Review of Strategic Tips on Milking the Major Currency Pairs in Live Forex Trading

it seems too complicated/technical for me . really for beginner? for me, I just need easy/simple indicator or EA to decide buy or sell.

[Forexgreenland]

Looking at GBP/USD intraday: key ST resistance at 1.5.
Pivot: 1.5
Preferred: Short positions below 1.5 with targets @ 1.4815 & 1.467 in extension.
Alternative scenario: Above 1.5 look for further upside with 1.51 & 1.513 as targets.
Comment: the RSI has banged against a major resistance around 70% and is reversing down.
It is being said the pound's decline will assist GB's economy so as long as it doesn't turn

into a ``run'' on the currency.Investors are selling the pound on concern about the size of

GB's recession.

Nice one, jeffsmith, keep it coming..

Nice analysis !!!

I think the pound keeps getting pounded for further losses after the negative view trotted

out by King and company midweek and by the backdrop of the country's current account deficit

and huge fiscal challenges. These are the same types of problems faced by the typical

emerging market country in a global crisis and some are even starting to talk up the idea of

a currency crisis for the UK. The negative momentum that GBP has worked up at this point is

getting worrisome and may demand an official response very soon if GBPUSD moves to 1.4000

and EURGBP to 0.9000. We've been taken aback at the vehemence of the moves - the GBP crosses

are dangerous territory.

Regards

Yes,stalla, you might be quite right on that one, you know..especially with the GBP crosses

like GBPCHF and GBPJPY, aka the beast..so prudent money management during trading is very

important..

[11:11:55 19/11/08] Stalion: hi everyone

[11:12:17 19/11/08] Maximus : Hey Stalion good to hear from you..

[11:14:08 19/11/08] djcarlos : Hi

[11:16:02 19/11/08] Stalion : cool...

[11:21:42 19/11/08] Stalion : also a buy stop on gu at 1.5005..1st target at 1.5025..2nd

target at 1.5045...40 pip sl away

[11:25:43 19/11/08] djcarlos : so, the buy entry was hit???

[11:26:33 19/11/08] Stalion : yes, dj...

[11:26:46 19/11/08] Stalion : we are on the ride

[11:44:07 19/11/08] klho83 : All targets hit

[11:45:24 19/11/08] djcarlos : yes

[11:50:35 19/11/08] masif1 : wow - quick 40pips!



[11:50:35 19/11/08] Maximus : do we live the sell stop there?

[11:50:47 19/11/08] masif1 : and still going up!

[11:53:16 19/11/08] Maximus : guys do myou keep your sell entry activated or not?

[11:56:07 19/11/08] djcarlos : I saw in dailyfx.com that GU will going to make pivot in

1.5050

[11:56:34 19/11/08] Stalion : no...delete the sell stop entry for now, since market dynamics

have changed

[11:56:46 19/11/08] djcarlos : ok

[11:57:00 19/11/08] Maximus : thx...

[11:57:03 19/11/08] Stalion : hope you got ur trailing stop on

[11:58:00 19/11/08] Stalion : what kind of pivot,dj? what do you mean about pivot at 1.5050

[11:58:03 19/11/08] Maximus : exit 1.5045 because only trading 0.10 lots..



[11:58:35 19/11/08] djcarlos : I can send to you the chart by mail

[11:59:07 19/11/08] klho83 : Is the sell stop still valid?

[11:59:48 19/11/08] masif1 : i have left the sell in place

[11:59:54 19/11/08] Stalion : it doesnt matter, max..you could close half of the 0.1 lot

...as in, 0.05..the allow d other half to ride with a trailing stop..


[20:33:40] Stalion : hi folks, its a cool evening here in the city of Lagos, so we put a buy

stop on GBPUSD @ 1.5045..1st target at 1.5070...2nd taRGET AT 1.5095..3rd target at

1.5120...50 pip sl away



And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @ 1.4920..3rd target @ 1.4895..




We call it TRAPPING THE DRAGON TECHNIqueza

[Forexgreenland]

Hello Mystikal,

How are you doing?Please i will like to ask apart from the 123 top and bottom, is there any other type of chart pattern that can be formed.

