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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #3,221
  • Oct 3, 2009 6:12am Oct 3, 2009 6:12am
Quoting wormboy
hi baz
thanks for the heads up. I saw the formation yesterday as well after the breakout. Possible double bottom but was already late in the day & trading week so I gave it no serious thought & will look to trade the breakout to the downside unless my hard stop get taken out.
This previous week had been one of those rare counter trend trading that had been very generous to me. Closed the week with a nice 2.6% profit.
But I think buying is done for now & will look to continue selling going into the next week unless my stop gets taken out or if...
how something looks DIFFERENT.....the Green Zone was broken to Downside,and now Tested from Below.....nextt week will be intresting..


g2.gif
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  • #3,222
  • Oct 4, 2009 6:44am Oct 4, 2009 6:44am
Quoting baz
how something looks DIFFERENT.....the Green Zone was broken to Downside,and now Tested from Below.....nextt week will be intresting..


g2.gif
only way to know is the sunday weekly close chart attached, its definetly a tricky one, but the pins suggest a favor for upside in GBP on the weekly there so much resistance to break through it needs good news...
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  • #3,223
  • Oct 4, 2009 1:41pm Oct 4, 2009 1:41pm
Hey everyone!
Hope everyone is having a good weekend.
It's my first post here at the Wormhole. I took your advise wormboy about staying away from the smaller time frames and overtrading and I have to admit things are going much better. You can't trade the short time frames before you have mastered the longer time frames.

Nway just posting my thoughts about the Gbpusd pair. I agree with you Azim that the Dollar will strengthen in the next few weeks. I've been watching the Dollar index myself and it looks like it has bottomed for now. Although I do think that we might be heading up first.

Most important though, Trade what you see, not what you expect. Have a trade plan both ways.
Here is my chart:
1.) If TL1 breaks I'll be looking to go long at A (1.5830) with [email protected] and I'll look for a reversal signal between 1.6050 - 1.6150 to exit. This is where I will look to go short again.

2.) If TL1 holds and TL3 breaks, I'll [email protected] with [email protected]'ish

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  • #3,224
  • Oct 5, 2009 12:51am Oct 5, 2009 12:51am
Quoting baz
Hi Navin
good to hear from you....
i also have a 6Hr TF BULLISH ENGULFING pattern completed .....
there is UK news on Monday @9.30 am.....but Asain session may move it higher beore than...
take care and relax over the w/e

baz
ok Nav.....i have NOw taken Profits and 2 nd position at B/E.....
As you say lets see what UK news brings......

baz
  • #3,225
  • Oct 5, 2009 3:59am Oct 5, 2009 3:59am
Quoting baz
ok Nav.....i have NOw taken Profits and 2 nd position at B/E.....
As you say lets see what UK news brings......

baz
welldone buddy
  • #3,226
  • Oct 5, 2009 4:29am Oct 5, 2009 4:29am
Been a busy day at the office for me, barely had time to check the trades. Just logged on & seeing cable finding it's way up.
No panic, still sticking to the plan & still selling for now. The utl is the barrier I have before switching trade. Last H4 closed a strong rejection, we'll see how that goes.
Good luck
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Thank You
  • #3,227
  • Oct 5, 2009 4:30am Oct 5, 2009 4:30am
Quoting wormboy
Added to position

GBP USD

1. short @5873 sl @6130 (0.2)

2. short @5906 sl @6130 (0.1)
Added to position

GBP USD

1. short @5873 sl @6130 (0.2)

2. short @5906 sl @6130 (0.1)

3. short @5993 sl @6130 (0.1)
Thank You
  • #3,228
  • Oct 5, 2009 4:37am Oct 5, 2009 4:37am
Quoting wormboy
Added to position

GBP USD

1. short @5873 sl @6130 (0.2)

2. short @5906 sl @6130 (0.1)

3. short @5993 sl @6130 (0.1)

