The WoRmHoLe | Page 33 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Better-than-the-wormhole 555 replies

Attachments: The WoRmHoLe
Exit Attachments

The WoRmHoLe

  • #641
  • Mar 27, 2009 2:45am Mar 27, 2009 2:45am
I'm sure I don't need to tell you, WB, but it looks like the buy button
might be redundant for today. So far it's fitting in with some analysis
I did last night, although it is still early in the day and things
could turn around - you've got to imagine buyers seeing some
good opportunities at these levels ...

here are the links to what I saw last night

http://www.forexfactory.com/showpost...postcount=5988

http://www.forexfactory.com/showpost...postcount=5989

jpy did a retest of the shooting star formation on the daily, and on the 4H, looks to have formed a lower high, on the lfxjpy ===> bullish on yen.

dollar looks strong and has broken a resistance level on the usdlfx, so we could be going up some distance.

eur seems to be playing out as expected.
  • #642
  • Mar 27, 2009 2:49am Mar 27, 2009 2:49am
Thanks for the heads up mate. But you know how I roll ... live, ride & shoot straight
I'll be locking in those greens and not worry about the pullbacks, since the 4hrly break & the hourly break I have on my charts. I will however wait to see how the daily ends for clues. How are your trades coming along my friend?
I hope all is well with you
Thank You
  • #643
  • Mar 27, 2009 2:55am Mar 27, 2009 2:55am
Quoting wormboy
Thanks for the heads up mate. But you know how I roll ... live, ride & shoot straight
I'll be locking in those greens and not worry about the pullbacks, since the 4hrly break & the hourly break I have on my charts. I will however wait to see how the daily ends for clues. How are your trades coming along my friend?
I hope all is well with you
I'm still in my learning phase, but I am making progress. Trading live now with small amounts, and on the plus side, I'm making good calls, I'm not letting emotion or indecision cloud my judgement, I see a setup, I take it.

On the downside, I've got into some silly trades which I've kicked myself for later, but for each losing trade I make, I look back and understand why it failed, and a lot of the time it's because it was a stupid trade to start with, and I shouldn't have taken it. I'm developing better patience though, so these daft trades are getting fewer and fewer.

Positive for the day though
  • #644
  • Mar 27, 2009 3:02am Mar 27, 2009 3:02am
That's great to know mate. And don't worry about those mistakes, we all make those from time to time I suppose. Even when you're well versed you're bound to make some. Important thing is you can identify the mistakes. And I'm dead certain you'll be a great trader since you're already not letting emotional attachments get to you.
Keep those green safe my friend
Thank You
  • #645
  • Mar 27, 2009 3:10am Mar 27, 2009 3:10am
It's slowly but surely coming together, learnt a good few things from traders on these boards.

I've learnt heaps about price action from james16 and Eo's thread. Trading setups makes trading seem so simple.

The key thing there is not to let emotion get in the way, you see a setup, take it, and secondly, don't get upset if a setup doesn't work, sometimes it doesn't.

From steelhead, I've learnt to identify the prices you are interesting in buying at, and the prices you are interested in selling at.
Watch price action around these areas, and if the PA supports it, take an entry. It might not work out, but thanks to confluence, there's a strong probability
it will. And there in comes a hidden lesson about patience, wait for price to get close to your levels, yes, it's true you might miss some trades, but that's down
to trading style I suppose, how high in probability do you want your trades to be?

And from yourself, I've learnt that you can still make money with only one button!
  • #646
  • Mar 27, 2009 3:18am Mar 27, 2009 3:18am
Quoting wormboy
Possible bearish outlook for this pair as it came off the top of the tl twice & producing what looked like a double top formation.

[email protected] [email protected] [email protected]
(sl will be amended a close below 133.0 level)

Good luck
Done.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ey1.JPG Size: 74 KB
Click to Enlarge Name: ey.JPG Size: 58 KB
Thank You
  • #647
  • Mar 27, 2009 3:30am Mar 27, 2009 3:30am
Quoting daffy

And from yourself, I've learnt that you can still make money with only one button!
My sell button is awesome!
EO trades like a machine. You'll benefit a lot learning from him. There are only 3 traders in the whole factory worth a mention when it comes to scalping. EO, Infinity & malcolmb. So you are with the right company
Thank You
  • #648
  • Mar 27, 2009 3:49am Mar 27, 2009 3:49am
Quoting wormboy
...
I'll be looking towards 4350 levels before amending stops and I will pull the plug off the trade if price closes back up withing consolidation area or a close above 4550 level (highlighted in blue on the 4hrly)

short@4475 sl@4640

Okay good luck
Stop amended

short@4475 sl@4440
Good luck
Thank You
  • #649
  • Mar 27, 2009 4:25am Mar 27, 2009 4:25am
Quoting wormboy
Stop amended

short@4475 sl@4440
Good luck

happy green pips again thanks bro what is next now since market is going up so what do you think now

Ub
  • #650
  • Mar 27, 2009 4:31am Mar 27, 2009 4:31am
Hi ub.
You know I don't predict my friend
What is next is I'll keep on locking my profits and not guess as usual. And it does not look like its going up to me, unless you're referring to pullbacks, which also doesn't bother me.
When my charts shows me a reversal I will do the right thing. I am however, going to wait for the daily close for a clue before adding to my position or taking my profits off the table completely.
Good luck to you
Thank You
  • #651
  • Mar 27, 2009 4:33am Mar 27, 2009 4:33am
Quoting ubaidahsan
happy green pips again thanks bro what is next now since market is going up so what do you think now

