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Hello everybody,
Anthony thanks for the answer.
So here is the post from the BLOG, there is an answer to an interesting question, about one of the support levels and of course the further perspectives.
I wish you good luck this week and high profits
GBPUSD New week, new Monday, new correction...
Hello!
I called this post "New week, new Monday, new correction...". Sounds like a song title, isn't it? Maybe I should write a song with this title.
OK, it's time to work...
First I want to answer the question.
Andrew said...
Hello, I'm sorry but how did you recognize the second main target? With the first one is clear... this is the minim of the wave, am I right? but the second (2.0897) can you explain? Thank you
Best Regards!!!
This level is obvious. Take a look at the picture
20071110+-+gbp01.gif (image)
This level had been defined by the crossing of the Fibo grids. The blue Fibo was placed on the basis of the D1 chart, and the second one, red, was placed on the first part of the movement (it can be defined with the help of the fractals and the ZigZag (on the minor TF)).
The fact is, that I defined this level at the morning of that day, when there was no descending trend at all (see this post).
Now about the current situation.
Here is a picture
20071111+-+gbp01.gif (image)
I marked out everything on the chart, so there is almost nothing to comment.
I would like to mention, that sharp descending movement, without a correction is almost impossible, to my mind:
1st we have complete bearish 5 wave pattern;
2nd we have divergence.
That is why I'm waiting for the reverse, or correction.
you can see the entire post here The Uncommon Trading In My Life: GBPUSD New week, new Monday, new correction...
Flat
Flat levels for now.
As you can see GBP have a descending movement still. I suppose that it is finishing its target from the Friday, because there is a divergence on the whole Monday movement.
Take a look at the picture.
I marked out flat levels.
How to use them: watch the price movement from the one level to the other (remember that usually flat levels become good supports or resistances). 1st watch minor flat, then mid terms, and then the largest flat.
Also you can see that price have stopped at the support level 2.0786. GBP didn't manage to fix on the one side, nor on the other. Classical flat situation.
If you have any questions, please, feel free to ask.
Good luck,
Anthony Schneider.
hi
I think gbp will going down for a moment...
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Forex Indicators Collection
I think gbp will going down for a moment...
Hello Prasxz!
Why do you think so? In my opinion it is possible for the GBP to make another wave down, but you can see that descending movement is weak. But still we are making new min levels time after time, on and on. It is suspicious, don't you think so?
Right now I will stay out of the market and watch the movement.
Good luck to you!
Anthony Schneider.
How do you plot the Dow jones
How are you plotting the dow jones ? are you using an indicator ?
can you post it if you have an indicator
Hello everyone!
My name is Anthony Schneider.
My exp at the Forex - 2 years. Not so many, you can say, but they are enough if you have a good system, and if you know how to work with it.
I can't say that I am the best forex trader nor the best analitic. I'm just a trader, like the others.
I have started my blog, when I realized that my trading plans would be helpful and interesting to other traders. I won't write here how good or bad are they: it must be completely your decission. Nobody will force you to read my blog, nor this thread
.
I would like to thank Nili for his interest in my blog and for his invitation to this thread. I wil try to answer to all questions, that you, or any reader will ask me.
Nili, you have chosen a little wrong open point. You must not place your trades precisely at these levels on the chart. To understand the system you have to use my supports and resistances to find good points to open your trade, and good targets, where you will close it.
For example I marked out flat borders at this picture, and I have opened my trade around 885. Why this point, you ask me? Because a little earlier the price didn't manage to fix under the lower flat level, though it managed to break it. When it bounced from the another border, I have made a decission to open a trade. When you place you order on the basis of the flat levels, than you must place your stop order on the basis of the flat levels too. In this situation I placed my order a little higher then the top flat border.
You have opened your trade at the 830. If you have opened it after a rollback, then a good point to place your order was a little higher then the previous fractal, for example at 864.
Profitmaker, usually I update my blog every morning (around 1-2 A.M. GMT), but, as I have already wrote there, I had some problems to solve. I hope that in the future I will be able to update it everyday. I have already posted my trading plan for today there.
The best time to trade is from 6 to 10 (GMT) and from 13 to 17 (GMT). There are session crossings at these time periods: 6-10 Asian and European sessions, 13-17 European and American sessions.
I hope I answered to your questions!
Best Regards!
Anthony Schneider.Hello everybody,
Here is the trade plan for today
GBPUSD Dangerous games (by Elliot)
Good morning!
First I want to discuss long term targets for the GBP.
Here is a picture
20071115+-+gbp01.gif (image)
In my opinion we have started new descending trend (which is also just a correction on the W1 TF). Right now we a probably making the 3rd wave (little rollback on the chart is the 4th wave in this 3 rd). I marked out possible targets for the movement. The 1st one is around 2.0375 and the 2nd is around 2.0285.
Don't forget that we can have flat correction. Then right now we are making wave C, but it is strongly restricted by the level 2.0880. If it will be broken then we will have to search for the targets of this movement higher.
Now take a look at the picture with M30 TF
20071115+-+gbp02.gif (image)
Here we have to make one more jerk down to finish 5 wave pattern. After then the correction is possible, but it is strictly restricted by 2.0645. If price will manage to break through this, then this variant will be canceled. If it will be not we will have to make the 3rd wave downwards to 2.0374 and further.
That is all for now.
P.S. There was a problem with publishing DJ levels, 'cause DJ didn't publish them also. If there will be any today, then I or Tacomy will add them to the blog.
Good luck!
Anthony Schneider.
The trade plan is taken from The Uncommon Trading In My Life
Best Regards!!!