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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #61
  • Edited 3:16pm Mar 8, 2009 2:38pm | Edited 3:16pm
welcome to the hole I appreciate you guys spending some of your time here. I can't thank you enough. As I said, this thread is open to anyone who has interest in learning & sharing their views & analysis. So please, this is not strictly a cable & dragon thread. Feel free to post analysis on the other majors or crosses if you have any as well.
I'm off to bed now, need to be up in 5 hours to see where my trade ends up (looking good atm - cable now 4072. see if she sticks)
I'll see you guys later, good nite & thanks again
Thank You
  • #62
  • Mar 8, 2009 3:49pm Mar 8, 2009 3:49pm
I have been saying for awhile we look like we are ready for another run up. The declination is decreasing as shown by the colored trendlines. A flattening out effect and looking strikingly like the last move down. I am sure that the long drive back to the 4700 area is not to far away. This would be a nice little carry.

Jim
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  • #63
  • Mar 8, 2009 4:00pm Mar 8, 2009 4:00pm
Yes donutman ,could be inverted hammer,was my thoughts exactly,but not sure

Quoting donutman_111
I totally agree.This thing could go either way. Inverted Hammer could mean we go back to 4300 area and I am leaning that way at first. At first glance it looks like a huge rejection at that Major DTL but you have to factor in NFP on Friday as part of that. There is also an Inside Bar trade that is still there from last Tuesday with an entry at 1.3950 and a T/P at 1.3876 and stop at 1.4025 for 75 pips if it hits.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #64
  • Mar 8, 2009 4:01pm Mar 8, 2009 4:01pm
Quoting donutman_111
I have been saying for awhile we look like we are ready for another run up. The declination is decreasing as shown by the colored trendlines. A flattening out effect and looking strikingly like the last move down. I am sure that the long drive back to the 4700 area is not to far away. This would be a nice little carry.

Jim

sure does look like the end of an ending diagonal wave set, would be a good R/R play buying today/tomorrow's lo point of the buy day few lines of intrest perhaps where just such a decline might reach.


i will be buying one of them lines on a lo volume test or a hi volume climax followed by a test

DX looks like profit taking, perhaps gonna have a party with lower TL at least
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"Millionaires don't use astrology, billionaires do"
  • #65
  • Mar 8, 2009 4:04pm Mar 8, 2009 4:04pm
Quoting donutman_111
I have been saying for awhile we look like we are ready for another run up. The declination is decreasing as shown by the colored trendlines. A flattening out effect and looking strikingly like the last move down. I am sure that the long drive back to the 4700 area is not to far away. This would be a nice little carry.

Jim
yes very nice observation
I don't use indicators for trading signals but one I like to see is RSI to see divergences
if you look at daily... you can see nice divergence. RSI has been increasing slowly since 20th jan. and price going down... so no it should be a bit oversold. and a correction is needed.
  • #66
  • Mar 8, 2009 4:10pm Mar 8, 2009 4:10pm
Usually I want to see 3 points touch for a trendline, however, in this one I shift down to the 4 Hr, ( 2nd chart ), to see how it looks. I will not look lower than the 4 Hr, I believe looking lower is counter productive. What I see is the 4 Hr DTL being tested and failing. We will know soon. If we are to go long here I would say the next level would be the 1.3000 level.

J
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  • #67
  • Mar 8, 2009 4:20pm Mar 8, 2009 4:20pm
Your right, divergence is there on the 4 hr. Nice catch.

J


Quoting emda
yes very nice observation
I don't use indicators for trading signals but one I like to see is RSI to see divergences
if you look at daily... you can see nice divergence. RSI has been increasing slowly since 20th jan. and price going down... so no it should be a bit oversold. and a correction is needed.
  • #68
  • Mar 8, 2009 4:53pm Mar 8, 2009 4:53pm
Hi Azim - thanks for the invite - I see you've already attracted some interesting posts from a bunch of well respected traders....

The support zone that I've put on my daily chart is an important one - it has held quite a few times before on the monthly chart - in 1992, '99, 2000 and '02 are the most recent - so I think it deserves some respect, even though it was broken with that ultra wide range candle back in January.

I also noticed a post on the COT reports and whilst these show the Non Commercials (speculators) are 14,845 short vs 40,294 long, the Commercials (professionals) are actually biased long at 51,539 long vs 29,039 short. With the COT reports its important to look at several weeks of data as its the change in these readings that's important, but either way I value the posture of the Commercials - aka Big Dogs - rather than the specs....http://www.forexfactory.com/images/icons/icon12.gif

Lets see what happens after FO / LO tomorrow morning.....
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Trading Levels with WRBs
  • #69
  • Mar 8, 2009 5:15pm Mar 8, 2009 5:15pm
Here is a link to CME futures calls/puts options Open intrest daily volumes
helpful for daily setiment if noone has used this before
http://www.cmegroup.com/tools-inform...=dailybulletin
"Millionaires don't use astrology, billionaires do"
  • #70
  • Mar 8, 2009 5:30pm Mar 8, 2009 5:30pm
Swing setup on the Daily GBP/JPY. I have a sell stop at 137.12 with a T/P at 136.22. 90 Pips if broken. Take trades at your own expense.

