Comment by Brian Twomey on November 17, 2012 at 11:54pm

Oasis, I don't do Fibs because, respectful to others, I don't believe in them. I'm only 1 opinion though on this topic. Adjust your trend lines and channels based on my target and use those adjustments for future target trading. You will see my target hits exactly as I mentioned. Watch your 50 day SMA, that's where this upcoming week's market action is coming from. You supported me so returning the favor

Comment by Oasis on November 17, 2012 at 11:54pm

According to Steve Nison's candlestick book, the daily charts show that the bullish candle of 15 Nov constitutes a bullish piercing pattern indicating a possible trend reversal. Stochastic (5,3,3) also indicate an oversold state.

Comment by Honest Sarjono on November 18, 2012 at 9:27am

++ GBP/USD

Hi Oasis, 

I will share more here and I do not need to create a new topic on my blog, because I think it's pretty united with your post. As usual, I can not explain with words. But trading-plan in the picture so it can say a lot. But this time I also use Fibonacci calculations in order to feel more commonly used by the others. My point is I am still looking for a new resistance to Sell until trend is over, and Buy-Stop in the red circle. And I need not mention where the target and stops, since all would have understood the meaning of my pictures :)

And always remember this:

High Risk Warning
Behind high rewards you can get it, realize that foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

Regards,

Honest.

Comment by Peter jcp on November 18, 2012 at 11:01am

Hi guys - great to get some input from Brian Raj and Honest - all experienced traders etc and I have been interested reading their comments, along with some forecasts and Honest's chart.

If I am reading this correctly - Brian supports Oasis with suggesting a buy with a lower target of 5946 which he suggests can be taken now. Honest appreciates price might go back up - but prefers to sell again from a higher resistance level. Both views I can understand and appreciate and Raj as seen how Brian's as arrived at 5946 along with Oasis seeing 5957 - as a Fib resistance.

Interesting comments by Brian on Fibs - I agree with him in the sense I think Fibs are only strong if they actually match up with previous price s/r within a few pips. To me Fibs, Ganns, EW etc - all mathematical derived forecasting formula will never be 100% accurate - but can certainly be over 70%+ and more if compliments by other forms of indicators including dynamic s/r from trend lines and time changes.

Going back to the GU - I have had a look at one of my own charts - 30 mins on a daily below to see if I could see some of the prices mentioned - along with adding some of my own scalp levels 

I see as 5828 and 35 as key for staying above.Resistances at 5900 - 5915 - 5943/46 - 5957 and 6005. Please allow one or two pips either side - as all are broker charts are different.

I can imagine I will be scalp buying and selling in between these levels - with no particular bias either way. If we keep going up above resistances - i carry on with more scalp buys and if then fall through supports i will keep scalp selling - if that make sense

Regards 

Peter

Comment by Pavel Georgiev on November 18, 2012 at 11:34am

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

Sorry I do not speak English well :)

Comment by Brian Twomey on November 18, 2012 at 11:38am

Peter, Fib numbers are absolutes, never changing therefore serves as price guides as alerts to possible support and resistance zones rather than a price target. The optimal word is zone which is why I call Fibs price guides. Our difference at 46 and 57 is 11 pips. That's a scalp trade but where. Wait for 57 to hit, its a miss. Sell at 46, better chance of hitting a scalp for better than 11 pips and that includes the long trade to 46 at current levels.

 That's why EW uses Fibs because both are strictly price guides, accurate yes to catch price zones but not absolutes. Gann I differ for many reasons. That was a genius at work

Comment by Brian Twomey on November 18, 2012 at 11:51am

Peter and all, I encourage a detailed reading of Gann's Square of Nine's in current FX Trader Magazine as well as the prior edition. fxtradermagazine.com. The interview with Yours truly is in the prior edition for interested parties

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.

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