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  • #201
  • Nov 19, 2005 10:20pm Nov 19, 2005 10:20pm
well i give up on tradeing cable for now. I'm going over to Euro. I find that most of the news available is all directed towards USD or EUR so that's where I am going to focus. nice to hear from all of you and see you on another thread
  • #202
  • Nov 20, 2005 1:58am Nov 20, 2005 1:58am
Quoting howwwndog
well i give up on tradeing cable for now. I'm going over to Euro. I find that most of the news available is all directed towards USD or EUR so that's where I am going to focus. nice to hear from all of you and see you on another thread
I don't think you going to do that.... here's why.

There's a pin bar setup forming on the daily chart. Alot of guys will be entering on the next eye forming. I'll be waiting for price to retrace a bit to the 1.7150 (low of first eye, thursday's low) area before entering long with a 15 pip stop (below Wednesday's low). I know that the stop is supposed to be below the nose, but 55 pips is a bit much for my liking. Will be looking at price action on the smaller time frames to enter long. A break above Friday's high, and we'll be seeing 1.7300-20.

Also, looks like an inverted head-n-shoulders on the Stochastics.

http://www.forexfactory.com/forexfor...tid=2350&stc=1
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Keeping it Simple
  • #203
  • Nov 20, 2005 7:48am Nov 20, 2005 7:48am
Quoting habeeb
with a 15 pip stop (below Wednesday's low). I know that the stop is supposed to be below the nose, but 55 pips is a bit much for my liking.
Habeeb, stops are to be placed wherever they are meant to be placed. If 55 pips if too much for your money managment priorities, then perhaps you might want to reduce your lot size rather than reducing your stop loss.

Proper SL possitioning is crucial for long term success in my opinion.
  • #204
  • Nov 20, 2005 10:45am Nov 20, 2005 10:45am
Quoting WTB
Habeeb, stops are to be placed wherever they are meant to be placed. If 55 pips if too much for your money managment priorities, then perhaps you might want to reduce your lot size rather than reducing your stop loss.

Proper SL possitioning is crucial for long term success in my opinion.
Agreed WTB.

I don't feel comfortable with a big stop. Money management is not my strong point at this moment, but am learning all the time. Coming back to the 15 pip stop. If price breaks 1.7137, most likely we'll see a test of 1.7097 again.

I will give your advice a try and see if I can cope with it. Money value of the loss (if hit) will be the same, but profit will be less (at least it's profit, right.)

Thanx
Habeeb
Keeping it Simple
  • #205
  • Nov 20, 2005 12:44pm Nov 20, 2005 12:44pm
Remember Habeeb that trading is a marathon, not a sprint. If you ought to, it doesn't matter if you downsize your lot size and thus earn less per pip. What matters is to be disciplined, stick to the very rules and place the SL where they belong.

By doing that, your account will slowly but steadly grow over time.
  • #206
  • Nov 20, 2005 1:52pm Nov 20, 2005 1:52pm
Daily pin bar right on the bollinger band.
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kiss the trend
  • #207
  • Nov 20, 2005 4:10pm Nov 20, 2005 4:10pm
Quoting WTB
Remember Habeeb that trading is a marathon, not a sprint. If you ought to, it doesn't matter if you downsize your lot size and thus earn less per pip. What matters is to be disciplined, stick to the very rules and place the SL where they belong.

By doing that, your account will slowly but steadly grow over time.
Point noted.

Thanx
Habeeb
Keeping it Simple
  • #208
  • Nov 20, 2005 4:12pm Nov 20, 2005 4:12pm
777,

thanx for posting your chart. After I posted my chart I saw the divergence on the stochastics, but wasn't sure whether I saw it the right way.

Thanx
Habeeb
Keeping it Simple
  • #209
  • Nov 24, 2005 11:35am Nov 24, 2005 11:35am
considering that on friday we will have rangebound market we can earn 30-50 pips on cable. I see long position from charts.
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kiss the trend
  • #210
  • Nov 24, 2005 11:40am Nov 24, 2005 11:40am
Very interesting. Yearly low is 7270, look carefully if week closes above this level and 200 EMA.
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kiss the trend
  • #211
  • Nov 24, 2005 1:54pm Nov 24, 2005 1:54pm
Price is again below the 1.7235-40 resistance area. With nothing happenning in the markets, I think we might see a Pin Bar on the daily, but anything can happen. Here is a chart with some number counting. I don't have any experience with this wave counting stuff, so any input/corrections are most welcome.

I think this scenario can still be fulfilled tomorrow if we get a close above 1.7270 (as 777 mentioned too).

http://www.forexfactory.com/forexfor...tid=2402&stc=1
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Keeping it Simple
  • #212
  • Edited 10:18pm Nov 24, 2005 10:10pm | Edited 10:18pm
Quoting habeeb
Price is again below the 1.7235-40 resistance area. With nothing happenning in the markets, I think we might see a Pin Bar on the daily, but anything can happen. Here is a chart with some number counting. I don't have any experience with this wave counting stuff, so any input/corrections are most welcome.

