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Hello folks, Before the opening of the forex markets today, we saw price making an intermediate high of 1.5324, 26 pips less than our stop loss loss at 1.5350. Monday morning saw GBPUSD dropping a bearish gap beyond our 2nd target of 1.5265, tearing down even beyond our 3rd price target of 1.5235. That made us approximately 75 pips~ $75 minilot,$750 standard lot on the cable. The head and shoulder pattern was used to generate 75 pips on Friday/Monday.. So how do we project those head and shoulder price targets for profitable trading? Study Chapter 1 of the Review of Strategic Tips on Milking the Forex Markets book:
Hi xx3 and Kissinger, It seems your questions borders on using the discretionary system of the chart projection strategy for robots/expert advisors/mechanical trading. You see, the essence of a discretionary system is the ART of it, not really the science. In art, I mean, getting to see patterns where 80% of traders are not able or trained to see and take advantage of. It is not like 1+1=2, kind of mechanical trading.. it is more of a 1+1=11 kind of esoteric trading. You have to get to the point of mastery in which you can wake up in the morning, go straight to your charts, and know, to a considerable extent, where and how far price is going. Like a fighter jet pilot weaving his plane in evasive action or a ship captain navigating his vessel adroitly after ââsmellingââ the trends of the ocean currents. Statistics and data mining is okay when you are trying to track your performance, but mastery of your market intuition for optimal trading performance is much more essential. Sell stop on gbpusd @ 1.5160 1st target @ 1.5118 2nd target @ 1.5075 Stop loss @ 1.5210
Helloo folks,first of all, I want to express my condolences to the family of our late President of Nigeria..Alhaji Umaru Yaradua. Also to the family of Dagrin and also to those that have lost their loved ones. May God give them the strength and fortitude to bear their loss, and move on to greater heights.. Having said that,GBPUSD is having a roll on the bearish dust for a couple of days now. More than 85 pips,$85 minilot,$850 standard lot was made on that call. And it is still declining....
Buy GBPUSD @ 1.4813 1ST TARGET @ 1.4853.... http://forexgreenland.foruma.biz/fo...orex-signals-in-forex-forum-t381-150.htm#2029
ââ¬Ëââ¬â¢Metaphorically, this present global economic recession is like a World Economic War in humanitarian proportions! And it supposed to last for three and half years. YES, 31/2 YEARS, If individuals and nations apply these principles of Arise and Shine! The season of recovery begins today as each implement these eternal principles that never fails. Prophetically, this global economic crisis is also Godââ¬â¢s way of saying that world leaders, including President Obama, should take the right direction and eschew pride and greed in charting policies that affect the common man. Greece, Italy, Spain were Old Empires in history. Alexander the Great, Julius Caesar and Ferdinand II founded these Empires, that are presently in the front burner of the global economic recessionââ¬â¢Ã¢â¬â¢. Arise and Shine Above the Recession with God the Sun [Kindle Edition] by Aghogho Puegeren www.amazon.co.uk/dp/B006E2LYTE