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Medium & Long Term ONLY

  • #41
  • Sep 24, 2013 9:47am Sep 24, 2013 9:47am
There is something interesting developing in GBP CHF
i'm already in a very small long position and looking to increase.
i planned the middle 1.45's but something suggest me to wait daily setup to develop a bit more

last time price was around this area was really messed up, and at the moment i don't see much strength. not yet at least!
would be a great thing to see a failed bearish attempt to reach 1.4500 or even 1.4470 and quick back up > 1.4520
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Chart_GBP_CHF_Daily_snapshot.png Size: 27 KB
Click to Enlarge Name: Chart_GBP_CHF_4 Hours_snapshot.png Size: 35 KB
90% of traders use TA, indicators and prediction
  • #42
  • Sep 24, 2013 9:58am Sep 24, 2013 9:58am
Quoting salman14
{quote} Near short term TL support right now. lets see ........... {image}
Respecting the TL support so far, good to see
  • #43
  • Sep 24, 2013 1:01pm Sep 24, 2013 1:01pm
Quoting salman14
{quote} Respecting the TL support so far, good to see
Nice move ....


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  • #44
  • Sep 24, 2013 1:34pm Sep 24, 2013 1:34pm
more about GBP CAD, following salman14 post (lazy to find it back and quote it )

this is the quarterly chart, showing actual setup.
current candle will close on 30september.
could become really something worth to watch till end of the year.

blue+red line is monthly resistance to become support.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_CAD_3 Months_snapshot.png Size: 16 KB
90% of traders use TA, indicators and prediction
  • #45
  • Sep 24, 2013 1:45pm Sep 24, 2013 1:45pm
Quoting _BBKing_
There is something interesting developing in GBP CHF i'm already in a very small long position and looking to increase. i planned the middle 1.45's but something suggest me to wait daily setup to develop a bit more last time price was around this area was really messed up, and at the moment i don't see much strength. not yet at least! would be a great thing to see a failed bearish attempt to reach 1.4500 or even 1.4470 and quick back up > 1.4520 {image} {image}
important bounce near middle 1.45's!!
not certainly the kind of scenario i was expecting but could be a good early sign for further rise!

will be watching price behavior near this 1.46, where we could have a quick breakout in next few 12-16hours.

must not forget that price from here can be eventually heading to 1.50 and 1.54
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_CHF_4 Hours_snapshot.png Size: 27 KB
90% of traders use TA, indicators and prediction
  • #46
  • Sep 24, 2013 2:18pm Sep 24, 2013 2:18pm
Wyckoff Trading Method is my personal choice, here is the Weekly Dollar Index chart. Longer time frames, great! Finally some sanity! LOL The longer time frames are where the most money is made. Which is why very few trade it. There are many reasons why 75 - 90% fail. Trading small time frames is just one of many.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-09-23-wyckoff-method-dollar-index-weekly-chart.png Size: 63 KB
  • #47
  • Sep 24, 2013 8:06pm Sep 24, 2013 8:06pm
Normally I only trade Cable but taking a Euro short here, let's see how she rumbles
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Come with me if you want to live....
  • #48
  • Sep 24, 2013 11:02pm Sep 24, 2013 11:02pm
Quoting Ill-b-back
Normally I only trade Cable but taking a Euro short here, let's see how she rumbles {image} {image}
I think she is on a collision course to that 3650 sir Ill-b-back, but anything can happen in forex as you know......

