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

  • #162,521
  • Feb 26, 2009 11:18am Feb 26, 2009 11:18am
Quoting Pipsqueak
GU bounced off the 50% fib to the pip at 1.4382. Now it's ranging between the 4H 50ema and this 50% fib level. I'm not sure which way it'll break. GU is very bearish as it is still trading below the daily 50 ema but then 1.42 is acting like a brick wall support so I really don't which way it will go. I'm just waiting and hoping for GJ to retrace again and reenter long. I'm dip buying my way to riches.
We also have a hidden bearish divergence on the hr. The Stochastics appear overbought and the cci bounced on the 100 support level.

I think a 4hr retrace to the 5-sma is also due.

Darn...still tied to these indicators lol.
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  • #162,522
  • Feb 26, 2009 11:21am Feb 26, 2009 11:21am
Quoting GodfreyH
I'll re-enter long if price close over both the 4hr 50 ema (blue line)and the day 5-sma (yellow line)
Hey Godfrey I have an indicator which I need to edit. Can you help me?

I think it could be useful for other guys here too. It's an indicator similar to "market profile" which Obaidah posted earlier but this is better in the matter of being less CPU intensive. I've found that "market profile" is very CPU consuming and if you open several charts it slows the application.

This one is very lightweight. On the other hand it shows the levels for as much bars as you want on your chart and despite "market profile" is not limited to the daily bars.

But the problem is that the indicator just overlaps several bars on chart and makes seeing candles little bit difficult. I wanted to ask you if you can edit the code so that it shows those red horizontal bars at the most left or most right side of the screen (which ever side you think is better ... or may be put an optional field that user can set if he wants it to be displayed whether on right side or left side of the chart) and when user select chart shift on platform, the indicator doesn't overlap the candles and just fits the right (or left) corner.

BTW I set "steps" filed on 20 to make it display the bars thinner on chart for better chart reading.

Here is the indicator. I appreciate the time.
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Discipline + Patience - Fear - Greed = Success
  • #162,523
  • Feb 26, 2009 11:26am Feb 26, 2009 11:26am
Quoting ukdaytrader
Not an abundance of sellers either.....

No indication of ES or Dow tankage yet...

I guess we'll see what the market has in store for us.

for swing trader it is still buy the dips till 50 sma on 4 hour taken out ( about 134)

i was just talking about a nice little intraday scalp , as for me anyway, i can spend minimum time in the markets for anything from 50 - 300 pips just trading ranges. This mornings one 140.80 to 140.20 was great .. traded it 4 times and left the last one on as could see the ES getting stronger. i closed that at old highs 141.50 . The US / euro overlap was unreal today with loads of nice sets up and volatility

The thing is the last dip on gj to 138 zone was caused by a move dowen in GU ... and it is looking weak on the 60 min charts again . We could see a 100 - 200 pip move down in GU according to 60 min between now and London ( lol and we could see the 60 min chart gu completely change between now and then also) , but as long as GU 60 min stays looking toppy with rsx curling down I think sell rallies on 5 min ... seems to be working

If GU plays out Gj could be setting up in 300 pip channel 140 ish to 137 ish
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  • #162,524
  • Feb 26, 2009 11:27am Feb 26, 2009 11:27am
Quoting arezab
Hey Godfrey I have an indicator which I need to edit. Can you help me? ...
Well I do have some other projects working on, that I have sort of neglected, so this looks like over the weekend.
  • #162,525
  • Feb 26, 2009 11:29am Feb 26, 2009 11:29am
Quoting GodfreyH
Well I do have some other projects working on, that I have sort of neglected, so this looks like over the weekend.
Ok
Discipline + Patience - Fear - Greed = Success
  • #162,526
  • Feb 26, 2009 11:40am Feb 26, 2009 11:40am
Quoting GodfreyH
Well I do have some other projects working on, that I have sort of neglected, so this looks like over the weekend.
Hi!
what do you think about Malc's RSX indicator, do you think you will have the time to write a mt4 version?

Marc
  • #162,527
  • Feb 26, 2009 11:54am Feb 26, 2009 11:54am
Quoting Big Bruv
hello people hope you having a good day...

off topic..baby...but looks like USD/CAD is about to plummet to the oblivion....
can u explain to me why do u think so
  • #162,528
  • Feb 26, 2009 12:01pm Feb 26, 2009 12:01pm
Quoting malcolmb14
for swing trader it is still buy the dips till 50 sma on 4 hour taken out ( about 134)

i was just talking about a nice little intraday scalp , as for me anyway, i can spend minimum time in the markets for anything from 50 - 300 pips just trading ranges. This mornings one 140.80 to 140.20 was great .. traded it 4 times and left the last one on as could see the ES getting stronger. i closed that at old highs 141.50 . The US / euro overlap was unreal today with loads of nice sets up and volatility

The thing is the last dip on gj to 138 zone...
hi malcolm, following ur channel trading system. problem is i set tp close to the utl or ltl of the channel. sometimes i close manually. this has cost me lot of pips especially when there's a big move like some few hrs ago. how do catch these big moves? any help will be fine. thanks.

edit: how do catch these trending channels so fast?
  • #162,529
  • Feb 26, 2009 12:04pm Feb 26, 2009 12:04pm
Quoting marcb
Hi!
what do you think about Malc's RSX indicator, do you think you will have the time to write a mt4 version?

