to go down to level that is cheap enough to attract buyers.
i would like it as a buy around 1.40 if I can get my price.
  • #143,631
  • Nov 26, 2008 6:11pm Nov 26, 2008 6:11pm
I see a good selling opportunity coming up after the upward moment fails, around 147.
Attached Image (click to enlarge)
Click to Enlarge Name: geppy hourly 2.gif Size: 26 KB
  • #143,632
  • Nov 26, 2008 6:14pm Nov 26, 2008 6:14pm
Quoting ovaforty
I see it. Price needs to go down to level that is cheap enough to attract buyers.
i would like it as a buy around 1.40 if I can get my price.

not right now bud maybe in a few hours i'll take a short maybe before lets see
  • #143,633
  • Nov 26, 2008 6:15pm Nov 26, 2008 6:15pm
Quoting cohiba pips
i can see bears coming into play next few hours - thoughts pls

maybe not lol
I agree... I'm about to short G/U and G/J
  • #143,634
  • Nov 26, 2008 6:17pm Nov 26, 2008 6:17pm
Quoting cohiba pips
not right now bud maybe in a few hours i'll take a short maybe before lets see
In a few hours you will be shorting the bottom of the range.
  • #143,635
  • Nov 26, 2008 6:23pm Nov 26, 2008 6:23pm
If this Geppy holds the range, she will reverse again. If she breaks out, she will retrace and retest.
Exploit it.
  • #143,636
  • Nov 26, 2008 6:25pm Nov 26, 2008 6:25pm
Quoting ovaforty
In a few hours you will be shorting the bottom of the range.

lol mate went short no worries i totally agree
  • #143,637
  • Nov 26, 2008 6:25pm Nov 26, 2008 6:25pm
Trade with logic and good odds. Forget your bias.
  • #143,638
  • Nov 26, 2008 6:28pm Nov 26, 2008 6:28pm
Quoting cohiba pips
lol mate went short no worries i totally agree
The risk to reward on this position has been very good so far. I don't know when the break out is coming, yet.
  • #143,639
  • Nov 26, 2008 6:32pm Nov 26, 2008 6:32pm
Look at this beautiful triangle wedge formation. She must test both ends until a breakout occurs.
Attached Image (click to enlarge)
Click to Enlarge Name: geppy hourly 3.gif Size: 26 KB
  • #143,640
  • Nov 26, 2008 6:34pm Nov 26, 2008 6:34pm
Watch for head fakes and false breakouts, should they occur. Stick to your trading plan.
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