.... 5988 for me.....
Ghost Rider - WWTBMD?
  • #3,229
  • Oct 5, 2009 4:51am Oct 5, 2009 4:51am
Quoting PiptheRipper
Hey everyone!
Hope everyone is having a good weekend.
It's my first post here at the Wormhole.
Hi pip, welcome
Good to hear you are making progress, many happy returns to you. Liking you trading with plans mapped out together with a contigency plan. Good going there.
Thank You
  • #3,230
  • Oct 5, 2009 4:52am Oct 5, 2009 4:52am
Quoting albchr
.... 5988 for me.....
Looking like we both are accumulating lol Nice entry there bro
Thank You
  • #3,231
  • Oct 5, 2009 5:26am Oct 5, 2009 5:26am
hey wormie...you're quite heavy on your cable shorts! looks like you confident that cable is going to head down....bearing in mind your average price is about 1.5930 area....what levels are you going to TP at?

i agree that cable is a short. ism pmi figures were better than expected but cable continues to head down...

however, based on the charts posted, there is an equal chance of cable moving up....

your comments? thanks!
  • #3,232
  • Oct 5, 2009 5:32am Oct 5, 2009 5:32am
Quoting drfx
hey wormie...you're quite heavy on your cable shorts! looks like you confident that cable is going to head down....bearing in mind your average price is about 1.5930 area....what levels are you going to TP at?

i agree that cable is a short. ism pmi figures were better than expected but cable continues to head down...

however, based on the charts posted, there is an equal chance of cable moving up....

your comments? thanks!
hi drfx.
no not that heavy, just 4usd/pip. Well below the 1% risk mark I have allocated per trade.
I am confident because of the levels I have on the chart. I have no tp as you know, just trail. But I am looking @5300 for this trade.
You are right, there's an equal chance for this going the other way. The stoploss is already in place & I am using the descending utl as a mental stop for this trades.
We'll see. Have a good one
Thank You
  • #3,233
  • Oct 5, 2009 11:06am Oct 5, 2009 11:06am
sloooooowwwww
  • #3,234
  • Oct 5, 2009 8:33pm Oct 5, 2009 8:33pm
Azim, how you feel!?

I been looking at LFX chart and JPY is listed as LFXJPY instead of XYZLFX.
Do you think the "index" is show in reverse, if you have idea.

PA confirm mine, just wanted to see if you know it exacly!

Take care!
  • #3,235
  • Oct 5, 2009 10:26pm Oct 5, 2009 10:26pm
Quoting Inzider
Azim, how you feel!?

I been looking at LFX chart and JPY is listed as LFXJPY instead of XYZLFX.
Do you think the "index" is show in reverse, if you have idea.

PA confirm mine, just wanted to see if you know it exacly!

Take care!
That is correct. Because all yen-crosses are quoted as xyzJPY with the yen as the base currency, the yen index is also shown in reverse, thus letting you look at the (likely/overall) direction of yen pairs, rather than the yen itself.
  • #3,236
  • Oct 6, 2009 1:37am Oct 6, 2009 1:37am
And I am still selling ...
The dojis are the new addition which is serving as warning. Keeping a close eye on this. Good luck.
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Thank You
  • #3,237
  • Oct 6, 2009 2:00am Oct 6, 2009 2:00am
Quoting wormboy
And I am still selling ...
The dojis are the new addition which is serving as warning. Keeping a close eye on this. Good luck.
i think 6024 area should hold for a good south move.
  • #3,238
  • Oct 6, 2009 2:06am Oct 6, 2009 2:06am
I hope pound brech 6024 area so i can get better short entry.

Cannot short here still room for upside might break head and shoulder neckline then the next target would be 6140 area.

What you guys think taking entry here is safe or not?
  • #3,239
  • Oct 6, 2009 2:08am Oct 6, 2009 2:08am
Quoting jesperweber
That is correct. Because all yen-crosses are quoted as xyzJPY with the yen as the base currency, the yen index is also shown in reverse, thus letting you look at the (likely/overall) direction of yen pairs, rather than the yen itself.

Thx for that jesperweber!

I started to tarde USD/JPY and obviously this LFX was reverse but its always good to get confirmation.

Take care mister!
Lota pips to ya!
  • #3,240
  • Oct 6, 2009 2:39am Oct 6, 2009 2:39am
Quoting pakitrader
i think 6024 area should hold for a good south move.
No idea really. Close above 6130 and I will go long
Thank You
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