Review of Strategic Tips on Milking the Major Currency Pairs in Live Forex Trading - page 5
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60% Beethoven Cantata in B Major on GBPUSD
Helloo Folks,
We thank God for bringing us to the begining of another brand new week and we give Him the
glory in ALL things..
Our last target on Friday (1.5905) was finally hit, which in itself , was the 60% SELL
WINDOW of the previous trend..I know..I know...everyone says we should sell during price
rallies( rise) when the trend is down but we bought...and 217 pips came out of that
decision.
Now as the time of writing,(5.50 GMT Sunday), price on the GBPUSD 15min closed on Friday
with a bearish candle..
Observe that that close(1.5903) was at the region of the 60% SELL WINDOW, which usually
foretells a turnaround in price...which, in this case, pausing from its prevailing uptrend
to a much probable downtrend.
But the question is ''HOW FAR IS PRICE GOING ON ITS PERCIEVED BEARISH MOVEMENT?
We've, to a considerable extent, determined the direction of GBPUSD on the 15 minute chart,
as bearish...so now, we are looking at HOW FAR this bearish move might likely go..That is
the essence of the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.
That , my friends, is what we term the ''60% Beethoven Cantata in B Major''..
Those numbers, 1-2-3 was observed to continue and recur upwards in the prevailing
uptrend...so we extrapolate them on our next anticipated downtrend...
High=1.6326-Low 1.5262=0.1064
0.6*0.1064=0.06384(range)
1.5262+0.06384=1.5900 ( 60% sell window).
high 1.5943 - low 1.5747= 0.0196
0.6*0.0196=0.01176(range)
1.5747+0.01176=1.5865(60% window) 1st target to the downside..
2nd target @ 1.5666...3rd target @ 1.5523....
In less than 4 hours from now, the forex markets will open, with the Asian Session leading
the pack..Only time would tell if our targets are hit...Remember there's no 100% perfection
in the markets..Anything can happen..thats why proper risk management is important..
Proper money management dictates we fix our stop loss above the high of 1.5943, when going
short(selling).tHats like 40 pips above the close of 1.5903.
A bearish gap to the downside might also likely form at the opening bell which shows
oversold orders pouring in the markets..
Please feel free to make any comments or ask questions..
Dont you think price breaking through the pretty strong resistance
at approx. 1.59 is a bullish signal and send the pair up when they open first? I dunno, just
wondering, I bought at 1.59 and have a target of 1.595 and I dont see how the last high on
friday of 1.5933 has any sigificant resistance.Hi willabala, thanks for your constructive criticism...well, the last high on friday of
1.5933 is a significant resistance because it is the current MAJOR HIGH...Price needs to
break above that level to confirm a bullish trend. Can you please tell us your reasons for
going long at 1.59?
This is like a case study of different traders with different bias (long and short).. At
that 1.59 level, you were in favour of a buy position while I was in favour of a sell
position..For me, that level was SELL WINDOW in which my bias would be short...Even if I
want to go long, I would have gone for the first pyschological level @ 1.5940...which gave
strong resistance,before price started retracing downwards..1.595 would be pushing it when
price is already giving signals its overbought and at the sell window..
Well, we all learn everyday,mon ami..
Can you tell us the reasons you took a long trade instead of a short,willaballa?Did you
notice the bearish gap?
Hi Forexgreenland,
Glad to hear from you and welcome to the community. Thanks for sharing your thoughts and
price targets here it looks like they were all hit and then some.
Best Regards
DaveThanks,Dave...you were right...the price targets were hit some hours after the ''Beethoven
Cantata In B Major'' call...extra 200 pips were left hanging on the table..
Greetings Mystikal, your call was the sweetest beethoven classic av ever heard,with avanlanche of pips
[08:17:17 27/10/08] klho83 : Hi stal
[08:20:45 27/10/08] Stalion : Hi K
[08:21:14 27/10/08] Stalion : morning agba...monkeymagic
[08:21:26 27/10/08] monkeymagic : hi stalion
[08:22:46 27/10/08] Stalion : hope you guys took our short call yesterday...from
1.59...price went down a huge drop by +400 pips..
[08:23:56 27/10/08] monkeymagic : I have been following recent activites & keen to get
involved
[08:24:22 27/10/08] monkeymagic : don't really know what I'm doing though
[08:24:40 27/10/08] Stalion : cool
[08:25:11 27/10/08] Stalion : how long've you been trading?
[08:25:43 27/10/08] monkeymagic : I've been running a demo account and tried a couple of EAs
[08:25:57 27/10/08] monkeymagic : no live stuff yet
[08:29:28 27/10/08] Stalion : we put a sell stop on GBPUSD @ 1.5426...1ST TARGET @
1.5370...2nd target @ 1.5305...3rd target @ 1.5260
[08:29:51 27/10/08] Stalion : okay...
[08:30:07 27/10/08] monkeymagic : sounds good
[08:32:23 27/10/08] Stalion : any strategy that ur using presently?
[08:32:55 27/10/08] monkeymagic : no
[08:33:08 27/10/08] monkeymagic : Im pretty green at trading
[08:34:05 27/10/08] monkeymagic : this might be a silly question - but do you have to do
three different order for the targets
[08:35:06 27/10/08] Stalion : well, no question is silli,mm...especially in trading..
[08:35:41 27/10/08] Stalion : for 3 targets, you close a third (1/3) of your original
position
[08:36:02 27/10/08] Stalion : for 2 targets, you close half of original positions...
[08:37:30 27/10/08] monkeymagic : great thanks for that
[08:48:20 27/10/08] klho83 : Hi stal Where is the SL for GU
[08:48:22 27/10/08] Stalion : sell stop triggered
[08:50:05 27/10/08] Stalion : stop loss @ 1.5500
[08:51:04 27/10/08] klho83 : Thanks !
[08:56:05 27/10/08] skipper : Morning everyone
[08:56:43 27/10/08] Stalion : please take a third(1/3) profit when +20 pips ashead...
[08:57:00 27/10/08] Stalion : and shift stop loss to entry point
[13:08:20 27/10/08] Stalion : so skipper, how long have you been trading? 2yrs?
[13:09:07 27/10/08] skipper : Hi Stalion - just over a year now & it's been a bumpy ride.
