Come with me if you want to live....
Cable Update (GBPUSD)
- #317,241
- Jun 25, 2012 2:09am Jun 25, 2012 2:09am
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
- #317,242
- Jun 25, 2012 3:02am Jun 25, 2012 3:02am
- Joined Aug 2011 | Status: Trader | 4,005 Posts
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
- #317,243
- Jun 25, 2012 3:20am Jun 25, 2012 3:20am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
Ok Niranj here we go
I only found one chart with a plotted gartley on it
the indicator plots automatically a pattern and highlights it in blue.this is a bearish formation on this chart and normally,price should drop to the very bottom of the formation(but from my experience this sucks as it rarely does)
if price continues to climb and exceeds the red box the pattern is deleted from the chart as it is no longer valid....this is why normally you need to put SL just above the box.
the bullish pattern is same shape but on opposite
Normally,those patterns are better signals on higher TFS (timeframes)
If you need more info http://www.harmonicedge.com/gartley.html
I use it only as a confirmation of what I already know and only enter when I know not when it plots the pattern.
As a general rule if you want to use it and sell like in this example just put a TP at half the hight of the patern and it should be fine....
From my experience,stand alone indicator is not that good.it gives some 50-50 chances of profit....but as I said I did not bother to understand the logics behind the moves.
I only found one chart with a plotted gartley on it
the indicator plots automatically a pattern and highlights it in blue.this is a bearish formation on this chart and normally,price should drop to the very bottom of the formation(but from my experience this sucks as it rarely does)
if price continues to climb and exceeds the red box the pattern is deleted from the chart as it is no longer valid....this is why normally you need to put SL just above the box.
the bullish pattern is same shape but on opposite
Normally,those patterns are better signals on higher TFS (timeframes)
If you need more info http://www.harmonicedge.com/gartley.html
I use it only as a confirmation of what I already know and only enter when I know not when it plots the pattern.
As a general rule if you want to use it and sell like in this example just put a TP at half the hight of the patern and it should be fine....
From my experience,stand alone indicator is not that good.it gives some 50-50 chances of profit....but as I said I did not bother to understand the logics behind the moves.
- #317,244
- Jun 25, 2012 3:27am Jun 25, 2012 3:27am
Ok Niranj here we go
I only found one chart with a plotted gartley on it
the indicator plots automatically a pattern and highlights it in blue.this is a bearish formation on this chart and normally,price should drop to the very bottom of the formation(but from my experience this sucks as it rarely does)
if price continues to climb and exceeds the red box the pattern is deleted from the chart as it is no longer valid....this is why normally you need to put SL just above the box.
the bullish pattern is same shape but on opposite
Normally,those...
looks useful and thanks for posting it. i will read this properly.
Anyways what you think about GU right now, where you thing its heading now. You think it can retrace back under 1.55 and also what makes you confident about 1.59?
GU went from 1.526 area to 1.578 then retraced back to current area, do you think elliot wave can be applied to this trend? where the third wave is bullish and break the previous high of 1.5780?
- #317,245
- Jun 25, 2012 3:42am Jun 25, 2012 3:42am
- Joined Jul 2010 | Status: Always manage your risk & leverage | 7,339 Posts
not euphoria follower
- #317,246
- Jun 25, 2012 3:51am Jun 25, 2012 3:51am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
Thanks Redbeben
looks useful and thanks for posting it. i will read this properly.
Anyways what you think about GU right now, where you thing its heading now. You think it can retrace back under 1.55 and also what makes you confident about 1.59?
GU went from 1.526 area to 1.578 then retraced back to current area, do you think elliot wave can be applied to this trend? where the third wave is bullish and break the previous high of 1.5780?
EU summit is one big reason for this as they need to implement the fiscal union bla bla bla,there will be no comments upon Greece at the summit and maybe they will discuss about Spain as it asked formally for the support this morning.
