Some of my thoughts + Trading System - Page 6
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  1. #51
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    Default Gbp Short Update

    Hey guys just a quick update.
    Sorry about the uuuuuuuugly chart, but i am ina big rush and i just wanted to let you know whats going on quickly.

    WE got through that R turned S 9578.
    We may encoutner a little problem at 61.8%, but i doubt it will hold much water.

    Unless a comet crashes into Trafalgar Square it is smooth sailing from here down to our target LOW of 9433ish.

    Thats it people we are officially back in the consolidation range from price action High of 9846 started on 12.01.2006.


    More tommorrow guys.
    Dont forget to set your move your stop losses to your entry, so even if the trade goes against you u dont loose anything.

    UPDATE: I've cashed in some of my profits to cover a little of my loss for today so im even if anything goes wrong and ive set a 50 pip Trailing Stop so that even if the trade goes against me i still square out with profit.

    Merry Christmas
    E. Lang
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    Last edited by elang; 12-21-2006 at 11:01 AM.

  2. #52
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    Hey Effi.
    it's great you're sharing all the forex stuff with us, but I think it's time you cut the crap and tell us the information we're REALLY looking for!
    what about that chick from the office?? did you get her??

  3. #53
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    lol. "REALLY looking for" - That is rather relative, no ? :P

    The question is, what are YOU looking for ?

    I may have it, i may not

    The chic(s) are all doing good :P

    - - - - - - - - - - - - - - - - -

    I'd like to update on GBP/USD but i can't at the moment, so i guess that will be tomorrow.

    What are you up to parsush ?

    Regards,
    E. Lang

  4. #54
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    hey, a man's gotta "eat"... lol
    obviously that was a joke keep up to good FX work.

    I'm currently long on EURCHF. I got strong signals it's still time for everyone to get it. long in 18:07 (GMT) at 1.6024. SL: 1.6014 TP1: 1.6045 TP2: 1.6075

    would your system agree with mine on this one?

  5. #55
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    elang is offline Superior Master Contributor and Member
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    Default Eur / Chf

    Quote Originally Posted by parsush View Post
    hey, a man's gotta "eat"... lol
    obviously that was a joke keep up to good FX work.

    I'm currently long on EURCHF. I got strong signals it's still time for everyone to get it. long in 18:07 (GMT) at 1.6024. SL: 1.6014 TP1: 1.6045 TP2: 1.6075

    would your system agree with mine on this one?
    For EUR/CHF Mine says you should have shorted where you longed with a target of: 5939, then 5857, then 5808, STOP: 6052

    Regards,
    E. Lang

    PS: Sorry for the late reply.
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    Last edited by elang; 12-22-2006 at 03:50 AM.

  6. #56
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    elang is offline Superior Master Contributor and Member
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    Default Gbp Usd

    Good morning guys,

    Hope you're all doing well.

    Yesterday i said this:

    "We got through that R turned S 1.9578.
    We may encoutner a little problem at 61.8%, but i doubt it will hold much water.

    .......it is smooth sailing from here down to our target LOW of 1.9433-ish.

    .......we are officially back in the consolidation range from price action High of 9846 started on 12.01.2006."


    Right... Well it just so turned out that the little problem of 61.8% not only held water, but water purification plants worth of it.

    The price bounced right of 61.8%, i was so certain it was going through that i underestimated 61.8%.

    Our lesson learnt is, Never underestimate anything. As individual TAs we are too small to allow ourselves the luxury of saying "we are certain".

    Everything and anything can happen in the markets and as i said yesterday the best we can do as TAs is to:

    1. Analyze
    2. Summarize
    3. Determine Variations
    4. Execute the nearest logical possibility
    5. Set STOPS + Move Stops to your ENTRY as soon as you can.
    6. MONITOR the results of our execution and trace the course of probability untill we meet our target or establish that we were wrong.

    Its that easy, you are either wrong or you are right.
    When you're wrong, you exit, you sit down, you go through an error optimization protocol and you wait for your next possible entry.