Yes, onwuka...there are some good chart patterns around...just google head and shoulder patterns, W top and bottom, wedges,triangles,pennants, etc..You could find something useful that might assist you in your trading activities..If you checked those charts, you would hardly see any indicators...every trading decision is based from the charts and patterns..no mumbo jumbo indicators or lines all over the place,,just straight from the charts..

it seems too complicated/technical for me . really for beginner? for me, I just need easy/simple indicator or EA to decide buy or sell.

Lol,kitty...in reality..it is quite simple and easy in forecasting..Dont stop it if you think you gonna make a profit..
Many of the most simplest things in life are the most profound..like hydrogen,with the atomic number of 1.
We need 2 atoms of oxygen with an atom of hydrogen, to form 1 molecue of water(H20)..Very simple but many people are not AWARE..''For the Bible says;My people Perish Due To Lack Of Knowledge/Vision''..
Until you are AWARE that YOU are the INDICATOR..YOU are the Expert Advisor...YOU are the ROBOT...YOU are the HOLY GRAIL'',,you would always see yourself as a beginner in the markets..
Until you throw off the clutches of EA's, robots,and diverse indicators, and start taking trading decisions straight from the charts,you would always tend to see yourself handicapped from reaching your goals of making profits through trading..
YOU TAKE THE DECISION...YOU TAKE THE RESPONSIBILITIES..NOT A ROBOT..FOR YOU ARE THE R-O-B-O-T!

I went short @ 1.4944 yesterday at about 7am with limit set at 1.49 and stop loss at 1.50. Up to 11am the range fluctuated between 1.4960 to 1.4995 even after the BoE minutes. Did I miss something? After the CBI report obviously I was out the trade and seeing the trend of GBP extend to 1.51+. Why didn't this go my way?

Sorry,logoodung, you were right in the middle of the 3 low of the 1-2-3 pattern,which usually foretells a bullish bias..Problem was, you thought short, instead of long..Thats what you missed, mon ami..ohh, by the way, there was also a bullish hammer candlestick just where you went short, which formed as support to price..so where you would've gone right, as in the solution, was by putting a sell stop below the low of 1, of the 123 chart pattern,which if triggered, would confirm your bearish bias in pric e movement..

[20:33:40] Stalion : hi folks, its a cool evening here in the city of Lagos,
And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @

1.4920..3rd target @ 1.4895..



We call it TRAPPING THE DRAGON TECHNIqueza

[20:45:50 19/11/08] Maximus : ok I got it, thx Stalion.....

[20:50:33 19/11/08] djcarlos : thanks Stal

[09:24:57 20/11/08] klho83 : I missed that

[10:31:43 20/11/08] klho83 : Hi Max.

[10:58:56 20/11/08] masif1 : guys stalion did NOT post the following alert

[10:59:05 20/11/08] masif1 : And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @

[11:00:48 20/11/08] masif1 : 1.4920..3rd target @ 1.4895..

[11:00:55 20/11/08] masif1 : this was on the forum

[11:01:08 20/11/08] masif1 : http://www.trade2win.com/boards/fore...-pairs-24.html

[11:01:13 20/11/08] masif1 : posted last night

[11:01:23 20/11/08] masif1 : the buy call we would have got stopped out on

[11:01:37 20/11/08] masif1 : however the sell call we would have made profit Wink

[11:06:42 20/11/08] masif1 : or was that the original sell alert stalion sent yesterday morning?

[11:06:59 20/11/08] masif1 : i know i should not have cancelled it ;(





so for Friday,we put a buy stop on GBPUSD @ 1.4865...1st target @ 1.4900...2nd target @ 1.4950...3rd target @ 1.5050

[Forexgreenland]

hello stallion,

please i have some questions for you:

1) Please how do you know which time frame to do your analysis. i just noticed that at ties,
you do your analysis on 5 minutes chart, 15 minutes chart or 4 hours chart. Please what

factors
do you actually put into considerations when choosing this time frame?

2)i have also noticed that the way you choose your pattern formations vary(whether 1-2-3 top

or
bottom). in some cases,you space out the distance b/w the points 1,2,and 3. And in some

cases,
the distance b/w the points are very close? Please why is this so?

3) You sometime made mention of a hammer to me. Please if i see a bearish or bullish hammer,
what does that mean or what do i expect to see?

