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Cable Update (GBPUSD)

  • #378,901
  • May 22, 2014 9:59am May 22, 2014 9:59am
Quoting albchr
And with that I'm out. NEXT! EDIT: -51.8 on those two longs. {image}
Sorry to hear that,but this is bussiness,everyone has loss!
  • #378,902
  • May 22, 2014 10:00am May 22, 2014 10:00am
10 days of dollar action
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  • #378,903
  • May 22, 2014 10:06am May 22, 2014 10:06am
Quoting kaka_ht
{quote} Sorry to hear that,but this is bussiness,everyone has loss!
Yep, it happens. But rules are rules so even if it goes up now, I did the right thing for me. I'll be pissed of course but I did the right thing...
Ghost Rider - WWTBMD?
  • #378,904
  • May 22, 2014 10:07am May 22, 2014 10:07am
Quoting Magix
{quote} Not to mention that the Monthly Candle, just went RED....
Here's the Weekly

Bear below 1.686 imo what do you think boss? Going over the top?
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  • #378,905
  • May 22, 2014 10:07am May 22, 2014 10:07am
Quoting Magix
{quote} Is it because the sell button is broken on your terminal? Now...I get the fact that you are long biased...and given the last year, a hold on these was paydirt...eventually... But now that you are maxed in and still owning Resistance at the top of the chart...do you actually have a safety net? I get that not everybody trips the same TFs that i do...but that doesn't take away from the need to have an actual escape route. A pip in the account is worth 2 in the bush...
hey chill out guy! dont play with tizzing others ,respect others sight and toughts!
when GOD brings you a challenge he also gives you the power to deal with it
  • #378,906
  • May 22, 2014 10:15am May 22, 2014 10:15am
Quoting Magix
{quote} Not to mention that the Monthly Candle, just went RED....
It will be interesting to see if that TL I drew back in 2009 (as a total newbie) sticks on the monthly close. I still find it really funny that price is reacting around it after so many years. Drawn from the 1998 November high to the 2009 August high.
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Ghost Rider - WWTBMD?
  • #378,907
  • May 22, 2014 10:27am May 22, 2014 10:27am
Quoting eitan1010
{quote} hey chill out guy! dont play with tizzing others ,respect others sight and toughts!
Oh, sorry...did I offend you?

Because Quite frankly, I find your current conduct completely offensive.

You are using a bias without a technical standpoint and applying conviction based on your past success...

Tell ya what, champ...I've seen scads of people just like you up and vanish from the forum from this exact same thing...what's worse...is the number of people that you drag down with you.

I am not saying other should follow anybody...but as you are deemed a High Impact Member, you should take appreciation to the fact that your words, however moronic they are, carry some weight with the general masses...in this, exercising a little caution instead of your smug slapstick based on shaking a few bucks on your account, would be greatly appreciated by the rest of us.

When the smoke clears, and your account is bust...the rest of us still remain having to do the wet work clean up.

So, please...instead of just being some rhetoric ranting lunatic...if you actually have no other technical basis for holding 20% in the shitter, STFU and nail bite in silence.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #378,908
  • May 22, 2014 10:35am May 22, 2014 10:35am
And on that note.... Have a nice day folks.
Ghost Rider - WWTBMD?
  • #378,909
  • May 22, 2014 10:38am May 22, 2014 10:38am
Quoting Magix
{quote} Oh, sorry...did I offend you? Because Quite frankly, I find your current conduct completely offensive. You are using a bias without a technical standpoint and applying conviction based on your past success... Tell ya what, champ...I've seen scads of people just like you up and vanish from the forum from this exact same thing...what's worse...is the number of people that you drag down with you. I am not saying other should follow anybody...but as you are deemed a High Impact Member, you should take appreciation to the fact that your words,...
yes,right ,M.r no loose doctor,trade your own style and advice to yourself as for me your words just bla bla bla ..i am 100% on controll and have some "FEW" expirience on market..anyway i dont make any competition and share mine strategies do you share something at this forum do u know the meaning of share..i dont think so,haa another thing those guys follow me on my thread by they will i didnt force anybody.thats all.
when GOD brings you a challenge he also gives you the power to deal with it
  • #378,910
  • May 22, 2014 10:50am May 22, 2014 10:50am
Quoting Magix
{quote} If memory serves... Weren't you just recently suspended for SPAMMING other threads about your wonderful system? You are an idiot. And as much as I don't like to see anybody suffer at the hands of market, I believe the sooner your account goes up in flames, the more likely others are to not follow a captain down with his ship. Finished with you.
nice words there you wrote ,GOD bless you.
when GOD brings you a challenge he also gives you the power to deal with it
  • #378,911
  • May 22, 2014 11:03am May 22, 2014 11:03am
GU Daily

Weekly Pivot / R1 and change in polarity 1.686 level
Price rejects 1.69965 creates a new swing low then reacts today @ Weekly resistance R1
The longer term trend line has not been touched and PA remains above the weekly pivot and TL -> technical uptrend holds

