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  • #181
  • Apr 1, 2010 12:14am Apr 1, 2010 12:14am
This was a nice week as my long has produced nice profits. We may continue up to the 55MA 61.8 fib before we decide whether to continue moving upward or downward. Monthy chart produced a nice pin wo that may be something to watch as well.
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  • #182
  • Edited 2:01am Apr 1, 2010 1:49am | Edited 2:01am
Quoting Ctic
This was a nice week as my long has produced nice profits. We may continue up to the 55MA 61.8 fib before we decide whether to continue moving upward or downward. Monthy chart produced a nice pin wo that may be something to watch as well.

Hey buddy,

Yeah that monthly (mines a doji really) is something to watch long term. Right now I'm focused on the 4 hour. With another 1:10 to go, it looks to be forming a nice set of pin tweezers off the 76.4 and channel top.

Might make for a nice wave down first. Your thoughts?
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Ghost Rider - WWTBMD?
  • #183
  • Apr 1, 2010 2:23am Apr 1, 2010 2:23am
Quoting albchr
Hey buddy,

Yeah that monthly (mines a doji really) is something to watch long term. Right now I'm focused on the 4 hour. With another 1:10 to go, it looks to be forming a nice set of pin tweezers off the 76.4 and channel top.

Might make for a nice wave down first. Your thoughts?
Hey Chris,

Yeah, mine is kinda a doji too, but still may be an up situation. Well, with NFP coming up in a day or so, anything can happen. I think we may still creep up to about the 5300 mark before we move downwards. However, we may still go higher, I don't think this long wave is over yet. I still have my long @ 4914 and I picked up another one now @ 5184 with my target on both @ 5300ish. The 4H we crossed the 200 SMA so hopefully that holds as support. This may also be a situation where we get the spike up to 5300 and then a large drop. Time will tell. The 5300 btw is also my 161.8 fib.
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  • #184
  • Apr 1, 2010 2:31am Apr 1, 2010 2:31am
Quoting Ctic
Hey Chris,

Yeah, mine is kinda a doji too, but still may be an up situation. Well, with NFP coming up in a day or so, anything can happen. I think we may still creep up to about the 5300 mark before we move downwards. However, we may still go higher, I don't think this long wave is over yet. I still have my long @ 4914 and I picked up another one now @ 5184 with my target on both @ 5300ish. The 4H we crossed the 200 SMA so hopefully that holds as support. This may also be a situation where we get the spike up to 5300 and then a large drop. Time...
Agreed on the 200MA (yellow on the chart I posted) so it should prove interesting. I'm thinking if this 4 hour should close below the 23.6 (dark green long term) then we have a shot at that down wave. But there is no denying the strength of this up move for sure.

Also, I do think the pound is being artificially help up. No, I'm not a conspiracy theorist but have a look at this that happened yesterday. Again I ask....WTF...LOL

http://www.forexfactory.com/showpost...postcount=1044

That gap hasn't been filled yet. Will it? Is this setting up for a fall after NFP?
Ghost Rider - WWTBMD?
  • #185
  • Apr 1, 2010 2:43am Apr 1, 2010 2:43am
Hi C and Chris,

I'm also on east coast U.S. and was wondering if I may ask your opinion on something? Do you guys experience "burnout" trading the european session (as well as US) and do you have a consistent sleep schedule? I was missing many great moves during London so have been trading through the night as well but am not someone who can perform effectively on little sleep. Just wondering your thoughts on this and what works for you.

Thanks in advance - Elliot
  • #186
  • Apr 1, 2010 3:06am Apr 1, 2010 3:06am
Quoting elliot_l
Hi C and Chris,

I'm also on east coast U.S. and was wondering if I may ask your opinion on something? Do you guys experience "burnout" trading the european session (as well as US) and do you have a consistent sleep schedule? I was missing many great moves during London so have been trading through the night as well but am not someone who can perform effectively on little sleep. Just wondering your thoughts on this and what works for you.