Ub
btw, I hope you're not confused. The short I took for cable was 8 hours ago.
This is the link
http://www.forexfactory.com/showpost...&postcount=638

good luck
Thank You
  • #652
  • Mar 27, 2009 7:37am Mar 27, 2009 7:37am
Dragon is now trading fully below 141.7 major support level. USD JPY support level is also being tested atm and a succesful breach should cause this beast to spiral down. However we will wait for the daily close and tl7 to be fully taken out to confirm bearish continuation.
Good luck
Attached Image (click to enlarge)
Click to Enlarge Name: gep6.JPG Size: 130 KB
Thank You
  • #653
  • Mar 27, 2009 10:06am Mar 27, 2009 10:06am
Quoting wormboy
Stop amended

short@4475 sl@4440
Good luck
Done.
Short@4475 closed@4292
Thank You
  • #654
  • Mar 27, 2009 10:13am Mar 27, 2009 10:13am
Okay. One trade to take over the weekend. Taken profit from shorts off the table & loaded longs back as it seems the pullback is now complete. Rejection at tl7 with Usd Jpy surviving the support test prompted the move. The weekly rounded bottom is pretty much in play for a longer term bullish outlook. We'll see how the daily close today for a further confirmation. 141.7 level is still key & a break above the level and I will add to my position. However, should price breach and close below tl7, the trade will be closed.
Good luck & enjoy your weekend.

GBP JPY
[email protected] [email protected]
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dra6baru.JPG Size: 121 KB
Click to Enlarge Name: DRAWEEK.JPG Size: 75 KB
Thank You
  • #655
  • Mar 27, 2009 12:54pm Mar 27, 2009 12:54pm
My daily does not close in a few hours, but assuming it closes the way that is shown on the chart will leave us with quite a predicament regarding the possible direction. I am however still leaning towards bullish based on the 6hrly & weekly charts. Guess we'll just have to wait till next week to see the outcome of this.
Good luck & enjoy your weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: gjd.JPG Size: 72 KB
Thank You
  • #656
  • Mar 27, 2009 2:08pm Mar 27, 2009 2:08pm
Did you take a look the weekly? That's quite a rejection of higher prices there. Yen looks bullish, and pound bearish. Monday will be interesting to see what fate brings the pound.

Weekly currently seems to be closing below a key resistance level - high of the last couple of weeks.

On the 4 hourly, the last 3 candles are interesting, they show buyers at 139.00 and sellers at 140.50. Note also on the 4H we cut through the 50 EMA, and tested it twice, closing below it both times.

Overall, I'd be thinking bearish on this pair, although if today's pound weakness is short lived, we may retest the 141.50 weekly resistance level early in the week.

What do you think?
  • #657
  • Mar 28, 2009 1:45am Mar 28, 2009 1:45am
This story is interesting

http://business.timesonline.co.uk/to...cle5989746.ece

I think Soros speaking out like that will put further pressure on sterling.
  • #658
  • Mar 29, 2009 8:54am Mar 29, 2009 8:54am
Quoting daffy
Did you take a look the weekly?...
Sorry bout the late reply my friend, just got back from bangkok. Helluva party
Okay. If you're talking about the shooting star on the weekly, then yes I am aware of it mate. Definitely looks like an early warning of a reversal, definitely worth to keep an eye on but since I don't pull my trades from the weekly, I will not go short just yet. I will need the lower tfs (4hr, 6hr & daily ) which I usually trade off to show me the way before doing so. Going short from the weekly will alter my trading dynamics and I'd really don't want that. I don't think I'd mind missing 200 -300 points on the initial turnaround should it happen, because the way I look at it, if the weekly reversal is anything to go by, we might just go all the way back down to test 120, so there's plenty of room for me to get some
For the time being I will stick to the 6hr chart on post #654 & the 4hr chart I have attached here. My tls are being respected & should the price break and clear the lower tls I would definitely look to position myself to go short.
Okay, I'm off to bed now, see you in a couple of hours to see how it opens.
Good luck mate
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DRAWEEK.JPG Size: 76 KB
Click to Enlarge Name: gj4.JPG Size: 81 KB
Thank You
  • #659
  • Mar 29, 2009 7:10pm Mar 29, 2009 7:10pm
Good morning everyone
This is what it currently looks like on my lowest tf. As usual, I am still long till proven wrong. By wrong I mean a breakout where price clears the lower tl. That would be the setup for me to position myself for shorts. However, should price stays this way & respects the current setup, we will not bother contemplating.
Okay good luck
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj4.JPG Size: 81 KB
Click to Enlarge Name: gj1.JPG Size: 73 KB
Thank You
  • #660
  • Mar 29, 2009 7:31pm Mar 29, 2009 7:31pm
At the moment cable is a no trade for me. Price had just broken into the old consolidation zone. I will wait for a breakout from this area, either up or down (both area are encircled).
Good luck
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.JPG Size: 98 KB
Thank You
1 trader viewing now