Some of my thoughts + Trading System - Page 23
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  1. #221
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    Ok 61.8% is out but we don't have a confirmed break yet.

    If you wan't to play it safe and smart terminate your shorts here considering you entered around the 9680-90 area.

    I shorted at .9680 but i woun't square untill i know it woun't go down any further and i will be relying mainly on candle stick patterns and my MAs to determine that.

    If the price closed above .9620 it will start consolidating over 61.8 i feel and that is when i will terminate, as during a consolidation the breakout may be Bullish or Bearish.

    Either way, having gone down this far, i think we will test the Trendline around 75%, unless we have a lot of bulls live and ready to fight back, but after the BOE rate decision and ECB no-raise sentiment it doesn't seem probable.

    Regards,
    E. Lang
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    Last edited by elang; 02-08-2007 at 08:21 AM.

  2. #222
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    elang is offline Superior Master Contributor and Member
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    CHART UPDATE

    ECB: Previous 3.5 / Current 3.5 (No change Duurh)

    Next Downside targets are trendline at ~ .9584

    I will be closing my position there for the day.

    UPDATE: closed out at 90+ pips.
    I am a happy man.

    I will only short if i see hood bearish action under the trend line.

    SET YOUR STOP LOSSES!

    Regards,
    E. Lang
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  3. #223
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    elang is offline Superior Master Contributor and Member
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    Hello guys,

    We have about 90 minutes left to the close of the current H4 candle the closer we get to the close the more of a fight the bulls will put up to try and keep the candle close above the trend line, the bears will be attempting the opposite.

    If the H4 candles closes below the trend line and we see good bearish candles on the lower time frames close aswell it will be a good signal to short.

    Logical Targets are:

    100% .9535 > .9480 > .9454 > .9312 > .9260

    The declining movement strength is slowing down you will notice that by the ever more oftenly occuring corrections on the smaller time frames, on par to what we had before: big moves, small corrections... now its small moves almost equal correction.

    If you haven't terminated your short yet you must be one hell of a cowboy/girl, i recommend you do so as soon as you start noticing Higher Lows.

    Remember if the movement is dominated by bears, it is not acceptable to have Higher Lows, talk less of Higher Highs.

    On the Upside:
    Bulls will need to take the price over .9657 (38.2%) to earn any authority, for now any bullish movement we see will be at the mercy of the bears. They are holding the bulls on a leash for now.

    Targets: .9691 > .9727 > .9732

    Keep it safe guys.

    Regards
    E. Lang
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    Last edited by elang; 02-08-2007 at 09:34 AM.

  4. #224
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    elang is offline Superior Master Contributor and Member
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  5. #225
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    Elang

    What is skypecast and how do we hook up?

    Thank You,
    Paul

  6. #226
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    Basically someone needs to host it, and others join in.

    https://skypecasts.skype.com/skypecasts/home

    Can't talk much right now, at work.

    Regards,
    E. Lang

  7. #227
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    elang is offline Superior Master Contributor and Member
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    Good morning guys,

    Sorry for not posting the first attached image which specifies where you should have shorted today, but the boss was hovering like a hawk.

    This is where you should have shorted today. (image 1)

    Yesterdays L: .9541 H: .9727 M: .9634

    As i recommended yesterday, short again only after we see good bear action under the trend line.

    Price action after the break yesterday, held beautifully under the trend line and moves lower today.

    You should have shorted around .9570

    Targets on the downside: .9541 > .9480 > .9454 > .9312 > .9260

    When we hit .9480 we may have a bounce, when this happens draw a fib with 100% .9600 and probable 0% .9480

    For now, you can pretty much accept that the bulls are kissing ass.
    It's downhill from here onwars if we break .9480 decisively.

    All you need to do is redraw your fibs on every main correction on M15/M30.

    Only price action over .9600 can get bulls back in action, but we'd need Martians to zap the statue of liberty for that to happen right now anyway.

    Regards,
    E. Lang
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  8. #228
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    elang is offline Superior Master Contributor and Member
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    GBP/USD

    Cable's steep fall from 1.9731 resumed in early European session today . Break of rising trend line support (1.8517 to 1.8834, now at 1.9563) suggest that fall from 1.9913 has already resumed for a retest of 1.9480 low first. Break will confirm and bring further weakness towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Touching 1.9603 resistance will turn intraday outlook consolidative first.

    In the bigger picture, bearish divergence conditions are being displayed in weekly RSI, daily MACD and RSI. Sustained break of the mentioned trend line support will confirm that whole rise from 1.8517. Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought, before reaching 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067). Much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

    However, a strong rebound from or above 1.9237/61 will indicate that cable might made another high before finally topping out on the above mentioned divergence conditions.


  9. #229
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    If you are not short yet, u may do so under .9454

    If you have not set your SL to b\e yet you might as well.

    I recommend you place your SL around or over .9600 if you are not moving to b/e yet.

    Regards,
    E. Lang
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  10. #230
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    elang is offline Superior Master Contributor and Member
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    Courtesy of MTI


    Intro To The Forex
    Charting Software
    Crown Formation - Yen Charts
    Trendlines & Fund. Announ.
    GBP/Evening Star/Fib./Trendline
    Swiss Consolidation Pennants
    EUR 60 minute AB down swing
    CHF Trendline Break
    GBP 1 hour buying signals
    EUR 1hr Buy Zone
    JPY candlestick pattern
    EUR 60 minute consolidation
    JPY Evening Star/Crown
    GBP 1 hour trend line /618 bounce
    US Dollar VS Swiss
    EUR 1 hour consolidation break out
    JPY Sell-Off > Indicator Confirm.
    GBP 1 hour Up Trend
    Pound 60 min chart
    Euro Downtrend
    Support levels
    Euro
    Bearish Kings Crown
    AB Swings
    Analysis Summer 04


    Regards,
    E. Lang
    Last edited by elang; 02-09-2007 at 08:35 AM.

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