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

  • #157,161
  • Jan 30, 2009 7:54pm Jan 30, 2009 7:54pm
dearest all

Im mentoring aida1960 and she invited me to pen my thought coz she believes she does owe to some of you here and she want me to personally share my methods which I call : RELAX n ENJOY MAKING MONEY

been trading since 1988. doing all hourly candlestick charts manually then swissfranc and deutchemark and british pound. firstly RELAX and HAVE FUN MAKING MONEY

1. for newbies just check out this www.patternsite.com

2. yesterday many were caught especially gbp crosses pairs. ok helpful tips always check and check and check chart pattern combined with simple indicator and look for classic or simple divergence on the bigger time frame charts. go all the way to monthly and work backward weekly, daily,.......

3. it does scare me when so many new traders especially during this internet trading now going for scalping even to the 1 minute time frame. no doubt and believe some are making money but please allow yourself and be fair to oneself while you are trading the smaller time frame do demo trading on the bigger time frame say 4h, daily and feel the enjoying moment seeing your demo account growing by 1000's pips. so will feel so relax and start enjoying being a true trader

4. forget the adventures or the fun of telling your mates that you are an fx trader. know why you are doing this in the first place. are you here to have fun and the thrill and the suspense or are you here want to make money.
you can make tons of money trading spot fx. you have to have that believe first. never ever start with the idea of will try this trading. definite no. set your mind and goals to be so rich and wealthy by being a trader. do it right from the very first time. plant it deep in your heart that you are enjoying making money trading spot fx. do that before you start funding your live account and be very comfortable with feeling that you have found a new to wealth and yes it is a real, tangible and achievable. all your dreams are realities. all your need is doing your homeworks and study simple technical indicators. for me I trusted macd and rsi. from price charts are the support and resistance, chart patterns, trendlines, fibo numbers.

YOU have to enjoy and love every moment of trading life then you are definitely on your way to true wealth. Start it right with full confidence and believe.

Cheers to all and be happy making money al the time........
Eddie "Moneymagnet"
Loving Life.............
  • #157,162
  • Jan 30, 2009 8:01pm Jan 30, 2009 8:01pm
Quoting malcolmb14
I am guessing you got in here , as if you took the long signal in the us session you would have made 150 pips

use a stop , 1.2 x atr (21) works well . and if you get a long trigger close the sell position right away or move stop in close on it

Attachment
Malc, how do you use your numbering of the highs and lows?
Dr. C
  • #157,163
  • Jan 30, 2009 8:01pm Jan 30, 2009 8:01pm
hey malcomb . . . what you seeing on the euro? i'm sensing a big drop next week . . .

the fraudexes did not finish strong this week at all. that treasury supply was too much for futures to handle. the united states government does not get it.
"Don't trade to trade . . . trade to win." - James16
  • #157,164
  • Jan 30, 2009 8:50pm Jan 30, 2009 8:50pm
Quoting malcolmb14
I am guessing you got in here , as if you took the long signal in the us session you would have made 150 pips

use a stop , 1.2 x atr (21) works well . and if you get a long trigger close the sell position right away or move stop in close on it

Attachment
thanks , what is atr? as my name indicates im very new to all this
  • #157,165
  • Jan 30, 2009 8:58pm Jan 30, 2009 8:58pm
Quoting malcolmb14
I am guessing you got in here , as if you took the long signal in the us session you would have made 150 pips

use a stop , 1.2 x atr (21) works well . and if you get a long trigger close the sell position right away or move stop in close on it

Attachment
Hi Malcomb, can you explain to me what is 1.2 x atr (21)?...
  • #157,166
  • Jan 30, 2009 9:03pm Jan 30, 2009 9:03pm
Quoting fxnoob08
thanks , what is atr? as my name indicates im very new to all this
atr= average true range--its an indicator that shows the average price range over x number of periods--
  • #157,167
  • Jan 30, 2009 9:33pm Jan 30, 2009 9:33pm
Quoting dzackfx
Off-market rate went up to 131.08 and just went down in Asia-morning to 128.99. My bet is on lower gap next week. 200 pips gap would be nice .
where can u get this off market rate?
  • #157,168
  • Jan 30, 2009 10:09pm Jan 30, 2009 10:09pm
Can anyone forecast these two currencies - GBP/USD AND GBP/YEN for Monday - February 2nd and the rest of the week.

