The path of the newbie: do you want to cooperate? - page 6

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Hello everybody!

I'm sorry that I haven't published the post earlier... but I'm feeling bad

GBPUSD Further trend or correction?

Hello!

Take a look at the picture

20071210+-+gbp01.gif (image)

Please, watch out main support and resistances levels. You can simply read all the basics about it here. Please, ask me questions then, if you will have any.

I marked out flat levels as well - if price will return there, then it was a false break of the flat, and we will be able to move downwards then. Right now further ascending movement is possible.

Best Regards!

Anthony Schneider.

The trade plan is taken from The Uncommon Trading In My Life

Good Luck!

 

Hi,Nili!

At what moment do you recommend me to open and close a long position?

How can I determine the flat which is drawed in your picture?

 

Hello everybody;)

There were some questions on the blog... and Anthony answered them.

Also as usualy there is the trade plan for today.

GBPUSD Around the previous support, now resistance

Hello!

First, I want to answer some questions, I've been asked via comments.

sea said...

Hi,Anthony!

You say about a false breakout ...

How can I distinguish a true breakout from false?

What criteria do you apply?

December 10, 2007 9:34 PM

Hi Sea! I have recommended you to read a chapter of Masterforex-V book about support and resistance levels and true/false break too. Here it is once again BOOK 2, Chapter 3: The true and false breakouts of the levels of resistance and support. Recoil from the technical level.

Also I recommend you to read a small article, that I've wrote before on the basis of this chapter.

If you still will have questions to ask, feel free to do so then - I will gladly give you further explanations.

johnh said...

Hi Anthony,

thanks for your forecast, man.

Because of you I've just got 23 pips on a retracement move from 2.0488 while you've pointed 2.0518 level for this move.

Anthony, was it too risky for me? Should I wait for that level you've drawn (2.0518)? I've thought that 2.0488 is quite close to 2.0518 so I've decided to put on a trade (sell). Am I right? You see, as far as I get the profit I'm somewhat right, but what you think? Was I just lucky?

Thanks in advance

Hi John!

You should opened a buy trade around 2.0355 because it have became clear that we had a real break of flat level. You main mistake though was that you have opened a trade at the end of the tradin session - risky thing to do. Right now this retracement become a flat - I marked it out on the picture that you can see further. So right now we have to decide what trade to open on the basis of these levels. Workin on this find of small corrections is risky and you have to have a lot of tradin exp to do so. Just try to follow these simple rules, that I wrote here.

Good luck!

Ok, now to the current situation.

Here is a picture

20071211+-+gbp01.gif (image)

Ok, as I have wrote before we have to wait the price to break one of the flat levels. Please, don't forget that we still have powerful level at 2.0518 and if it will become resistance, or if the price won't manage to break it, then it will be a good reverse sign at the bigger TF. This level will help us ro decide whether the last descendin movement was just a correction, or a beginin of a new trend.

It is all for now.

I'm really glad that people are interested in my forecasts and asked me questions. Everyone, please feel free to do so too.

Best Regards,

Anthony Schneider.

The trade plan is taken from The Uncommon Trading In My Life

Good Luck!

 

Hi!

As you said early 2.0518 is a very powerful level.

At my picture you can see that level 2.0518 could't become support level.

So I opened a sell-position under this level after recoil and without a breakout 2.0518.

What do think about it?

Was it too risky to do that?

 

Hello everybody!

Here is the trade plan for today

GBPUSD what's happening next?

Hello everybody!

After two days of flat movement we have the brake of the 2.0427. Take a look at the picture.

12122007tp.gif (image)

Right now I'm waiting for the correction of this wave... and I will buy at the end of it. But if it will be an impulse down like shown on the picture(the red variant) I will buy at the end of that impulse. There are also the levels of support and resistance. Later I will post here the DJ levels.

Best Regards!

Tacomy

The trade plan is taken from The Uncommon Trading In My Life

 
Nili:
Hello everybody!

Here is the trade plan for today

The trade plan is taken from The Uncommon Trading In My Life

Hi,Nili!

What indicator is in the right corner at your picture?

What does it show?

I see it twice but I know nothing about it ...

Can you explain it to me?

 

Hello elsy,

That indicator is the Fan Simple, it is based on moving averages and shows the direction of the movement(trend up, down, flat) on different time frames. I've asked Anthony to post it on the forum, so let's wait for it;)

The trade plan for today

GBPUSD 518 stands still!

Hello!

First, I want to answer some questions.

johnh said...

Hi Anthony,

Do you have a crystal ball, my friend? I'm just kidding

Thank you for mentioning this 2.0518 level, it worked perfect. As you mentioned earlier you use four time frames at the same time? How it works? Would you, please, explain the idea? Some links will be helpful too, of course.

I've read that you count Elliot waves before every european session. Anthony, is it possible to mark them on your charts? I just can't imagine how that theory can really work in real trade.

Thank you very much

Hello John!

No, I don't have a crystal ball Just a good working system.

I use 3 time frames to watch price movement - M1, M5, M15 for every pair that I work with.

I have explained how it works in one of my previous posts with explanation of the system.

If you are interested you can simple read origin site: Chapter 20 of the 2nd Masterforex-V book explains how to work with ally pairs.

I use Elliot waves sometimes, and I will explain how it works for me in the future on the definite examples.

Good Luck!

sea said...

Hi!

I see the bullish divergence yesterday at you picture.

Is the divergence very important signal for you?

Do you use it for counting impulse and correction waves?

Hello!

Yes, divergence is important signal if you want to define the 3rd and the 5th Elliot waves - you'll see divergence on the chart and MACD on these waves.

If you don't really know how to use it, I can suggest you to read Bill Williams "Trading Chaos" - a lot of useful things are explained there.

Now to the current situation

20071213+-+gbp01.gif (image)

As you can see price managed to break 2.0518 level yesterday, but it was a false break - no fractals above max level.

So, right now, when GBP have bounced from this level twice, we can suppose that we will move downwards, and also new descending trend on bigger TFs is possible.

I will buy only after a real break of this level - 2.0518. And right now I am looking further for the continuation of the bearish movement.

It is all for now.

Good luck in your trading!

Anthony Schneider.

 

Nili!

Thanks a lot.

What system are you using now?

How much time do I need to understand it and become a professional trader?

 

Hello elsy, right now I'm using the system offered by Anthony The Uncommon Trading In My Life: Explanation of the system

But about the time to understand it I don't know, it varies from person to person, I use it for two months and I understand it.

Good Luck

 

Hi!

The blog The Uncommon Trading In My Life: Explanation of the system is very interesting.

How many different timeframes do I need to apply in my intraday trading?

I am using only one timeframe M5 to trade at present.

And is it useful to use 3 or more TM?

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