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Magic Lines...?

  • #41
  • Apr 7, 2010 1:15am Apr 7, 2010 1:15am
Are your number fib??....(i.e 18,36,62,84).. a chart will probably make it clearer...


Quoting frenz
Hi All

Just stumbled across this thread so thought I would have a read

I use magic lines but my own ones and they are

18...
  • #42
  • Apr 7, 2010 1:20am Apr 7, 2010 1:20am
any one who is watching the charts now can see exactly what happened

on the 5 min charts a drop from 62 gathering speed a 15 pip bounce off 37 and then a power run through to 28 and straight back to 38

it should set a a base before continuing on down to around 18

before a similar thing happens
If you can harness that then you have gold
  • #43
  • Apr 7, 2010 1:26am Apr 7, 2010 1:26am
Sorry

I should make myself clear
They are not fibs or some amazing technical concoction

I have developed these just through watching the charts

the numbers are at the moment gbp

1.5218 1.5236 1.5263 1.5284



This seems to be consistant through out on quite a few pairs although the e y seems to be a lot more responsive at the round numbers

ie the mutiples of 50 100
  • #44
  • Apr 7, 2010 1:33am Apr 7, 2010 1:33am
This is getting more interesting.....

So at every round number, you mark out xx18, xx36, xx63 and xx84 and then trade around them.... is this right??



Quoting frenz
Sorry

I should make myself clear
They are not fibs or some amazing technical concoction

I have developed these just through watching the charts

the numbers are at the moment gbp

1.5218 1.5236 1.5263 1.5284



This seems to be consistant through out on quite a few pairs although the e y seems to be a lot more responsive at the round numbers

ie the mutiples of 50 100
  • #45
  • Apr 7, 2010 1:49am Apr 7, 2010 1:49am
I dont trade them all but that is where i set my resistance lines

It depends on the time of day
as markets close and open there is usually a big move just before the hour

If you watch around 7 minutes before the hour before a major market opens there will quite often be a 15 20 pip move

i atribute this to traders getting out and new traders getting in

A quick move up will sometime signify big money trades setting up short trades

Ie japan is closing and traders are closing their trades for the day

Big money is following along sucking all the small money into the wrong side of the trade they then pounce and start to move it in the direction they really want it to go. which is down

We have all been fooled with a sharp move up and set up for long trades
  • #46
  • Apr 7, 2010 2:10am Apr 7, 2010 2:10am
I have another theory on when the market moves

We all know that an hour before the major markets open there is a big move

and just prior to london closing there is a big move that pretty often ends with a trend change
Big News is wild and if you can trade that you are better than me. Wide spreads and big moves have tightened the sphincter on to many occasions so I try and sit them out

But if you can figure out the coffee breaks and lunch breaks you will see that the market slows down especially during the london and us session

another weapon in your arsenal

The big money traders are working for banks and are human and i suppose work

pretty regular hours that involve lunch and coffee
  • #47
  • Apr 7, 2010 5:18am Apr 7, 2010 5:18am
Hi,

I just noticed something.

I applied fib using the high and low of yesterday. I noticed the following on GU:

1.5284 is the 90% fib area
1.5263 is the 76.4% fib area
1.5236 is the 61.8% fib area
1.5218 is the 50% fib area

Maybe this is just a coincident.......but I will keep watching.

Thanks for bringing this up





Quoting frenz
I have another theory on when the market moves

We all know that an hour before the major markets open there is a big move

and just prior to london closing there is a big move that pretty often ends with a trend change
Big News is wild and if you can trade that you are better than me....
  • #48
  • Apr 7, 2010 5:38am Apr 7, 2010 5:38am
Hi Ibuks

Have a look at gbp its just hit the 84 mark and formed a pin on the 5 min

watch to see where it goes but its aregular pattern for a reversal
  • #49
  • Apr 7, 2010 6:57am Apr 7, 2010 6:57am
Its getting more interesting....

I have ammended my fib to include 89% and am watching like an hawk...

This is amazing..... Will start to demo trade it to get it perfected....

One can almost predict these prices...whaooo...thanks again

Quoting frenz
Hi Ibuks

Have a look at gbp its just hit the 84 mark and formed a pin on the 5 min

watch to see where it goes but its aregular pattern for a reversal
  • #50
  • Apr 7, 2010 7:04am Apr 7, 2010 7:04am
Hi Ibuks

just remember nothing is certain in forex

went long at 84 for a small bounce
but caught a good part of the move from 38 now im picking it will bounce off 84 and head back to the daily low so im short from 81

have a look at the average daily range aswell pound usd is around 150 pips

euro is a bit less but it all works into the equation
  • #51
  • Apr 7, 2010 7:07am Apr 7, 2010 7:07am
Its getting more interesting....

I have ammended my fib to include 89% and am watching like an hawk...

This is amazing..... Will start to demo trade it to get it perfected....

One can almost predict these prices...whaooo...thanks again

Quoting frenz
Hi Ibuks

Have a look at gbp its just hit the 84 mark and formed a pin on the 5 min

watch to see where it goes but its aregular pattern for a reversal
Attached Image (click to enlarge)
Click to Enlarge Name: gu chart 070410.gif Size: 25 KB
  • #52
  • Apr 7, 2010 7:28am Apr 7, 2010 7:28am
Just a word of caution if it makes it to 29 or the daily low

it might put in a solid bounce or completely fly through as there will be a lot of stops getting taking out
this in turn will force it down pretty quickly until someone puts the brakes on
so keep an eye on the time around the london close
  • #53
  • Apr 7, 2010 7:34am Apr 7, 2010 7:34am
hI GUYS... Thanks alot for making this journal "alive"...

Did a GBPUSD trade and got away with 20 pips. Watch out for yesterday's low of 1.5127.
Attached Image
  • #54
  • Apr 7, 2010 7:42am Apr 7, 2010 7:42am
Hi cash calf

Have been trading for a while and at the same time tried every indicator
had some wonderfully color full charts and spent more time on setting out my screens only to end up totally confused
so magic lines coffe breaks, lunch hours and clean charts are for me

at the end of the day its you verse me when we are trading so if you are having lunch and away from the screen the market will slow down ever so slightly and I will loose and adversary

I can understand the logic of a coffee break but get confused with emas bollinger brands etc
  • #55
  • Apr 7, 2010 8:29am Apr 7, 2010 8:29am
keep an eye on 18 if it gets past 5205

but still early in the us session so could blast on past to 37
  • #56
  • Apr 7, 2010 9:00am Apr 7, 2010 9:00am
for anyone still interested in the running commentary it will hit the 200 ema at around 31 / 32

but the real resistance is at 38 trajectory is still up

I watch the 5 min charts so im looking for some thing that says it will turn around i.e a pin bar i confirm this on the 15 min charts

but there again might be totally wrong
  • #57
  • Apr 7, 2010 9:26am Apr 7, 2010 9:26am
for anyone watching now if you shrink up your 15 min chart on the left you will see all the noise it has run into about 3 oclock yesterday

lot of buys sells and indecision a pin is forming on the 15 min so be wary about a reversal
its also run up 80 pips on its retracement
  • #58
  • Apr 7, 2010 9:32am Apr 7, 2010 9:32am
my 3 oclock is probably different from yours as im in new zealand
  • #59
  • Apr 7, 2010 9:49am Apr 7, 2010 9:49am
heres my theory on time watch what happens around 7 minutes to the hour

quite possibly a good size move but i have no idea which direction
  • #60
  • Apr 7, 2010 10:12am Apr 7, 2010 10:12am
Hi Ibuks

have you bagged a few pips today
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