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The Chonchy
  • #49
  • Sep 25, 2013 1:16am Sep 25, 2013 1:16am
Quoting AllenH
Wyckoff Trading Method is my personal choice, here is the Weekly Dollar Index chart. Longer time frames, great! Finally some sanity! LOL The longer time frames are where the most money is made. Which is why very few trade it. There are many reasons why 75 - 90% fail. Trading small time frames is just one of many. {image}
Hello, well by my side i definetly prefer studying prices on slower timeframes! But i believe is just subjective: i know people making a lot of money using 1-5minutes chart trading 5-15pips trades
In my opinion, main reason for a failure is thinking the move is completed or thinking the move will turn, or thinking the move will keep on. So summarizing, no matter the timeframe, the strategy, the experience etc... thinking is traders's main enemy!
90% of traders use TA, indicators and prediction
  • #50
  • Sep 25, 2013 1:19am Sep 25, 2013 1:19am
tomorrow's calendar is far more interesting than today's one!! could market today test levels? let's see
90% of traders use TA, indicators and prediction
  • #51
  • Sep 25, 2013 1:30am Sep 25, 2013 1:30am
Quoting _BBKing_
{quote} Hello, well by my side i definetly prefer studying prices on slower timeframes! But i believe is just subjective: i know people making a lot of money using 1-5minutes chart trading 5-15pips trades In my opinion, main reason for a failure is thinking the move is completed or thinking the move will turn, or thinking the move will keep on. So summarizing, no matter the timeframe, the strategy, the experience etc... thinking is traders's main enemy!
thinking is worst traders' enemy...
trading slower timeframe is better since there is more time to think....

damn! it's a paradox!!! omg... a new black hole is born somewhere in the universe
Attached Image
90% of traders use TA, indicators and prediction
  • #52
  • Sep 25, 2013 2:22am Sep 25, 2013 2:22am
Quoting _BBKing_
{quote} Hello, well by my side i definetly prefer studying prices on slower timeframes! But i believe is just subjective: i know people making a lot of money using 1-5minutes chart trading 5-15pips trades In my opinion, main reason for a failure is thinking the move is completed or thinking the move will turn, or thinking the move will keep on. So summarizing, no matter the timeframe, the strategy, the experience etc... thinking is traders's main enemy!
Hi there,

Do you really know them with verifiable statements of proof? Or are these people that you "know" on various trading forums taking their word as bond? I ask because I've been a full-time trader since OCT 2004 and while most of the profitable traders that I really do know with verifiable statements are successful scalpers on futures, all the successful FOREX traders that I know with verifiable statements are short-term swing traders holding for around 1 * ATR or a bit less type of moves. Nearly all of the FOREX trading forum "successful" people are scalping but I haven't seen any real proof. I'm not saying they owe it to anyone to prove it or not, because I personally don't involve myself or care to share my own results - I'm just saying though.

With kind regards,
MK
  • #53
  • Sep 25, 2013 2:54am Sep 25, 2013 2:54am
Quoting chonchy
{quote} I think she is on a collision course to that 3650 sir Ill-b-back, but anything can happen in forex as you know...... {image}
Hi Sir,
I certainly hope you are wrong lol...

I'm targeting that blue dashed sloping support line just below 1.33

Not wishing any ill feeling to at all Sir, It's just that I have added in more on the retrace

As long as today closes below that ascending daily TL, I can sleep tight.

otherwise, there goes $30 down the drain

I'm sure Goldman and co are specifically targeting my institutional account lol...

