Helloo fellow traders,
I want to wish Nigeria a Happy Birthday(October 1ST,1960) as we observe our Independence Day..One more road to cross..
[08:50:05 30/09/08] Stalion : morning everyone
[08:51:43 30/09/08] klho83 : hi stal
[08:55:23 30/09/08] caprica1 : mg
[08:55:59 30/09/08] Stalion : hope you are okay with the 87 pips we made yesterday...
[08:56:02 30/09/08] Stalion : on the USDCHF
[08:57:03 30/09/08] caprica1 : or more
[08:57:20 30/09/08] Stalion : or was it 117, cap?
[08:57:41 30/09/08] caprica1 : yep
[08:58:17 30/09/08] caprica1 : half profits at +20, then stuck a 20 point
Trailing Stop on
at the 3rd target.
[08:58:28 30/09/08] klho83 : m happy with any + pips
[08:59:41 30/09/08] Stalion : lol
[09:05:21 30/09/08] caprica1 : which paris are you looking at today Stal?
[09:22:38 30/09/08] Stalion : both USDCHF and GBPUSD,cap...
[09:23:18 30/09/08] caprica1 : excellent
[09:23:57 30/09/08] Stalion : wasnt really too sure about
cable yesterday,so I let it pass and concetrated on dollar swiss...
[09:27:04 30/09/08] caprica1 : prob wise.
cable and the EU have been very choppy the last few weeks.
[09:29:09 30/09/08] enolase : hello Stallion
[09:37:37 30/09/08] Stalion : any news coming out on gbp?
[09:41:34 30/09/08] Stalion : we put a
SELL STOP on USDCHF @ 1.0960...1st target @ 1.0935, 2nd target @ 1.0906, 3rd target @ 1.0874
[09:58:01 30/09/08] caprica1 : 40 pip stop?
.
[10:23:04 30/09/08] Stalion : yes cap...40 pip stop...
[10:26:36 30/09/08] Stalion : price is still dilly dallying around for now..
[10:29:30 30/09/08] caprica1 : ok no probs.
Pending order in and waiting.
[12:16:43 30/09/08] Stalion :
Buy Stop on USDCHF @ 1.1025, 1ST TARGET @ 1.1065... 40 pips stop loss away...Take half profits after +20 pips.
[12:23:01 30/09/08] klho83 : Hi Stal typo error for new alert? USDCHF?
[12:23:43 30/09/08] Stalion : nope.....
[12:24:07 30/09/08] klho83 : usdjpy?
[
12:24:16 30/09/08] Stalion : its just a hedge,K...the
sell stop is still in place..
[12:24:56 30/09/08] klho83 : Thanks
[12:25:02 30/09/08] Stalion : the
buy stop allows us to take any bullish opportunities that comes along if price continually goes up
[12:25:42 30/09/08] Stalion : remember a trader learns to look at both sides of the coin...always think 2 steps ahead..
[12:28:42 30/09/08] caprica1 : did you mean USDCHF?
[12:29:25 30/09/08] klho83 : Sta l please confirm.
[12:29:45 30/09/08] Stalion : if I wrote USJPY, then it is a typo...am sorry for dat...but the
buy stop on USDCHF is not a typo, guys..
[12:31:27 30/09/08] Stalion : consider it a hedge trade....
[12:32:29 30/09/08] Stalion : if price goes bearish like we anticipated, our
sell stop triggers down..if it goes bullish, our
buy stop triggers up..
[12:34:00 30/09/08] caprica1 : kool. Thought it was a typo because of the price you quoted
[12:58:05 30/09/08] enolase : please was that signal for USDCHF? the BuySTOp at 1.1025?
[13:04:55 30/09/08] takbal : went long of
GU...
[13:13:19 30/09/08] takbal : banks and companies are playing with trillions of virtual money. If the virtual money disappears, they need real one, and fast...
[13:16:43 30/09/08] enolase : anyway, President George Bush is scheduled tospeak on the Bailout plan in
[13:17:08 30/09/08] enolase : 30 mins
[13:17:49 30/09/08] enolase : i think this will have a lot of implications for the USD
[13:18:50 30/09/08] enolase : what says the house?
[13:34:23 30/09/08] enolase : considering that the issues bordering on the bail out plan in the US has had a heavy hand on the USD pairs and the JPY crosses, what will be the impact of George Bush's speech coming up in 15 minutes on these pairs?
