Please see attached daily chart. I would like to have your opinion regarding a long trade. The light pink line is a major trend, while the 2 yellow lines are the channel within which price has been moving. The white line is 200SMA and today's close is just above that. Today's candle was not convincingly bullish and there seems to be some (minor) resistance at 1.5910. However I see a good long term trade if price moves up. With a stop at 1.58165 and initial target 1.60200, it looks to me a good reason to go long. Current price is 1.58810. 

There are so many good and experienced traders here at forexstreet and I request you all to give me your thoughts - whether from technical/fundamental/price action or mathematical perspective. I am sure there are so others like me who will learn from your expertise.

Thanks

Views: 962

Comment by Pavel Georgiev on November 18, 2012 at 11:36am

Sorry I do not speak English well :)

Comment by Oasis on November 18, 2012 at 2:51pm
I read your interview Brian - Self taught and reached this level in just 8 years ! Quite an accomplishment. Goes to show that you have to have the thirst for knowledge, it will not come by just hanging in there.
Comment by raj patel on November 18, 2012 at 3:02pm

Hi Guys,

I will not  argue with any of the points you guys have put forward Why? In the 12 years of my experience I have come across almost all techy tools and back tested nearly 3000 indicators they all work some time or the other  so who am I to  say otherwise.I do have my favor  the 5 indicators that I use to help me plan trade strategies. Out of many  strategies,  I have now combined  everything  into just the 2  Short term and Long term. The short term is based on Intra- day trades and the other on Position trades.For position building  I use Cycles,waves, Square of 9 and Delta matrix  when combined  it gives me data to for my data point projection N network.Once I am fully loaded with positional trades I switch over to Intra day(15TF) trades and use my bespoke data point guide to trigger my entry and exit points.

As for GU my chart tells me that the price has reached a measured move from the low on Friday A new bullish move will start to continue the advance from a lower price to that of  Friday close. This move up is corrective  and it will grind up lasting the whole  of next week, We will close higher next Friday then this Friday.

Comment by raj patel on November 18, 2012 at 6:41pm

Peter, Totally agree that 3 to 5  year window will see all that is today disappear and new shorter term tools will be needed to remain in this business. Financial market was  noted as single tick entity that evolves with time, changing shape and size as it consumes more and more life forms endless amount of medicine will be needed to remain free its contamination. hope we can remain on top of this black hole.

As I said   earlier Cable has run its course on Friday if anything  i will not be  a buyer at this price or level  need to see it much lower by close   of trade on Monday. Up move is seen on late Monday to early Tuesday with rest to follow

Good Luck

Comment by Honest Sarjono on November 19, 2012 at 1:23pm

Hi Oasis,

Did you see GU pullback from R1 ?

I have open sell on it with b/e at 1.5905 to prevent floating if the price rally to R2 for sell #2.

Comment by Oasis on November 19, 2012 at 2:14pm
Yes Honest, now there is USD news in less than an hour and I will not be in front of my computer. Just shifted my take profit down to R2.
Comment by Oasis on November 22, 2012 at 2:38am

Hello Peter

You know what is perhaps the biggest asset a trader can have? - confidence in his analysis, decisiveness and to be able to execute the plan. Sadly I was lacking in all 3 so bailed out very quickly. I will now try to develop/acquire those skills.

Thanks for all your support.

Comment by Oasis on November 22, 2012 at 4:19pm

Thank you so much Peter. This what I love about this place - You and so many others are so genuine and supportive. Its people like you who make this place such a pleasure to be associated with. The quote from Sir Gissachance is absolutely the best I have heard. I will assume that he will allow me to use it.

I am really glad that you have perfected your system and it works for you. I hope to get where you and so many others are one day.

Regards

Comment by Oasis on November 22, 2012 at 11:10pm

Dear Sir Gissachance

You are so kind and I love your expressions such as 'dear fellow' !! Hope to connect with you more once I understand your number theories.

Regards

Comment by Oasis on November 23, 2012 at 4:38pm

aaaaaaaah, Peter - I know that you don't mean to do this, but you are rubbing salt into my wounds. Glad that you are doing well with EU. Have a good weekend while I try to coach my brain to listen more to itself.

Regards 

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