Some of my thoughts + Trading System - Page 16
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  1. #151
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    Look at the first GBP/CHF chart, after retail sales came in the price shot up, yet it came all the way down to close right below 75%

    Beautiful.


    Look at the second GBP/USD chart we should short if it closed below 75%.
    RSI on D1 is diverging downwards and price will follow with it too.

    It is best to get in early.

    Regards,
    E. Lang
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  2. #152
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    elang is offline Superior Master Contributor and Member
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    GBP/USD SHORT SCENARIO

    Heads up guys and girls, we may have a pretty good reason to short around this level get ready.

    Check out the chart.

    I will update once more once we have a confirmation.

    Regards,
    E. Lang
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  3. #153
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    elang is offline Superior Master Contributor and Member
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    GBP/USD Trade #3
    SHORT

    CHART 1

    Active Wave 1:
    L: 9706 H: 9747

    ENTRY: 1.9711
    SL: Floating
    CURRENT PROFIT: 0

    We determine that a new wave is active by noticing a correction of a valid W40.
    (At Least 40 Pips prior to the correction)

    - We redraw our fibonnacci levels*
    - We disregard the previous W40.x fibonnacci levels*

    OUR BIAS: No one "whole" candle has closed over 25.0% Fibonnacci Level of the newly drawn W40.1 (40 Pip Wave) so we hold Short, until a whole candle closes over.

    Regards,
    E. Lang
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    Last edited by elang; 01-19-2007 at 08:28 AM.

  4. #154
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    elang is offline Superior Master Contributor and Member
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    GBP/USD Trade #3
    SHORT

    CHART 2

    Active Wave 2:
    H: 9772 L: 9706

    ENTRY: 1.9711
    SL: Floating
    CURRENT PROFIT: -20

    We determine that a new wave is active by noticing a correction of a valid W40.
    (At Least 40 Pips prior to the correction)

    - We redraw our fibonnacci levels*
    - We disregard the previous W40.1 fibonnacci levels*

    OUR BIAS: No one "whole" candle has closed over 75.0% Fibonnacci Level of the newly drawn W40.2 (40 Pip Wave) so we hold Short, until a whole candle closes over.

    Regards,
    E. Lang
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    Last edited by elang; 01-19-2007 at 08:28 AM.

  5. #155
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    elang is offline Superior Master Contributor and Member
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    Impulsive and Corrective waves on the GBP Chart.

    As you will notice, there was no Higher High on the last impulse, which is a bullish no-no and a sign of a failing Rally, the bears need to take out 9636 to confirm it though.

    RSI is also diverging away.

    I can't help but be bearish.

    Regards,
    E. Lang
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  6. #156
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    GBP/USD Trade #3
    SHORT


    CHART 3


    Active Wave 3:
    H: 9755 L: 9706


    ENTRY: 1.9711
    SL: Floating
    CURRENT PROFIT: x

    We determine that a new wave is active by noticing a correction of a valid W40.
    (At Least 40 Pips prior to the correction)

    - We redraw our fibonnacci levels*
    - We disregard the previous W40.2 fibonnacci levels*

    OUR BIAS: No one "whole" candle has closed over 25.0% Fibonnacci Level of the newly drawn W40.3 (40 Pip Wave) so we hold Short, until a whole candle closes over.

    Regards,
    E. Lang
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  7. #157
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    Default Intraday Rules

    Elang, the doc shows using small time frame for intra day trading 5M & 15M. I wonder if thesame technique will work on 30M.

  8. #158
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    I dunno Ram,

    Give it a go i guess.

    Let us know what your results are like.

    Regards,
    E. Lang
    Last edited by elang; 01-19-2007 at 01:08 PM.

  9. #159
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    elang is offline Superior Master Contributor and Member
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    I am currently not able to analyze the chart properly as i am not at my personal desk, but from what i can see here on the rough charts, our short position has been terminated and our hard stop of 50 pips has been taken out.

    Overall today was a loosing day.

    Using this sytem for the past 2 days we have been able to bag +175 on our first Long trade -20 on the second and -50 on our second, totaling to 105 pips in 2 trades.


    Since i am new to this methodology myself even though it is based on simple Fibonnacci retracments, it seems evident now that it is pure suicide to trade against the direction of the trend.


    At the moment the price is at a level which is vary volatile since thre is a massive battle going on between the bulls and the bears on who is
    going to take control of the price.


    Althought i feel that my analysis is correct it seems this system is best used after a stable trend movement in either direction has been established.


    For early entries near reversal levels i will continue to rely on my established experience and knowledge.


    I will update more on how this system perform, but i feel id rather best wait for an established trend first.

    Regards,
    E. Lang

  10. #160
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    Thanks Elang. I have tried to rep you multiple times but the system will not let me. Its keeps stating to me I need to spread more reps to other members. Once the system lets me I will more than def. give you more reps.

    ahefner33

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