Ok. Lets start a new conspiracy theory.
T. Boone Pickens will surprisingly replace John McCain right before November. McCain will unexpectedly drop out due to health and Pickens will jump in as a fresh alternative to attract as many votes as possible with out all the mud in the history to stop the momentum of fresh supporters.
Anyone with me on this one?
I am more farmiliar with trailing stop
from forex.com, I should test out the trailing stops in the demo acct,
as a few longs from down low with trailing stops would have gotten pretty high before selling if you had a good retrace spread.
But if your set to 50. Wow I hate to give back 50 pips. BUt as Andrew said you never know when she is ging to stop.
I learned this the hard way when she was on her way to 251 and I was shorting from 225 and up. I went broke LONG before 251 came.
So I imagine you can undestand my hesitance or natural anti-short GJ sentiment.
And missed that run up. And got clobbered on some kiwi.
The freaks cut rates a 1/4 so I had to consolidate my accounts as my NJ acct was just over 15%. I bought a few more going down into 80.00.
but wish I had bought them more closely spaced at that point.
After acct consolidaton my margin useage is back around 4.3% which is much safer. It is just a matter of time before NJ swings back. IT fell a good 100 pips though. SO I do have around 2000 pips of NJ drawdown now.
But if I hold this account for 12 months I will earn more than that in interest.
So I am digging my heels in.
And am a little disturbed I have all my profits tied up. It was either that or operating at 15%, which is nuts. This way with 4%. I can sutain a real big run down. Interest is going to go down slightly. But the spread is still 6.75 I think.
So for now I am sidelined on GJ until I can refund my other acct.
And considering that 138.1% is 216.01 I think thats where significant resistance lies at least for now.
But I also thought 214 would be no problem and it wasnt. But I thought for sure 214.50/60 was going to be a tough point to jump over. But was I wrong.
She blew past 214.50, like she didnt even see there was a BUS stop there.
I think she is getting ready to come down to 76.4% at 212.42. Look at the 60 MIN She looks poised to fall hard right NOW.
Wow should I short GC? 
(evil grin)
As this is my first rodeo with the princess, and I am also flat, is it time to stand back and wait for her mood to show itself or is there an opportunity here that I donāt see? Does anyone jump in here for a little scalping?
you what!!..I thought we buy on the way down!
How about placing the buy limits in but have one little sell order at the topā¦oh if we only new where the top wasā¦Andrewā¦where is it?..anyone?
what you talking aboutā¦:rolleyes:
Range between 215.45-215.88: again, significant congestion points on the way down around the New Year. The next points to the upside worthy of interest are @ 216.23 and 217.27.
There isnāt much to add regarding intraday direction. the 1900 ET candle looks like it will close as either an inverted hammer or bullish doji, both of which are bullish (could potentially be good for a daytrade back to the top of the range), but are subject to confirmation on the 2000 ET candle.
btw: in response to a PM about earlier charts posted, I thought itād be helpful to clarify: the red and purple colored lines on these charts are fib fan studies, and future price does often find support or resistance at them.
The topā¦on GBP/CHF?
If you are a guppy Virgin, it is more likely that it will be she who will do the scalping ā¦ best to sit back & observe for now, I am not sure that anyone here really knows what to do at this point in time.
Well said. And this is definitely a good time for anyone who is flat to practice the āno position IS a positionā position on positions for which the relative position of the pair isnāt currently positioned well. Seriously: something will come of this range - either a break held above 215.88 or below 215.45 will be helpful to determine where we go from here.
Iām talking about El Toreador, of course.
Some thoughts on G/C: 1H chart, 07/23, 0200 ET candle. Check out that long, beautiful candle, followed almost without interruption until mid-day by itās brothers and sisters. A long, satisfying skyrocket up.
Now, look at the 1100 and 1900 ETās candles. Draw trendlines from top to top and bottom to bottom of those candles. What is that?
And what does 0200-1000 ET + 1100-1900 ET equal? Looks like a flag to me.
What are flags? Usually theyāre considered event patterns (the event volatility produces the shot north), but not necessarily. The flagpole is 0200-1000. The flag is a parallel channel that moves in the opposite direction of the flagpole to consolidate the dizzying gains of the pole. Often (not always, though), price breaks the channel on volume and continues in the direction of the pole.