4) "Since a doji session represents a market at a juncture of indecision, it can often be

an early
warning that a preceeding rally(rise) could be losing steam.."
My question here is this: can a doji also tell you that a preceding fall or drop is also
losing steam?

Trust onwuka to ask some of those deep questions...

We use what traders popularly call the TOP DOWN APPROACH..starting from the higher

timeframes(monthly, weekly, daily and four hourly), to the lower timeframes(hourly,

15min,and 5 minutes..)..As we are mainly on intraday trading,we use lower timeframes to

pinpoint entries and exits...higher timeframes are mainly used by position and swing

traders..also good for knowing the overall trend..

2..The spacing of the 1-2-3 pattern is quite irrelevant due to the fact that market dynamics

change as time progresses..trading is a function of time and space..HOW long can price

travel in a session(s)..What you are looking for is the OVERALL pattern, not the difference

in sums between the parts of the whole..

3..A bullish hammer is oulined like a hammer...where the shadow or tail is twice the length

of the real body of the candlestick..whether dark or white..it means price is pausing in

order to reverse or continue its walk..
And yes, a doji can also foretell a preceeding fall losing steam..

Market has recovered some shat. But we cannot say it a recovery because some market news say

that the market might once again show some dip. So be cautious when the market goes up.

Yes, we surely will,Reeal...

Hello,

How long to stay short of sterling? how long until sterling recovers?

I have a USD fund with a STG equivalent, at some point I should switch from USD into STG, I

am wondering if now is to soon.

Thanks in advance for advice.

Regards
Arran.

'The Reaction Swing is the centre of the cycle, where you can look back and then based on

this information, determine where the cycle will go in the future.Since the Reaction Swing

is where the Action ends and the Reaction begins, it marks the centre of a repititive cycle

in which the past can project the future..
In the monthly chart below, the price movement between B and C is the Reaction Swing.
A Reaction Swing begins and ends with the lowest and highest closing prices..All you need to

know are the dates of the highest closing price and the lowest closing price of the Reaction

Swing in order to move on to the next step- PROJECTING FUTURE TURNING POINTS IN THE MARKETS

CALLED REVERSAL DATES, WHERE PRICE AND TIME CONVERGE.



Subtract the low of 1.7047(C), from the high of 1.9554(B) to get a difference of 0.2507
Divide 0.2507 by 2 (half) to get a total of 0.1254
Subtract 0.1254 from the high of 1.9554 and you get a price of 1.8304 ass the centre of the

Reaction Swing.
Place a sell stop at 1.8304.When the market passes through this price, the sell stop is

triggered and you are short GBPUSD at 1.8304.That should be around august this year..
The next step is to determine the maximum possible timespan of the trade..According to TIME

PROJECTION strategies, the Reversal date(high probability turning point of its trend) is

scheduled as from 4 to 8 months from now..Those on March futures could take mental note.
Whichever comes first...1.3090 target for our price projection or 4 to 8 months in our time

projection..whichever one comes first

is everyone here ever use indicator cat50fx ???

Not sure,kong..

Quote from trackstar:

what "method" are you using for these conditions?

Hi trackstar,It is much of a ''method'', than it is a strategy...The CHART PATTERN

RECOGNITION AND PRICE PROJECTION STRATEGY simply tells us where price is going and how far

it might get there, to a considerable extent..



technamental wrote:

No.. Your posts here are not collaborative. They are self promoting. I don't think

you have any intent of interacting with this forum's users on the other threads

here...

You are quite mistaken, my good fellow..maybe there's a slight misunderstanding here...I

intract by answering comments and questions addressed in this thread..Just by reading your

posts along with others, here, shows inclusion..I'm sorry if it seems self promoting to you,

but I believe readers have a lot to gain when going through this thread,whether

participating or non participating..very educative and reveals how real life practical

trading works..no spouting of theories that brings no profits to members..Why cover the

light under a basket in darkness? The purpose and nature of light is to shine!
This is like a JOURNEY...A JOURNEY INTO THE HEART OF TRADING...A MOVEMENT...A MOVEMENT INTO

THE FRONTIERS OF OPPORTUNITIES! And if along the way, showing that trading can be a

winner's game..or something good can come out of my country Nigeria, despite all the media

negativity...if considered as self promoting..then so be it...Cant win'em all, can we?