I am sure there are a few people who have shorted these pairs. Currently I am showing a negative balance and am lossing over 100p on a few of these trades as I sold them with an anticipation that GBP will go down, but instead it went up quite high today.

I am getting worried - should I close this pair and take a loss or should I wait next week and see if it will go down by Monday. Also can anyone forecast how high will these pairs go up by before it goes down again?

Thanks for your expertise.
  • #157,169
  • Jan 30, 2009 11:17pm Jan 30, 2009 11:17pm
Quoting fxnoob08
thanks , what is atr? as my name indicates im very new to all this

atr is the average true range , 21 is the period ,. It will take the average range of the high to low of each candle for the last 25 time frames. If you reference your stop back to it then in really choppy markets sometimes it stops you form getting stopped out
Blogging daily now at www.volume.zone
  • #157,170
  • Jan 30, 2009 11:21pm Jan 30, 2009 11:21pm
Quoting aida1960
dearest all

Im mentoring aida1960 and she invited me to pen my thought coz she believes she does owe to some of you here and she want me to personally share my methods which I call : RELAX n ENJOY MAKING MONEY

been trading since 1988. doing all hourly candlestick charts manually then swissfranc and deutchemark...


this is a great post and i do not recommend new traders to trade like I do

I would like to note that the principles I apply to my day trading can also be used on the higher time frames , so even though I find it less stressful to may be only be in the market for part of a session ( that is just me ) the best way is to trade off the higher time frames and wait for the right spot to enter.
Blogging daily now at www.volume.zone
  • #157,171
  • Jan 30, 2009 11:30pm Jan 30, 2009 11:30pm
Quoting Flem26
hey malcomb . . . what you seeing on the euro? i'm sensing a big drop next week . . .

the fraudexes did not finish strong this week at all. that treasury supply was too much for futures to handle. the united states government does not get it.

mmm ... I see a possible channel ..... 1.2815 to 1.3335....

the rsx on 4 hour is so oversold this thing has to bounce and we have a slight hidden bullish div on rsx daily.

this could be a test of support .... before reversing .

The dx is still looking like it is in up trend for now and the euro futures looks like they may also retrace at least on the 4 hour

I would watch this for a retracement off support 1st . i do not think that it will just plow thru support and if it does in any session other than euro or US session it is liekly a fake break out

Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 39 KB
Blogging daily now at www.volume.zone
  • #157,172
  • Jan 30, 2009 11:31pm Jan 30, 2009 11:31pm
Quoting moneybookers
where can u get this off market rate?

if this does gap down , that just confirms the move to 135 / 140
Blogging daily now at www.volume.zone
  • #157,173
  • Jan 30, 2009 11:35pm Jan 30, 2009 11:35pm
Quoting Naz
Can anyone forecast these two currencies - GBP/USD AND GBP/YEN for Monday - February 2nd and the rest of the week.

I am sure there are a few people who have shorted these pairs....

If we do not see a reversal day on Monday in US session .... these pairs could go to 1.5000 on gu and 135 to 140 on gj .

There was some interesting volatile action in the bond market on Thursday , traders thinking interest rates may start going up in the US . But there is no sign of that .

The fact that both pairs closed at their highs of day today could be strong signal of a reversal day Monday as pros sell into strength , however if we see gaps down or a good move down in Asia, then this up move will continue. If we get a gap up , this would show we may get the reversal .
Blogging daily now at www.volume.zone
  • #157,174
  • Jan 31, 2009 12:50am Jan 31, 2009 12:50am
Quoting moneybookers
where can u get this off market rate?

Try here

http://www.forex-markets.com/quotes.htm

or

www.xe.com

Heard that the first one is more accurate. Confirm that myself last weekend.
  • #157,175
  • Jan 31, 2009 1:00am Jan 31, 2009 1:00am
Quoting Naz
Can anyone forecast these two currencies - GBP/USD AND GBP/YEN for Monday - February 2nd and the rest of the week.

I am sure there are a few people who have shorted these pairs....
I've shorted GJ too, but quickly corrected it with bigger hedge long.I realized my mistake, getting a lot of pips shorting 2 days during the Asian session, the third time it finally got through the resistance. My net result for this day was a small loss. But the last few days shorting have made up for it. Most important thing: I closed all positions at the end of trade today. No surprises for Sunday.