I think this scenario can still be fulfilled tomorrow if we get a close above 1.7270 (as 777 mentioned too).

http://www.forexfactory.com/forexfor...tid=2402&stc=1
Habeeb,

Your wave 3 isn't long enough. 1 rule of e-wave is wave 3 is never the shortest wave. and your projection of wave 4 is too high.(according to e-wave.)
instead of labling the over all trend I labled the sub waves of the trend.
If my calculations are correct we should get a sideways action between 1.7067 to 1.7300 1.7000/50 being the next target. You should assume the support/resistance between this range will hold. The price could form a wedge too. We'll have to wait for the wedge to form so we can tell the likely direction of the break out. If the wedge doesn't form and its a relitivly even sideways action this indacates the break will be down and be big too. Wedge signals a short burst on the break often fooling with a headfake.

Your not totaly incorrect on your lables. On the over all trend your wave 3 should extend further in the form of subwave 5. These sideways waves shouldn't rise past the bottom of wave 1 (1.7391) your wave 1 starts at 1.8499. Wave 3 , according to the e-wave should be 68% longer than wave 1. But the over all trend will take months to unfold.
I would consentrate on the subwaves because they seem to be ez to identify on this pair. Wait for retest of lows to enter a long and place s/l other side of lows as far as risk will allow you. Don't expect price to get any closer than 15 pips of the lowest low(1.7067) So I would long at 1.7085 s/l 1.7040 and target 20 pips below the high 1.7284. Target 1.7265. Do opposite on retest of the highs.
Actually I'll take this trade myself when price gets there. Hope this helps.

Dave

edit: your chart don't show the new day change but we got 2 doji's now. Look back in the past and see what happens when we get 2 doji's back to back. (reversal) Based on that next immediate move should be to retest lows. Might move to 1.7250 range befor retesting lows.
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  • #213
  • Nov 25, 2005 12:20am Nov 25, 2005 12:20am
Thanx very much Dave.

I'll keep working on my wave counting.

Enjoy your day.

Good Luck
Habeeb
Keeping it Simple
  • #214
  • Nov 26, 2005 5:31am Nov 26, 2005 5:31am
We've got a trendline and 61.8% Fibo (31/08/2003 - 13/12/2004) confluence just a few pips away fro yesterday's low. Looks like a Harami pattern formed. We might see price starting to creep up. We might even see 1.7250 during the day.

http://www.forexfactory.com/forexfor...tid=2414&stc=1
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Keeping it Simple
  • #215
  • Nov 26, 2005 5:38am Nov 26, 2005 5:38am
Quoting habeeb
We've got a trendline and 61.8% Fibo (31/08/2003 - 13/12/2004) confluence just a few pips away fro yesterday's low. Looks like a Harami pattern formed. We might see price starting to creep up. We might even see 1.7250 during the day.

http://www.forexfactory.com/forexfor...tid=2414&stc=1
Check out this with Tunnel momentum system. it indicates short.
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kiss the trend
  • #216
  • Nov 26, 2005 5:54am Nov 26, 2005 5:54am
Looking at the weekly chart ... too many trendlines meeting at one spot. Don't know if this is going to be good support or a major breakdown. Price has broken through the 61.8% Fibo but hasn't been able to close below. Maybe we going to see a small move up before testing this level again. Also, Stochastics are making higher lows when price is making new lows. With this divergence and trendline Fibo confluence, I think we're heading up this coming week. Looking forward to see the close of Wednesday. A close above 1.7390 would be a Pin Bar on the Monthly chart, and we'll be heading up during December. Also, I've read somewhere that fundamentally, December is not looking good for the dollar.

Take care
Habeeb

http://www.forexfactory.com/forexfor...tid=2416&stc=1
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Keeping it Simple
  • #217
  • Nov 26, 2005 5:59am Nov 26, 2005 5:59am
Sorry 777, I don't know anything reagrding the Tunnel system. Are you using it?
Keeping it Simple
  • #218
  • Nov 26, 2005 7:03am Nov 26, 2005 7:03am
Quoting habeeb
Looking at the weekly chart ... too many trendlines meeting at one spot. Don't know if this is going to be good support or a major breakdown. Price has broken through the 61.8% Fibo but hasn't been able to close below. Maybe we going to see a small move up before testing this level again. Also, Stochastics are making higher lows when price is making new lows. With this divergence and trendline Fibo confluence, I think we're heading up this coming week. Looking forward to see the close of Wednesday. A close above 1.7390 would be a Pin Bar on the Monthly chart, and we'll be heading up during December. Also, I've read somewhere that fundamentally, December is not looking good for the dollar.

Take care
Habeeb

http://www.forexfactory.com/forexfor...tid=2416&stc=1
Nice charta habeeb,

here is a link to Tunnel momentum study http://www.forexfactory.com/forexfor...ead.php?t=3422

on weekly we have also rising momentum which does not indicate a signal to reverse.
very confusible signals.
kiss the trend
  • #219
  • Nov 26, 2005 4:55pm Nov 26, 2005 4:55pm
Thanx,
I saw that thread there but wasn't in the mood for anything new. Since you're quite active with it, maybe you could keep us posted with the results of this Tunnel system.

Good Luck
Habeeb
Keeping it Simple
  • #220
  • Edited Nov 28, 2005 5:48am Nov 27, 2005 3:50am | Edited Nov 28, 2005 5:48am
Quoting habeeb
Thanx,
I saw that thread there but wasn't in the mood for anything new. Since you're quite active with it, maybe you could keep us posted with the results of this Tunnel system.

Good Luck
Habeeb
OK, also HeavyJ is good at it. Diallist will be teaching in the PF renewed tunnel system.
kiss the trend
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