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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #202,681
  • Oct 11, 2009 2:48pm Oct 11, 2009 2:48pm
Quoting Scrat
daily:
- very nice price action @ upper 139 area: SUPPORT. and we didn’t go up through supply line, which means that we are in the bearish part of the chart… but don’t short from here yet.
other important levels on daily: 142.30 area; 150.50, another volume peak (which is also VWAP for current daily swing); and PVP daily @ 154/156 (again!).

and finally, h4:
- PVP h4 is @ 142.30 area; a clear break above would challenge h4 VWAP, 146.20 area. and a break of 146.20 area would bring a test of 149.50/150.50 (daily VWAP).

what...
There is no higher high yet for geppy. I was hoping it make higher high last week. Since it didn't make any higher high, bear still in play and my bias is now turn back to bearish..
  • #202,682
  • Oct 11, 2009 2:52pm Oct 11, 2009 2:52pm
Quoting ewokuk
malcolms giving away all his secrets

i installed a new pivot indicator over weekend which i found on here before somewhere, it also shows the high and low of previous day so should be able to do this now.

only problem with the indi is i dont think it can be set to ignore sunday, and since my mt4 runs on GMT, it counts sunday as a whole day which lasts for 2 hours 2200 (5 EST) to midnight. so screws up the monday pivots instead of using fridays numbers
what other indicators you use? I am using macd, ichimoku,rsi and adx just to make sure my signals are correct one.

I want to know how good Elliott wave indicator is? anybody has a feedback on this indi?
  • #202,683
  • Oct 11, 2009 2:54pm Oct 11, 2009 2:54pm
Quoting ewokuk
malcolms giving away all his secrets

i installed a new pivot indicator over weekend which i found on here before somewhere, it also shows the high and low of previous day so should be able to do this now.

only problem with the indi is i dont think it can be set to ignore sunday, and since my mt4 runs on GMT, it counts sunday as a whole day which lasts for 2 hours 2200 (5 EST) to midnight. so screws up the monday pivots instead of using fridays numbers
there are no secrets in this game... give 10 traders the same tool ..1 will make money and the other 9 will break even or lose money

being a good trader is all about psychology ....the trading mind.
Blogging daily now at www.volume.zone
  • #202,684
  • Oct 11, 2009 3:08pm Oct 11, 2009 3:08pm
Quoting TheFutureAce
what other indicators you use? I am using macd, ichimoku,rsi and adx just to make sure my signals are correct one.

I want to know how good Elliott wave indicator is? anybody has a feedback on this indi?
i got macd and rsi. macd good for checking divergence, rsi just to make sure its not too oversold already. dont use them that much now, just make sure im going the way the 4h is going and try to to get in before a major support level, its so simple i have to wonder if something is wrong .

looking at rsi on 1h its under 30 so a pullback to 1.5900 would help reset it a bit for some more tanking. then again 4h is not at 30 and has some room to move down more first. higher timeframe takes precedence so i think there may be a pullback to 1.5900 but i sure as hell wont be taking any longs on it, if it does go up there then its just giving me a chance to open another short higher up, even if i already have one at 1.5827.

i seem to be far more comfortable and far more confident with my trades now using 4h than i ever was with lower timeframes, EVEN if i see price going against me, i might be panicking a bit on lower TF, now i just relax KNOWING im going the right way overall. obviously there needs to be a point of no return that confirms it probably isnt coming back any time soon, thats where SL should be (in the case of GJ which im avoiding at the moment, i think a break of 145 would be significant and may indicate a bottom is in place). when i was trading 5min charts i really didnt take much notice of anything above 15min, i figured 1h is just a rollup of 4x15min bars so i dont really need to look at a 1h chart. Unfortunately while it may be a rollup of 4x15min bars, it still doesnt help you see things that a 1h chart would. Knowing now how powerful 1h, 4h and daily are, I shall not be making that mistake again

once i get to a point where ive got the higher timeframes down nicely, ill maybe start moving in closer again for some 5min scalping based on higher TF direction, then ill have my swing trades that i can leave and my daily scalping so i have something to do without getting bored
  • #202,685
  • Oct 11, 2009 3:09pm Oct 11, 2009 3:09pm
Not sure if I was sent to the back of the class by Malcolm - hope not - but to make myself clear, my entries these days are 90/95% in the direction of the main daily trend.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #202,686
  • Oct 11, 2009 3:15pm Oct 11, 2009 3:15pm
Quoting ewokuk
i got macd and rsi....
Thanks Dude. Makes sense. I am planning to trade on the 4hr chart from now on. Too much noise for 5 min for me and I do this when I am at work so I have to be careful with lower timeframes.
  • #202,687
  • Edited 3:42pm Oct 11, 2009 3:19pm | Edited 3:42pm
Quoting TheFutureAce
Thanks Dude. Makes sense. I am planning to trade on the 4hr chart from now on. Too much noise for 5 min for me and I do this when I am at work so I have to be careful with lower timeframes.
exactly the same here, i have to jump in and have a quick look at work, trading off a 10" netbook on a mobile broadband connection which doesnt make it any easier. the plan is to get the account big enough and be consistently profitable for long enough that I know i can do it, and then quit to trade full time. if i can grow this account for 6 months from now, thats what i will do.

i still want to trade lower timeframes, i get bored opening a trade then leaving it, but for now ill stick to practicing higher up. i may even still daytrade for 50-100 pips but ill still do it off 4h and 1h charts.

just checking out fibs on 4h on GU. quite amazing how accurate they can be. fib from 1.6466 before the big drop to the low. it went up and smacked the 50% retrace, back down, back up and smacked the 38.2 retrace, back down, back to smack the 50% AGAIN, and back down again. i missed all of it not looking at higher timeframe and focussing on GJ at the time, but that entire move could have reasonably been worth 600 pips in 2 trades JUST trading from the first hit of the 50% retrace onwards, in just over a week. even when its ranging and without doing proper longer swing trades its possible to get loadsa pips using 4h chart . of course malcolm gets 600 pips a day using 20 second charts but hes not human
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  • #202,688
  • Oct 11, 2009 3:23pm Oct 11, 2009 3:23pm
Quoting 45Condor
Not sure if I was sent to the back of the class by Malcolm - hope not - but to make myself clear, my entries these days are 90/95% in the direction of the main daily trend.
no not at all ...

trading 4 hr charts is better ...

