Turtles are the best - page 5
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Ok hope everyone made a few quick pips but that's not the move remember where we want to get in let the price come to you.
Interest rate decision and NFP to come this week
Did not post any charts yesterday so new traders don't get chopped up. The morning session was range bond.
We are having more trouble getting above the recession indicator but don't commit to any shorts yet. We want to get into a short where we won't have to be worrying about news spikes knocking us out of the down trend ride.
Now the charts
The big fat triangle. As this is a learning thread you should be reading
The Forex Trading Course
A Self-Study Guide to Becoming
A Successful Currency Trader
by Abe Cofnas
Market is going to punish Mr. Trichet for his hawkish tone. Hope everybody knows the levels to target on the Euro. But we all know he wants the Euro to be devalued.
I'll give you any entry but you should have been in long time. Here goes
So you had a very good week lots of pips made. It's now time to make some more. Cable had its 2 week rally and is now at the edge of our sell zone.
The Euro is a few pips away from your safest place to get in. We had a nice bounce off 1.2792. I hope you also see that perfect rectangle which is a continuation pattern.
Enjoy your weekend.
Where we are today. Enjoy the pips. May God richly bless you.
Have a wonderful trading week and remember don't chase the trade let it come to you.
Hello rchapmand,
I remembered the sell level you had pointed out a while ago for the Pound and took a short on 2/10/09 with a nice profit (on my demo account though since I don't act upon recommendations without understanding them).
Was the sell area based on fib extensions ? Do you employ Elliot Wave in your trading ?
Regards,
Larry
No it's based on pure price action and the natural cycle of the markets. The market is not random as some would have you believe. The indicator on the main chart window with the lines is a price action indicator it tells me where the price has been in the last 480 periods.
The thread was started to help traders get back to good old technical analyst. It was not meant as a signal service. I post a few trades now and then so readers can see that you can predict safely where price will turn. I never take a trade unless the risk is very low and the reward very high and always with a stoploss.
Hello rchapmand,
I remembered the sell level you had pointed out a while ago for the Pound and took a short on 2/10/09 with a nice profit (on my demo account though since I don't act upon recommendations without understanding them).
Was the sell area based on fib extensions ? Do you employ Elliot Wave in your trading ?
Regards,
LarryHow's that short on gold, genius?