Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by Franosh

Positively entertaining...

Er, and why has FX Newb deleted his excellent post on 4X's comments?

I deleted his post...not due to disagreement. People can have differing opinions all they want.

I deleted it because he used foul language and even accentuated it by putting it in all caps. That's not allowed on the forums.

We always want it to remain a "clean place" for traders to talk. Foul language has nothing to do with analysis. So it doesn't belong here.

Originally Posted by FX Newb

Hey 4x....that made me laugh lol..
Fx tool that confuses me and has more get out clauses than EW?..theres isnt one ..maybe its due to me not understanding it fully and putting my energy elsewhere..but from what i see and read...there are so many different scenarios it must serious head fake ya!!

The forums are great for getting other peoples perspective ..and sometimes something somebody says will make you stop and think DAMN i totally missed that....but for me best way to trade these days..is to look at chart use your methods to deduct where you think price will go and if your indicators match up then go with it..and dont deviate from it..if it fails it fails...but as you say its much better to fail from your own mistakes than somebody elses...

We have all got different ideas of where price is going..sometimes we wil lbe right..sometimes wrong..keep this game as simple as one can...and stick to it...

just my (ii within a correction lol)

Hey FX Newb,

Elliott Wave Theory is not a trading system, it is a detailed description of how markets behave through recognizable patterns that repeat over and over again. It's like a map that tries to increase the probability that you are going in the right direction. And, since trading is a game of probabilites, where the trader tries to find a confluence of reasons to enter or exit a trade, the more tools you have in your toolbox to be able to accomplish this, the greater the likelihood that it will lead to a successful trade.

Originally Posted by apipintime

Hey FX Newb,

Elliott Wave Theory is not a trading system, it is a detailed description of how markets behave through recognizable patterns that repeat over and over again. It's like a map that tries to increase the probability that you are going in the right direction. And, since trading is a game of probabilites, where the trader tries to find a confluence of reasons to enter or exit a trade, the more tools you have in your toolbox to be able to accomplish this, the greater the likelihood that it will lead to a successful trade.

That's correct. And when they say they don't like it due to an alternative count, etc. being there....they have to do the same type of thing with any form of analysis if a trend changes.

No method is 100% but EW is ONE way that can give you a consistent plan of attack.

Originally Posted by Sean Hyman

That's correct. And when they say they don't like it due to an alternative count, etc. being there....they have to do the same type of thing with any form of analysis if a trend changes.

No method is 100% but EW is ONE way that can give you a consistent plan of attack.

Exactly. It is meant to be able to recognize potential scenarios that one can use in conjuction with their other trading methods(or solely on its own), and offer valid make or break points. Most people's disdain for EW, comes from their lack of understanding. Why would one choose to cut off their nose to spite their face.

Originally Posted by FX Newb

Hey 4x....that made me laugh lol..
Fx tool that confuses me and has more get out clauses than EW?..theres isnt one ..maybe its due to me not understanding it fully and putting my energy elsewhere..but from what i see and read...there are so many different scenarios it must serious head fake ya!!

The forums are great for getting other peoples perspective ..and sometimes something somebody says will make you stop and think DAMN i totally missed that....but for me best way to trade these days..is to look at chart use your methods to deduct where you think price will go and if your indicators match up then go with it..and dont deviate from it..if it fails it fails...but as you say its much better to fail from your own mistakes than somebody elses...

We have all got different ideas of where price is going..sometimes we wil lbe right..sometimes wrong..keep this game as simple as one can...and stick to it...

just my (ii within a correction lol)



Sean ..this is the post of mine...where i have sweared in capital letters?

Are you blind or don't realize when you place a cuss word in all caps. Let me bold it since you're blind to your own typing.

Originally Posted by Sean Hyman

Are you blind or don't realize when you place a cuss word in all caps. Let me bold it since you're blind to your own typing.

Sean, to be fair to FX Newb, that word doesn't really function as foul language in the context of that message. At most just an animated sort of exclamation and is directed to the speaker himself. I understand the US public culture/discourse has more political correctness, but is it really necessary to make it so highly sanitised like this?

You can delete this message if you think it's offensive. But it really is not meant to be.

