bit of a 15min thingy going on ? pennant/triangle/flag/whatever I never know what these are called - Lol!!
G/L
G/L
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Cable Update (GBPUSD)
- #241,461
- Jul 28, 2010 4:00am Jul 28, 2010 4:00am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
ex member
- #241,465
- Jul 28, 2010 4:10am Jul 28, 2010 4:10am
- Joined Apr 2008 | Status: Trader | 9,414 Posts
That's why some of our longer term boys are sitting on the fence right now, call it hidden divergence, broadening top, diamond formation, 2 opposing candle patterns on H1, opposing channels on M15/30, MA's, weekly pivots, monthly pivots, whatever floats your boat, we are at decision point and the only trades out there are scalps, unless you got the kahunas to take a punt either way.
lately i see very good enhancement in ur view and i like it Just one more thing i guess we all try it hard to be real Professional trader which is
"Trader psychology"
Keep the good work
- #241,466
- Jul 28, 2010 4:10am Jul 28, 2010 4:10am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,049 Posts
- #241,467
- Jul 28, 2010 4:14am Jul 28, 2010 4:14am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
8th of June
Maybe one day when you have nothing better to do
you could hold a little class in how to draw trendlines, etc since they are so important. I know you connect higher lows and higher highs (and the reverse going down) but there seems more to it than that ....
Also I'm never sure where to start when using the equidistant or channel drawing tool in MT4.
It's pretty obvious from your charts that if tl's and s/r lines are drawn properly on the 4h, daily that is pretty much all you need to trade for weeks to come... (using the 5/15 for best entries)
*******************
I'd rather make money than be right. 
- #241,468
- Jul 28, 2010 4:22am Jul 28, 2010 4:22am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,049 Posts
- #241,469
- Jul 28, 2010 4:23am Jul 28, 2010 4:23am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
OKay in the interst of contributing something on a day when it is better to keep fingers off the mouse .. I wanted to share something I learned a few years ago while trading equities. Seems to work in forex as well.
I call it the 'personal moving average' or PMA.
What that means is .. every pair seems to have a ma it 'prefers' on the various timeframes. Most know how GU often seems to use the 100 ma on 5 min as s/r.
Check out the chart below .. that is a 4h GU with and 89 ema (the kind that changes color according to trend) .. you can see how often price used it as support on the way up .. and resistence during the prior downtrend.
The way you find the PMA is by experiment. Just throw up a price only chart and put an ma on it, then keep changing the numbers of the ma until it seems to 'fit' the best. I like to use fib numbers (like 89) first, but some pairs may have a number like 63 that has no meaning at all ... it's kind of a fun thing to do & if you find a good fit, it is, as Cloggie says, another tool in the box to help in decision making.
I call it the 'personal moving average' or PMA.
What that means is .. every pair seems to have a ma it 'prefers' on the various timeframes. Most know how GU often seems to use the 100 ma on 5 min as s/r.
Check out the chart below .. that is a 4h GU with and 89 ema (the kind that changes color according to trend) .. you can see how often price used it as support on the way up .. and resistence during the prior downtrend.
The way you find the PMA is by experiment. Just throw up a price only chart and put an ma on it, then keep changing the numbers of the ma until it seems to 'fit' the best. I like to use fib numbers (like 89) first, but some pairs may have a number like 63 that has no meaning at all ... it's kind of a fun thing to do & if you find a good fit, it is, as Cloggie says, another tool in the box to help in decision making.
*******************
I'd rather make money than be right.
- #241,470
- Jul 28, 2010 4:25am Jul 28, 2010 4:25am
- Joined Apr 2008 | Status: Trader | 9,414 Posts
Just note about e/u
Bears try Hard to take control from bull
but till now they can't
The same for g/u but bulls in more control in my view
my 4h close in 35min things will b interesting
Bears try Hard to take control from bull
but till now they can'tThe same for g/u but bulls in more control in my view
my 4h close in 35min things will b interesting
- #241,471
- Jul 28, 2010 4:27am Jul 28, 2010 4:27am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
Thanks .. looks like you started at the low of that day .. but not sure why.
Maybe one day when you have nothing better to do
The left channel was drawn first on the break of 4477, once that channel gave way in the first week of June, the 8th formed the next channel, that gave way on the first week of July and that formed the 3rd channel, so the close of the 8th was only used as a parallel point of the earlier channel, BTW I don't use the equidistant tool, just double click your TL hold CTRL and the left button and drag a new TL parallel to the old one. Some of the SR's go back 10 years.
Yes, this is only my second asschart of the year, the last one was tradeable for 8 months.
- #241,472
- Jul 28, 2010 4:27am Jul 28, 2010 4:27am
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #241,474
- Jul 28, 2010 4:31am Jul 28, 2010 4:31am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,049 Posts
- #241,477
- Jul 28, 2010 4:34am Jul 28, 2010 4:34am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,049 Posts