I'm short at 137.47 area looking for a nose dive after it settles down a bit hopefully!
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #146,664
- Dec 5, 2008 2:33pm Dec 5, 2008 2:33pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
"Millionaires don't use astrology, billionaires do"
- #146,665
- Dec 5, 2008 2:34pm Dec 5, 2008 2:34pm
Nope - just stare at the computer a lot analyzing this pairs behaviour. . . If you do that for lots of hours you start to see behaviour patterns in GJ!
Also, you gotta think like the market and market makers who control these moves. We are just a pimple on an elephants butt with our small position in the big scheme of things. . .
I have to admit i'm new, i have yet to learn about DPs, S/Rs.
- #146,666
- Dec 5, 2008 2:35pm Dec 5, 2008 2:35pm
- Joined Jan 2007 | Status: Trader | 3,719 Posts
Nihil Sine Deo.
- #146,668
- Dec 5, 2008 2:38pm Dec 5, 2008 2:38pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
How do you even project 137.50??
"Millionaires don't use astrology, billionaires do"
- #146,670
- Dec 5, 2008 2:44pm Dec 5, 2008 2:44pm
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
btw q,
weren't you suppose to be off to enjoy the life?
what are you doing in here still? (j/K)
weren't you suppose to be off to enjoy the life?
what are you doing in here still? (j/K)
- #146,671
- Dec 5, 2008 2:44pm Dec 5, 2008 2:44pm
- Joined Oct 2007 | Status: Trader | 5,510 Posts
How do you even project 137.50??
If you want to learn start with pivots which are a great source to give clues where the market might go. . . Then weigh that against what your charts are telling you. . . Sometimes it's very clear once the moves have started. Other times it's best to sit and be patience until you can see a clear set-up. . .
Eventually you'll start to see obvious patterns over and over again. . .
Best thing is to remove emotions from the trade and don't get spooked!
Stick with the trade after you have done due diligence with risk analysis of course. . .
- #146,672
- Edited 2:59pm Dec 5, 2008 2:46pm | Edited 2:59pm
- Joined May 2008 | Status: has long shorts | 2,584 Posts
oh well what do you know... worked as a charm.
volume ROCKS!!!
test is a downbar preferably low spread, closing in the middle in an area of previous high vol down bars. it means they drove prices down and looked who was willing to jump onto the selling board. since there was less selling, prices could go up and lcose back in the middle. this shows strength- you like to see this after some kind of stopping action, e.g. vol. spikes on wide spread down bars which mean somebody stepped in and bought. big instittuional traders look out for such wide spread downbars to cover shorts..otherwise they have no chances to cover without market makers skyrocketing prices up during their buying. such things knock market sideways..then test of supply and perhaps somebody else takes the opportunity and steps in to buy. it also is valuable during an uptrend since they also test market of sellers to see if they might have sombody shorting into their buying here which is unprofitable.
i have to admit i was too biased today, otherwise there was a lovely entry at 134.80, pretty safe. even tough the market opening behavior today was a clear shortcovering maneuver but i still do not think this thing is through.
monday...pretty sure session end in futures will be sold off again...and then i'll be prepared for monday.
orion is right.
price does not travel from any horizontal lines to the next, also not from fib level to other fib level, evenm tough they work because many use them.
prices are driven by marketmakers which have large orderblocks sitting at spcified levels. orderblocks eg. from big clients which want to sell gbpjpy at XXX.
today price heavily dropped on the opening. the bad news made sure that everybody shorted. this opened an opportunity for big boys to cover shorts, you can see it at that massive vol down bar with the next bar up. this maneuver followed test and buying until price shot up. next target for price to go are the recent highs, to look out if there is still enough supply left, to make it stall. since it wasn, which we saw on test bars, it went thorugh that area to the next level where enough orders are located to make the market stall. at such places where we find equilibrium, you often see testing of demand/supply and can judge from that into which direction we most likely will go after some specialists have decided market is vulnerable here to drop it. thats why trendchannels are so important. above the upper tl we are vulnerable to some specialists shorting market and vice versa the lower tl. inside the channel we can measure risk, because when price is at the bottom it will most likely travel up since we know at the upper line supply is located which is the only thing that can stop price from rising.
- #146,673
- Dec 5, 2008 2:49pm Dec 5, 2008 2:49pm
- Joined Oct 2008 | Status: aka Neal Vanderstelt | 2,902 Posts
oil down to 40 
Before Forex I was tall, and clean shaven. Now I am an Ewok.
- #146,674
- Dec 5, 2008 2:49pm Dec 5, 2008 2:49pm
- Joined Oct 2007 | Status: Trader | 5,510 Posts
btw q,
weren't you suppose to be off to enjoy the life?
what are you doing in here still? (j/K)
Yeah but my set-up finally materialized so I had to take advantage of it before to end the weekend with a bang! -
- #146,675
- Dec 5, 2008 2:51pm Dec 5, 2008 2:51pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #146,677
- Dec 5, 2008 2:51pm Dec 5, 2008 2:51pm
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
Lo!
Yeah but my set-up finally materialized so I had to take advantage of it before to end the weekend with a bang! -
- #146,678
- Dec 5, 2008 2:52pm Dec 5, 2008 2:52pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
"Millionaires don't use astrology, billionaires do"
- #146,680
- Dec 5, 2008 2:55pm Dec 5, 2008 2:55pm
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Covered cable longs on last blast 15m bar hi, no need holding anything these days. Each morning the song bird sings his song for he knows food is plentiful have a good weekend peeps