[13:09:43 27/10/08] djcarlos : I have been 3 years, but I was lost in 2 times... but now
with the alerts... im going well
[13:13:32 27/10/08] Stalion : what are the particular challenges you guys are facing in
trading???where would you like to become better?
[13:14:19 27/10/08] skipper : I have trouble deciding on entry points.
[13:14:41 27/10/08] skipper : I seem to have the right idea, but always a bit early in.
[13:15:16 27/10/08] skipper : But I am getting better - just have to be more patient
[13:16:18 27/10/08] Stalion : Timing of entries is one of skipper's challenges...like every
other trader...
[13:16:29 27/10/08] Stalion : dj?
[13:16:32 27/10/08] enolase : Fibonacci is something I would really want to learn
[13:16:48 27/10/08] enolase : so as to be able to get in on retracements
[13:16:56 27/10/08] Stalion : enolase?
[13:17:03 27/10/08] Stalion : ohh,okay
[13:17:37 27/10/08] enolase : Friday was one of the few times i was able to plot and enter
at 38.2 retracement on EURJPY that gave me80 pips in profit
[13:18:08 27/10/08] enolase : but i have never been able to determine properly where to
start the plotting of the Fibo lines from
[13:18:18 27/10/08] enolase : using my chat software
[13:18:39 27/10/08] enolase : sorry i mean using my MT4 chart Fibo tool
[13:20:37 27/10/08] enolase : if i can determine exactly where to start the plotting from so
one can re-enter on a 50% or 61.8% Fibo retracement level, it will really enhance my trading
[13:26:43 27/10/08] Stalion : fibo's not that hard,enolase...but it will take a little time
before you can get used to practicing it
[13:39:13 27/10/08] Stalion : djcarlos...? any forex challenges or problems you want to
overcome?
[13:41:07 27/10/08] djcarlos : yes, I want to start to learn about ways to determine entry
points... in technical and fundamental analisis
[13:42:10 27/10/08] skipper : same here
[13:42:45 27/10/08] djcarlos : I have the knowledge, but i must practice
[13:43:55 27/10/08] enolase : Stal, do we have a potential double bottom forming on the 1hr
chart of EURJPY?
[13:48:51 27/10/08] enolase : and what is this talk of a Yen Intervention?
[14:01:37 27/10/08] Stalion : yea...practice makes perfect,dj
[14:02:27 27/10/08] Stalion : even with all d knowldge and skills in ur disposal,if you dont
practice daily, its wasted..
[14:04:45 27/10/08] Stalion : sorry, mate....that double top on the EURJPY looks weak...kind
of sliding price down to the right
[14:05:01 27/10/08] enolase : yes
[14:05:44 27/10/08] djcarlos : thanks........ Im looking Eur/Jpy chart, and it could be
interesting sell order.... what do you think???
[14:06:54 27/10/08] enolase : of course there are rulesfor entering based on double top:
placing a pending order at the "neck"
[14:07:00 27/10/08] enolase : the neck is still over 300 pips northwards
[14:09:21 27/10/08] Stalion : it would have been a 1-2-3 bottom but the recent low at 9 a.m
this morning breached the previouslow that was there at 113.77
[14:17:28 27/10/08] Stalion : price is moving rather slow...
[14:21:21 27/10/08] Stalion : I suggest a break ...from the screens...we come back in a
hour's time or so...so we put a sell stop @ 113.60...1st target @ 113.10..on the
EURJPY...GBPUSD has more upside momentum than EURJPY...yen is just lagging behind...
[14:22:21 27/10/08] Stalion : maybe cable might give yen some added lift?
[14:28:09 27/10/08] Stalion : a breach above the high of 116.83 would foretell a bullish
move
[14:30:28 27/10/08] Stalion : cool
[14:31:30 27/10/08] Stalion : that could mean the formation of the 1-2-3 pattern
[14:36:43 27/10/08] djcarlos : its ready the entry order
[14:36:55 27/10/08] djcarlos : im waiting
[15:18:31 27/10/08] Stalion : We also put a pending buy stop order on EURJPY @
117.10,1sttarget @ 118.00, 2nd target @ 118.95...3rd target @ 120.53...stop loss @116.10
[15:19:02 27/10/08] Stalion : this ensures we catch any surprise bullish move to the north
[15:54:12 27/10/08] enolase : hi people
[15:55:42 27/10/08] djcarlos : Hi did you see the alerts??
[15:56:53 27/10/08] enolase : yes
[15:56:58 27/10/08] enolase : the GU trade has triggered
[15:57:55 27/10/08] enolase : so we watch it
[15:58:58 27/10/08] skipper : Missed the alert - where was it?
[16:00:28 27/10/08] djcarlos : Enolase... you will open the GU alert again??
[16:00:33 27/10/08] skipper : sorry - being stupid - I did see it!
[16:00:40 27/10/08] skipper : Have short on
[16:06:20 27/10/08] enolase : The ECB President has just hinted on a rate cut at the next
meeting!
[16:07:42 27/10/08] djcarlos : what that means???
[16:07:52 27/10/08] djcarlos : GU is going down??
[16:19:31 27/10/08] enolase : we got stopped out
[16:20:02 27/10/08] enolase : and the market seems headed in a range bound direction. so i'm
taking a break
[16:26:34 27/10/08] djcarlos : mmmm i was open again the alert... bad idea..
[18:45:17 27/10/08] djcarlos : HI good news 1st target of 118.00 was hit.... thanks Stal 100
pips in the badge
[23:37:50 27/10/08] Stalion : cool,djcarlos
[23:39:11 27/10/08] Stalion : 377,44,and 90 pips netted us a total of 511 pips,$511
minilot..$5110 standard lot on Monday
Forexgreenland, I went long at 1.59 due to the break above the
resistance at about 1.5890. I guess I really had my target to high for 50 pips at 1.5950,
really only 30 pips is what I was going to go for and had set limit to 1.5930 and then
changed it. It's all good with me though I got out of that with with a small 30 point loss,
and then made 90 pips last night so up 60 for yesterday. I'm still a little doofed on what
position to take at this moment, no idea.Hi willaballa,that means there was nothing wrong with your entry at 1.59 due to a break of
resistance at 1.5890...it was just a challenge of targets and exits,dats all...Like you
rightly said, 30 pips is okay for a trade,especially if you multiply it by multiple lots..2
minilots would be like 90...4 minilots like 120...
