The WoRmHoLe | Page 101 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Better-than-the-wormhole 555 replies

Attachments: The WoRmHoLe
Exit Attachments

The WoRmHoLe

  • #2,001
  • Jul 24, 2009 1:35pm Jul 24, 2009 1:35pm
Quoting uksnowman
Hi Azim - Would like your opinion on this 4h chart if I may....
Hi rich,
You have practically the major trendlines up in your chart. That's good.
But you'll need to work on the sublines to get an idea of where price is moving a little quicker.
Here's an example, we had price closing below subutl 2 about 16 hours ago & I called short when everyone's trying to long this sucker:
http://www.forexfactory.com/showpost...stcount=150395
Not trying to brag, but I'm trying to point out how most people still fail to identify basic trading principle - don't long near the top. We're not picking tops for no reason by the way, this had been an unmistakable top for the past 2 months, & price again was rejected heavily again yesterday at the major resistance level as highlighted in the chart below. Regarding your question of another ltl bounce remains to be seen since it's too late in the day & at low volume it's pretty hard to say if we'll get a reversal or a continuation. Personally, I'd wait till Monday at least to get a rough idea where this thing might be headed. Overall bias however remains bearish as there are too many factors that points that way. I'm not ruling out long however, but nothing can convince me to long from here.
Let me know if you need anything buddy.
Enjoy your weekend, I'm outta here

Attached Image (click to enlarge)
Click to Enlarge Name: gu4.JPG Size: 104 KB
Thank You
  • #2,002
  • Jul 24, 2009 1:47pm Jul 24, 2009 1:47pm
Quoting wormboy
Hi rich,
You have practically the major trendlines up in your chart. That's good.
But you'll need to work on the sublines to get an idea of where price is moving a little quicker.
Here's an example, we had price closing below subutl 2 about 16 hours ago & I called short when everyone's trying to long this sucker:
http://www.forexfactory.com/showpost...stcount=150395
Not trying to brag, but I'm trying to point out how most people still fail to identify basic trading principle - don't long near the top. We're not picking...
do you mind if i save your chart so i can learn with it?
MY OPINION NOT FINANCIAL ADVISE
  • #2,003
  • Jul 24, 2009 1:51pm Jul 24, 2009 1:51pm
go ahead don, you can have it.

i'm outta here byeeeee
Thank You
  • #2,004
  • Edited Jul 26, 2009 3:52am Jul 25, 2009 4:01am | Edited Jul 26, 2009 3:52am
Hey buddy,

Been working on TL's oh master....
I have a question or two and I'd appreciate your evaluation of my thinking as well. Now I don't know if any of these are right (well the weekly I copied from you so I'm sure it is...)

On the 4 hour, I should delete the expired one and update the other to the new low right?

On the Daily, should I even bother with this one? I'm "thinking" no but not sure.

I really want to thank you for all your help my friend. As I work through this, your view is becoming much more clear to me.... You're a GREAT person and a true asset to FF. God bless buddy!

EDIT:
LOL...I see you posted a 4 hour already. Well that answers the question of updating to the new low....lol

So I'm thinking that everytime a TL is breached, it should be updated to the new Low/High bar? Would this also hold true for the daily which was breached this week? OH, also, is there any point to putting TL's on the 1H? I trade from the 1H a lot but I'm thinking that going by the 4H Tl's would be good enough or even better as TL's on the 1H seem to point up..lol.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu_4.gif Size: 25 KB
Click to Enlarge Name: gu_Dailyy.gif Size: 26 KB
Ghost Rider - WWTBMD?
  • #2,005
  • Jul 25, 2009 6:30pm Jul 25, 2009 6:30pm
Quoting wormboy
Hi rich,
You have practically the major trendlines up in your chart. That's good.
But you'll need to work on the sublines to get an idea of where price is moving a little quicker. ...
Thanks for posting your chart. I believe most of us know how to draw the major long term trendlines, but I have always wondered "how does he know where to draw the sub trendlines ?"

I have spent the better part of an hour analyzing that gbpusd chart just posted and I believe I understand now. Thanks again! I do have one question though. Having broken through one sub-trendline do you expect to TP at the next sub trendline as the logical conclusion to a trendline break, or do you place interim targets , just in case it turns back before the next trendline is reached.
  • #2,006
  • Jul 26, 2009 1:24am Jul 26, 2009 1:24am
Quoting GodfreyH
Thanks for posting your chart. I believe most of us know how to draw the major long term trendlines, but I have always wondered "how does he know where to draw the sub trendlines ?"

I have spent the better part of an hour analyzing that gbpusd chart just posted and I believe I understand now....

whats up with ya? it's been a long time not seeing ur post...hope everything is cool.
MY OPINION NOT FINANCIAL ADVISE
  • #2,007
  • Jul 26, 2009 8:49am Jul 26, 2009 8:49am
Quoting donfriday
whats up with ya? it's been a long time not seeing ur post...hope everything is cool.
Everything is cool. Just keeping a low profile. I'm always here, but there are so many good traders on Forexfactory these days, there's not much more to add, in terms of analysis, that has not already been said.
  • #2,008
  • Jul 26, 2009 2:09pm Jul 26, 2009 2:09pm
hey all, i added some fibs to worms chart. here the 4h tf.

blue -> down
red -> up

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 20 KB
  • #2,009
  • Jul 26, 2009 2:11pm Jul 26, 2009 2:11pm
the daily chart for you too.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 14 KB
  • #2,010
  • Jul 26, 2009 2:20pm Jul 26, 2009 2:20pm
Quoting slykyn
hey all, i added some fibs to worms chart. here the 4h tf.