I was just trying to follow on discussion of trading smaller time frames and show those that like trading like that another way of doing it that will keep us form trading counter trend on higher time frames
Blogging daily now at www.volume.zone
  • #202,689
  • Edited 4:19pm Oct 11, 2009 3:44pm | Edited 4:19pm
lol looks like that twat Brown is now trying to sell off the country to pay for the debts, the whole of UK is gong to end up being owned by foreigners lol.

Government's £16bn sale of assets

The prime minister will give details of initial sales that could raise £3bn - including the Tote, the Dartford crossing, the channel tunnel rail link and the student loan book.

http://news.bbc.co.uk/1/hi/uk_politics/8301787.stm

of course if the market decides this is good for the UK, it may see the pound fly up. especially if thats 16bn pounds that are going to be bought against foreign currencies to pay for these things when they are sold!!
  • #202,690
  • Oct 11, 2009 4:01pm Oct 11, 2009 4:01pm
Quoting ewokuk
exactly the same here, i have to jump in and have a quick look at work, trading off a 10" netbook on a mobile broadband connection which doesnt make it any easier....
yeah i agree fib can be really stronger indicator. I use the zigzag indicator to draw me the lines and then I use Fib of that. Its pretty accurate.

for me its the same thing. I have to make sure that I can consistently earn profit from forex to even think of quitting my job. Lets see...
  • #202,691
  • Oct 11, 2009 8:50pm Oct 11, 2009 8:50pm
UJ hit UTL at H1 TF and OB at H1 Time Frame
  • #202,692
  • Oct 11, 2009 9:05pm Oct 11, 2009 9:05pm
i am newbie in the forex .Can you explain this system to me and how it work and the rule to enter a trade .it is because in this forum it is too much to saw so caN YOU HELP ME !!!!how was the result of this system??
  • #202,693
  • Oct 11, 2009 9:17pm Oct 11, 2009 9:17pm
Any idea where geppy will go??
Look at your trading system - wait for signal - GO - don't greedy..
  • #202,694
  • Oct 11, 2009 9:23pm Oct 11, 2009 9:23pm
Quoting ewokuk
lol looks like that twat Brown is now trying to sell off the country to pay for the debts, the whole of UK is gong to end up being owned by foreigners lol.

Government's £16bn sale of assets

The prime minister will give details of initial sales that could raise £3bn - including the Tote, the Dartford crossing, the channel tunnel rail link and the student loan book.

http://news.bbc.co.uk/1/hi/uk_politics/8301787.stm

of course if the market decides this is good for the UK, it may see the pound fly up. especially if thats 16bn...
Sounds to me like UK gov is gonna raise money in order to print more. It's in dire state tho. It's bearish.
  • #202,695
  • Edited 9:41pm Oct 11, 2009 9:30pm | Edited 9:41pm
not sure
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  • #202,696
  • Oct 11, 2009 9:38pm Oct 11, 2009 9:38pm
Quoting mktjong
Sounds to me like UK gov is gonna raise money in order to print more. It's in dire state tho. It's bearish.
yeah read this news on my mobile on the way to work this morning. GBP 16 billion - smacks almost of desperation. The main thing to keep in focus here is that this money is going to be used to pay down debt which in essence is an admission from the government that its going to go into funding a dead-weight loss on the economy. Job growth prospects is merely a cover that will never eventuate.

NB. When i read that "sell off in very depressed markets" quote, i just rolled my eyes. Wasn't everyone telling us that the markets had normalised and was recovering now? Freudian slip perhaps?
  • #202,697
  • Oct 11, 2009 10:10pm Oct 11, 2009 10:10pm
I just draw Elliott Wave in H1 and H4 TF.. Hope can share and feed back from all you here..
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Look at your trading system - wait for signal - GO - don't greedy..
  • #202,698
  • Oct 11, 2009 10:46pm Oct 11, 2009 10:46pm
Just a note out there. IMO the moves in the major indicies around the world on Friday looks suspiciously like the final legs of the exhaustion rally especially with the convergent holiday on the following monday.
  • #202,699
  • Oct 12, 2009 12:21am Oct 12, 2009 12:21am
Based on my chart, double bottom is formed after two weeks testing the lows.The highs for the past two weeks is at the 144.50 resistance zone.

Target # 1 144.50

If the daily TL breaks, than 148-149 will be the next target..

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  • #202,700
  • Oct 12, 2009 12:47am Oct 12, 2009 12:47am
Quoting rgitt05
Based on my chart, double bottom is formed after two weeks testing the lows.The highs for the past two weeks is at the 144.50 resistance zone.

Target # 1 144.50

If the daily TL breaks, than 148-149 will be the next target..

No more KaBooM??
Read the entire market, money is made on the main trend not the fluctuation
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