You just need to believe more in yourself and your strategy in order to have the confidence
to make successful trades...Its only a matter of time...you'll get there,as long as you
strive to be better than who you were yesterday..
As I write, the next alert is on the last segment of the chat..
P.s- Trading is not 100% perfect neither is it cast in brick and mortar...price might still
go down instead of up, so please use proper risk management.
Hi Sylvester! I`m new in the market, so I'd like you to tell me what book,publication or
website you suggest me to readr. Thank you , greeting from Argentina!!!Helloo Mauro...Howz Beunos Aires and your fellow gauchos in the pampas? You rock,amigos...
Well, if you are looking for forex resources, you can check at babypips for some
introductory stuff...Then maybe go through Technical Analysis of the Financial Markets by
John J Murphy, and the Candlestick Course by Steve Nison..That should help for a start..
[08:25:01 28/10/08] monkeymagic : morning skipper
[08:56:28 28/10/08] skipper : morning everyone
[08:59:18 28/10/08] monkeymagic : hows everyone going with their trading?
[09:00:25 28/10/08] djcarlos : HI everyone from chile, 05:00 here
[09:01:00 28/10/08] monkeymagic : djcarlos - you must be keen
[09:02:00 28/10/08] monkeymagic : its 9.00pm in New Zealand
[09:02:42 28/10/08] skipper : 8am UK - any alerts today guys?
[09:03:32 28/10/08] monkeymagic : I haven't seen any
[09:05:44 28/10/08] djcarlos : somebody wake up me when the alert is ready
[09:05:56 28/10/08] monkeymagic : lol
[09:06:00 28/10/08] djcarlos : jeje
[09:09:53 28/10/08] Stalion : helloo everyone..
[09:10:00 28/10/08] skipper : morning stal
[09:10:25 28/10/08] djcarlos : good night yet here jeje!
[09:10:44 28/10/08] klho83 : hi gm all!
[09:11:38 28/10/08] Stalion : hope you'all had a good night rest.....
[09:12:34 28/10/08] Stalion : did anyone take the EURJPY trade yesterday?
[09:13:10 28/10/08] skipper : yes - thanks
[09:13:31 28/10/08] klho83 : No
[09:14:03 28/10/08] monkeymagic : that would have been in the middle of the night for me
[09:14:19 28/10/08] Stalion : we put a buy stop on the GBPUSD @ 1.5570...1st target @
1.5618..
[09:15:56 28/10/08] Stalion : 2nd target @ 1.5668...sl @ 1.555520
[09:16:19 28/10/08] Stalion : sory, 1.5520
[09:16:50 28/10/08] skipper : OK Stal
[09:18:25 28/10/08] Stalion : [15:18:31 27/10/08] Stalion : We also put a pending buy stop
order on EURJPY @
[09:18:36 28/10/08] Stalion : 117.10,1sttarget @ 118.00, 2nd target @ 118.95...3rd target @
120.53...stop loss @116.10
[09:19:32 28/10/08] Stalion : 343 pips total was made again, on EURJPY...if your buy stop
was in place
[09:22:16 28/10/08] skipper : OK Stalion - Than you
[09:22:40 28/10/08] djcarlos : Hit first trget GU.. its ll going up???
[09:22:49 28/10/08] Stalion : 1st target hit @ 1.5618 on the gbpusd...
[09:24:15 28/10/08] klho83 : 50%
[09:26:00 28/10/08] Stalion : am sorry it went too fast
[09:26:36 28/10/08] Stalion : you can reenter if you didnt get the 1st chance
[09:27:06 28/10/08] djcarlos : its falling
[09:27:15 28/10/08] Stalion : can klho83 explain how he allocates percentages to his
minilots??
[09:28:26 28/10/08] Stalion : then reenter with a buy stop at 1.5580
[09:28:58 28/10/08] Stalion : coz price will still move up, under normal market conditions
[09:30:59 28/10/08] klho83 : 4 mini lots. 2 (50%) set at 1st target,1(25%) set at 2nd target
and last 1(25%) 3rd target with trailing
[09:41:42 28/10/08] Stalion : thanks, K
[09:42:38 28/10/08] klho83 : Add 2 minilots at the entry pts ,hit again
[09:42:44 28/10/08] Stalion : cable proceeding steadily upwards to our 2nd target
[09:44:19 28/10/08] Stalion : Eno was right...the double bottom on the EURJPY was an
accurate one...
[09:51:22 28/10/08] Stalion : did you enter our gu trade?
[09:51:51 28/10/08] skipper : yes - thanks
[09:52:28 28/10/08] skipper : & have made the entry order on EUR/JPY
[09:52:29 28/10/08] Stalion : no probs....
[09:52:35 28/10/08] Stalion : kiwi??
[09:52:46 28/10/08] skipper : looks like cable is coming down now
[09:53:26 28/10/08] skipper : but pips from 1st target in the bag!
[09:54:31 28/10/08] Stalion : after price gets to 1st target or even just +20 pips in our
favour, we then adjust our stop loss upwards to our entry level point...dat ensures we get
out with little or no loss when price retraces against our position....remember half profits
would have been taken then
[09:54:44 28/10/08] monkeymagic : I tried to make trade - but got an error
[09:55:29 28/10/08] skipper : Yes - I moved sl to entry - so not losses!
[09:57:14 28/10/08] djcarlos : GU it still going up???? because i dont get the pips of 1st
target
[09:57:14 28/10/08] skipper : OK - closed out now
[09:58:14 28/10/08] Stalion : the EURJPY call was for yesterday....skipper...price needs to
drop down to 116.83 before going back upwards...
[09:58:50 28/10/08] Stalion : did you factor that info in with our original entry order on
the EURJPY?
[10:00:46 28/10/08] skipper : Stal I have adjusted pending buy order accordingly. Thanks for
checking!
[10:01:52 28/10/08] djcarlos : waht is the new entry @ for eur???
[10:04:37 28/10/08] Stalion : it might be better to put a buy limit on the EURJPY @
116.83...OR wait for price to breach 116.83 first before placing a buy stop on it....sl
@115.85
[10:05:26 28/10/08] Stalion : or just stick with our original entry point of yesterday
[11:55:23 28/10/08] djcarlos : Klho83 I have a question, if the SL if far than 1st target,
the loose 50% it will make a lost position
[12:03:09 28/10/08] skipper : dj when 1st target is hit - move sl to breakeven for the
remaing 50% of your trade.
