Thread: GBP and JPY Pairs H1 2013

Originally Posted by AyoBro

Heads up, 2910 has been broken convincingly. Though an hourly close above is preferred, watch out for the next level at 2955(btw the 50 fibo sits btwn now and 2955).

A-Yooooooooo

I possibly screwed up the levels for failure. Based off of w(a) a possible EF, the levels to watch are 2922 and 2954. Sorry folk but the original levels was based on the decline from the very top.

A-Yooooooooooo

Originally Posted by pip pilot

....a real trader would trade on current price action, not the future or past, you will never be [successful]....

Most likely my one and only post to you.

Price is 28.50, do you buy or sell? A successful trader won't need past prices to know the direction. It's a rhetorical question, by the way.

If you have a trading method that works for you, that's great, but it's not the only way to trade a market. There are many ways to accomplish the same goal and just because you are not good at another method does not mean it doesn't work for others.

Whether one uses EW, patterns, fibs, S&R or a crystal ball and tea leaves is irrelevant. The only thing that matters is that it works for that person.

Why bash what is different?

TAfool

Originally Posted by Colly

What a superb and most remarkable first post this is

I wonder who you are hiding behind the facade of a new poster

Colly, may I ask what your two RSI's settings are? Thanks

Originally Posted by pip pilot

Anybody who follows somebody else who makes up the rules and trades without a plan and trades what they 'THINK' is doomed to fail, I wish you luck

I really haven't got the time to post on forums and trade at the same time, how can anyone do that, specially newbs

AyoBro, I wasn't calling you arrogant and im not questioning EW

Trading is not about predicting tomorrows price action, thats what got to me

and trading without fundamentals??, G I V E M E A B R E A K, I dont belive anyone who says ''I ignore fundies''

What works for one trader will not necceseraly work for the other, HOWEVER one mans garbage can be another persons gold

GL to you. Personally, I can't do anything with fundies. I've posted before, that those that can trade fundies, are much better than myself in that aspect. Much respect to Mary, I'ma fan though I can't understand her high level fundie talk. I can make the statement "I ignore fundies" because during my first 6-months, maybe a year, I've tried to work fundies. But the market doesn't respect fundies IMHO. The market didn't respect my opinion that was slated towards everyone else sentiment about the condition of the different countries economy. No, the market respects risk aversion and risk appetite, THAT'S IT!!!! I don't know how many years you have in this game but if you don't know that 'jewel' then you will not be here for long. So I'm not surprised about your disbelief. How fundies play into the 'fear factor', I don't know but the market doesn't care what you or I think? But again I've been born out of the EW forum, where fundies is not calculated in counts. Matter of fact, fundies are an after thought, after price has moved towards or against a target(both being critical info). Okay, I'm done and wish you luck. You can add me to your ignore list, like so many do(I think I'd prefer that, like with so many others). Btw, there are only 3-4 EW rules. I think your inability to post and trade at the same time, will disappear with time.

A-Yooooooooooooo

PS. I forgot to apologize for not telling you that Ms.Market was not worried about the Euro's eco problems when it decided to turn at 1875.

Ayo, colly, TAfool, Greg, Sean, bill the bear (i hope who that is, is clear), I personally find yours and many others posts very helpful and educational. I especially love the charts with EW counts, I myself can't use them with much confidence, and rely more on shorter term trend directions and chart patterns to do my price projections.

Recently, the break above 1.25 level to 1.3 on the reverse H/S pattern technically made sense. However, I can't understand what fundamentally is driving a euro rally. I realize there is a correlation between the S&P500 and EUR/USD on a sentiment trade - correct me if I am wrong here - but again, what are the markets rallying on? The economic forecast is rather glum, reading the papers and watching the business shows many are preparing for a collapse.

Ayo, you say this is a corrective pattern from 1.6? Could I trouble you to post a long term chart explaining this?

Cheers,
Jmyrm

Originally Posted by Jmyrm

Ayo, colly, TAfool, Greg, Sean, bill the bear (i hope who that is, is clear), I personally find yours and many others posts very helpful and educational. I especially love the charts with EW counts, I myself can't use them with much confidence, and rely more on shorter term trend directions and chart patterns to do my price projections.

Recently, the break above 1.25 level to 1.3 on the reverse H/S pattern technically made sense. However, I can't understand what fundamentally is driving a euro rally. I realize there is a correlation between the S&P500 and EUR/USD on a sentiment trade - correct me if I am wrong here - but again, what are the markets rallying on? The economic forecast is rather glum, reading the papers and watching the business shows many are preparing for a collapse.

Ayo, you say this is a corrective pattern from 1.6? Could I trouble you to post a long term chart explaining this?

Cheers,
Jmyrm

Correction: the markets WERE rallying. Check out what is happening today. The ECB program of buying EU sovereign debt has been supportive of the Euro over the last couple of months. Now it appears the markets are waiting for the results of the EU bank stress tests. The 1.30 level seems to be a good short, it might go a little higher than that but I would short again if it hit 1.30

forex more so than any other financial products are driven by economic fundamental. what central banks do, what china does, when a country decides to intervene, how multi-national companies decide to hedge, how multi national banks decide to manage their risk exposure are all driven by economic fundamental reasons.

speculators try to front run these decisions or react to them. everybody trades differently, understood, but to say that fundamental have no baring and that one can predict the market is well ... can one predict when an institution decides to buy or sell couple of yards of a pair is knowable that certain TA will give them an insight to this. hubris is the root of all ruins.

Originally Posted by Jmyrm

Ayo, colly, TAfool, Greg, Sean, bill the bear (i hope who that is, is clear), I personally find yours and many others posts very helpful and educational. I especially love the charts with EW counts, I myself can't use them with much confidence, and rely more on shorter term trend directions and chart patterns to do my price projections.

