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  • #10,841
  • Apr 16, 2009 5:28pm Apr 16, 2009 5:28pm
Great thanks, I will skim through, I think the charts alone will be worth it.
Economists have forecast 9 out of the last 5 recessions
  • #10,842
  • Apr 16, 2009 7:44pm Apr 16, 2009 7:44pm
Thanks for the help guys! Now does anyone know how to turn off the non 00 numbers on the Y-axis? The only way I can do it is turn foreground to none but that takes the vertical lines away.

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  • #10,843
  • Edited 10:55pm Apr 16, 2009 9:18pm | Edited 10:55pm
Its a ways away, but nonetheless a solid reaction point over time. Worth the attempt in the event of an approach. 10 pip range as always.
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  • #10,844
  • Apr 16, 2009 9:26pm Apr 16, 2009 9:26pm
Quoting BillyRayValentine
Its a ways away, but nonetheless a solid reaction point over time. Worth the attempt in the event of an approach. 10 pip range as always.
iam new in this forum ,i would like to know from where start , also i would like to know what indicator do you use ,aan where to place stop lost and take profit .
rewars
  • #10,845
  • Edited Apr 17, 2009 5:17am Apr 16, 2009 9:34pm | Edited Apr 17, 2009 5:17am
This one is a little different; a pattern we see happen a lot.

Its kind of like the bottom of the bucket, for now we'll just call it a "spike base". It happens when price makes a huge spike, when the spike gets taken out in the opposite direction, the bottom of the original consolidation area is used as a fade, in this case, its 1.1780.

I talked about briefly in a couple examples for the last video, on EUR.

We've also got the 76.4 retracement of this last move coming in here around the same figure, along with double zeros 20 pips higher, and a good history in general with this area. Worth a shot.
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  • #10,846
  • Apr 16, 2009 9:40pm Apr 16, 2009 9:40pm
I knew if I lurked long enough I would catch you in here sooner or later. Good to have you posting BRV.
  • #10,847
  • Apr 16, 2009 9:42pm Apr 16, 2009 9:42pm
Quoting bigandrich
I knew if I lurked long enough I would catch you in here sooner or later. Good to have you posting BRV.
Ha! Thanks, persistence pays in the long run, I suppose
  • #10,848
  • Apr 16, 2009 9:45pm Apr 16, 2009 9:45pm
Quoting boyeros
iam new in this forum ,i would like to know from where start , also i would like to know what indicator do you use ,aan where to place stop lost and take profit .
rewars
Hi welcome. No indicators used here, and you can find everything on the first post of the thread. Much much to discuss, but ultimately its pretty easy.
  • #10,849
  • Apr 16, 2009 11:37pm Apr 16, 2009 11:37pm
Quoting BillyRayValentine
Hi all,

The former 50% retracement of 1.5722-1.3501 is 1.4611, and 1.4600 has a good history behind it in general.

Just watch out for spastic sell-offs as cable is, in general, considered 'overbought' at the current range and a couple hundred pips can be a walk in the part for this pair.

1.4580 is the local low so I would be alert for that, as well, in the event of spikes lower.

And if it wants to take it out alltogether, my next area long would be in the 1.4380 area.
Just a quick question, how do you estimate/determine an 'overbought' range without indicators?
  • #10,850
  • Apr 17, 2009 12:44am Apr 17, 2009 12:44am
Quoting Bantu
Just a quick question, how do you estimate/determine an 'overbought' range without indicators?
Oh, just a general statement based on any overbought/oversold indicators. You could use pretty much anything you want. I look at a stochastic rsi on occassion but never rely on it. If you search the thread you'll find one for metatrader.

This isnt an 'if this tells you this and this tells you this' type of strategy. If you read the posts linked in the first post you'll understand better.
  • #10,851
  • Apr 17, 2009 1:57am Apr 17, 2009 1:57am
This is the only one I am looking at tonight. In eurjpy at 130.10. target 131.94 If looks shaky I will exit
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  • #10,852
  • Apr 17, 2009 2:03am Apr 17, 2009 2:03am
Quoting Tori
This is the only one I am looking at tonight. In eurjpy at 130.10. target 131.94 If looks shaky I will exit
Attachment
That looks good as it is backed up by a daily TL which was supportive yesterday.