[12:03:25 28/10/08] skipper : That way you bag the money on first target
[12:03:43 28/10/08] skipper : then if you let the rest of your trade run, you can not go
wrong
[12:04:32 28/10/08] skipper : worst case scenario - you have profit from 1st target getting
hit - then market moves in opposite direction & your stop gets hit at zero.
[12:04:44 28/10/08] djcarlos : ahh!! ok if I hit the first target, i would have move my SL
to the hit... ok thats good
[12:05:13 28/10/08] skipper : No don't move sl to hit - move sl to entry point
[12:06:16 28/10/08] djcarlos : ok sorry... yo entry point... thanks it very good technics
[12:06:42 28/10/08] skipper : ok - it works well
[12:09:04 28/10/08] djcarlos : what do you think for the cable to Eur/Jpy.... its will be
had results??
[12:10:27 28/10/08] skipper : I only study cable - CBI results just out were better than
expected - very surprising
[12:11:19 28/10/08] skipper : although they haven't caused any movement as such
[12:17:48 28/10/08] caprica1 : morning everyone. How goes it?
[12:19:37 28/10/08] skipper : I re-entered on the cable long & got 100 pips - thanks stal!
[12:37:51 28/10/08] caprica1 : Anything for this morning so far?
[12:41:05 28/10/08] klho83 : Yes, GU hit all target!
[12:43:27 28/10/08] caprica1 : kool! Plenty of pips then?
[12:43:40 28/10/08] klho83 : Another pending order but i don't think to EJ wu come to the
price:
[12:44:01 28/10/08] djcarlos : congratulation, i had a mistake and dont win
[12:44:02 28/10/08] klho83 : EURJPY @ 116.83...OR wait for price to breach 116.83 first
before placing a buy stop on it....sl @115.85
[12:47:21 28/10/08] caprica1 : yeah it's quite long way away from the entry at the moment.
[17:41:47] Stalion : hope you made some money off our gbpusd and eurjpy call?
[17:43:22] Stalion : we put a buy stop on GBPUSD @ 1.5620...1st target @ 1.5655...2nd target
@ 1.5670
Thank You Very much for share this interesting Strategy.
Btw Can you help me with this :
"high 1.5943 - low 1.5747= 0.0196
0.6*0.0196=0.01176(range)
1.5747+0.01176=1.5865(60% window) 1st target to the downside.."
From where you pick it up 1.5747 ?
Thank you before that. Nice Strategies i like it, Simple System like this because i now
simple is better & more profitable.
All The Best;
Manus168
Re:Keeping It Simple Smarty(KISS) is a great way of becoming better and profitable in
trading,especially when you dont clutter your charts with a map of indicators and
objects,Manus...1.5747 was the low of that trend, which was subtracted from the high of the
trend.Thanks, mon ami...
Submitted by Qais on October 27, 2008 - 15:21.
Hello,
I just caught a glimpse of the above article and I would like to thank you for such a simple
& lucent summary of what trading is all about.
You have indeed put it in a nutshell.
May God reward you for your kindness and goodwill.
Grace & Peace
Qais
Re:Thanks,Qais...Just continue 'glimpsing' the thread and more insights shall come..May The
Force Be With You..
Hi Mr. ForexGreenland,
I was reviewing your input at the Informed Trades Website and was very impressed with your
contribution.
I started Forex this year using the algorithms of the red and green lights and losing.
Lately I became curious and encouraged to attempt learning candlestick reading and the
variables that go along with it. I am writing to get help from you to stir me on the right
course at the start. Don't want to get into bad habits. Could you send me some beginning
basic information and or videos that helped you.
Thanks,
Karen
like ''algorithm,variables,etc..''standing out in your comments.. You see, a left brain type
is stronger with figures,analytics,etc,while a right brained type is more in tuned with
words,abstracts,etc..
The candlestick reading involves identifying, interpreting and taking advantage of chart
patterns, in which it is quite subjective..like 2 different traders coming across a chart
pattern and reaching different conclusions..this is more discretionary trading than
mechanical..
anyways,to avoid bad habits, you strive to do the opposite of that which you term ''bad
habits''...for Nature habours a vacuum...like if you are fond of placing trades without a
stop loss, then you do the opposite and fix your stops while placing your trades,etc..
to be sincere,what helped me along the terrain of this frontier were books/videoes that were
bought...AND practiced. You can read all the books and videos on golf,but ..if you are not
applying them on the fields or trenches, they might not do much in effectiveness to making
you a top player in the Grand Slam...so tell me...What is your objective...in trading?
[17:41:47 28/10/08] Stalion : hope you made some money off our gbpusd and eurjpy call?
[17:43:22 28/10/08] Stalion : we put a buy stop on GBPUSD @ 1.5620...1st target @
1.5655...2nd target @ 1.5670
[18:02:34 28/10/08] djcarlos : !!!!!!!! Shocked what happen with GU..... extreme fall
[18:21:03 28/10/08] masif1 : s/l?
[18:21:53 28/10/08] djcarlos : did you know that GU was fall???
[18:22:11 28/10/08] djcarlos : Stalion said???
[19:10:22 28/10/08] djcarlos : GU entry was hit
[19:22:10 28/10/08] djcarlos : cheers 1st target hit
[19:22:57 28/10/08] djcarlos : 2nd target too .... Thanks Stal... good trade
[01:34:09 29/10/08] Stalion : well done, djcarlos...we did it again
[01:35:10 29/10/08] Stalion : though we made 50 pips, $50 minilot,$50 standard lot on the
GBPUSD...
[01:38:06 29/10/08] Stalion : funny though...we were going for 50 pips off the Buy Window,
instead 400 pips were made
[01:38:22 29/10/08] Stalion : or more...
[01:43:02 29/10/08] Stalion : so as at 1a.m this wednesday morning,price has made a new high
@ 1.6113 but retracing slowly downwards.......so where is it going?
[01:43:29 29/10/08] Stalion : 3 answers
[01:44:51 29/10/08] Stalion : 1 Price going for new highs by breaking the recent high of
1.6113?
[01:46:13 29/10/08] Stalion : 2. Price retracing from its recent high to the 30& buy window?
60% buy window? sell window?
[01:47:11 29/10/08] Stalion : 3. Price making a consolidation range into the London Session?