blue -> down
red -> up

cheers

you not using a manual fibo setting? hmm try to use manual stuffs u get everything perfect fibo levels not not be mix up....in everything i do fibo is my main key levels for entry and exit point.
just advice ..
MY OPINION NOT FINANCIAL ADVISE
  • #2,011
  • Jul 26, 2009 4:14pm Jul 26, 2009 4:14pm
Quoting donfriday
you not using a manual fibo setting? hmm try to use manual stuffs u get everything perfect fibo levels not not be mix up....in everything i do fibo is my main key levels for entry and exit point.
just advice ..
what do u mean with manual fibo setting? its the normal fibo retracement tool of metatrader, i just deleted 0,1 and renamed 50.0. no indicator or something.

let me ask you, in the gj thread i saw u use diagonal fibo retracements, right? how do u add them, is that a special indicator?

thanks ;-)
sly
  • #2,012
  • Jul 26, 2009 6:32pm Jul 26, 2009 6:32pm
Enjoy your weekend, I'm outta here

[/quote]

Thanks for the help, great stuff!

Albchr asked an interesting question about redrawing trendlines, would be good to hear about that.
  • #2,013
  • Jul 26, 2009 9:15pm Jul 26, 2009 9:15pm
Good morning guys. This is my view this morning and I'm waiting on a break of the Red trend lines to pick my direction for the day. I've also noticed how it seems to be respecting the yellow trend lines that are drawn from way back.

any comments ?

thanks
Attached Image (click to enlarge)
Click to Enlarge Name: h4.JPG Size: 133 KB
  • #2,014
  • Jul 27, 2009 12:16am Jul 27, 2009 12:16am
becareful with gj short or long until u have a clear bias, i am still waitiing for europe to open ...here is my update Gj have not been able to break the major 155 support and after rising to 157 it get tested to in my opinion GJ is still bullish so caution with sell ......
Attached Image (click to enlarge)
Click to Enlarge Name: Chart1.PNG Size: 44 KB
MY OPINION NOT FINANCIAL ADVISE
  • #2,015
  • Jul 27, 2009 12:42am Jul 27, 2009 12:42am
Quoting slykyn
what do u mean with manual fibo setting? its the normal fibo retracement tool of metatrader, i just deleted 0,1 and renamed 50.0. no indicator or something.

let me ask you, in the gj thread i saw u use diagonal fibo retracements, right? how do u add them, is that a special indicator?

thanks ;-)
sly
well i thought it was fibo custom indicator, just in my opinion i dont see reason to take those levels off....u need them all but if u know how to work with it no problem.....I enjoy trading with fibo levels so what u see on my chart was fibonacci Fan.
thank for reply.
MY OPINION NOT FINANCIAL ADVISE
  • #2,016
  • Jul 27, 2009 2:19am Jul 27, 2009 2:19am
GBP USD

1. short @6499 sl @6550
Thank You
  • #2,017
  • Jul 27, 2009 2:23am Jul 27, 2009 2:23am
Quoting wormboy
Stop amended.

GBP JPY

1. short @156.44 sl @156.37 tp @154.40

GBP JPY

1. short @156.44 stopped @156.37
Thank You
  • #2,018
  • Jul 27, 2009 4:26am Jul 27, 2009 4:26am
Quoting wormboy
GBP USD

1. short @6499 sl @6550

Yep, woke up about 5 minutes too late for that one. Looking to see it touch the TL for another shot at entry....
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 28 KB
Ghost Rider - WWTBMD?
  • #2,019
  • Jul 27, 2009 5:18am Jul 27, 2009 5:18am
Quoting albchr

So I'm thinking that everytime a TL is breached, it should be updated to the new Low/High bar? Would this also hold true for the daily which was breached this week? OH, also, is there any point to putting TL's on the 1H? I trade from the 1H a lot but I'm thinking that going by the 4H Tl's would be good enough or even better as TL's on the 1H seem to point up..lol.
Hi chris, sorry for the late reply.
Yes, it should be updated , but only if price close above or below the previous high or low. That's how I do it, if price breach without a proper close I won't update it nor will I change my trade position.
I have trendlines on H1 as well, as I use H1 as my trigger. H4 for the direction, unless I could get in from the H4 then I will ignore the H1 trigger.
I think howard asked me the same thing here, see if you could follow :
http://www.forexfactory.com/showpost...postcount=1782
Thank You
  • #2,020
  • Jul 27, 2009 5:33am Jul 27, 2009 5:33am
Quoting GodfreyH
Thanks for posting your chart. I believe most of us know how to draw the major long term trendlines, but I have always wondered "how does he know where to draw the sub trendlines ?"

I have spent the better part of an hour analyzing that gbpusd chart just posted and I believe I understand now....
Hi godfrey, sorry for the late reply & you're welcome buddy
I utilise candle formation a lot with my lucky lines to trade. And from the higher timeframe as well, before I look for the trigger on my H1. Unless, of course as I mentioned to chris if I can get in from the H4 itself.
Regarding your question on tp it remains subjective on my part. Most of the time I will leave my tp open and lower down my stops to +ve and lock them.
The lower or higher lines target usually I use to determine if there's a reversal or just continuation for me to decide to either stay in the trade or pull them off the table. But it still goes back to the higher tf for me to decide.
Sometimes I am forced to just take minimal profit although a reversal is spotted on the higher tf because I have other businesses & I can't be monitoring all the time. This is the downside of how I trade - lower profit.
Hope that helps. Have a good one
Thank You
2 traders viewing now