All the best sir,

My regards to your family...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusdh1.png Size: 26 KB
Click to Enlarge Name: eurusdh4.png Size: 31 KB
Click to Enlarge Name: eurusddaily.png Size: 26 KB
Come with me if you want to live....
  • #54
  • Sep 25, 2013 2:57am Sep 25, 2013 2:57am
BBking I know your favorite pair is GU and EU , tho i want to share my UJ chart i made on 1st of September, tho it was before we knew about (no)tapering, anyway some lines are still valid, my projections was that if we will step above that cursed 101 area we could see some highs of the year, but looking at PA right now, i m not so sure, first, kinda lot resistance levels for upside. if we will break 99.69 then 100.65 and 101.57 then we may see 103 area, i need confirmation of up move and don't have it, same with down move, so no clear direction.
Sorry for confusing
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  • #55
  • Sep 25, 2013 3:02am Sep 25, 2013 3:02am
Quoting _BBKing_
{quote} Hello, well by my side i definetly prefer studying prices on slower timeframes! But i believe is just subjective: i know people making a lot of money using 1-5minutes chart trading 5-15pips trades In my opinion, main reason for a failure is thinking the move is completed or thinking the move will turn, or thinking the move will keep on. So summarizing, no matter the timeframe, the strategy, the experience etc... thinking is traders's main enemy!
Overall I agree, but those who are "making alot of money" are in the minority
  • #56
  • Sep 25, 2013 3:26am Sep 25, 2013 3:26am
Quoting MidKnight
{quote} Hi there, Do you really know them with verifiable statements of proof? Or are these people that you "know" on various trading forums taking their word as bond? I ask because I've been a full-time trader since OCT 2004 and while most of the profitable traders that I really do know with verifiable statements are successful scalpers on futures, all the successful FOREX traders that I know with verifiable statements are short-term swing traders holding for around 1 * ATR or a bit less type of moves. Nearly all of the FOREX trading forum "successful"...
hello,
i do really saw someone's trading statement showing about 4-5k $ weekly profits, by fast execution!
now, i do agree it's just a rarity and certainly this is not anywhere seen in any forum
my quote was just to say: definetly one must find his/her prefered trading way, no matter if fast or slow TF
90% of traders use TA, indicators and prediction
  • #57
  • Sep 25, 2013 3:29am Sep 25, 2013 3:29am
Quoting xau
BBking I know your favorite pair is GU and EU , tho i want to share my UJ chart i made on 1st of September, tho it was before we knew about (no)tapering, anyway some lines are still valid, my projections was that if we will step above that cursed 101 area we could see some highs of the year, but looking at PA right now, i m not so sure, first, kinda lot resistance levels for upside. if we will break 99.69 then 100.65 and 101.57 then we may see 103 area, i need confirmation of up move and don't have it, same with down move, so no clear direction....
hei
yes i agree... the UJ is still not showing important rise, due to $ weakness!
nor it's showing bearish.

overall, in a scale from 1 to 10, trading uJ is worth 4-5 at the moment.
i'm actually watching if 98.50 holds in hourly+daily and apparently this is hard work. but let's see... today + tomorrow important USA data could give new reasons in short term
90% of traders use TA, indicators and prediction
  • #58
  • Sep 25, 2013 3:30am Sep 25, 2013 3:30am
Quoting Ill-b-back
I'm sure Goldman and co are specifically targeting my institutional account lol...
90% of traders use TA, indicators and prediction
  • #59
  • Sep 25, 2013 3:56am Sep 25, 2013 3:56am
Absolutely agree each trader has to find their own style of trading and that there are many, many different ways and time frames to trade. For sure there are profitable traders on ALL time frames. To each his(her) own. This business is more of a marathon vs a sprint. I've seen all kinds of traders "get on a roll", only to eventually give everything back. Smaller time frames, your broker will luv you! Afterall, this is a transaction based business! But it goes without saying, if you find something that works consistently for you, DO IT !!

I've only been trading since 1992, before internet, lol. So just my old fashioned point of view. What I like about the Wyckoff method is that it can be applied to any time frame 1 minute to 1 year and everything in between. It has endured the test of time for nearly 100 years now. I also do not want to be married to 4 computer screens 20 hours/day so my personal choice is the longer time frames. These longer time frames are not for $4-5k profits but more like $40 -50k or more depending on account size, etc. You build a position over time in a trending market. Wyckoff methodology reveals the footprint of the largest players. These largest commercial traders do not scalp intraday charts. They buy value, think Sugar, Coffee, right now . Opportunities do not come around every day. But that is what I like about it, it allows me time to do other things I enjoy. It's the laid back approach to trading yet very powerful.

Agree, don't think! Just find a trend and ride it!
Great idea to have this thread! THANK YOU !
  • #60
  • Sep 25, 2013 4:40am Sep 25, 2013 4:40am

Have a look at These two charts

Japanese Yen future has created a symmetrical after a prolong move to downward. The question is ‘’another breakdown or something new this time’’?

Swiss franc weekly chart indicating a possible breakout. Breakout area should be 1.1018, if it happens then I‘ll go for long technically. But there is a huge problem with these two pairs, because there government and national banks can easily manipulate their currencies due to export competitiveness reason.

Attached Image (click to enlarge)
Click to Enlarge Name: yen.png Size: 46 KB


Attached Image (click to enlarge)
Click to Enlarge Name: swiss.png Size: 42 KB

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