[B]SanMiguel[/B]
GU’s PA is becoming more and more like Oil’s PA…up/down…up/down…every day volatility is increasing…:D:D
It feels like “home”…lol
There is method to the madness… PA is bouncing around day chart 1.634 S/R line. 
I did say in theory didn’t I?
…oh yes…in theory.
instead we get an 80pip move up
Analysts… err… nope better not type what I’m thinking. 
oh well
as for me, I’m staying out. Made my 20 early today. But all this horizontal stuff is not good for my 1h strat and I cant keep an eye on smaller time frames at work.
I’ll wait till it looks like a stronger trend is developing.
Its been a slow week so far. Still on the bright side I’ve caught up on my paperwork and had my car serviced (ouch… lots of pips).
Instead of being up 40 pips for the last two days, - 20 pips/days, I’m down over 60… I’ve got some new four letter words for GU…
I also better review the chapter on some thingie they call stop loss orders??? I guess my idea of “room to breathe” has been a bit excessive :o
Are we in the middle of a big bull vs bear fight? For the last two days, the 20ma bolls center line on the 15m 1h and 4h have all been sitting in the same neighborhood.
Yes PA cant decide which side of the daily 1.634 S/R line it wants to be on. PA on the 1h is currently in the upper 20:2/20:3 range so I will be looking for a short soon.
what exactly is the significance of the 6340 line?
surely the 6280 line is the bully boy this week, no?
given that cable had only deviated a modest 2% from it’s weekly open, & it bounced for the third time off that current weekly line again this morning, the focus would be centered on buying dips through the weekly open?
factoring in it’s 7.5% weekly average range cycle, you got around 5.5% to play with. that’s if you take the view that playing double/triple bounces of demand count as a favorable option?
pound is also beating a path against euro this week too. that’s not to say it can’t fall through the floor from here, but the averages have certainly favored the buy side this week so far, no?
maybe better pickings elsewhere when cable decides to slide into it’s regular slop fest, rather than trying to wrestle it around in the mud.
[quote=d-pip;145801]Instead of being up 40 pips for the last two days, - 20 pips/days, I’m down over 60… I’ve got some new four letter words for GU…
I also better review the chapter on some thingie they call stop loss orders??? I guess my idea of “room to breathe” has been a bit excessive :o
I am with you on this one and you are absolutely right. It is the basic of trading one needs to excel in forex.Basic is the building blocks of success in forex and i pay extra attention to stuffs such as stop loss order.It is simple if you actively monitored your trade,in my opinion.
In any event, i have been consistently meeting my target of 30pips per day this month.I am really happy with that.Thanks a bunch to RC,Sanmiguel,TalonD,CAS and others.
I just follow the basics and when things starts to get complicated, i get out at BE.I jealously monitor every trade i enter just as researcher monitors experiment in the lab…lol.The last thing i want is to turn profitable trade to lose when unexpected circumstance turns the table against me.It ain’t gonna happen.
TalonD,
I suspect you have background in programming?
Got in short after that 40 pip wick outside 1h 20:3 BB…
Interesting points. The significance of the 1.634 is its a daily chart S/R. So the longer chart boys take a look at a spike below or above in the same way you might on the 15m or 1h chart with their respective S/R levels. Its a big deal on a 15m, say 100 pip range but on a daily its just another S/R where they might be looking at 500-1000 pip moves.
The other daily S/R levels nearest PA are 1.648 and 1.621 respectively.
I was being optomistic… thought PA might touch the 1.647 high of 20/10 . I have a sell placed there (just below the 1.648 daily pivot). I will leave it as it might get triggered tonight/ tomorrow?
Took the sell at the start of the wick as way over the 20:3 boll (too much too fast) and am still in.
which longer chart boys are you referring to who are plotting 6340 as an axis line, & where/when have they marked it up from?
i’m not trying to be clever here, just attempting to get where you’re laying down the significance of your axis level.
if you bracket the july-sept quarter movement, you’ll see where the heavier motion is either side of that trading periods high, low range.
i got 1.6660 + 1.5% variance to the upside & 1.6100 + 2.25% variance on the downside, but that was taken out twice on Sept 25 & Oct 12.
since then 1.6100 & 1.5780 takes precedence on daily downside, no?
there’s been no break of the previous trading quarters last major swing high, & a new low has now been established, negating the previous quarters swing low at 1.5980.
i’ve plotted your three levels on my station, but still don’t see the relevance.
i do, however take your point about local supp & resist trumping large chart based levels in certain circumstances.
don’t bust a gut on my behalf, was just curious where & how you arrived at your lines & who specifically you’re referencing in regard to the longer chart boys.
John
TalonD is the big shot around here with all things computer program related. Hes a big dollar analyst, I believe he and his black arts colleages call themselves ‘code slingers’.
I am looking @TP 1.6365…not far to go…
Ok… the boys I am refering to are the following. In Banks and major institutions there are teams concentrating on short term PA, medium term PA and long term PA. I dont want to write an essay here as to why but esstentially its crucial to banking and institutional stability. These are the movers and shakers of PA.
If you bring up a day chart and change from candles to price line and close up your chart so that you can see back to June you’ll see the major daily S/R lines are 1.634, 1.648 and 1.655 that are relevant to now’ish.
Cas… I see it.