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Thread: GBP.USD

  1. #21
    action-reaction arco's Avatar
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    pringy

    If you want a starter course on EW you could try the site below, or do a search on Google where you will find many more sites.

    http://www.elliott-wave-theory.com/e...1.html#general

    However, bear in mind its very complicated and
    even 'wavers' often can't agree on wave counts.

    I personally use a simple version of my
    own - Arcowaves ,
    so you cant always rely on my lettering/numbering
    as perfect EW notation.
    (And FYI - abcde is often used for Triangles).

    Arco










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  2. #22
    action-reaction arco's Avatar
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    Check GBP.USD out on tacticaltrader.com
    if you like to follow this pair.

    GTA





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  3. #23
    action-reaction arco's Avatar
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    The current short is showing +105 on Thursdays
    entry and +32 on a pyramid entry.
    More info on TT.

    arco



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  4. #24
    action-reaction arco's Avatar
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    Position stopped out at breakeven.
    No damage fortunately.

    Sometimes a short term profit can be
    more rewarding......but hindsight is a
    wonderful thing

    There were a few worries with GBP as
    I mentioned earlier so will remain flat
    until the position becomes more clear.



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  5. #25
    action-reaction arco's Avatar
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    Back on the horse...........



    Go, Dobbin, go....

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  6. #26
    Guru Xerof's Avatar
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    just sold 1 unit of GBP/USD at 1.8990. S/L 1.9041

    Xerof

  7. #27
    action-reaction arco's Avatar
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    SL hit at 8973.....Profit 63 pips.

    Expect to re-enter shortly.

    Xerof - Any idea what's causing the surge?

    arco





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  8. #28
    Guru Xerof's Avatar
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    I think its just the usual counter-intuitive post risk event move (hows that!) In other words - a short squeeze of long dollar positions built up over the past week, in case the Fed altered its wording or went 50 points.

    In hindsight I might have got in a little too early - London session might be rather interesting....

    Default MACD's, SMA 10,20 have all crossed positively on 2 hourly charts for all the major currencies, incl Kiwi....

    Xerof

  9. #29
    action-reaction arco's Avatar
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    Interesting move, - could be testing
    polarity change on the 9043 line.

    No position, but will follow up behind
    with a trailing short.

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  10. #30
    Guru Xerof's Avatar
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    More on your query re yesterdays surge after FED raised rates - this might put some insight into why the move occurred, and is continuing tonight, and may be near the mark as to what the market is thinking - fundamentals I'm afraid[8D][8D]

    http://www.blackswantrading.com/file...sccc050505.pdf

    Xerof

  11. #31
    Guru Xerof's Avatar
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    quoteosted 5/5/05

    but did get some GBP out at 1.9065 earlier today on that inexplicable brief spike
    Closed this out after NFP at 1.8943 for 122 pips.

    Xerof

  12. #32
    Guru Xerof's Avatar
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    Todays rally back to 1.8870ish may have been enough of a correction. IMO sell a break of 1.8800 tonight with a 50 pip stop

    Xerof

  13. #33
    Guru Xerof's Avatar
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    Yesterdays volatility just shows how wide stops (or how small positions) need to be in Sterling. Thankfully I stayed out, as would have been caned

    GWD's latest update on TT is, I think, indicating yet another (savage) bounce may occur before it heads south again.

    In any event rallies should be sold IMO - picking the level to sell is the difficulty.....but maybe 1.8810?

  14. #34
    action-reaction arco's Avatar
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    I took a small beer from GBP overnight.
    Just 23 pips - entered in my sleep and
    exited this morning over porridge and honey.

    For laid back traders with big stops I think GBP will
    travel further south in the medium term.
    There is a beautiful Gartley working which has gone
    past its first reversal point, and that leads
    me to think GBP will head down to lower
    figures. The long standing uptrend line is
    just poised waiting for a kissXXX from Mr Gartley
    which will turn it not into a frog but a
    Bullish Butterfly - perhaps. We shall see.

    arco



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  15. #35
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    Entered again overnight @ 8681 currently +48 pips

    Anyone else playing?





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  16. #36
    Guru Xerof's Avatar
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    Not yet, but with trailing stops on everything else, ready to leverage up further......looks like its broken the triangle that TT participants have been talking about

    My 'mate' Stormy Forex has also had a golden week on CAD/GBP/EUR and AUD picks....

    Xerof

  17. #37
    action-reaction arco's Avatar
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    Never bought into that triangle theory.....it
    just didn't fit with my TA.

    Xerof - Are you paying for Stormy calls?



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  18. #38
    Guru Xerof's Avatar
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    No, he occasionally posts free analysis on his site, and/or posts them on www.trade2win.com, but seems to only go public when he's very confident with the tea leaves

    Xerof

    sori, had misquoted website address

  19. #39
    Guru Xerof's Avatar
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    Like EURO, GBP has done 5 waves down on 60 minute chart. 1.8600 area should contain any corrective rally

    I don't have a position here, but will consider selling a rally to 1.8600


    Xerof

  20. #40
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    Bought 1 unit of GBP/USD at 1.8476 with a s/l at 1.8448, target 1.8568

    Seems very, very oversold to me this morning

    Xerof

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