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  • #13,961
  • Sep 14, 2010 12:50pm Sep 14, 2010 12:50pm
Quoting ridingwaves2
GBPUSD weekly, ready for another leg up?
GBPUSD weekly, ready for another leg up?

The answer to that requires much more than the euphoria of a Worker bullish candle
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,962
  • Sep 14, 2010 1:40pm Sep 14, 2010 1:40pm
I agree with that, was looking at that pair as well and decided to wait. Many resistance levels up to 1.57. Weekly 20 and weekly 50 almost parallel, which means to me no clear direction, it could go either way.

If this weeks candle manages to close as a BUEB taking out 1.57 then I would look for PA and 1.60 could be a target.

So for me waiting time until next week at least for this pair.

Just my 2 cent, I am at page 60 right now, so still some way to go, although I start to get the message

By the way, I play piano. No bass guitar and drums available over here...?

Daniel
  • #13,963
  • Sep 14, 2010 2:19pm Sep 14, 2010 2:19pm
Quoting elmasmas
I agree with that, was looking at that pair as well and decided to wait. Many resistance levels up to 1.57. Weekly 20 and weekly 50 almost parallel, which means to me no clear direction, it could go either way.

If this weeks candle manages to close as a BUEB taking out 1.57 then I would look for PA and 1.60 could be a target.

So for me waiting time until next week at least for this pair.

Just my 2 cent, I am at page 60 right now, so still some way to go, although I start to get the message

By the way, I play piano. No bass guitar and drums...
Wait to see how this week close, above 1.5470 and bulish candle is a good sign.
  • #13,964
  • Sep 14, 2010 2:38pm Sep 14, 2010 2:38pm
If the GU hourly chart stays firm near the current level or fluctuates in higher-high and higher- low fashion, then a breakout for the daily and weekly charts would be more likely, IMHO.


  • #13,965
  • Sep 14, 2010 2:38pm Sep 14, 2010 2:38pm
Quoting patrick25
Wait to see how this week close, above 1.5470 and bulish candle is a good sign.
The cable is located within a block consolidation
There is a strong level of S / R @ 1.5500
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 17 KB
  • #13,966
  • Sep 14, 2010 2:46pm Sep 14, 2010 2:46pm
Quoting ridingwaves2
If the GU hourly chart stays firm near the current level or fluctuates in higher-high and higher- low fashion, then a breakout for the daily and weekly charts would be more likely, IMHO.

This is a thread for teaching PASR on the Daily time frame - we don't care what any time frame below the Daily does.

If you were a student of this method you would have learned that H1 is only influenced by H4.

H1 is merely 1/24th the action of a Daily chart and 1/120th the action of a Weekly chart, or, in simple terms, a pin prick on the Daily and fly shit on the Weekly!
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,967
  • Sep 14, 2010 3:54pm Sep 14, 2010 3:54pm
If you were a student of this method you would have learned that H1 is only influenced by H4.

H1 is merely 1/24th the action of a Daily chart and 1/120th the action of a Weekly chart, or, in simple terms, a pin prick on the Daily and

Always funny when Strat rips into those fast readers who skip the first 900 pages, but he has been rather tender with them of late.
  • #13,968
  • Sep 14, 2010 4:41pm Sep 14, 2010 4:41pm
Quoting extraneo
The cable is located within a block consolidation
There is a strong level of S / R @ 1.5500
cable is also still controlled by the big boss on my chart and on the boss we are sat in the 20 / 50 trap.
Hope is not a trading strategy
  • #13,969
  • Edited Sep 15, 2010 4:46am Sep 14, 2010 5:05pm | Edited Sep 15, 2010 4:46am
Quoting patrick25
Wait to see how this week close, above 1.5470 and bulish candle is a good sign.
Hi Patrick. Understand that one would be looking for a bullish bar and strong close before initiating long.
In terms of PA at SR why do you look for "above 1.5470" specifically? I have it (1.5471) as the high of the weekly candle starting 11.July but I don't understand why you specify 1.5470 as the key, rather than the high of week starting 11 April which is 1.5522 on my data, arrowed below:
Attached Image


Obviously, your entry would be 50pips better but, other than the fact that the 1.547x weekly high has occurred more recently than the 1.552x weekly high, I don't understand why it might be more significant than the 1.552x high? Appreciate any comments you may make.
  • #13,970
  • Sep 14, 2010 7:27pm Sep 14, 2010 7:27pm
Quoting trogger
Hi Patrick. Understand that one would be looking of a bullish bar and strong close before initiating long.
In terms of PA at SR why do you look for "above 1.5470" specifically? I have it (1.5471) as the high of the weekly candle starting 11.July but I don't understand why you specify 1.5470 as the key, rather than the high of week starting 11 April which is 1.5522 on my data, arrowed below:Attachment

