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  • #7,821
  • Jan 29, 2009 2:47am Jan 29, 2009 2:47am
I'm also watching 1.3000 - 1.2988 on EURUSD. Could be good for a scalp.
  • #7,822
  • Jan 29, 2009 2:48am Jan 29, 2009 2:48am
Quoting bumasoft
Thank you, RC! I have a question. How do you trade the news? You wait for the spike to break S/R lines and then get in on retracements in the direction of the news spike?
I don't recommend trading the news. I know all those pips look tempting but don't do it, you'll most likely lose much more than your stop.

There's too much market manipulation. It is possible to trade the news anticipation then get out before the actual announcement.
  • #7,823
  • Jan 29, 2009 2:49am Jan 29, 2009 2:49am
Quoting RedCabbage
I don't recommend trading the news. I know all those pips look tempting but don't do it, you'll most likely lose much more than your stop.

There's too much market manipulation. It is possible to trade the news anticipation then get out before the actual announcement.
Ah, ok. Got it. Thanks
  • #7,824
  • Jan 29, 2009 2:56am Jan 29, 2009 2:56am
Quoting RedCabbage
I still haven't established which is the best timeframe to use to be honest. I've heard some use London/Europe as it is the central session for the day and others using the TZ of the current market i.e. asia, europe, us.
Yes I've seen other people posing that question and discussing the conundrum. But I never considered it to be that important before as I concentrated on the highs and lows for Fib analysis and Elliott wave.

Quoting RedCabbage
My simple solution is to focus on activity in 1h charts because you know that everyone can see what you can therefore price could be driven the way you want.
So do you not look at 4 hour bars at all? Or just use the obvious tops and bottoms of the intermediate trends in the 1 hour chart to search for the right looking price action?

Quoting RedCabbage
Alternatively GMT+1 actually aligns you with US EST as that is -5hours from GMT.
Now that is thinking out of the box! I like it -
RegardsPaul Eamonn
  • #7,825
  • Jan 29, 2009 3:20am Jan 29, 2009 3:20am
Quoting RedCabbage
I hope everyone had a good day yesterday. Although I wouldn't recommend trading the news, the Fed IR decision meant many of my s/r levels were hit and some good pips were to be had.

By my calculations there were around 1000 pips on the table, I hope you took some.
Im still short GBPUSD. Going to keep it for as long as possible. Stop's at break even so its a free ride
  • #7,826
  • Jan 29, 2009 3:24am Jan 29, 2009 3:24am
Here is my current shorts...

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 26 KB
  • #7,827
  • Jan 29, 2009 3:33am Jan 29, 2009 3:33am
Quoting Shermenator
Here is my current shorts...

Attachment
Do you use indicators for S/R lines? I see you have some sort of pivots there.
  • #7,828
  • Jan 29, 2009 3:38am Jan 29, 2009 3:38am
Quoting bumasoft
I'm also watching 1.3000 - 1.2988 on EURUSD. Could be good for a scalp.
Hi Bumasoft - allowing my Elliott wave tendency to rear its ugly head again, I think the turn - if there is one - will be a bit higher. Maybe around the 13030 area. This isn't anything to do with supply and demand, it is more to do with the rule that a wave 4 should never overlap the extreme of a wave 1. And, if my reading of the waves is correct, we are at the end of a corrective wave C of wave 4.

Personally I have added a few flexible guidelines to that cardinal rule. But still, I'm not sure it will go as low as 13000.
RegardsPaul Eamonn
  • #7,829
  • Jan 29, 2009 3:41am Jan 29, 2009 3:41am
Quoting PaulEamonn
Hi Bumasoft - allowing my Elliott wave tendency to rear its ugly head again, I think the turn - if there is one - will be a bit higher. Maybe around the 13030 area. This isn't anything to do with supply and demand, it is more to do with the rule that a wave 4 should never overlap the extreme of a wave 1. And, if my reading of the waves is correct, we are at the end of a corrective wave C of wave 4.

Personally I have added a few flexible guidelines to that cardinal rule. But still, I'm not sure it will go as low as 13000.
Thanks, Paul. I'm not going long though. I don't want to have huge stop losses. Been there and been beaten hard . So I have my orders stacked at 1.3000 - 1.2988. If it gets there, fine, if not, then I'll look forward for the next opportunity.

Edit: On what timeframe are you counting the waves?
  • #7,830
  • Jan 29, 2009 3:41am Jan 29, 2009 3:41am
Hi Guys

Can someone please provide web link for Sam Seldens site.


Thanks Gerard
  • #7,831
  • Jan 29, 2009 3:43am Jan 29, 2009 3:43am
Quoting bumasoft
Edit: On what timeframe are you counting the waves?
Never mind. I see what you mean. Wave 1 has a high at 1.3034. I still hope price will reach lower
  • #7,832
  • Jan 29, 2009 3:50am Jan 29, 2009 3:50am
Quoting Gerard212
Hi Guys

Can someone please provide web link for Sam Seldens site.


Thanks Gerard
http://samseiden.com
  • #7,833
  • Jan 29, 2009 3:59am Jan 29, 2009 3:59am
Quoting bumasoft
Thanks, Paul. I'm not going long though. I don't want to have huge stop losses. Been there and been beaten hard . So I have my orders stacked at 1.3000 - 1.2988. If it gets there, fine, if not, then I'll look forward for the next opportunity.

Edit: On what timeframe are you counting the waves?
I've attached a couple of charts to show my calculations. It is easier than trying to explain it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurousd 1 hour.gif Size: 18 KB
Click to Enlarge Name: eurousd 15 min.gif Size: 15 KB
RegardsPaul Eamonn
  • #7,834
  • Jan 29, 2009 4:03am Jan 29, 2009 4:03am
Quoting PaulEamonn
I've attached a couple of charts to show my calculations. It is easier than trying to explain it.
Yup, seems logical and now I see there actually is some support around 1.3030 and I didn't see that. Too bad
  • #7,835
  • Jan 29, 2009 4:04am Jan 29, 2009 4:04am
By way of a caveat (we Elliotticians have a lot of those), the last attempt at 13330 may have been was is called 'a wave 5 failure'. In which case this down wave would be the wave 1 of a larger degree down move. If this is the case then the market will fall short of yesterday's high, possibly only making a 50% retracement. But a 50% retracement would be a hell of a scalp to take!
RegardsPaul Eamonn
  • #7,836
  • Jan 29, 2009 4:12am Jan 29, 2009 4:12am
Quoting Gerard212
Hi Guys

Can someone please provide web link for Sam Seldens site.
Here you go -

http://www.tradingacademy.com/
RegardsPaul Eamonn
  • #7,837
  • Jan 29, 2009 4:18am Jan 29, 2009 4:18am
Quoting PaulEamonn
Here you go -

http://www.tradingacademy.com/
Ooops sorry. I didn't see that Bumasoft had posted his personal site. The link I put up has quite a few videos of his but I guess they will be on his site too. Ho hum!

Anyway, thanks for the other link Bumasoft. I'll take a look at it today and see if he has anything new on there.
RegardsPaul Eamonn
  • #7,838
  • Jan 29, 2009 5:09am Jan 29, 2009 5:09am
Easy money

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 26 KB
  • #7,839
  • Jan 29, 2009 5:17am Jan 29, 2009 5:17am
Quoting Shermenator
Easy money

Attachment

Nice

I had 11567 marked up - didn't take it.
  • #7,840
  • Jan 29, 2009 5:21am Jan 29, 2009 5:21am
Quoting RedCabbage
Nice

I had 11567 marked up - didn't take it.
Thanks bro
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