[01:48:54 29/10/08] Stalion : Read those answers again...ask yourself some questions...then
check the charts
[01:49:45 29/10/08] Stalion : Now ask yourself...
[01:50:51 29/10/08] Stalion : what possibilities exists for any of the 3 answers to be
turned into financial opportunity?
[01:54:49 29/10/08] Stalion : For I to exist, a buy stop above the high of 1.6113 to a 1st
target of 1.6155 upwards ?
[01:56:53 29/10/08] Stalion : For 2 to exist, a sell stop below the recent low at 1.6024,for
a 30% buy window of 1.5891?
[01:59:05 29/10/08] Stalion : or a sell stop below the recent low at 1.6024 (1.15 Nigerian
Time), for a 60% buy window of 1.5758..or just take both as targets?
[02:09:20 29/10/08] Stalion : For 3 , we stay aside...
[02:10:20 29/10/08] Stalion : guess what...guys...Number 2 might be the most probable one ,
with 2 targets..on the downside
[02:10:39 29/10/08] Stalion : only time will tell
[02:12:09 29/10/08] Stalion : stop loss for 2 option is 1.6070
[02:16:36 29/10/08] djcarlos : Hi Stal
[02:17:08 29/10/08] djcarlos : I make de Entry orders
[02:18:28 29/10/08] Stalion : cool
[02:19:28 29/10/08] djcarlos : Im always ready, dont matter the time
[02:20:57 29/10/08] Stalion : what time is it, in Santiago, Chile?
[02:22:09 29/10/08] djcarlos : here is 22:20 hrs.... when you trade in the morning here is
05:00... and I trade from my bed Sleep
[02:22:31 29/10/08] iykeman2008 : nope stall
[02:23:03 29/10/08] iykeman2008 : i asked you guys som question yesterday and i am yet to
hear from u
[02:23:05 29/10/08] Stalion : hmmmm....
[02:23:29 29/10/08] djcarlos : it exist posibilities of fall of GU??
[02:23:40 29/10/08] Stalion : price is at 1.6022 as we speak....about to resume its decline
[02:24:25 29/10/08] djcarlos : the entry point was hit
[02:24:52 29/10/08] Stalion : 1.6019 now
[02:28:05 29/10/08] Stalion : Gentlemen, we are commencing the DISSECTION OF THE HIGH
[02:29:26 29/10/08] iykeman2008 : 1.6010 now
[02:30:19 29/10/08] Stalion : hope you are ready
[02:32:45 29/10/08] djcarlos : hell yea!!! I listened that in WWF jeje!! Very Happy
[02:36:25 29/10/08] djcarlos : I learned to use the tecnical of target 50% 25% 25%
[02:41:32 29/10/08] Stalion : cool
[02:44:36 29/10/08] Stalion : from klho83?
[02:47:23 29/10/08] Stalion : its a nice risk management strategy
[03:08:28 29/10/08] Stalion : hmmmm.....gbpusd pip spread is now 6 pips at alpari...3 pips
more than the usual spread of 3 pips
[03:09:36 29/10/08] djcarlos : my broker has 10 pips of spread
[03:10:54 29/10/08] iykeman2008 : k
[09:04:37 29/10/08] alanlewis : 48 pips off gu trade so far.
[09:19:38 29/10/08] caprica1 : morning everyone
[10:09:49 29/10/08] masif1 : saw the buy from yesterday afternoon hit its 2nd target
[10:09:55 29/10/08] masif1 : well done
[10:33:57 29/10/08] djcarlos : the sell GU alert of the night hit 1st target, about 44 pips
[10:36:00 29/10/08] djcarlos : was good
[10:36:09 29/10/08] klho83 : no . Not yet dj
[10:37:55 29/10/08] djcarlos : yes, im closing that the sell signal of 02:00am
[10:39:01 29/10/08] djcarlos : somebody will open buy stop at 1.6113?
[11:01:53 29/10/08] Stalion : hi everyone
[11:09:29 29/10/08] Stalion : our first call on cable,50 pips or so, was hit yesterday
evening....
[07:38:28 30/10/08] djcarlos : Hi 03:37am in chile... I dont want to sleep any more, I only
want to trade, Razz regards
The Dragon Fist
Good evening,Ladies and Gentlemen,
Hope you'all having a lovely weekend...?
As at 10pm Nigerian time, we await the opening bells of the Asian Session in which the
GBPUSD(cable) closed on a bearish note last week Friday..Our stop loss was put at the recent
high of 1.6164,which was the most recent intermediate high..Price would have to breach that
resistance level, a few inches below the DRAGON FIST.. in order to confirm a bullish drive..
[11:11:38 31/10/08] Stalion : so we put a sell stop on gu @ 1.6100...1st target @
1.6045...2nd target @ 1.5975...sl@ 1.6185
Rumours of Bank Of Japan's(BOJ) intervention to sell Japanese yen in the markets so as to
reduce the value of the yen, might see it decline against major pairs..
Now where do we think GBPUSD is going? Up? Down? Sideways Consolidation?
Well, the last complete candle to the right was a bearish one...and the most recent
incomplete candle, in which price pierced the low of the last complete candle, also suggests
a bearish note...
But I could hear someone bluster..''But Stallion, isnt price at the 60% buy window?shouldnt
we expect price to go up, instead of down?
Well, from the way I see it, price should be ready to be retracing back up..but it met the
DRAGON FIST...If the market opens with a bearish gap today, there's a very good chance of it
reaching for our 3rd target point of 1.5922
1.6252-1.6033=0.0219
1.6141-0.0219=1.5922( 3rd target point)
Only time will tell if our trade call is correct...Remember dont try this at home...dont try
the DRAGON FIST at home...
1) Most traders tend to concentrate on pinpointing the perfect entry for a trade.
Yes,palmguy...but nothing is 100% perfect in trading...most of the time, it tends to be more
about TIMING OF THE ENTRY than exits..though but are quite important..
2674)
Here's the Delta Society website link. They have the Delta book. You may be able to get one
used somewhere. But take the website with a grain of salt, they are exaggerating on their
view of the accuracy of Delta. Most people are disappointed with it and quit trying it the
Delta way.
HOME - Delta Market Trading - Predictive Stock and Commodity Market Analysis and Trading
Thank you 4X. So the intraday gives us a good indication on where to enter throughout the
day or perhaps a way to day trade. But how do we determine the overall trend?
