Hello Mystikal,

 

How are you doing?Please i will like to ask apart from the 123 top and bottom, is there any other type of chart pattern that can be formed.

Yes, onwuka...there are some good chart patterns around...just google head and shoulder patterns, W top and bottom, wedges,triangles,pennants, etc..You could find something useful that might assist you in your trading activities..If you checked those charts, you would hardly see any indicators...every trading decision is based from the charts and patterns..no mumbo jumbo indicators or lines all over the place,,just straight from the charts..

it seems too complicated/technical for me . really for beginner? for me, I just need easy/simple indicator or EA to decide buy or sell.

Lol,kitty...in reality..it is quite simple and easy in forecasting..Dont stop it if you think you gonna make a profit..

Many of the most simplest things in life are the most profound..like hydrogen,with the atomic number of 1.

We need 2 atoms of oxygen with an atom of hydrogen, to form 1 molecue of water(H20)..Very simple but many people are not AWARE..''For the Bible says;My people Perish Due To Lack Of Knowledge/Vision''..

Until you are AWARE that YOU are the INDICATOR..YOU are the Expert Advisor...YOU are the ROBOT...YOU are the HOLY GRAIL'',,you would always see yourself as a beginner in the markets..

Until you throw off the clutches of EA's, robots,and diverse indicators, and start taking trading decisions straight from the charts,you would always tend to see yourself handicapped from reaching your goals of making profits through trading..

YOU TAKE THE DECISION...YOU TAKE THE RESPONSIBILITIES..NOT A ROBOT..FOR YOU ARE THE R-O-B-O-T!

I went short @ 1.4944 yesterday at about 7am with limit set at 1.49 and stop loss at 1.50. Up to 11am the range fluctuated between 1.4960 to 1.4995 even after the BoE minutes. Did I miss something? After the CBI report obviously I was out the trade and seeing the trend of GBP extend to 1.51+. Why didn't this go my way?

Sorry,logoodung, you were right in the middle of the 3 low of the 1-2-3 pattern,which usually foretells a bullish bias..Problem was, you thought short, instead of long..Thats what you missed, mon ami..ohh, by the way, there was also a bullish hammer candlestick just where you went short, which formed as support to price..so where you would've gone right, as in the solution, was by putting a sell stop below the low of 1, of the 123 chart pattern,which if triggered, would confirm your bearish bias in pric e movement..

[20:33:40] Stalion : hi folks, its a cool evening here in the city of Lagos,

And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @

 

1.4920..3rd target @ 1.4895..

 

http://i72.servimg.com/u/f72/11/82/15/01/gcool310.gif

 

We call it TRAPPING THE DRAGON TECHNIqueza

[20:45:50 19/11/08] Maximus : ok I got it, thx Stalion.....

[20:50:33 19/11/08] djcarlos : thanks Stal

[09:24:57 20/11/08] klho83 : I missed that:(

[10:31:43 20/11/08] klho83 : Hi Max.

[10:58:56 20/11/08] masif1 : guys stalion did NOT post the following alert

[10:59:05 20/11/08] masif1 : And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @

[11:00:48 20/11/08] masif1 : 1.4920..3rd target @ 1.4895..

[11:00:55 20/11/08] masif1 : this was on the forum

[11:01:08 20/11/08] masif1 : http://www.trade2win.com/boards/forex-stra...y-pairs-24.html

[11:01:13 20/11/08] masif1 : posted last night

[11:01:23 20/11/08] masif1 : the buy call we would have got stopped out on

[11:01:37 20/11/08] masif1 : however the sell call we would have made profit Wink

[11:06:42 20/11/08] masif1 : or was that the original sell alert stalion sent yesterday morning?

[11:06:59 20/11/08] masif1 : i know i should not have cancelled it ;(

http://i72.servimg.com/u/f72/11/82/15/01/gcool410.gif

so for Friday,we put a buy stop on GBPUSD @ 1.4865...1st target @ 1.4900...2nd target @ 1.4950...3rd target @ 1.5050