Recently, the break above 1.25 level to 1.3 on the reverse H/S pattern technically made sense. However, I can't understand what fundamentally is driving a euro rally. I realize there is a correlation between the S&P500 and EUR/USD on a sentiment trade - correct me if I am wrong here - but again, what are the markets rallying on? The economic forecast is rather glum, reading the papers and watching the business shows many are preparing for a collapse.

Ayo, you say this is a corrective pattern from 1.6? Could I trouble you to post a long term chart explaining this?

Cheers,
Jmyrm

Anytime Jmyrm

Corrections are normally labeled ABC, and represent w2 or w4. The other type of correction is complex correction labeled WXY, which may represent w2 or w4 or wA or wC. If ABC is complete at 1875ish, then price has bounce from the 50 fibo level of the 8220 rally to 1.6. If WXY is complete then more than likely the drop from 5140ish is 3-wvr. Unfortunately, the 5140ish level would have to be exceeded to validate the ABC completion. The 3267 level breakage will be the first indication that the ABC's completion concludes new lows, but 4216(w1 of C) will be the line in the sand for those counts that say the 3691 decline is an extended 5th wave from the 5140 drop. I have three other scenarios that also include the WXY correction. Just ask and I'll run down those as well

Originally Posted by analyzer

forex more so than any other financial products are driven by economic fundamental. what central banks do, what china does, when a country decides to intervene, how multi-national companies decide to hedge, how multi national banks decide to manage their risk exposure are all driven by economic fundamental reasons.

speculators try to front run these decisions or react to them. everybody trades differently, understood, but to say that fundamental have no baring and that one can predict the market is well ... can one predict when an institution decides to buy or sell couple of yards of a pair is knowable that certain TA will give them an insight to this. hubris is the root of all ruins.

I said fundamentals have no baring on my trades. I've already factored in both a bullish and bearish view to be validated or violated. Attention to fundamentals is not a requirement of mine. Again, decades of proven theory is what I rely on, not fundamentals, sorry.

A-Yooooooooooooo

Interesting diamond pattern forming on the S & P buy may not break out for another few weeks

Trade what you see not what you think

Prices and Dates etc.. left out on purpose

Another "consolidating" marathon day! In the words of the immortal George Carlin, "This is as thrilling as watching flies ----"...

Originally Posted by Easy Trader

... well, 1-2-3-4-5 = impulsive ...

Hmmmm.

Now I see the confusion thank you.

So you say that a wave C sub-divides 1-2-3-4-5 = impulsive.

I say that it is an aspect of a corrective pattern which shall usually sub-divide 3-3-5 ( abc) in the case that it is a Flat, or, 5-3-5 (abc) when it is part of a zig-zag. In a zig-zag for example, wave C then sub-divides 5-3-5 too.

These represent two of the possible patterns of waves 2 and 4 within an impulsive structure. That is, the corrective aspect of it.

Originally Posted by Franosh

Colly, may I ask what your two RSI's settings are? Thanks

Hi Franosh,

They are at present this side of patents and copy-rights and so for me to divulge them here would be a folly move on my part.

Originally Posted by Jmyrm

Ayo, colly, TAfool, Greg, Sean, bill the bear (i hope who that is, is clear), I personally find yours and many others posts very helpful and educational. I especially love the charts with EW counts, I myself can't use them with much confidence, and rely more on shorter term trend directions and chart patterns to do my price projections.

Recently, the break above 1.25 level to 1.3 on the reverse H/S pattern technically made sense. However, I can't understand what fundamentally is driving a euro rally. I realize there is a correlation between the S&P500 and EUR/USD on a sentiment trade - correct me if I am wrong here - but again, what are the markets rallying on? The economic forecast is rather glum, reading the papers and watching the business shows many are preparing for a collapse.

Ayo, you say this is a corrective pattern from 1.6? Could I trouble you to post a long term chart explaining this?

Cheers,
Jmyrm

Thank you Jmrym.

It was me who said that.

Thank you A-Yo for taking the time to reply.

Originally Posted by Colly

No!
Maybe 250 lots for 130+ pips in nothing to a real trader but to me its handsome.

wow, impressive.
how do you do it? 250 lots at a time with no slippage!!!
i am too ashamed to say what my position size is compared to your whale sized positions, but even at my meager size i sometimes have trouble getting a fill -- have to wait like 2-3 seconds to get confirmations / up to 5 lots are filled instantly though.

you truly are a BIG SWINGING D--K master of the universe

Originally Posted by Gregory McLeod

EUR/USD to 1.2500 or 1.3500?

What are your thoughts?

E/U
8-H chart: It's crossing up 200-MVA. So, It's continuing increasing.
But, Now, It's bound back at least when It hit 200-MVA again ( at 1.25)
bounding back can see from weekly-chart by it hit 20-MVA
Daily chart: SSD(14,3,3) is crossing dow.
If EW count: It could finish 1-EW.
Now, E/U could be in 2-EW that its target is at 1.23231 ( close value 1.22344 predicted on 07/01/10)
3-EW's target is in range 1.32968 - 1.373228
5-EW's target is 1.4334.
S&P 500 is going down to 1040.x. 4th-quarter is usually good for the U.S stocks. This push E/U is going up
dxy (Dollar index) is going down to 78.x. This push E/U is going up.
Summary: After E/U has a retracement. It's continuing up.

PS: I have been beeing long for E/X.
Monthly-chart: E/U is going up to range 1.47032-1.50218.

Thanks
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Jump the frog
Forecast the financial market.