For example, JohnG said he see this pair going to 1.80. Like you were saying, I don't
really want to have to constantly watch the screen all day. It'd be nice to get a good
entry point using the intraday charts but then feel confident that you are with the longer
term trend so you're not fretting every little hiccup.
So my guess is that we're in an uptrend now but how do we determine that. Is that through
the LTD and MTD indicators?187) agree with 2be. DELTA gives us an idea where the market is heading but
it is not the 'holy grail'. There is no 'holy grail' Wilder put it this way, "DELTA is
perfect order but not perfect accurracy". The turning points will come early or late. And
the most important of all, DELTA does not generate entry or exit signal. It has to be
coupled with your own trading system.The only ''Holy Grail'' of trading,where you never lose a single trade is non
existent..except the one you see when looking at the mirror..YOU are the ''Holy Grail''..
Just wanted to say THANKS.
You gave me an idea a few months ago on another forum.[02:39:37 03/11/08] Stalion : hello djcarlos
[02:41:38 03/11/08] Stalion : price didnt continue its downard movement...rather it complied
with the 60% buy window and went bullish..so for now,the 60% window is more potent and time
efficient than the DRAGON FIST in intraday trading
[02:42:45 03/11/08] Stalion : so we put a buy stop @ 1.6200...1st target @ 1.6255..2nd
target @ 1.6320..
[02:44:05 03/11/08] Stalion : sl@1.6155
[03:57:50 03/11/08] djcarlos : I dont made the entry because i dont was conected.... please
Stal.... remember send a text plase
[03:57:55 03/11/08] djcarlos : please
[03:58:16 03/11/08] djcarlos : It was a very good trade....
[03:58:44 03/11/08] djcarlos : congratulation, but I miss it
[06:54:19 03/11/08] enolase : hi everyone
[06:54:47 03/11/08] enolase : prices were rangebound on Friday, and I should have put a
pending order on the north side
[06:55:06 03/11/08] enolase : but i didn;t and i equally missed the trade alert
[06:55:41 03/11/08] enolase : but a good call.
[08:05:59 03/11/08] enolase : a platform i am trading on has increased the GU spread this
mprning to 16pips
[08:16:12 03/11/08] enolase : noticed it in a GU trade i took this morning. I wonder what it
will be like on the day of the BoE interest rate decision
[08:56:02 03/11/08] klho83 : Missed!!
[10:04:39 03/11/08] Stalion : missed?
[10:04:46 03/11/08] Stalion : hello everyone
[10:06:43 03/11/08] Stalion : 120 pips,$120 minilot,$1200 standard lot was made on the long
gu call..
[11:28:15 03/11/08] Stalion : so..any guesses where gu is going,guys?
[11:30:33 03/11/08] enolase : GU is hovering around the 50% Fibo leve;
[11:30:38 03/11/08] enolase : so I say it will rebound upwards
[11:30:50 03/11/08] enolase : i'm hoping i plotted it right
[11:31:39 03/11/08] enolase : but of couse we watch the charts and see the candle patterns
that play out
[11:32:14 03/11/08] enolase : but for now, it may rebound at least towards the middle
Bollinger
[11:36:28 03/11/08] Stalion : so we put a buy stop @ 1.6230..
[11:37:08 03/11/08] Stalion : 1st target @ 1.6279
[11:37:17 03/11/08] enolase : so Stal, WHAT SAY YE?
[11:39:20 03/11/08] Stalion : sl @ 1.6200
[11:39:40 03/11/08] enolase : Ok, so u agree it's going north?
[11:41:26 03/11/08] Stalion : only time will tell..
[23:17:41 03/11/08] Stalion : the Dragon Fist eventually came down much lower than our 3rd
target of 1.5922,from our sell stop of 1.6100,which brought us a total of
178pips+120pips-64pips-30pips=204 pips
[23:18:14 03/11/08] Stalion : 204 pips,$204 minilot,$2040 standard lot on Monday
[10:27:42 04/11/08] Stalion : helloo everyone
[10:28:19 04/11/08] Stalion : sorry for the late entrance...internet connection here was
pretty bad lately...
[10:30:03 04/11/08] Stalion : fortunately, we are still on no man's land for now...price is
still looking for where to head to
[10:36:03 04/11/08] Stalion : eventually price still went way below and beyond our Dragon
Fist call
[10:36:13 04/11/08] Stalion : the sell order
[10:38:09 04/11/08] Stalion : so we put a buy order on gbpusd @ 1.5835...1st target @ 1.5885
[10:41:51 04/11/08] Stalion : 2nd target @ 1.5960...3rd target @ 1.6035
[10:42:37 04/11/08] Stalion : sl@1.5735
[10:47:14 04/11/08] Stalion : thats like a 100 pip sl...so we use proper risk mgt....we take
off half profits when we are +20 pips ahead..then shift our 100 pip sl back to original
entry
[10:51:46 04/11/08] djcarlos : Stal, the change is +20 pips above the entry point or 1st
target???
[10:52:04 04/11/08] djcarlos : yes its ready, thanks a lot
[11:15:39 04/11/08] Stalion : +20 pips above entry is better due to recent volatility in the
markets..
[11:18:39 04/11/08] fxjedi : Cheers my friend, i hope you are survivng these crazy volatile
markets. I must say in my 20 years of trading Forex i have not seen so much panicking and
shortage of liquidity, I am so pleased i continued developing my in house programmes , been
spending a great deal of time on them this year , to keep me ahead. GL/GT
[11:34:46 04/11/08] djcarlos : hit 1st, I was move the SL and I take 25%.... thanks Stal
[11:35:09 04/11/08] Stalion : 1st target hit @ 1.5885
[11:35:32 04/11/08] Stalion : did you take the trade,namdo?
[11:41:24 04/11/08] namdo : yes i did
[11:48:17 04/11/08] Stalion : helloo there masif
[11:58:01 04/11/08] masif1 : hi stal
[11:58:04 04/11/08] masif1 : no i was too late
[12:25:36 04/11/08] djcarlos : the market is going to go up again... we must take the
entry????
[12:26:54 04/11/08] djcarlos : re-entry???
[12:30:59 04/11/08] Stalion : yes,djcarlos
[12:32:10 04/11/08] Stalion : reentry is in order....we got stooped out in profit when price
retraced back to our original entry point which was also our stop loss..