Thanks in advance - Elliot
Hi Elliot,

Well for me, I don't really need more than 3 to 5 hours sleep. Comes from being a self employed carpenter for 30 years...LOL

But I trade the UK into US. With any luck I'm done by 10:00am and can then enjoy the rest of my day. Sometimes I have to trade right through the whole US session. But for the most part I'm crashed by about 10:00pm at the latest so to get up at 2:00am is really no big deal for me.
Ghost Rider - WWTBMD?
  • #187
  • Apr 1, 2010 10:35am Apr 1, 2010 10:35am
Quoting albchr
Hi Elliot,

Well for me, I don't really need more than 3 to 5 hours sleep. Comes from being a self employed carpenter for 30 years...LOL

But I trade the UK into US. With any luck I'm done by 10:00am and can then enjoy the rest of my day. Sometimes I have to trade right through the whole US session. But for the most part I'm crashed by about 10:00pm at the latest so to get up at 2:00am is really no big deal for me.
I mostly trade end of Asia session and London session with the beginning of the U.S. session. After 12 noon, EST. I do not make any more trades, and usually get some rest. I will not really look at the charts again until midnight EST.. My sleep schedule is really fucked up but it works for me.

C.
  • #188
  • Apr 1, 2010 10:47am Apr 1, 2010 10:47am
Quoting Ctic
I mostly trade end of Asia session and London session with the beginning of the U.S. session. After 12 noon, EST. I do not make any more trades, and usually get some rest. I will not really look at the charts again until midnight EST.. My sleep schedule is really fucked up but it works for me.

C.
Same here C with regard to no new trades after noon. Unless it's really hopping and an entry is obvious. Hey, today "could" be such a day...LOL
Ghost Rider - WWTBMD?
  • #189
  • Apr 1, 2010 11:01am Apr 1, 2010 11:01am
Quoting albchr
Same here C with regard to no new trades after noon. Unless it's really hopping and an entry is obvious. Hey, today "could" be such a day...LOL
I love this weekly candle if it sticks. We could be in for a long ride up.
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  • #190
  • Apr 1, 2010 11:12am Apr 1, 2010 11:12am
Quoting Ctic
I love this weekly candle if it sticks. We could be in for a long ride up.
Agreed. Would like to see a test of 76.4 (5242) to load some longs. Don't know if she'll pull back that far though. This puppy is on a mission...LOL
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Ghost Rider - WWTBMD?
  • #191
  • Apr 2, 2010 9:57am Apr 2, 2010 9:57am
If cable bounces to go back up this is the spot it will do it from. The two charts posted is why. 15M @ 161.8 fib (close to it anyways, doesn't have to hit exactly). good retrace fib. 4H chart @ top tunnel wall just above 200sma. Notice how decline came right as we hit the 161.8 (close to it anyways, doesn't have to hit exactly) on 4H chart.
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  • #192
  • Apr 2, 2010 10:07am Apr 2, 2010 10:07am
Taking into account the weekly indexes, I do believe our shared view over the past few days of a rise in cable to 5380 and above will come into play my friend....

Wishing the you very best for a happy holiday weekend C.
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Ghost Rider - WWTBMD?
  • #193
  • Apr 2, 2010 10:19am Apr 2, 2010 10:19am
Quoting albchr
Taking into account the weekly indexes, I do believe our shared view over the past few days of a rise in cable to 5380 and above will come into play my friend....