[09:57:05 21/11/08] Stalion : hi everyone

[09:57:23 21/11/08] Stalion : so for Friday,we put a buy stop on GBPUSD @ 1.4865...1st

target @ 1.4900...2nd target @ 1.4950...3rd target @ 1.5050

[10:33:27 21/11/08] Maximus : I received the sms to late for the trade....

[10:43:26 21/11/08] Maximus : masif1 did you had the chance tp enter in the trade...

[10:49:06 21/11/08] djcarlos : i enter ... and after to 1st target hit... went out and

re-enter... and now in 2nd hit go out.... thanks Stal



[10:49:18 21/11/08] djcarlos : 80 pips in the bag

[10:54:00 21/11/08] djcarlos : The sell stop is 1.4970????

[11:12:04 21/11/08] masif1 : hi maximus

[11:12:15 21/11/08] masif1 : i did and trailing a the s/l

[11:12:25 21/11/08] masif1 : 50pips already in the bag!

[11:13:11 21/11/08] djcarlos : do you will enter the sell stop ???

[11:13:30 21/11/08] djcarlos : now is hiting

[12:55:08 21/11/08] masif1 : 3rd target hit

[12:55:41 21/11/08] masif1 : 185 pips



[12:55:55 21/11/08] masif1 : cheers

[13:15:14 21/11/08] Maximus : whatr is the sell stop????

[13:38:07 21/11/08] masif1 : it was buy stop order not a sell

[14:04:34 21/11/08] Maximus : what was the sell stop that Stalion send on the sms???

[15:37:20 21/11/08] masif1 : 10:39:43 20/11/08] Stalion : okay....sell stop at 1.4820..1st

target at 1.4785....

[15:51:44 21/11/08] djcarlos : the sell Stop of Trapping the Dragon its in 1.4970..

[16:24:45 21/11/08] masif1 : lol

[16:24:54 21/11/08] masif1 : your right djcarlos

[16:24:57 21/11/08] masif1 : good call

[16:25:03 21/11/08] masif1 : shame i missed it

[16:47:39 21/11/08] Maximus : the sell stop 1.4820 is still good or not!!!!

[17:04:57 21/11/08] djcarlos : I used 1.4970 sell stop... and go out with 170 pips

[17:05:16 21/11/08] djcarlos : Very Happy

[17:05:23 21/11/08] djcarlos : thanks Stal

[17:07:44 21/11/08] djcarlos : the trapping of dragon worked exelent..

[17:29:48 21/11/08] masif1 : what a dragon!

[17:29:54 21/11/08] masif1 : well done djcarlos

[17:30:39 21/11/08] masif1 : that's a possible 300-400 pips made today!

okay- a few things ive learned through the years of fxing -

go with the trend & dont try and guess when the trend is over

BUT.......

did anyone else see the USD turnaround signs? Not really a strong one with GBP - but a

perfect trendline touch on EUR, almost a double top reaction spike on CHF.

All pairs showed serious rection spikes today - without surpassing former lows/highs

Kind of like slamming the brakes on your car.

Wonder if Mon Asian market will dump lots of cash in - or wait because of light US trade

week?

Will the slow trade week basically reset all the indicators and make this one giant

bull/bear trap?

Set yr stops close ~

Thoughts?

:confused:

Quite elementary, my dear Watson..I mean, Bert..The Doggy Style move on the GBPUSD have the

potential of yielding approximately 135 pps when we put a sell stop @ 1.4922..1st target @

1.4881..2nd target @ 1.4840..3rd target @ 1.4787...if you fear a trap, you can also put a

buy stop on the same entry @ 1.4922..1st target @ 1.4945..2nd target @ 1.4970..3rd target @

1.4995..on the bullish side..USDCHF might also open on the bullish side @ 1.2225..1st target

@ 1.2245..2nd target @ 1.2262

[Forexgreenland]

[00:07:31 24/11/08] Stalion : hi everyone

[00:09:04 24/11/08] Stalion : price made a bullish gap on the opening gap of the Asian

session....so its a very good opportunity

[00:09:40 24/11/08] Stalion : we put a sell stop @ 1.4922..1st target @ 1.4881..2nd target @