[13:36:47 30/09/08] enolase : the USd has started to gain broadly
[13:37:55 30/09/08] caprica1 : anyone else had the long USDCHF
triggered?
[13:38:30 30/09/08] enolase : yes i had ot
[13:38:41 30/09/08] enolase : i am up 14 pips right now
[13:39:26 30/09/08] enolase : i think George Bush's speech may be an impetus to boost the USD
[13:40:39 30/09/08] enolase : i'll ride the USD
[13:41:31 30/09/08] klho83 : 1st 20pips
[13:41:52 30/09/08] caprica1 : the USD has been making little gains over the last few hours. Just hope the price rise hasn't al;ready been factored in
[13:42:09 30/09/08] enolase : i hope so too
[13:42:31 30/09/08] enolase : at times the news is leaked out and before u know it, the move has already occured
[13:45:51 30/09/08] takbal : whoa thats what I call a double bottom on
GU...
[13:47:18 30/09/08] enolase : on which chart?
[13:48:01 30/09/08] enolase : i think it is better to wait a little before concluding that a double bottom has indeed formed
[13:49:39 30/09/08] enolase : 1st target hit on USDCHF
[13:49:52 30/09/08] enolase : can this continue? seeing what is happening on the EURUSD, it is possible
[14:47:21 30/09/08] caprica1 : USDCHF is starting to make it's way down to our
sell stop price now as well.
[14:53:50 30/09/08] caprica1 : correction, no its not!
[14:54:01 30/09/08] caprica1 : lol
[15:08:53 30/09/08] Stalion : lol....1st target hit on USDCHF?
[15:39:37 30/09/08] caprica1 : good call again today Stal.
[15:40:20 30/09/08] caprica1 : I would have put a
Trailing Stop on the trade if I'd been able to, but I'm at work so I dont have the same control over my trades. Just had to leave it to hit target.
[15:40:35 30/09/08] caprica1 : still a successful trade though.
[17:24:41 30/09/08] enolase : well, somehow the trade went massively in ur direction. So that's two wonderful trades this week.
Quote:
|
Originally Posted by onwukarisa
Hello Mystikal,
Please take a look at the attached image and see if it is an example of a 1-2-3 top formation.
you said 2 is an internediate low. please whats an intermediate low? also when do you know that an uptrend or downtrend has come to an end?
 |
Hi Onwukarisa,
Trust you to really ask those incisive questions,man...
Yes, the attached image is an example of a 1-203 top, which is a reversal signal foretelling a bearish move to the downside..
An intermediate low can be taken in many context...timeframes...support and resistance...even length of candlesticks...so in this context,2 was a minor low, while the low of the bearish hammer before the doji, at the last support ,could stand as an intermediate low.
We dont KNOW for sure when a downtrend or uptrend have come to an end...its all a game of probabilities, in which you go for a high probability setup..Heck, if everyone knows when an uptrend or downtrend has definately come to an end, picking of tops and bottoms would be very easy and less risky.
Traders tend to use a ''confluence of events'' to determine whether a trend is over or not...like the 1 on your chart...it is termed a ''shooting star'' candle, which portends a bearish move turning its strings down south.wow..
Add that with MACD DIVERGENCE, and a convincing trendline break, it should be telling us a story..
QUOTE=gmbert19]Hello Stallion
I wanted to ask you a few questions..
I recently began my endevaour into currency trading.
I am eager to learn the business and need some serious guidance.
Any recommendations books, mentorship
thanks for your time.Please advise
[/quote]
Hi gmbert,
Thanks for your mail...Well, the answer are on those charts, mon ami..You might also consider going through Technical Analysis of the Financial Markets'' by J J Murphy, which deals with classique trading patterns, The Candlestick Course by Steve Nison. that would be nice for a start. Also go through this thread..whether reviews, conversations, alerts,etc..there's always something educative you can pick out, especially when reading through market conditions and reactions in live practical trading.
[10:42:27] Stalion : We put a
SELL STOP on USDCHF @ 1.1145,1st target @ 1.1087,2nd target @ 1.1045, 3rd target @ 1.1005..40 pip
stops...take half profits at +20 pips while shifting sl to entry...leaving the remaining lots to ride..
stallion@forexgreenland.com