[12:47:32 04/11/08] fxjedi : firstt taget hit again
[12:48:12 04/11/08] Stalion : yes jedi....please shift your sl to entry now...and take half
profitss
[12:48:31 04/11/08] djcarlos : Im going well
[12:48:55 04/11/08] djcarlos : I put my SL in 1.5870 now
[12:49:28 04/11/08] Stalion : was that were you originally entered,dj?
[12:50:29 04/11/08] djcarlos : 1.5840
[12:51:36 04/11/08] Stalion : hmmmm, dats like 30 pips difference....well its okay if it
fits ur personality,dj
[12:52:06 04/11/08] Stalion : you can still put a 15 to 30 pip trailing stop on
[12:53:09 04/11/08] djcarlos : thanks.... is my second entry in this alert... thanks Stal
[12:54:53 04/11/08] fxjedi : ok trailing stop on
[12:56:18 04/11/08] Stalion : price has to breach the resistance high of 1.5902,before
getting to our 2nd target
[12:56:59 04/11/08] Stalion : of 1.5960
[12:58:00 04/11/08] fxjedi : not sure if it could break ,stal
[13:21:44 04/11/08] fxjedi : ok
[13:49:50 04/11/08] fxjedi : 2nd tagert hit
[14:15:45 04/11/08] enolase : i just missed the party
[14:16:02 04/11/08] enolase : looks like the market is on holiday waiting for the US
election
[16:40:45 04/11/08] djcarlos : ok... im out of this position... but the result was good
[16:40:54 04/11/08] Stalion : 3rd target @ 1.6035 is already hit
[16:42:38 04/11/08] djcarlos : can we enter now... or no yet
[16:44:24 04/11/08] Stalion : if you were not in already, I suggest you step aside for
now...it might be too risky...
[16:45:30 04/11/08] djcarlos : ok..... you are the voice of my conscience
[16:45:35 04/11/08] djcarlos : thanks
[16:46:42 04/11/08] Stalion : you might still put a buy stop at 1.6060,for a 40 pip profit
on our 4th target of 1.6100
[16:53:14 04/11/08] djcarlos : I entered in 1.6060, and out in 1.6090 ..... thanks Stal 30
pips more in the bag.... thanks
[16:58:17 04/11/08] Stalion : 4th target hit @ 1.6100
[16:59:00 04/11/08] Stalion : making a total of 265 pips,$265 minilot,$2650 standard lot on
gbpusd this Teusday
[18:57:58 04/11/08] Stalion : we also put a sell stop @ 1.6000,1st target @ 1.5960...2nd
target @ 1.5915...3rd target @ 1.5870
[18:58:22 04/11/08] Stalion : sl@ 1.6040
[21:07:42 04/11/08] djcarlos : 30 pips in the bag.... thanks Stal
[23:03:56 04/11/08] klho83 : Hi Stal thanks for sms. A bit late .Fisrt target already hit
when I recieved the sms. Entered
[23:04:16 04/11/08] klho83 : small at 1.5960
[05:20:01 05/11/08] djcarlos : HEY!!!!!! wake up everybody Im wining pips with the falling
of GU.... I dont have yours telephone numbers
[09:35:30 05/11/08] fxjedi : looks like gu going up,
[09:36:57 05/11/08] Stalion : cool...
[09:40:34 05/11/08] Stalion : I want to use this opportunity to congratulate Obama for
winning the 08'US Presidential race ....Congratulations...
[09:51:04 05/11/08] fxjedi : 1st trget hit
[09:53:58 05/11/08] djcarlos : what is the second target???
[10:03:58 05/11/08] masif1 : God Bless America
[10:04:22 05/11/08] masif1 : congratultions on America for making the rest of the world
proud
?????????????????????????????(penat nk baca)
Me too,faiz...I dont really understand...do you mean penance?
Thank you for sharing useful information.We want you to come up with useful information so that will be useful to everyone.
No probs, mon ami....we all try to do our best in all things, especially in trading..
Thanks stallon
No probs,paul..
thnx for info brother are you in stock market ?
Thanks for your mail,brother...I specialize in the forex markets..
The strategy that I have hoped to use is to have
four of five holdings going at all times, each with the goal of achieving a 10% gain within
a 5-10 day period. The strategy has been an utter failure, and I think the reason is this.
Every long I have attempted has lost money. Every Ultrashort I have tried has been
successful (I'm not allowed to short-sell). I believe that it is folly for somebody at my
skill level to attempt longs in an overall bear market. I no longer even consider a long
trade, especially with the prospect of an impending market crash.
There are few Ultrashorts to pick from and I am sort of without a good strategy for this
particular time.Hi art, from your comments, I take it you are talking about the stock markets (not being
allowed to short-sell)..Is the uptick rule still in force at the equity markets?
But mind you, Warren Buffet,the No 1 stock investor is said to be buying up stocks recently
at rock bottom prices...Maybe its part of the contrarian strategy he's utilizing...Start
buying when prices are low and fear pervading the markets, while selling when prices are
high and greed driving the markets..thats just my 2 cents though..
Helloo fellow traders,
The 60% buy window on the GBPUSD made an inversion to the Way of the Dragon..sorry I
ommitted in writing out the buy order entry which is shown on the charts..As at Monday
midnite, price opened the session with a bullish gap and kicked in the buy order entry @
1.5760...Before we knew it,approximately 120 pips,$120 minilot,$1200 standard lot was made
at the high of 1.5885..The blue broken line shows the buy stop entry...
After the pips were made, our stop loss was then adjusted to the buy entry level, where stop
loss = 1.5760 = buy entry level...
This is what we see on the next chart below as the blue broken line now converted to a red
stop loss line..Very good risk management principle..
Another 120 pips was also made based on the bullish gap of the inverted dragon ...
Lets just say ...today was quite profitable...
[07:03:13 10/11/08] Stalion : Helloo everyone
[07:04:25 10/11/08] @ Stalion : we put a sell stop on gbpusd @ 1.5830...1st target @
1.5788..2nd target @ 1.5735..3rd target @ 1.5710...40 pips stop loss away
[07:34:14 10/11/08] djcarlos : 3 target hit.... Razz
[07:40:30 10/11/08] djcarlos : thanks for the sms, I ll Sleep again ...here is 03:39.....
but with 50 pips in the bag..... thanks
[08:00:00 10/11/08] Stalion : hi dj
[09:59:45 10/11/08] klho83 : Hi Max did u take the trade?
