I believe someone is working one one?
Glad I didn’t leave my sell on last night! 
Yes this morning it took a bounce… I like you was convinced there was more room on the short. Just shows in this game it pays to keep an open mind.
I took a long this morning but got out before the news for 21pips out of the 150 or so on offer! Damn.
Anyway, I’m on a sell right now from the 4hr upper bollinger and 1.66 resistance area. Not quite sure what’s going to happen on NY open.
Edit: …and PA just keeps going. what a day!
John
I look to S/R in almost the same way on all TF charts. On the daily S/R is usually characterised by flat tops/ bottoms on the 2:1 boll with a wick outside the 5:1 boll i.e. PA steps outside the 5:1 boll wicks on the breaking candle and closes. New candle wicks and changes colour and heads back into the 5:1 boll. On the 4h its the same but can be several candles. As I progress down the shorter TF charts 1h or less I rely on the 10:1 and 5:1 boll as confirmation of S/R as it will now almost certainly be several candles in order for PA to change course.
Now it just a matter of looking back according to the TF chart and dropping in a line or two at where PA has reversed course according to the above.
Now I look to the shorter TF charts to see what PA will do when it hits these areas. I use 15m and up. Usually I trade the daily but manage on the 1h TF.
Had someone try and argue with me on the Pound still being the strongest currency in the world. Even though the Pound has taken a hit it’s still the strongest major currency, Euro coming in a close second. I simply asked the person to name one single currency on parity or better with the Pound. Silence. Best they could come up with is the Euro and the EUR/GBP has never been higher than .98. I think 4 paperless petro-dollars beat it, and the Latvian Lat. I wasn’t 100% right(got to remember the power of the Lat next time), but wikipedia confirms it’s the strongest major currency(unless you count the Lat). A lot of experts cruising around cyberspace, so, be on your toes.
Mr. Carter, I was interested to know if the multiple moving averages set to high and low design was something you’ve came up with since the start of this thread or something you’ve used for a while? I’m not big on moving averages at all, but the multiple high-low design is something I find growing on me. Sometimes I have to delete them due to conflicts/clutter and I find myself feeling “naked” more and more each time I do.
Sterling used to be [B]the[/B] currency and then along came Adolf and his European expansion plans. 
Then the Dollar took over after the war (after we bankrupted ourselves trying to keep jerry off our shores on our own for two years… thanks guys. :D).
Theres been talk for quite a while about the Euro now being lead currency? Now the Germans are central bankers for Europe of course. :D:D
When we first put togeter this thread it was a 20:2 boll and LWMA line up (I preferred 3/6/9). The high/ low SMA or LWMA is just another way of forming a tunnel within the 20:2 boll not unlike the 5:1 boll. But you can play around with the various TF charts and length of SMA or LWMA tunnel or for that matter the X:1 boll to best fit PA volatility or your personal preference. All have been around long before… nothing new in FX.
One of the reasons I was drawn to switch from the GBP/USD to the EUR/GBP(I love this currency pair, but like my last gf, we were forced to part regardless of my feelings) was a deeper interest in the political situation between the UK and EU. I felt like I was watching a struggle, and in many ways I was. A lot of deeper political machinations going on under the surface to that pair. Just couldn’t get the volatility I needed out of it. The DMK was worth 1.955 Euros so I guess it was fitting that the Germans step into the lead role. Ireland will rue the day they voted yes on the Lisbon, and there’s a good chance the EUR/GBP will hit parity or better if and when Sweden and Denmark join the EMU. That is, if the downslide in the UK continues.
What about now for that short SM? Its early but the 4h and daily has run into strong resistance.
Resistance is strong, but I think it’s still a bit early for a short. For me anyway.
I’m short as the $ index also looks to have some support but I find this one of the hardest patterns in this system to trade, ie when the 1hr chart is in a strong uptrend like it has been all day.
While we take this opportunity to watch GBP/USD do its customary afternoon flatline, I’d like to mention something of growing interest to me.
Seeing as the TalonD 1H Crossover is about as close to a license to print money that I’ve seen in my short experience as a forex trader, I was wondering about installing an EA to MT4 that would send an SMS notification to my phone every time such a trading opportunity arises.
These 1H crossovers of the 3/5/7/11 LWMAs at the mid boll of the 20:2 seem to occur at all hours, of course, including 2-6 am EST when most of us are sleeping (so we can get up as early as possibly for the London/New York overlap). I’d be willing to interrupt my sleep to trade this strat at any time.
So can anyone tell me if an EA exists for MetaTrader 4 which would accomplish what I’m seeking? I’m not currently using my MT4 for anything but 5m charts with STARC bands on them.
[B]I’m probably looking for something which would indicate when the 11 LWMA has an equal pip value to the mid Bollinger band. This would indicate when the last of the LWMAs is passing above or below that middle band.
[/B]
[ol]
[li]11 LWMA touches the mid Boll (both indicators having the same pip value.)[/li][li]EA sends a text message to my cell (left on 24 hours a day).[/li][li]Jump onto the charts to start looking at the 1h and lower TFs for the best entry point.[/li][li]Make insane pips.[/li][/ol]
Anyone find that middle Bollinger line bounce to be quite annoying and unnerving? Been burnt by it a few times over the last few days. Anyone have any wise words for it? :mad:
MerchantPrince, I have the same problem. I missed that big move up that started last night because I slept through it. Somewhere in this thread, I think it was SanMiguel who posted a moving average crossover EA that would sound an alert when MAs cross. I have it on my computer at work. It doesn’t send out a message though, it just sounds an audible alarm on the computer.
Also in a thread somewhere here in Newbie Island, Cas posted a link to a free alert service. You specify your alert conditions such as a moving average cross and the service will send a text message to your phone. Unfortunately I didn’t write it down and don’t remember which thread. It would be worth searching the threads to find it. If you happen to find it, post a link here and I’ll do the same.
Add me to the club. I slept last night and woke up to something hideous after getting 308 pips(if you count the 103 I got during that weekend trading thing). Luckily though, I work 3rd shift. So, my hours are almost perfect for Japanese open to London close.
wish I could trade London open, the London Breakout 1 strat is one I would like to trade !
I found the link from Cas for alerts, here it is
alert!fx™ - foreign exchange (forex) alerts.
Only problem with this is I don’t think my phone is loud enough to wake me up.
I’m pretty lucky on the job front. Most of my time at work is when retail trading is closed. I work EST 10pm-6am Thursday and Friday, and 6pm to 6am Saturday and Sunday. On top of that I can trade/study at work. The main trading days I have off. the only times I’m forced to trade at work are Thursday night /Friday morning, and Sunday evening to Monday morning. Gets kinda tedious trading the Power Hour at work(like this week, got distracted and came out on wrong end of a few trades,still got 205 pips though) when someone is around. Since I’ve started in June I’ve been able to pour some serious hours into trading/studying.
If your phone has a headphone jack, jack that badboy into your stereo system. I can record you an mp3 that sounds like a confederate drill instructor on steroids to help you arise.
Ha! I hadn’t thought of that!