Marc

there is one .... not with sma though
Blogging daily now at www.volume.zone
  • #162,530
  • Feb 26, 2009 12:11pm Feb 26, 2009 12:11pm
Quoting sometospend
can u explain to me why do u think so

....fundamentally the dollar is toast..and commodities are set to explode..baby
...technically we have retraced 50% of last down moved and now in a wedge...
..i'm betting that we break down...baby..i could be wrong but i have been selling it every 100 pips above 2500.
  • #162,531
  • Feb 26, 2009 12:15pm Feb 26, 2009 12:15pm
Quoting dialpips
hi malcolm, following ur channel trading system. problem is i set tp close to the utl or ltl of the channel. sometimes i close manually. this has cost me lot of pips especially when there's a big move like some few hrs ago. how do catch these big moves? any help will be fine. thanks.

edit: how do catch these trending channels so fast?

easy i use dialy fib pivots and volume profile to spot ranges.

I trade a 3 min chart

right now been short off 141.5 and do see it dropping into 140.20 .. been an awesome day .. only one set up that I did not like off bottom of channel , other than that when you know what to look for all the entrys were mapped out.

A lot of the time I look at volume and price action / candle patterns only and manage risk ,

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  • #162,532
  • Feb 26, 2009 12:19pm Feb 26, 2009 12:19pm
now if the ES bounces GJ will break 140.87 and go test 141.50 again .... but for now i move stops down to just above the daily fib pivot at 140.87... and hope that 140.30 is hit. stop locks in 45 pips


gj is also knocking on the door of the upper value area ...]

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  • #162,533
  • Feb 26, 2009 12:20pm Feb 26, 2009 12:20pm
My opinion: If qqe 30 mins crosses down, and the candle closes under gann,
that's a potential 150 pips. What do you all think?


Kingmaker
  • #162,534
  • Feb 26, 2009 12:21pm Feb 26, 2009 12:21pm
Quoting malcolmb14
there is one .... not with sma though
Hi Malc - What are the "periods" and "smoothing" on the rsx?

Also, is the sma line based on rsi levels? And how many periods is it averaged over?

Thx!
  • #162,535
  • Feb 26, 2009 12:24pm Feb 26, 2009 12:24pm
Quoting Pips_Cruiser
Hi Malc - What are the "periods" and "smoothing" on the rsx?

Also, is the sma line based on rsi levels? And how many periods is it averaged over?

Thx!

I use 10 rsx ..... sma 2 ... lag on sma zero

bear in mind most of my trades are done using VSA and candles .. rsx is just a lagging indicator .... just like the rest of them . I use it for a secondary confirmation only
Blogging daily now at www.volume.zone
  • #162,536
  • Feb 26, 2009 12:25pm Feb 26, 2009 12:25pm
OK. So questions:
1) What told you to go short off 141.50, as a lot of people were expecting it to go up to 143
2) Why did you stay in it, even though there were some large green bars on the way down.
3) Can I use the volume bars in MT4 at all or are they completely useless?

Thanks for all your help

Edit: Is the large green bar that has just happened a turning point to go long in your eyes or not? Would you still hold your short to 140.20 at this point or close out
  • #162,537
  • Feb 26, 2009 12:31pm Feb 26, 2009 12:31pm
Quoting malcolmb14
I use 10 rsx ..... sma 2 ... lag on sma zero

bear in mind most of my trades are done using VSA and candles .. rsx is just a lagging indicator .... just like the rest of them . I use it for a secondary confirmation only
  • #162,538
  • Feb 26, 2009 12:31pm Feb 26, 2009 12:31pm
1.2 off on sell and stop moved really tight ...

this may bounce here

will post in a min why
Blogging daily now at www.volume.zone
  • #162,539
  • Feb 26, 2009 12:34pm Feb 26, 2009 12:34pm
Quoting gillybabe
OK. So questions:
1) What told you to go short off 141.50, as a lot of people were expecting it to go up to 143
2) Why did you stay in it, even though there were some large green bars on the way down.
3) Can I use the volume bars in MT4 at all or are they completely useless?

Thanks for all your help

Edit: Is the large green bar that has just happened a turning point to go long in your eyes or not? Would you still hold your short to 140.20 at this point or close out

easy .. look at notes on charts ...

large green bars on mt4 means volume is higher than last volume bar .. does not mean candle is green

yo last question yes that is warning to look for possible long when I see buyers comingi n on an engulfing on high vol
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  • #162,540
  • Feb 26, 2009 12:36pm Feb 26, 2009 12:36pm
Quoting malcolmb14
I use 10 rsx ..... sma 2 ... lag on sma zero

bear in mind most of my trades are done using VSA and candles .. rsx is just a lagging indicator .... just like the rest of them . I use it for a secondary confirmation only
please i need help on where to get information on malcolms RSX indicator and the instruction on setting up and using it.
i would appreciate malcolms help or anyones help.
thank you.
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