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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #16,061
  • Jul 6, 2011 7:45pm Jul 6, 2011 7:45pm
Quoting dario1002
dude... u got any chart? just to understand what u are watching

Price is below 6154, price is below monthly pivot, price is below the weekly pivot, price is below that massive daily ltl, cable monthly is bearish.
The GBPLFX, printed a new monthly low.

Look at the overall picture & just sell, don't worry about those small move up you'll be wasting your time. Scalp if you must to keep hold of the drawdowns in between but don't lose sight of the larger picture.
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  • #16,062
  • Jul 6, 2011 7:58pm Jul 6, 2011 7:58pm
Quoting wormboy
No one then?

Switch to the cable daily, have the 30 & 120 ema placed.
They're about to crossover & when they do, price will usually rise or fall like no tomorrow. Hence the term "death cross".
Currently, the 30 & 120 is about to cross down, probably in a day or two, so let's watch how far it goes. It's not everyday you get these massive crossovers to happen.

I didn't create this mas xover by the way, it was taught to me by a friend about a year ago & I was reminded by him again yesterday. So let's see.
We crossover today.


On rate announcement day to boot. Coincidence?
Let's see how far this bugger tanks.
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  • #16,063
  • Jul 6, 2011 8:03pm Jul 6, 2011 8:03pm
The steep usdx monthly utl is also currently being challenged heavily, signs of the bearish trend weakening perhaps? Interesting times.
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  • #16,064
  • Jul 6, 2011 9:01pm Jul 6, 2011 9:01pm
Hi Guys,

Many thanks for your support comments and help, I am still trying to trade profitably, due to the part of the world I am in tend to concentrate on the dailies and if scalping go for the london open on the GBP USD where a move of 100 pips in 2 hours can be expected, my reasoning is how hard can it be to get 50? ( last night I lost 20 )

It has got to the stage where I am willing to do anything to improve my trading, which I suspect to a degree has hindered my progress ( information overload), and I am comeing back arround to the pholiposhpy of trading only a 1 or 2 pairs but getting to know them well. (GBP USD EUR USD and maybe the EUR JPY)

This involves looking at all other pairs the traded currancies trade against to delelop a feel for their overall "weighting" but only trading the 1 or 2 pairs.

Having said this I still have weekly trades on the EUR JPY and CAD JPY which are floundering, and a daily on the GBP JPY, the GBP is in worse shape than the JPY when looking at it across the board, the only thing I do not like about this trade is the 129.500 line which is a natural S/R line but it seems to have broken through at the moment, the position size is 0.11 which is big for me but the stop is tighter than I often have them.

Happy trading comarades and rest assured I am learing from each and every one of you.

Regards Allan.
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  • #16,065
  • Jul 6, 2011 9:53pm Jul 6, 2011 9:53pm
Quoting wormboy
We crossover today.


On rate announcement day to boot. Coincidence?
Let's see how far this bugger tanks.
I notice the last attempt 6 months ago met with a violent rebound, that happened when the DX was at its current year peak of 81.3
an interesting an eventful 2 days ahead
cheers
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  • #16,066
  • Jul 6, 2011 9:53pm Jul 6, 2011 9:53pm
Quoting wormboy
We crossover today.


On rate announcement day to boot. Coincidence?
Let's see how far this bugger tanks.


All 55 Economists Polled Say That The ECB Will Hike Rates By 25bps

The ECB is of course meeting later today and this Bloomberg poll suggests that the outcome is written into the market. Perhaps we may get another buy-the-rumour-sell-the-fact move.

Will we go deeper or higher?? today is the day
  • #16,067
  • Jul 7, 2011 2:20am Jul 7, 2011 2:20am
morning guys..im flat i exit positions all night

GU closed around 1.6 level and i thought its possible it may go back up, didnt want to lose profit and exited
  • #16,068
  • Jul 7, 2011 2:26am Jul 7, 2011 2:26am
I am short GU but suspect there may be a time based reversal at 1/2 past and I will be watching it closely I am just at BE at present nothing to write home about......Happy trading
  • #16,069
  • Jul 7, 2011 2:32am Jul 7, 2011 2:32am
Quoting qp2
I am short GU but suspect there may be a time based reversal at 1/2 past and I will be watching it closely I am just at BE at present nothing to write home about......Happy trading
hi buddy,

i was thinking we really now below 1.6 that should hold as resistance but price may attempt to break it and produce PA confirmation..then i will short

unfortunately the price i had may have been hit..hence the exit..but short is the way..long is kinda more risky imho

be lucky
  • #16,070
  • Jul 7, 2011 2:51am Jul 7, 2011 2:51am
Hi nAV looks like the test of the 1.6 comeing up ... I am still short...unwisely at this stage.
  • #16,071
  • Jul 7, 2011 2:51am Jul 7, 2011 2:51am
Quoting wormboy
The steep usdx monthly utl is also currently being challenged heavily, signs of the bearish trend weakening perhaps? Interesting times.
Azim... i'm gonna ask u again a question that yesterday went unanswered