Examination of PA suggests that price may be creating a diamond formation and given its position in the trend, it could warn of reversal with a measured target of 1.656 if price breaks to the downside, either way I'd be cautious overall
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  • #378,912
  • Edited 12:26pm May 22, 2014 11:10am | Edited 12:26pm
Moved TP to 6780
11 shorts
Basically trading C leg to D
As you can see my TP is taken consideration of significant structures on left.I'll be very pleased if my 6780 TP hits.That would put me over 20% for this month.
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In trading, you have to be defensive and aggressive at the same time
  • #378,913
  • May 22, 2014 11:16am May 22, 2014 11:16am
Adding to the confusion
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  • #378,914
  • May 22, 2014 11:29am May 22, 2014 11:29am
Quoting JimmyC
Adding to the confusion {image}
Its pretty insignificant shape.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #378,915
  • May 22, 2014 11:50am May 22, 2014 11:50am
Quoting Davit
Moved TP to 6780 11 shorts Basically trading C leg to D As you can see my TP is taken consideration of significant structures on left.I'll be very pleased if my 6780 TP hits.That would put me over 20% for this month. {image} {image}
Pretty much lined up with what I see as well...

Confirmation with the Current sets on Dragon?
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #378,916
  • May 22, 2014 12:01pm May 22, 2014 12:01pm
added potential supply demand areas on GU hourly chart..
waiting how price react on these zone.

Regards
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we are in cause and effect
  • #378,917
  • Edited 12:32pm May 22, 2014 12:03pm | Edited 12:32pm
Psychology of Harmonics


Let’s break this down, one leg at a time.
The X to A leg
As shown on Figure 1 (below), this is the impulsive move. Otherwise known as the trending direction, in this case upwards.
Psychology: This is when both investors/traders are feeling positive towards the market, as most would be making money during this phase.
http://www.upfronttrader.com/wp-cont...1-30-01-14.png
The A to B leg
As shown on Figure 2 (below), this is the correction/profit taking phase. The pullback in price, needs to respect (find support) at the 61.8% Fibonacci retracement. The retracement is drawn from X (low) to A (high).
Important: If prices don’t respect a 61.8% retracement, then a Gartley pattern is not present.
Psychology: Both investors/traders would view a short term correction as healthy, and those that use Fibonacci retracement as part of their strategy would expect the 61.8% Fibonacci retracement to offer solid support. Trend traders would use this level as the next buying opportunity, in attempt to ‘trade with the trend’.
http://www.upfronttrader.com/wp-cont...2-30-01-14.png
The B to C leg
As shown on Figure 3 (below), prices do indeed rally. It is at this stage that we draw an additional set of Fibonacci retracement to determine resistance. The retracement is drawn from A (high) down to B (low).
As highlighted by the green box, the B to C leg can complete anywhere between the 38.2% to 88.6% Fibonacci retracement region in order for the pattern to remain valid.
Psychology: Both investors/traders that went long or entered a new position to buy at point B would be sitting on a decent profit. Traders would more than likely be expecting a retest of the previous high at point A and hopeful of a break higher.
http://www.upfronttrader.com/wp-cont...3-30-01-14.png
As shown on Figure 4 (below), prices begin to decline. From this point it sets up the AB = CD pattern.
Point D is derived from the below:

  1. Either a 127.2% or 161.8% Fibonacci extension, drawn from B (low) to C (high)
  2. A 78.6% Fibonacci retracement, drawn from X (low) to A (high)

Completion of the bullish Gartley pattern (point D), should reach the cluster point identified above. In turn, a sharp rebound in price is likely. This is when an advanced harmonic trader would enter a long trade (buy).


Psychology: As prices begin to turn lower at point C; this begins to cause nervousness among those traders that entered long. Prices continue to decline and reach point B, now they are on the edge of their seats. This is because most traders would have placed their stop loss just below point B.
Prices continue to drift south, triggering stop losses, and thus this leads to one final push south, which would likely complete at point D. When this occurs, almost and if not all, stop losses will have been flushed, and this is when prices rebound swiftly higher.
http://www.upfronttrader.com/wp-cont...4-30-01-14.png

In trading, you have to be defensive and aggressive at the same time
  • #378,918
  • May 22, 2014 12:25pm May 22, 2014 12:25pm
Quoting Magix
{quote} Pretty much lined up with what I see as well... Confirmation with the Current sets on Dragon? {image}
Hi Magix
Based on my system price is neutral zone.For buy I need it lower and for short I need it at 173.80-174 zone
Since I don't trade below daily chart I am of no use.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #378,919
  • May 22, 2014 12:33pm May 22, 2014 12:33pm
Quoting Davit
Moved TP to 6780 11 shorts Basically trading C leg to D As you can see my TP is taken consideration of significant structures on left.I'll be very pleased if my 6780 TP hits.That would put me over 20% for this month. {image}
C must occur @ 61.8% of XA retracement,
On this occasion C occurs @ 50%

Not a Gartley


GU
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Gartley
Attached Image


Regards,
  • #378,920
  • May 22, 2014 12:38pm May 22, 2014 12:38pm
GU and GY charts.
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