Wishing the you very best for a happy holiday weekend C.
You too Chris. Happy Holidays.
  • #194
  • Apr 2, 2010 9:04pm Apr 2, 2010 9:04pm
Hi Ctic,
Thanks for the thread. I read through it - your approach is somewhat similar to mine and you seem to maintain an even keel in your trading - imho. I, too, take fibs from longer time frames down to lower ones. I've been using fractals as one of my level finders and I think the Master Candles could be a good compliment (many common points). I'm don't know the ma convergence very well, so I'm staying away from that for now. I know this is a journal, so I'll try and be a fly (sponge) on the wall. Just wanted to say hello and thanks.
The market is always right.
  • #195
  • Apr 3, 2010 12:04am Apr 3, 2010 12:04am
Quoting Artie
Hi Ctic,
Thanks for the thread. I read through it - your approach is somewhat similar to mine and you seem to maintain an even keel in your trading - imho. I, too, take fibs from longer time frames down to lower ones. I've been using fractals as one of my level finders and I think the Master Candles could be a good compliment (many common points). I'm don't know the ma convergence very well, so I'm staying away from that for now. I know this is a journal, so I'll try and be a fly (sponge) on the wall. Just wanted to say hello and thanks.
Artie,

Thanks for the compliment. Feel free to post here anytime. Comments, questions and Ideas are always welcome. I always like hearing from those who have similar trading styles as I.

C.
  • #196
  • Apr 3, 2010 12:07am Apr 3, 2010 12:07am
NFP was a pretty predictable thing this month. Look at the 4H chart w/ the weekly candle fib. All week long there has been buying with little to no selling. I caught a long early in the week and was able to ride it up. Anyways, the week brought PA up to the 161.8 in which NFP sent it back down for the retrace as shown by the chart. We never broke Yesterday's low either so I feel we may have another up week next week. I will eveluate more once I see where the open price is but I do feel we should see at least 5380.
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  • #197
  • Apr 3, 2010 9:14am Apr 3, 2010 9:14am
The move last Friday pulled it back to the 23.6 fib of the weekly upmove. This also happened to be in the cluster of MA's that are acting as support levels as well. These supports are the 200SMA and the tunnel, with the 24SMA starting to make the cross. Whether it crosses the tunnel and 200SMA remains to be seen. On a side note the 4H candle closed uner the 200EMA so that could act as the resistance. I am curious to see what may happen and will know more when I see the open price. I feel that we may continue on to the 138.2 or 161.8 fibs which are at 1.5450ish and 1.5560ish respectively before a drop. However, I believe we may open and push to the 38.2 or 50 fib before we continue to rise.
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  • #198
  • Apr 7, 2010 12:13am Apr 7, 2010 12:13am
Until this breaks the 4H support I will hold the long bias tht I was hanging onto last week. In addition, the weekly candle seemed to make the proper retracement for a contined long. I have a feeling that FF will drop this to support and the London boys bounce it higher. Lets see how it plays out. Flat atm.
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  • #199
  • Apr 7, 2010 12:34pm Apr 7, 2010 12:34pm
Quoting Ctic
Until this breaks the 4H support I will hold the long bias tht I was hanging onto last week. In addition, the weekly candle seemed to make the proper retracement for a contined long. I have a feeling that FF will drop this to support and the London boys bounce it higher. Lets see how it plays out. Flat atm.
PA dropped down to the 4H support and bounced right off of it as shown by the chart. My pending long got filled while I was sleeping. Still haven't broken yesterday's high. Looks like we may be entering into an inside candles situation. 55 on 4H may cross the 200 support level if it does, look for continued up.
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  • #200
  • Apr 7, 2010 10:57pm Apr 7, 2010 10:57pm
Quoting Ctic
PA dropped down to the 4H support and bounced right off of it as shown by the chart. My pending long got filled while I was sleeping. Still haven't broken yesterday's high. Looks like we may be entering into an inside candles situation. 55 on 4H may cross the 200 support level if it does, look for continued up.

Hi Ctic

I noticed that the 4h support also lines up with the 38.2 fib. Do you look for multiple layers of S/R to set pending orders? When you do set a pending order do you set you stop at the next S/R level?

I am still in Minnesota with a poor connection so no trading for me for some time now. Enjoying time with family but looking forward to some quality chart time soon.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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