CounterTrend.... I agree with you about the relative values between AUD and USD in part but that's only part of the picture.... and here's the big but... interest rates put a long bias on the currency causing more people to buy the Aussie. This ...

AUDUSD went down????

Ok, here's why prices go crazy during news announcements and a theory on why the Aussie went down after positive news. Most traders pull back and wait for major news announcements to pass and this causes a significant liquidity reduction (less ...

AUDUSD went down????

I think this is a myth! I was reading Ganns book from 1945 and he quotes a similar number... how this is quantified is a mystery to me. It's probably more qualitative than based on real fact. TrevA

95% / 5%

Agreed, this is a strong level at the moment. I'm expecting large numbers of automated sell orders to be triggered around the 214 price point which would cause an immediate, if not temporary pullback. Depending on price action, i might enter again ...

Breeze....Update on GBP/JPY

Well done Breeze!!! Well, we broke out of the downtrending channel yesterday at 209.85... If we get to 213.12 it should offer some resistance. If broken, 213.60 then 214 are the profit targets based on recent highs! TrevA

Breeze....Update on GBP/JPY

FYI, the break above 210 is outside of the channel GBP has been in since Jan 31.... A break above 210.70 is a very bullish sign.... it's the 61.8 fibo retracement. Looking at the interbank level 2 i'm seeing that 201.50 is offering a lot of ...

Breeze....Update on GBP/JPY

Bluebird The Metatrader forum is the place to ask further questions about MT4. But just to help out, MT4 does not offer a 3H chart. Open your position by right clicking the chart, Select 'Trading' and then 'new order'. TrevA

Breeze....Update on GBP/JPY

Breeze, very nice chart.... but I don't understand what some of the indicators mean. In just a couple of lines, can you explain how you use your indicators? ADX and the moving averages I understand. The other indicator windows are foreign concepts. ...

Breeze....Update on GBP/JPY

All, I was incorrect earlier saying 138 is not a fibo number, it is.... i sometimes get confused. 1.382 and 38.2 are VERY important as a fibo number as 38.2 confirms the start of a correction in an attempt to move forward to the 61.8% level. Same ...

Indicator Free Trading - Skunny

BarneyDog I believe the 138, like the 50 and 100 are synthetic fibo numbers, that is, they are not really Fibonacci numbers at all and just serve as a visual guide. I don't like to use the 138 and just have the 161 in place. I find that price action ...

Indicator Free Trading - Skunny

And another example..........

Indicator Free Trading - Skunny

Some ideas for mapping fibs.... — Hi All I just want to share my method for placing fib lines in the correct location. It's not easy to get it right but with some experimentation and lateral thinking you can place your fibs 100% correct most ...

Indicator Free Trading - Skunny

Volcanic rock with granite colouring and knobs — You might laugh, be in disbelief, cry or go into shock but the following story about my edge is true.... accurate and scientific details have been removed to protect the innocent. I lived in the ...

What's your edge?

Zack I see your perspective now. Thanks for explaining it for me. I tend to agree with your view about the price continuing to go down on Monday. Take a look at the ascending triangle on Thursday which resulted in an upside breakout. Now, look at ...

Breeze....Update on GBP/JPY

Merlin I think you need to qualify your question better.... A written trading plan can be one paragraph or 200 pages. It could be comprised of a written metatrader EA or an excel spreadsheet or all of the above. It could just contain broad goal ...

do you have a written trading plan?

PearsonFX.... I must admit that price predictions are not my strong point so you are probably right about it hitting 214 rather than retesting 204.5. However, having said that, I'm still very bearish on the cross. From December until mid Jan 2008 we ...

Breeze....Update on GBP/JPY

From my understanding this is correct and I now draw my fibs from support and resistance levels. SR are very easy to find when you know what to look for so I'll be posting an indicator for MetaTrader in a couple of days that shows the most important ...

Indicator Free Trading - Skunny

I'm new to using fibs for profit targets but have used SR for years. Here are some simple ideas: 1. Have a look at the price action nearby. Each bar represents support and resistance for that timeframe. 2. Look to see if the fib projection crosses ...

Indicator Free Trading - Skunny

Looks like we're going for the 204.50 price retest from January 23rd. Good luck all. TrevA

Breeze....Update on GBP/JPY

Thanks for the welcome!!! I'm a big fan of fractals as real-time indicators of SR and was introduced to the concept by Bill Williams in his Trading Chaos book - Profitunity. MTF were always important as were daily pivot points. It took me such a ...

Indicator Free Trading - Skunny