Originally Posted by Franosh

Sean, to be fair to FX Newb, that word doesn't really function as foul language in the context of that message. At most just an animated sort of exclamation and is directed to the speaker himself. I understand the US public culture/discourse has more political correctness, but is it really necessary to make it so highly sanitised like this?

You can delete this message if you think it's offensive. But it really is not meant to be.

No foul language is allowed. It has nothing to do with analysis and adds nothing to it.

Everyone knows what foul language is....if not, then they'll have an even tougher time figuring out how to analyze the markets if they can't figure that one out.

Enough on this topic.

Sorry for all the mess. My post about EW was sarcastic in nature and not meant to be taken seriously.

Very short term breakout coming soon on GBP/USD.

If the larger wave 4 is correct, then the breakout would likely be to the upside.

We'll see.

Originally Posted by 4xis2ez

Sorry for all the mess. My post about EW was sarcastic in nature and not meant to be taken seriously.

No probs. There are many different ways to analyze the market and climb the mountain. That's one way. There are others.

Glad you're on the forum and giving your analysis and views for others to consider too.

Originally Posted by Sean Hyman

Very short term breakout coming soon on GBP/USD.

If the larger wave 4 is correct, then the breakout would likely be to the upside.

We'll see.

Hi Sean,

Would you share any effective way to handle these break-out when you recognize them? What time chart to use? Enter and Exit points?

Greatly appreciated,

Bryan

Originally Posted by bryankng8

Hi Sean,

Would you share any effective way to handle these break-out when you recognize them? What time chart to use? Enter and Exit points?

Greatly appreciated,

Bryan

I have a buy entry at 6297 and if filled on a break to the up side, a take profit of 60 pips. Exited previous short from 5 hours ago.

Originally Posted by apipintime

Hey Sean,

Your wave 1 counts best as a three wave move, which would make this formation an a-b-c flat, with either 'c' complete or due for one more minor move up. Just an observation.

Hi Jay,

Yes, there is nothing impulsive in theese swings. When you look at them at lower TFs they are pure zigzags.

If it was a double double zigzag then it is complete. In case of the tripple ZZ we`ll see one more swing up.

Patryk

Originally Posted by 4xis2ez

I have a buy entry at 6297 and if filled on a break to the up side, a take profit of 60 pips. Exited previous short from 5 hours ago.

Thanks 4xis2ez, I wish 4x comes that ez to me. How would you place your SL on the break-out then? Thanks for letting me pick your brain.

Bryan

Originally Posted by bryankng8

Thanks 4xis2ez, I wish 4x comes that ez to me. How would you place your SL on the break-out then? Thanks for letting me pick your brain.

Bryan

Hi Bryan -
Hope you don't mind me butting in on the conversation. Yes, FX will end up becoming that easy to you. I have made the moves from stocks to currencies only recently b'c I find them easier to trade. But, doesn't mean they are easier. And, I still like stocks b/c it offers many more opportunities. However, FX without a doubt works best with Technical Analysis. It is always good to follow the news and economic reports of the country you plan on trading the currency from. Like stocks is "Micro-Economics", Currencies is "Macro-Economics".

Having said that, this is just my view point. What I say may be everything against what someone else may think or do. To place your SL on any breakout should pretty much be the same level as you would place a stop on any trade (Breakouts, Reversals, etc..).

To keep it simple, why don't you just play the last Swing Low (or high if shorting). Or, a 'prominent' Low can be a good choice to. So you may have to look back on your chart a few periods to see a nice support (or resistance) level to place your stop at. In a 5min timeframe, I will go back a couple days just to see if there are any nearby "Resistance" (Or Support) levels that maybe a suiteable place to place my Stop at. I don't want to place it too high and get stopped out (which, I do all the time as I'm still learning) but you also don't want to place it too low.

Lastly, you can also use a percentage level. Perhaps 2% - so if the trade moves against you 2%, get out (Like in Risk Management you don't want to risk more than 2% of your capital per trade.). But for now, I think using a successive or prominent recent Low is sufficient. Just make sure you check some past Support & Resistance levels..

Many, many, many wishes of luck and success!!