    Note: Try to avoid reentering a trade when you were wrong.

    Your TA and Period in Wait before executing the trade should remain as long as you can bare without missing the optimal entry point in order to provide a minimal stop value. With patient and maticulous analysis all you need is one trade per day to bag in enough pippos to kick ur feet up.

    For the moment my GBP/USD Bias is a mixed and i feel we might try and go back up to test 9697 then 9748 and should God Almighty will it so eventually HIGH of 1.9846

    On the other hand RSI on H4 is showing something i called a FLAT in one of my previous posts, which means the price might try and come back down, but Stochastics and MACD on H4 dont confirm it with their Bullish style.


    H1 on the other hand shows signs of a possible test reattempt of 61.8 (9557-ish)

    Based on these mixed factors at the moment we should be in Praying Ninja mode, waiting for an opportune moment.

    Sit on your hands and wait for a while, the trade will develop soon, and we will be able to enter, SHORT OR LONG either way we will bag at least 50 pips today.

    Regards,
    E. Lang
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  7. #57
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    elang is offline Superior Master Contributor and Member
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    Default Gbp Long -

    Pippers and Pippets,

    At ATTENTION! Bellies in, Chest out.. Shooouullldeeerss BACK!

    We are clearly breaking above the down trend line, even though we don't have a correction and retrace to solidify the move yet, its Bullish, so our next targets are obvious.

    R1: 9697

    Then: 9748

    Ah, just as i am writing this i notice the correction above the trend line is taking place now, it should wobble about over the trendline and bounce back up towards 9697 if this move is strong.

    In any other case the price will get spat back down to test the bottom trend line support, sniff....
    ( THERE IS ALWAYS MORE THAN ONE SCENARIO !! )

    I longed a little earlier today, so i am already in profit, dont forget to set your STOPS!

    UPDATE: Bullish Scenario Confirmed : we have a clear break of the down trend line resistance.
    Next tragets: 9697 > 9748 (12:00 GMT +2)
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    Last edited by elang; 12-22-2006 at 06:00 AM. Reason: UPDATE

  8. #58
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    elang is offline Superior Master Contributor and Member
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    Quote Originally Posted by parsush View Post
    hey, a man's gotta "eat"
    I hear ya buddy!!!

    PS: The EUR/CHF Short Scenario i metioned, seems to be devloping well a break of 6011 will trigger a good fall > this is a good short trade.
    (SEE CHART)

    Regards,
    E. Lang
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    Last edited by elang; 12-22-2006 at 06:07 AM.

  9. #59
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    Default Trend Reversal Theory

    Please take a look at the chart attached, this is a classic theory which you should know.

    Unfortunately it seems things arent going that way, thre was a massive struggle over the trendline and it seems the bears are more powerful thatn the bulls in this case.

    Either way, take a look at the chart, this theory is applicable in both bearish and bullish trends.

    Just take a look at all those dojis over the trend line, bulls taking over, then bears taking over then the price coming back to where it opened, its so chaotic, massive power struggle going on. It is best to avoid trading in such conditions unless you wanna loose all your money.

    NOTE: All the BIG players with the big wallets know about this theory and they rely on it extremely often to pick out possible market reveersals, you can expect a serious move, should the reversal be confirmed with the factors detailed in the chart text.

    Regards,
    E. Lang
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    Last edited by elang; 12-22-2006 at 10:13 AM.

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    Default H1/h4 D1???

    First, lemme tell ya, I love everything you write, and I think I will be using your system full time, it works perfectly for what I want to do. About that though, I do have a few questions...

    1. Preferable H1/H4 or D1? What does that mean and what is the preferable part. I am assuming that the H1/H4 are charts along with the D1? But please elaborate just in case. Second, Do you have a win loss percentage and also, what is a good drawdown number to use with your system? I have more questions but I think Ill let you answer these fisrt, if you wouldn't mind that is?
    Thanks aaaaaaalot!!

    Mac

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