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  • #81
  • Jan 21, 2013 6:31am Jan 21, 2013 6:31am
GBP/Cad on watch @ close . If it does not form lengthy top wicks , then one to look for a set up.
  • #82
  • Jan 21, 2013 6:48am Jan 21, 2013 6:48am
Quoting mixter
GBP/Cad on watch @ close . If it does not form lengthy top wicks , then one to look for a set up.
Yes and gbpusd its setting up. Sitting at the 61 fib level with a retouch in the previous low 11/15/12 candle. Keep eyes on both.
Paul
  • #83
  • Jan 21, 2013 11:30am Jan 21, 2013 11:30am
Quoting mixter
GBP/Cad on watch @ close . If it does not form lengthy top wicks , then one to look for a set up.
Some of the GBP/XXXX pairs showing reentry signals .

Rentry ( in Fx -Tester) shows " add more on the existing positions " , if no position - take one !!!

Gbp/Chf shows/ infact insisting --- wait for the close of the day " for the trade set " - not during the day !!!

Obey the rule !!!!

Euro - adds one more day for the congestion set.
  • #84
  • Jan 21, 2013 1:43pm Jan 21, 2013 1:43pm
QUESTION OF THE DAY:

Why do people always thinks resistance turns in to support as soon as its broken? Also why do we all think our eyes or method is giving us the REAL s/r? For example, why does sometimes the s/r on an hrly chart hold up better than a daily or weekly chart, and sometimes price respects none of them at all? Do all of you have strategies to anticipate this when it happens. And it better be more than using a 50 EMA.

I personally wasted a lot of yrs with that way of thinking. I d like to hear from others. We are here to share,right?

******************************************************************************************************************


Very deep stuff that has no use(or does it?) Anyone ever watch in an MMA or Octagon cage fight, that each guy has a "boundary" he will allow his opponent to get to before he either retreats or goes into action. Why do some fighters want to get real close, and others keep you at kicking distance? And why is one right for one guy and not for the the other? And how does this apply to trading which is very much like martial arts.

I am waiting for this eur/usd to plunge. The logic is to take the other side as we keep printing money,going so quickly into debt which all makes for a weak dollar. I think this time its different. But I will follow the signals regardless, unless Paul and Ben have come up with a good money supply-50ema system that can be added to this, Im waiting to hear what they devised. I hope its a good one. 2 sharp minds working together...anything can happen.
  • #85
  • Jan 21, 2013 2:46pm Jan 21, 2013 2:46pm
Quoting Silat50
QUESTION OF THE DAY:

Why do people always thinks resistance turns in to support as soon as its broken? Also why do we all think our eyes or method is giving us the REAL s/r? For example, why does sometimes the s/r on an hrly chart hold up better than a daily or weekly chart, and sometimes price respects none of them at all? Do all of you have strategies to anticipate this when it happens. And it better be more than using a 50 EMA.

I personally wasted a lot of yrs with that way of thinking. I d like to hear from others. We are here to...
I dont rely on the moving averages been burned too many times. I like the 7's system for entry and continuation. But with the help of other indicators that someone is comfortable with, helps in decision making as well as confidence. I like fibonacci, candle patterns, stoch, macd and rsi. These I am comfortable with. The 7 system alone will put us in losing trades the idea is to minimize the losses. My top three indicators that really help me are the first three I mentioned. My entries are at the high or low of the signal candle. I dont just jump in got burnt doing it that way. Please I am self taught and learning everyday trying to find a method I really like and staying with it. And I believe I found it. Also using supply/ demand indie getting good feedback with it. Robots and listening to the so call gurus killed me earlier on. I just came back recently to give it another try. Everyones input is valueable and another set of eyes helps. I like to trade techincal, news wise I know when to stay out and thats about it. I wish I had the holy grail but I do think we can get close to it if we stay the course. I dont know if I answered your question or not Silat50 but Im trying lol.
Paul
  • #86
  • Jan 21, 2013 5:18pm Jan 21, 2013 5:18pm
Silat,
I too like Paul am trying to stick with the 7 rules, but like Paul am using 2 indicators as filters. One is MACD based and the other is one I purchased a few years back, so in fairness to the vendor I will not dilulge it's workings. I also have supply/demand zones on my chart, but only use them to see potential areas where the price might reverse. I am finding through live testing that they assist in filtering the marginal trades and give me advance warning to potential trades setting up. As an example yesterday prior to the market opening my indicator was showing nearly all the Yen crosses to be extremely overbought, so as each pair moved into the channel I sold the pair. I therefore got in well in advance of what I would have by waiting as per the rules. I cashed in over 300 pips when on a shorter time frame, the indicator showed a retracement was in place. Today I have re-entered some of the crosses as per the 7 rules.
Today my filters are showing the GBPUSD, GBPAUD and GBPCAD are all extremely oversold, so I am waiting for the signal to go long on these pairs.

I truly believe in the integrity of the system and what Silat is saying and trying to teach us. Each of us will have variations that we will use, that is human nature, but as long as the basics of the system remain I see no problems going forward.

To your success in forex,

gregben
  • #87
  • Jan 21, 2013 8:04pm Jan 21, 2013 8:04pm
any one shorting nj
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NEVER go against the Daily trend
  • #88
  • Jan 22, 2013 2:55am Jan 22, 2013 2:55am
Quoting shaikjun
any one shorting nj
Not showing on my chart but price seems to be touching the opposite price band on mine so that probably the reason.
  • #89
  • Jan 22, 2013 4:08pm Jan 22, 2013 4:08pm
usd cad short
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NEVER go against the Daily trend
  • #90
  • Jan 22, 2013 4:52pm Jan 22, 2013 4:52pm
Quoting shaikjun
usd cad short
Hey shaikjun, I have gone short on this trade but did not get the signal arrow as shown on your chart, however just looking at chart shown that this was a short trade.