1.4840..3rd target @ 1.4787...if you fear a trap, you can also put a buy stop on the same

entry @ 1.4922..1st target @ 1.4945..2nd target @ 1.4970..3rd target @ 1.4995..on the

bullish side..USDCHF might also open on the bullish side @ 1.2225..1st target @ 1.2245..2nd

target @ 1.2262

[00:10:13 24/11/08] Stalion : we revise our sell stop to 1.4945

[00:53:13 24/11/08] djcarlos : FXCM it having problems... i cant enter the sell stop

[01:14:33 24/11/08] djcarlos : entry point was hit??? I cant see

[01:26:30 24/11/08] Stalion : hmmmm....

[01:27:04 24/11/08] Stalion : the doggy style didnt work?

[01:27:46 24/11/08] djcarlos : I dont know ... I cant see .. my plataform it having

problems...

[01:32:03 24/11/08] djcarlos : how was the alert???

[01:33:52 24/11/08] Stalion : we just hit first target

[01:34:07 24/11/08] djcarlos : Sad



[01:39:46 24/11/08] Stalion : u can still enter now....

[01:40:01 24/11/08] Stalion : price still has some distance to go....

[01:50:28 24/11/08] djcarlos : I cant because my broker is not working

[01:51:19 24/11/08] djcarlos : The doggy style is going to be like trapping dragon.... it

will going up.. after down??

[02:57:15 24/11/08] djcarlos : I cant enter yet

I dont know Holmes,

looks like the USD is about to go down.

Dr Who?
Sorry...bert...stuff happens..right?


Hi everyone, hope ur all having a nice day...the UK gdp REPORT CAME OUT THE SAME , SO FOR

NOW,WEDNESDAY, TECHNICAL ANALYSIS IS PREEMINENT..we put a sell stop on GBPUSD @ 1.5300..1st

target @ 1.5260...2nd target @ 1.5175..3rd target @ 1.5090..sl @ 50 pips away from entry..

[Torvo]

Wow what a crazy thread!

[iamFX]

wow this is a lot to follow

[tab]

These are such good examples, keep them coming

[BudFoxFx]

Helloo folks,
From what we could all observe, the ''dissection of the right shoulder'' of the head and

shoulders pattern yielded a bounty of 387 pips,$387 minilot,$3870 standard lot on our weekly

charts. Actually I was expecting someone to correct the first chart all these while since it was the other way round in the description...
Nevertheless, GBPUSD made a good showing this week and kept the pips raining..
Was it a fluke?No...
Was it a scam? No..
African magic? Nope..

Just medium term/position trading with the Chart Pattern projection Strategy...Traders that took the call last week are congratulating each other while clients are smiling the bank.



fROM sATURDAY LAST WEEK TO WEDNESDAY, 387 PIPS!!

NEED I SAY MORE??

You have found a good way to trade, I give you that much

[Johnston]

wow this is frome 3 years ago...

[ForexAU]

Hi guys,

this is really interesting! I this a live trading forum that you friends are in? This seems to be very useful to me, as I would be able to learn lots just by participating in the forum and asking questions You guys on the first page gain profitable with many pips, well done
!

I guess because I am a beginner I must be in the "having" state of mind :/

[DickP]

Hi guys,

this is really interesting! I this a live trading forum that you friends are in? This seems to be very useful to me, as I would be able to learn lots just by participating in the forum and asking questions You guys on the first page gain profitable with many pips, well done
!

I guess because I am a beginner I must be in the "having" state of mind :/

At least you're getting this education at the age of 17, I started forex around 30! Hard to tteach an old dog new tricks...

[ForexAU]

True Dick P! I think Forex is so fricken awesome. It's is pretty fun too It is hard to juggle between study and learning forex thoug, but I am so keen to learn as much as I can in the next 3 to 6 months, and hopefully start small with some little profit
All the best !

[chaso]

Very interesting parts as it regards to the psychology of trading. Its not very surprising. It reminds me of reading how our behavior is affected by our moods and what we are thinking at the time.

Step 1. Become Yen Master.
Step 2. ???
Step 3. Profit

[ChartWizQ]

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