GU now is as it goes-as long as 1.5475-70 holds we will go higher than the last push high (1.5777-78)and go to the 61.8% fibo on 1.63-1.5268 move which is 1.5902-05 ..and we have 5 days left for that
later we go higher to 1.62-63
if we go under 1.5470 then things will get messy and we might retest the 1.5268 level.
Elliot wave...well I don't use it as I cannot count waves.
You have to understand that there are thousands of indicators and strategies out there but you need to stick to only one of them and know it inside out if you want to have an edge.
You can simply use MA lines (this is how I started) or trend lines(very easy to apply and very big profits) or Bbands.....as long as you keep the right MM
Working on elliot waves is good to know the general direction but each trader counts in his own way so...for me it is confusing.
There is a word in trading - ''trading is simple,only idiots make it complicated''
keep it simple,know the MM rules and stick to one system
- #317,248
- Jun 25, 2012 4:07am Jun 25, 2012 4:07am
for me,the market is terribly slow and something is cooking ....I just don't know what ...
EU summit is one big reason for this as they need to implement the fiscal union bla bla bla,there will be no comments upon Greece at the summit and maybe they will discuss about Spain as it asked formally for the support this morning.
GU now is as it goes-as long as 1.5475-70 holds we will go higher than the last push high (1.5777-78)and go to the 61.8% fibo on 1.63-1.5268 move which is 1.5902-05 ..and we have 5 days left for that
later we go...
and what you think is most imp in trading to stop anyone from loosing money
- #317,249
- Jun 25, 2012 4:19am Jun 25, 2012 4:19am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
wel you understand market well. if you dont mind me asking how long have you been trading and has it been profitable?
and what you think is most imp in trading to stop anyone from loosing money
the most important thing is not to lose money
once you learn how to do that you will only have profits but as a newby you will loose a lot.the point is to stick to entry and exit rules.
only jump in when you have a setup.
once you are in profit move SL to BE and then lock profit as fast as you can.2012 is the worst year to trade for newstarters as most of the indies mean nothing now.
- #317,252
- Jun 25, 2012 5:18am Jun 25, 2012 5:18am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
Spanish banks will be downgraded soon by Moody's
oh well...market already down
oh well...market already down
- #317,253
- Jun 25, 2012 10:07am Jun 25, 2012 10:07am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
who's a lucky bastard ? 
- #317,254
- Jun 25, 2012 10:23am Jun 25, 2012 10:23am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
- #317,257
- Jun 25, 2012 10:41am Jun 25, 2012 10:41am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
hey PT wazap! Wount advice to go long now but should wait till end of NY session when direction would b clearer
- #317,258
- Jun 25, 2012 10:43am Jun 25, 2012 10:43am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
your going long
I am long since 1.5555..I was waiting for 1.5525 to load some more longs but it did not happen
now I wait 1.5902-06 but first 1.5777-5784 by the end of the week or max till Tuesday next week(Monday better)....
now I can only wait
luckily I closed some scalps today and one long on GOld.the second Gold locked @ + 23 USD (from 1562-1585) so I can't say it was a bad day..but still slowwwwww
- #317,259
- Jun 25, 2012 10:51am Jun 25, 2012 10:51am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
I am long since 1.5555..I was waiting for 1.5525 to load some more longs but it did not happen
now I wait 1.5902-06 but first 1.5777-5784 by the end of the week or max till Tuesday next week(Monday better)....
now I can only wait
luckily I closed some scalps today and one long on GOld.the second Gold locked @ + 23 USD (from 1562-1585) so I can't say it was a bad day..but still slowwwwww
- #317,260
- Jun 25, 2012 10:59am Jun 25, 2012 10:59am
- | Membership Revoked | Joined Apr 2012 | 253 Posts
whats up, i been short, i was just asking whats the reason, im short from last week at 1.5726, i was hoping to get out at 1.5526 for 200 pips, i guess we will see
The only way not to think about money is to have a great deal of it