When u scalp.. it is ok to take complexes patterns, such as triangles, wedges, flags H&S and so on, but what about the simple patterns (i.e. patterns made by 2 or 3 candles)? should i just ingnore them? There are many of them forming one after another on the LTF, and still not sure how to deal with them.

thanks in advance.

Btw... on cable i am looking at the same thing as u, but euro is being fairly easier to trade. Can't say i am fully bearish on GU till we definitely close under the usual levels. till that time i will just try to lay the usual ranges.
I don't want a job, i want money!
  • #16,072
  • Jul 7, 2011 2:53am Jul 7, 2011 2:53am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
I have not seen GU monthly down for more then 2 months in a row with exception to banking crisis and QE in 2009....

If BOE doesn't do any more QE then we might get a relief rally.

Thought to mention, food for thought!!!
  • #16,073
  • Jul 7, 2011 3:08am Jul 7, 2011 3:08am
Quoting ams
I have not seen GU monthly down for more then 2 months in a row with exception to banking crisis and QE in 2009....

If BOE doesn't do any more QE then we might get a relief rally.

Thought to mention, food for thought!!!
hey man.. remember anything????

how about.... A DIAMOND??
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I don't want a job, i want money!
  • #16,074
  • Jul 7, 2011 3:30am Jul 7, 2011 3:30am
???
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I don't want a job, i want money!
  • #16,075
  • Jul 7, 2011 3:47am Jul 7, 2011 3:47am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
lol......

I like it

but don't forget 3months GU..look at u r charts and see 3 months down in a row apart from reasons mentioned.


Quoting dario1002
???
  • #16,076
  • Jul 7, 2011 4:14am Jul 7, 2011 4:14am
Quoting dario1002
Azim... i'm gonna ask u again a question that yesterday went unanswered

When u scalp.. it is ok to take complexes patterns, such as triangles, wedges, flags H&S and so on, but what about the simple patterns (i.e. patterns made by 2 or 3 candles)? should i just ingnore them? There are many of them forming one after another on the LTF, and still not sure how to deal with them.

thanks in advance.
the m5 is okay, not the m1.

Quoting dario1002
Btw... on cable i am looking at the same thing as u, but euro is being fairly easier to trade. Can't say i am fully bearish on GU till we definitely close under the usual levels. till that time i will just try to lay the usual ranges.
I don't understand you guys sometimes. Trade however you see fit. Good luck
Thank You
  • #16,077
  • Jul 7, 2011 4:21am Jul 7, 2011 4:21am
Quoting wormboy
Look at the overall picture & just sell, don't worry about those small move up you'll be wasting your time. Scalp if you must to keep hold of the drawdowns in between but don't lose sight of the larger picture.
One question Azim
if you are short in 1 lot
when you scalp, do you enter with same lot size?
thanks in advance
cheers
  • #16,078
  • Jul 7, 2011 4:22am Jul 7, 2011 4:22am
Quoting wormboy
hi baz

yup ... that time of the year to be looking
I am using a different descending ltl to gauge the large picture & at the moment the massive looking pinbar is looking to close underneath. Tho I reckon price will act crazy within these few days, I still fully expect it to close bearish.

Let's see how it goes.
I am not right all the time, but when it's bearish, look to sell.
As I said, as long as price stays below 6154, my long term bias remains unchanged.

Later.
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  • #16,079
  • Jul 7, 2011 4:24am Jul 7, 2011 4:24am
Quoting A 5
One question Azim
if you are short in 1 lot
when you scalp, do you enter with same lot size?
thanks in advance
cheers
no alvin, depending on the setup but normally my scalp sizes are higher due to the tighter target/stop levels.
Thank You
  • #16,080
  • Jul 7, 2011 4:27am Jul 7, 2011 4:27am
Quoting wormboy
no alvin, depending on the setup but normally my scalp sizes are higher due to the tighter target/stop levels.
thanks Azim
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