J
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  • #71
  • Mar 8, 2009 5:34pm Mar 8, 2009 5:34pm
Quoting donutman_111
Swing setup on the Daily GBP/JPY. I have a sell stop at 137.12 with a T/P at 136.22. 90 Pips if broken. Take trades at your own expense.

J
yes i agree with the short im short from 140.51 added the spike open

tp is 131.50 area for me

if everyone plays nice could be a nice swing
"Millionaires don't use astrology, billionaires do"
  • #72
  • Edited 6:08pm Mar 8, 2009 5:53pm | Edited 6:08pm
I wouldnt be suprised to see them let the air out of chunnel coming up, if not parity a must


i suspect a fake breakout and resistance on the larger decending channel
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"Millionaires don't use astrology, billionaires do"
  • #73
  • Mar 8, 2009 7:42pm Mar 8, 2009 7:42pm
5-0 pattern on 15 Tf...
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  • #74
  • Edited 8:04pm Mar 8, 2009 7:45pm | Edited 8:04pm
Quoting wormboy
Now they're amended to
1.short @4215 sl@4120
2.short @4113 sl@4150

Now I have no problems carrying trades over the weekend if the situation fits.
And this seems like a fitting situation.
Right. My stops had been triggered. Made a bit nonetheless. And the plan for me as mentioned from the previous post is to sit out until a direction is confirmed. I think I'll do just that for now as I have no signal whatsoever from my system. Cable is now back in the daily wedge and it only seems it'll get tighter before we get a breakout. I think cable needs to clear the same resistance level she failed last week before, 4150, 4265 & 4350 levels. Personally, my bias remains unchanged, which is still bearish. A close below 4150 & I will have a small short position opened, a close above 4350 & I will go the other way. Unless one of those scenario materialise, no trade for me.
Now, I'm gonna get back to sleep, it's a public holiday here & I am going to make the most of it. Catch you guys London open.
Cheers. (edit : 4120 short order placed - minimum lot size, before getting back to bed)

p/s : Jono, nice to have you here with us mate. And Jim, welcome back. Cute nickname btw. Almost had me fooled for a sec. Good to have you back
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Thank You
  • #75
  • Mar 8, 2009 8:02pm Mar 8, 2009 8:02pm
WB sorry u took a hit there, gotta hate them run ups

i took a short 4164

here is a niffty indicator to share with u fellas, works on roots

depending on the size of trade levels u are looking for, myself i use the Gann ratio's of a circle instead of fibonacci much more accurate imo

for geppy scalps i use this set
sqaure ratio= .0126
projections=10

set the red marker line on a hi or lo point and it projects the next levels of resistance

cable uses a different ratio can use fib ratios or whatever .373 is a good fit for 1hr cable
if looking for large swings on daily/weekly 1 is a good start, once u find your ratio that fits your golden
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"Millionaires don't use astrology, billionaires do"
  • #76
  • Mar 8, 2009 8:03pm Mar 8, 2009 8:03pm
Good Point Islander..

I have to start using this COT report to help me with my bias..

Thanks



I stated on my charts this support zone maybe a breakout or reversal..Atm it looks like a reversal and may consolidate for weeks ranging..



Quoting Islander
Hi Azim - thanks for the invite - I see you've already attracted some interesting posts from a bunch of well respected traders....

The support zone that I've put on my daily chart is an important one - it has held quite a few times before on the monthly chart - in 1992, '99, 2000 and '02 are the most recent - so I think it deserves some respect, even though it was broken with that ultra wide range candle back in January.

I also noticed a post on the COT reports and whilst these show the Non Commercials (speculators) are 14,845 short vs 40,294...
[
  • #77
  • Mar 8, 2009 8:11pm Mar 8, 2009 8:11pm
What do you think about the weekly GJ chart?

The GJ broke out of the overall TL and retracing back where I feel the 148.00 zone may held back..




Quoting Islander
Hi Azim - thanks for the invite - I see you've already attracted some interesting posts from a bunch of well respected traders....

The support zone that I've put on my daily chart is an important one - it has held quite a few times before on the monthly chart - in 1992, '99, 2000 and '02 are the most recent - so I think it deserves some respect, even though it was broken with that ultra wide range candle back in January.

I also noticed a post on the COT reports and whilst these show the Non Commercials (speculators) are 14,845 short vs 40,294...
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  • #78
  • Mar 8, 2009 8:17pm Mar 8, 2009 8:17pm
Quoting rgitt05
What do you think about the weekly GJ chart?

The GJ broke out of the overall TL and retracing back where I feel the 148.00 zone may held back..
Potentially yeah, there could be a flagpole and a flag in there. If you look at it another way, one could interpret the ascending triangle as a potential bullish breakout.
Probability Professor
  • #79
  • Mar 8, 2009 8:25pm Mar 8, 2009 8:25pm



Quoting Galation
Potentially yeah, there could be a flagpole and a flag in there. If you look at it another way, one could interpret the ascending triangle as a potential bullish breakout.
[
  • #80
  • Mar 8, 2009 11:41pm Mar 8, 2009 11:41pm
target 1 of 61.8% of last 5-0 pattern complete, could correct or get further to 78.6 = 1.4069, etc..
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