[10:00:27 10/11/08] Maximus : which one...
[10:01:11 10/11/08] klho83 : GU gbpusd @ 1.5830...1st target @ 1.5788..2nd target @
1.5735..3rd target @ 1.5710...40 pips stop loss away
[10:01:58 10/11/08] Maximus : no dit not take it...
[10:39:11 10/11/08] Maximus : not bad miss the first trade...
[11:05:58 10/11/08] romandaw : u trading anything?
[11:07:03 10/11/08] djcarlos : amazing fall on GU
[11:42:36 10/11/08] romandaw : hi there, you watching euro dollar?
[11:48:28 10/11/08] djcarlos : it having a strong uptrend.... but I prefer wait
[11:52:36 10/11/08] djcarlos : because I was read that GU it will have a pivot on 1.5800
Thnks man for sharing to all these great info. I am very interested to get into forex.
Hi Dreams, its possible to actualize ur forex dreams by the right dedication, proper
training, patience,hard work and positive mental attitude..
this is very cool! I'm learning to much . . . alright!
cool,Justin....me too...
Helloo folks,
Today's price action on the gbpusd was really something to write home about..The
unemployment rate report that was released from the UK was unfavourable to the GBP.The
PREVIOUS figures was at 5.7%, while the economists'expectation was 5.8% which was equal to
the ACTUAL release..The higher the unemployment rate,the lower the value of pounds sterling
due to selling on the negative news from UK.
Although it's generally viewed as a lagging indicator, the number of unemployed people is an
important signal of overall economic health because consumer spending is highly correlated
with labor conditions;
More than 375 pips were made this wednesday from GBPUSD drop...$375 minilot..$3750 standard lot..
[22:08:01 11/11/08] Maximus : Hi Stalion...
[22:08:29 11/11/08] Maximus : any order that are still valid...
[22:11:43 11/11/08] Stalion : sell stop on gu at 15400...1st target at 15360...2nd target at
15305...3rd target at 15285...40 pip sl
[22:11:56 11/11/08] djcarlos : 1st target of sell stop??
[22:16:15 11/11/08] Stalion : no probs...
[22:16:54 11/11/08] Stalion : max, you can enter a sell stop at 15370
[22:17:05 11/11/08] Maximus : sp now the sl is that the entry if you get the first target,
am I right or not...
[22:17:21 11/11/08] Maximus : ok Stalion...
[22:18:02 11/11/08] Maximus : same target....
[22:18:28 11/11/08] Stalion : yes
[00:48:59 12/11/08] djcarlos : I read that 1.5270 is the pivot to GU
[09:07:27 12/11/08] Maximus : Hi any trades...
[09:15:57 12/11/08] Stalion : Helloo everyone
[09:21:47 12/11/08] Stalion : not yet, max....we wait for a while....as you can see, the
market is moving back and forth for now...wouldnt do to jump in where there's no sign of a
breakout yet..
[09:22:01 12/11/08] Maximus : yes no prob...
[09:24:00 12/11/08] Stalion : one of the hardest things in trading is knowing when NOT to
trade...easier said than done..
[09:25:45 12/11/08] Maximus : yes it is so true...
[09:41:09 12/11/08] Stalion : market's slow
[09:42:10 12/11/08] Maximus : in my hiumble opinion I think that the market will break down
again with the GBPUSD...
[10:07:27 12/11/08] Stalion : so, entering at 15400 or 15370 is okay
[10:08:09 12/11/08] Stalion : remember to take half profits when +20 pips away
[10:09:20 12/11/08] djcarlos : i dont made the entry
[10:11:06 12/11/08] djcarlos : can i enter now... at 1.5360???
[10:14:35 12/11/08] Stalion : Hi dj
[10:15:01 12/11/08] Stalion : welcome to the party...
[10:15:31 12/11/08] djcarlos : hi, i entered at 1.5350..... i come late
[10:15:45 12/11/08] Stalion : though a bit late,a sell stop at 1.5345 would be more
prudent...
[10:17:05 12/11/08] Stalion : going for our 2nd target of 15305
[10:17:29 12/11/08] Maximus : I took 20 pips and i will reenter....will see...
[10:17:39 12/11/08] djcarlos : ok, its down trend??
[10:20:10 12/11/08] Stalion : we cant tell for now...though looking at the hourly, 4hr,daily
and weekly charts shows that gbpusd have been on a prevailing downtrend..
[10:21:15 12/11/08] Stalion : price might still very well retrace back up....only time will
tell..our job is to position ourselves to take advantage of price movements when we can
[10:22:56 12/11/08] romandaw : morning
[10:23:30 12/11/08] romandaw : nb news about to come out
[10:24:24 12/11/08] Maximus : yes Stalion the gbpusd will retrace...
[10:37:50 12/11/08] romandaw : i was trading the same move without even knowing it.
[10:37:58 12/11/08] romandaw : the gu short
[10:38:49 12/11/08] Stalion : helloo there roman
[12:09:47 12/11/08] Maximus : Hi Stalion...
[12:10:22 12/11/08] Maximus : thx for the pips....
[12:11:54 12/11/08] Stalion : my ohh myy..!price is moving ALL D WAY DOWN!100 plus pips
ahead of 2nd target
[12:13:06 12/11/08] Stalion :hope ur on a trailing stop, max?
[12:16:06 12/11/08] Maximus : Already out of the trade took 50 pips and get out...
[12:16:43 12/11/08] Stalion : lol!
[12:16:57 12/11/08] Stalion : wise move....
[12:17:50 12/11/08] Maximus : Thx Stalion for the call...
[12:22:17 12/11/08] Stalion : no probs.....the uptrend wasnt sustainable eventually
[16:22:47 12/11/08] Stalion : so for today, wednesday, we put a sell stop gu @ 1.5164....1st
target @ 1.5124...2nd target at 1.5095 pip sl away..
[16:37:06 12/11/08] enolase : hi everyone
[16:37:24 12/11/08] enolase : i can't believe i forgot that today was the BoE inflation
report
[16:37:47 12/11/08] enolase : a news item that has delivered in xcess of 300pips downward
movement on the GU pair in the last four months
[16:38:08 12/11/08] enolase : anyway, i think the dive will still continue
[17:38:29 12/11/08] Stalion : cool...