Also, the 207.25 area is the 50% fib retracement from the swing high in last seen in Feb to the swing low first seen in mid-March. Thus far, the flag has respected that level a support.
A short looks attractive after that runup, but Iām hesitant for those reasons, and may even entertain the idea of a long. 
As an example of a flag, check out EUR/USD.
1H Chart:
0800 ET candle on 07/22 began the pole.
1300 ET candle the same day began the flag.
0100 ET candle on 07/23 was the final flag candle.
0200 ET began the continuation of the flagās direction another 100+ pips down.
These are another good example of āThe pair can always continue lower/higherā.
Wow ā¦ that is such good information, of course I have heard of flags & wedges & triangles (oh my!) and seen lots of examples, but I guess I never digested the information ā¦ now I see it much more clearly ā¦ and I never thought of an upside down flag, I had only seen examples of the rightside up kind. The only thing I am not sure where to draw the lines for the upside down flag. Do you draw from the high & low of that 12pm ET candle? That is the one just before the actual flag.
Thanks for those real life examples!
i have been and had a look at the EUR/USDā¦ and i see the āLā sahpe with the price going from 1.5927 to the end of flag 1.5788ā¦then i see the flag continue down another 100pips like you sayā¦
My question is what is a flag? Thank you:) On my chart the price and 5 EMA bounced off the 20 EMA to continue down at the 0100ET candled 7/23ā¦ie final flagā¦
Also i see you use and rram too weird (to me) period numbers for EMA like 62 and 24 or ā¦i cant remeber the numbers exactly- but they are differentā¦any reason or are these common ema periods
Argh WOOPSā¦i didnt get to the next post! found it!
so ET is +4hours GMT?..i am +10ā¦i thought ET was +5 but it seems mmore like +4 to the candles you mentioned
Anyway thanks for the good informationā¦will get thereā¦
How about the previous 1600 ET candle to 2000ET candle on same chartā¦is that the pole and then it went sideways until the candle you mentionedā¦
Bit confused with you saying the flag breaks the flage pole channel and moves in opposite direction of the pole (is that more like price goes down or sideways) just confusing myself with opposite directionā¦
Is the flag normally the same length as the poleā¦generallyā¦i like this information!..still dont know if it is going to go down or up though:D
Go to investopedia.com and you can read about chart patterns like flags, wedges, triangles, ascending triangles etc. They are just names for patterns that appear on charts on various timeframes.
period numbers ā¦ you are probably referring to numbers like 21, 34, 55, 89 etc which many prefer because they are fibonacci numbers.
Or some people have their own personal favorites.
But the most common are 5, 10, 20, 25, 50, 100, 200 ā the ānormalā numbers or
8, 13, 21, 34, 55, 89, 134 etc ā¦ which are the fibonacci numbers. If you donāt know what fibonacci numbers are, just google it 
Thatās right ā¦ GMT is +5 on the east coast but in MT4 for some reason no one understand, they use +4 and it is impossible to change it ā¦ so you just have to know that to get ET you subtract 4 from the MT4 number, not 5
Sure thing! Usually textbook examples of chart patterns are presented during ālongā scenarios (unless theyāre bearish reversal patterns), so itās sometimes difficult to visualize patterns going both ways with equal ease, even if the concept is a simple thing to grasp.
With flags, the pole itself will be an egregious feature, dominating the chart. Anticipating the pole is outside the context of the pattern, but may have been the product of a pattern immediately previous.
Poles signal stalling when candles cease to be stacked with little/no wick/body overlap between adjacent candles (see the 0900 and 1000 ET candles for an example cleanly stacked candles). The long bottom wick on 1100 ET causes significant overlap for the 1200 ET candle. This isnāt absolute, but often the overlap indicates the potency of the pole is subsiding.
The flag portion begins on 1300 ET, in my book, because the range of the candle and itās wick are completely within the range of the previous candle. This may not always happen, though. What confirms the flag is the first candle that closes against the poleās direction and that, along with the candle immediately previous, establishes a parallel channel running opposite of the poleās direction. In our case, this is the 1400 ET candle.
On your question: are you asking how to measure the distance the flag will retrace the poleās advance before breaking back in the poleās direction?