Am going to stop using the EA because it didnt signal a trade, so I would have missed it if you had not posted, so thanks.
  • #91
  • Jan 22, 2013 5:50pm Jan 22, 2013 5:50pm
Hey Guys,
Also checkout eurcad, i know it didnt open outside but its forming a doji at the o level of fibo. and stoch looks like divergence setting up. Just not to keen on the r/r. Also Gbpusd sitting with a doji on the 61 level of fibo and stoch os area. It hit this level for a second time. If it closes inside the channel im jumping in. If it dont, still just might, lol. r/r looks good too. Im still sitting short with audchf and eurusd.
Good luck
Paul
  • #92
  • Jan 22, 2013 6:00pm Jan 22, 2013 6:00pm
Quoting haymaker1
Hey shaikjun, I have gone short on this trade but did not get the signal arrow as shown on your chart, however just looking at chart shown that this was a short trade.

Am going to stop using the EA because it didnt signal a trade, so I would have missed it if you had not posted, so thanks.
You wecome
NEVER go against the Daily trend
  • #93
  • Jan 22, 2013 8:45pm Jan 22, 2013 8:45pm
Quoting paul821c
Hey Guys,
Also checkout eurcad, i know it didnt open outside but its forming a doji at the o level of fibo. and stoch looks like divergence setting up. Just not to keen on the r/r. Also Gbpusd sitting with a doji on the 61 level of fibo and stoch os area. It hit this level for a second time. If it closes inside the channel im jumping in. If it dont, still just might, lol. r/r looks good too. Im still sitting short with audchf and eurusd.
Good luck
Paul

Dude, I am aaaaaaaaaall over this pair. That doji yesterday closed inside the band and your risk is what? 2 pieces of bubble gum? LOL I mean come on Paul. Its a 25 pip or so risk to make (if it breaks weekly rez on my charts) 2-300 pips. Not enough for you?????

Also Im short-nzd/jpy@7453 cad/[email protected](double lot size) cad/chf@9413 eur/[email protected] and for you new guys,our exit should always be as soon as the present candle goes over the previous days high to the tick. so just follow the daily bars moving the stop 1 or 2 ticks above the previous day high.Period!


I mostly hang out in the 7 system thread,the main one so I probably wont be back to fillin p/l's. Yuh gotta do it yourself. Right now Im a very happy camper.

Im just wondering why this NZD/JPY SEEMS to hit a wall here. Should be plunging here at 74.52 Anyone see anything I dont?
  • #94
  • Jan 22, 2013 8:56pm Jan 22, 2013 8:56pm
Quoting Silat50
Dude, I am aaaaaaaaaall over this pair. That doji yesterday closed inside the band and your risk is what? 2 pieces of bubble gum? LOL I mean come on Paul. Its a 25 pip or so risk to make (if it breaks weekly rez on my charts) 2-300 pips. Not enough for you?????

Also Im short-nzd/jpy@7453 cad/[email protected](double lot size) cad/chf@9413 eur/[email protected] [color=red]and for you new guys,our exit should always be as soon as the present candle goes over the previous days high to the tick. so just follow the daily bars moving the stop 1 or 2 ticks above...
LOL my reasoning is that it made a higher high. and the going by my supply and demand indie demand level is close making it look like 1 to 1 to me. But we shall see. hope ur feeling better.
  • #95
  • Jan 23, 2013 12:09am Jan 23, 2013 12:09am
Quoting paul821c
LOL my reasoning is that it made a higher high. and the going by my supply and demand indie demand level is close making it look like 1 to 1 to me. But we shall see. hope ur feeling better.
Paul, seriously, as long as you have a good reason not to take any trade...dont. Good for you. I like your discipline. And im feeling a bit better. Will be a lengthy process. thanx. By the way.....ok, let me just send you a PM
  • #96
  • Jan 23, 2013 1:06am Jan 23, 2013 1:06am
Quoting paul821c
Hey Guys,
Also checkout eurcad, i know it didnt open outside but its forming a doji at the o level of fibo. and stoch looks like divergence setting up. Just not to keen on the r/r. Also Gbpusd sitting with a doji on the 61 level of fibo and stoch os area. It hit this level for a second time. If it closes inside the channel im jumping in. If it dont, still just might, lol. r/r looks good too. Im still sitting short with audchf and eurusd.
Good luck
Paul
Thanks Paul, Im in on the EurCad but will wait and see how GbpUsd develops.
GL and many pips
  • #97
  • Jan 23, 2013 6:04pm Jan 23, 2013 6:04pm
AU
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NEVER go against the Daily trend
  • #98
  • Jan 23, 2013 6:06pm Jan 23, 2013 6:06pm
GA
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NEVER go against the Daily trend
  • #99
  • Jan 23, 2013 6:12pm Jan 23, 2013 6:12pm
Quoting shaikjun
GA
i agree with you but got three trades going and waiting for them to go my way, lol.
  • #100
  • Jan 25, 2013 2:42am Jan 25, 2013 2:42am
Hello frnds,

Looks like cable could finish inside the bands tonight if it keeps dragging itself the way it hs been. That means we could finally enter LONG on cable if it does manage to close inside the bands.

Cheers
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