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Originally Posted by 4xStar
Did you guys invent this yourself through trial and error ? or did you learn it from someone else, and then just perfect it?
... do you trade the G-Y?? I would be really interested to hear your input on that ..
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Our parents and a couple relatives have been active in this industry in various guises since they left college. All us kids have been extremely fortunate to have been exposed to this stuff since we could talk. Majority of our tuition & ongoing development is down to them really.
Most of us (apart from our brother & one other sister) have worked at Investment Banks & trading firms for short periods here & there, but mostly we work closely with our folks firm or their colleagues funds in the main.
We’ve played around with most technical tools & indicators over the years, mainly just to see how little value they bring to the party. To be honest nothing beats simplicity. Trouble is, most folks out there tend to have this weird inclination to re-invent the wheel LOL.
Yeah, we trade any pair which offers us an opportunity at one of our interest zones, including the gbpjpy. That pair has slopped around in a loose & stringy range at it’s current highs of late, & isn’t one we’re presently focusing on. Good luck with it though!!
I’ll hunt out your thread & take a look.
Regards next Cable support levels? just take a looky at the weekly timeframe for a little guidance. You’ll see we’re probing the March 07 lows down @ c1.9180, which correspond with some previous s&r activity around 1.9130-60 from back to April 2005 & summer 06. You might want to set your alarm clock around those levels for a little focus if & when prices arrive.
Be aware though, like any other form of analysis, support/resistance zones are merely guides. They're not set in stone, automatic nailed on trigger mechanisms. They still require work, preparation & observation. Prices can just as easily plough straight thru them without a second glance.
Emotion moves markets, & if enough fear, greed or uncertainty exists then prices can & will shift thru the gears with gusto.
However, we've found them to be a loyal friend over the years & in my view this type of analysis is definitely one of the better price aids to hang your hat on