13072 in EurUsd was a level I had marked up for some time but hit before I woke up.

A swiss bank is buying Eur right now so that should help.
  • #10,853
  • Apr 17, 2009 2:08am Apr 17, 2009 2:08am
Hi Red Cabbage,. Thanks for telling me about the euro buys, didnt know that. Took it based on what I saw on other charts. Also just get feeling that positive usd would pull usjap over line and that would also push this up.I know none of it seems totally logical, but all together it works for me. Glad I left last night when I did, doesnt seem much moved all night for you guys. I might be at the a,,,, end of the world, but my time for trading is pretty good. Have a good one.
  • #10,854
  • Apr 17, 2009 2:12am Apr 17, 2009 2:12am
What I see in my mind as I look at the charts, is that there was quite a drop on many, nzd to my 5708 line, pound and euro quite a way down, and usdcad touched a line on top side I had marked, so I figure it is time for something to move, and as soon as it did by just a couple of pips all at once on so many charts, off I go. What we were talking about last night with many charts in view at once.
  • #10,855
  • Apr 17, 2009 2:28am Apr 17, 2009 2:28am
Quoting Tori
Hi Red Cabbage,. Thanks for telling me about the euro buys, didnt know that. Took it based on what I saw on other charts. Also just get feeling that positive usd would pull usjap over line and that would also push this up.I know none of it seems totally logical, but all together it works for me. Glad I left last night when I did, doesnt seem much moved all night for you guys. I might be at the a,,,, end of the world, but my time for trading is pretty good. Have a good one.
It is always good to stop trading for the day when YOU decide not when the market decides for you. Psychologicaly (and financially) it is very important that we control our trading instead of our trading controlling us.

The only big mover was USDCAD from 120 which you predicted. Sorry if I influenced your decision to stay out but I still think it was more of a coin flip trade at that point in the day. And as you had already hit a good daily pip target it would have been a shame to risk giving some back!
  • #10,856
  • Apr 17, 2009 2:37am Apr 17, 2009 2:37am
Quoting Tori
I might be at the a,,,, end of the world, but my time for trading is pretty good. Have a good one.
Your place in the world is great, by the time I get up you guys have had your beady eyes on the market for hours.

You and Siam are my early warning system!
  • #10,857
  • Apr 17, 2009 2:41am Apr 17, 2009 2:41am
Funny you should mention that usdcad trade because I lamented not going with my gut. It would have been good. Then I reverted back to our discussion about not tying yourself to a trade, walking away, forgetting it. I have always struggled with that. Our discussions have helped me become more detached. This eurjpy is slow, but having gotten in there early I have pips in the bucket, plus stop loss set, so I can afford to let it hedge around. That helps at this time of night when things jump about a little. To get in too late would mean a nervous wait. The usdjap is dropping a little and I expect that to affect me, but will not be too concerned yet.
  • #10,858
  • Apr 17, 2009 2:46am Apr 17, 2009 2:46am
Quoting Tori
Funny you should mention that usdcad trade because I lamented not going with my gut. It would have been good. Then I reverted back to our discussion about not tying yourself to a trade, walking away, forgetting it. I have always struggled with that. Our discussions have helped me become more detached. This eurjpy is slow, but having gotten in there early I have pips in the bucket, plus stop loss set, so I can afford to let it hedge around. That helps at this time of night when things jump about a little. To get in too late would mean a nervous wait....
Everyday there are loads of risky pips on the table but there's a price to pay if our strategy is too aggressive. I am very happy to bank safe pips and keep my hit rate higher overall.
  • #10,859
  • Apr 17, 2009 2:50am Apr 17, 2009 2:50am
Quoting BillyRayValentine
Oh, just a general statement based on any overbought/oversold indicators. You could use pretty much anything you want. I look at a stochastic rsi on occassion but never rely on it. If you search the thread you'll find one for metatrader.

This isnt an 'if this tells you this and this tells you this' type of strategy. If you read the posts linked in the first post you'll understand better.
Thanks.
  • #10,860
  • Apr 17, 2009 2:56am Apr 17, 2009 2:56am
The gbpusd looks like a head and shoulders on the one hour chart. Does anyone think that will influence.
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