Obviously, your entry would be 50pips better but, other than the fact that the 1.547x weekly high has occurred more recently than...
If we have a strong bullish close candle on Boss, I will see what price does around 1.5400-70 level on Worker. It is just level where price recently reacted to it, nothing specifically.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-09-14-10.gif Size: 14 KB
  • #13,971
  • Sep 14, 2010 8:46pm Sep 14, 2010 8:46pm
Quoting patrick25
If we have a strong bullish close candle on Boss, I will see what price does around 1.5400-70 level on Worker. It is just level where price recently reacted to it, nothing specifically.
Here is the reason I want to see strong close on Boss. But then we still have to wait for proper PASR on Worker. Still a lot of waiting and it may not happen.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-09-14-10m.gif Size: 8 KB
Click to Enlarge Name: gbpusd-09-14-10w.gif Size: 8 KB
  • #13,972
  • Sep 14, 2010 9:05pm Sep 14, 2010 9:05pm
No! I haven't passed over to the dark-side and am NOT trading 5min charts! I just happened to be scrolling dailies and as we are less than 3 hours into a new day (on my broker), when I realised that we had already engulfed the previous 24 hours action, I dropped the time-frame to sneak a peek - and kept dropping and dropping...
Attached Image (click to enlarge)
Click to Enlarge Name: us.jpy.daily.15.sept.gif Size: 12 KB


This is what I saw:
Attached Image (click to enlarge)
Click to Enlarge Name: us.jpy.15min.gif Size: 14 KB


Now, this is Non-farm payrolls type action, but I have no announcement on FF calendar that explains this and nothing on my news feed - yet.

Question is then, if this is just reaction to BRN of 83 then is the train on the turnstyle?
  • #13,973
  • Sep 14, 2010 9:23pm Sep 14, 2010 9:23pm
Quoting trogger
No! I haven't passed over to the dark-side and am NOT trading 5min charts! I just happened to be scrolling dailies and as we are less than 3 hours into a new day (on my broker),...
http://www.bloomberg.com/news/2010-09-15/japan-s-noda-to-address-reporters-as-kyodo-news-reports-yen-intervention.html
  • #13,974
  • Sep 14, 2010 9:23pm Sep 14, 2010 9:23pm
Hi trogger

BOJ intervention
once in a long while.
  • #13,975
  • Sep 14, 2010 10:13pm Sep 14, 2010 10:13pm
Quoting extraneo
http://www.bloomberg.com/news/2010-09-15/japan-s-noda-to-address-reporters-as-kyodo-news-reports-yen-intervention.html
Yes, I figured BOJ intervention.

That Yoshihiko Noda may not qualify to become a fully fledged engine driver or even the train conductor - but he is determined to at least make it as a brakesman!

OK, back to PA - how do we play this one going forward?
  • #13,976
  • Sep 14, 2010 10:35pm Sep 14, 2010 10:35pm
http://www.bloomberg.com/news/2010-0...-recovery.html

“They’re working through some difficult problems,” Geithner said on Bloomberg Television. “My view is they should be focusing like we are on how to make sure they’re reinforcing recovery in Japan and doing things that are going to help.”


Yep. Do what we are doing. You will be fine.


I will be waiting for PASR to show me the way to profit from this one.
  • #13,977
  • Sep 15, 2010 1:02am Sep 15, 2010 1:02am
Quoting PistolDave
http://www.bloomberg.com/news/2010-0...-recovery.html

“They’re working through some difficult problems,” Geithner said on Bloomberg Television. “My view is they should be focusing like we are on how to make sure they’re reinforcing recovery in Japan and doing things that are going to help.”


Yep. Do what we are doing. You will be fine.


I will be waiting for PASR to show me the way to profit from this one.
Hi Davehttp://cdn.forexfactory.com/images/icons/icon7.gif

I am with you here, the strong downtrend by the Yen might still continue and the intervention would be just that. The candle is over 200 pips now, but in the past (12.09 and 03.10) there were number of movements like that so this is just a normal daily trading. PA will show the way.

Happy Trading
Jideck

Happy Tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #13,978
  • Sep 15, 2010 1:14am Sep 15, 2010 1:14am
How nice , BOJ starting to talk. Lets see how quickly that train will turn and give us confirmation so we can enjoy the ride with the rest of the bottom pickers
  • #13,979
  • Sep 15, 2010 2:54am Sep 15, 2010 2:54am
Quoting trogger
Yes, I figured BOJ intervention.

That Yoshihiko Noda may not qualify to become a fully fledged engine driver or even the train conductor - but he is determined to at least make it as a brakesman!

OK, back to PA - how do we play this one going forward?
The BOJ have intervened on jpy pairs but we have to see how the daily closes first. Take the usdjpy this in a firm downtrend on all TF, we all see that big BUOB forming on the worker and the Boss. These are just forming I will wait for the Boss to close this weekend to maybe trade the immediate/intermdiate trend but would be cautious of a false break out(A-B-C formation) in the mean time. I would then look to trade the "C" wave up and look for HH-LL cycles and of course any major SR?
I think many will jump on these jpy pairs but how long can the BOJ do this and look at the SNB experience.
Keep in mind that any crap economic news out of the USA will send the jpy soaring again but these are mere blimps and the overall trend should be respected.
  • #13,980
  • Sep 15, 2010 10:16am Sep 15, 2010 10:16am
If you get swept up with all the paranoia of any National Bank intervention, you are sure to lose.

The beauty about technical analysis is that no-one, NO-ONE can hide.

Everything that is done by any major institution is reflected in our PRICE charts. Yes, there may be anomalies on a daily basis which will suck the novices and amateurs in but, over time, the market stabilises, balances itself out and gets back in equilibrium.

Our concern is nothing compared to that of the big boys - do they follow the intervention or continue their strategy? Let them work it out first and then we will follow in their footprints.
15 YEARS OF PASR ON FOREX FACTORY!
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