My take for next week: No Idea, just going to watch price action during the first few hours on Sunday and then decide.
Don't forget that ADP and Labor Department numbers come out next week. It's not going to be funny.

Orca
New voice message: Why are you calling me? If I need you, I'll call you!
  • #157,176
  • Jan 31, 2009 1:58am Jan 31, 2009 1:58am
Quoting Naz
Can anyone forecast these two currencies - GBP/USD AND GBP/YEN for Monday - February 2nd and the rest of the week.

I am sure there are a few people who have shorted these pairs....
hi dear

Im now thankful to eddie for taking me in as a student. his one very important advice: if messy just stay out, don't worry be happy coz in spot fx there's market everyday. never trade because you have to trade, only trade when you are sure why you go in the trade so if you win you know why and if you loose, print the chart and put in never ever repeat mistake notebook journal for future reference.

secondly, there are so many pairs, find pairs that match your decision making checklist to enter a trade. at the moment Im seeing eur/usd. if she does not break 1.2760 go in buy. if you buy on friday close there is small risk of 51 pips. if she goes up this time just buy with all money can buy and go for holiday. wait for final confirmation this coming monday or coming week. if she does go eur will fly with its own wings............

technically

1. there is a pin-bar or a hammer call whatever you like on the 60m chart. normally it will retrace a bit before you go in. but now I believe its small risk to buy.

2. 240m waiting for next bar to confirm a morning star and with it comes the beautiful sunrise

3. falling wedge on many timeframes- check it out personally to satisfy yourself ok. first break will be 237 pips before retrace back to break-out trendline and will fly again there after

my 2 cent ok. hope and pray all of us here making for every single trade. know why you go in for every trade.

see you in the hawaii.......cheers to all
Loving Life.............
  • #157,177
  • Jan 31, 2009 2:34am Jan 31, 2009 2:34am
Quoting dzackfx
Try here

http://www.forex-markets.com/quotes.htm

or

www.xe.com

Heard that the first one is more accurate. Confirm that myself last weekend.
thanks for the links but i wonder why the GBP/USD & USDJPY quoted dontnt match GJ numbers?
GU*UJ=GJ,but that doesnt match,different closing time?
  • #157,178
  • Jan 31, 2009 2:39am Jan 31, 2009 2:39am
Quoting Naz
Can anyone forecast these two currencies - GBP/USD AND GBP/YEN for Monday - February 2nd and the rest of the week.

I am sure there are a few people who have shorted these pairs....
just my reading ok since Im focus on eur

looks like gbp since it broke 4394 next target will be 4772 then may hit 5104. very near term target 4570 may retrace a bit before going on again let see how it goes coming monday and next week.

according to my mentor never try to anticipate price his advice: only trade what you see, if not clear just stay out. avoid frustration due to emotional build up of making impulsive decisions. do you homework, study the price charts and be very sure of what you want out of forex trading and put it clearly in your mind
Loving Life.............
  • #157,179
  • Jan 31, 2009 2:54am Jan 31, 2009 2:54am
Quoting Obaidah
hello everybody

I've been working on an indicator which provides signs of strength/weakness according to volume and spread analysis, i've added few conditions so that when met a sign will appear with a description (place the mouse on the sign), what it actually do is that it analysis volume, spread, close part, and it classifies volume and spread accordingly, in order to use it you must copy the following 2 indicators and plot ONLY "Volume Spread Analyzer" to your chart, the other one will work as assistant,

Since this is the very beta...

Thanks for this Obaidah, one look at the code, and I can see that you put a lot of thought into this, way more than I would have , lol. I Believe its well worth your efforts.

I still am a bit green on the whole volume aspect of trading, but the indicator is very self explanatory. Perhaps though, for the benefit of all, you could briefly explain the significance of the different colors in the volume bars.

Just one minor bug so far, which may cause some confusion in interpreting some of the signals. , I'm also thinking, the same way we optimize EA's, we can optimize indicators, I'll pm you my thoughts. Well done.
  • #157,180
  • Jan 31, 2009 3:08am Jan 31, 2009 3:08am
Quoting moneybookers
thanks for the links but i wonder why the GBP/USD & USDJPY quoted dontnt match GJ numbers?
GU*UJ=GJ,but that doesnt match,different closing time?

I believe it should a site that's much more precise then these you refer to. But I don't remember the page. Think it start with M ?
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