That is an excellent idea, I will throw that in and see if it can help me make those decisions better.

Have you tried the MA50 at all? On the chart, it seems pretty well respected. I'm not trying to clutter my chart or deviate from what he specifies, but for my skill and comfort level, I don't feel I can make the trendlines, MAs, and Fibs work in conjunction well enough yet. I need to focus on one facet and add in the rest as I get better. Thus, the MA50 appears to provide enough breathing room to not get stopped out quickly, but not allow the price to fall to far back if I misread an S/R fib or remembered line. I think of it as crawling profitably before I walk :)

I think it has been an excellent read so far. One thing that keeps sticking out in my mind is about how he says not to try to beat the market, but instead to be the market.

By taking away all the indicators and really zooming out on my chart, I've noticed a lot more pennants and flags. It seems that no matter what happens, you can always count on a pennant or flag coming up in the near future, which provides you another decision point for exit or entry.

The part I'm having trouble with is what to do when the price moves into that area between the MA100 and MA200. I know risk is minimal when risking 20 pips for 200, but if your trend doesn't start until taking two or three 20 pip losses in a row, it's hard not to get discouraged at this point.

That said, the basics he lays out are hard to disbelieve when you look at the charts and the levels price respects again and again.

I don't see anyone talking about the book or putting charts up from it anymore. Did that already come and go? Cause I'm almost finished reading it.

I thought it was pretty funny. The stuff works great too.

Cleaning up those pips!

I agree. Silver has a lot of movement left, be it up or down. The inverse ETFs will be in play in either direction. Will be interesting to see over the next few weeks.

I got it from Borders.com and read it on my Kobo, but you can also read it on the computer as well.

I'm going to wait for a pullback and then see what it does after that. If it goes up again, I'm in SLV when the rules hit, and probably for a while. If not, I'll got to ZSL. Gotta like those inverse ETFs.

I picked up my book. Figured I needed to see what all the rage was about. Got it for $40 instead of $60 as an eBook if anyone else is looking to save a few books.

SLV shaping up to resume it's upwards march.

Harry Potter and the Order of the Forex. It'll be a movie soon.

Multiple timeframe MA indicator? It's awesome. So is multiple timeframe stochastic. Not sure if that is relevant anymore, but MT4 is blessed with lots of MTF indicators.

I'm really glad to hear it. I will pick up the book this week. The fibs thing is peculiar to me but I'm certainly willing to be open-minded. I'm all for support/resistance with longer MAs, especially if it plays into a strategy where I don't need to sit in front of my computer 24 hours a day.

It sounds like a book club over here. Can I bring a Nancy Drew novel next week? :)

Thanks for everything you've helped me with pennies. Take care of what's important, this can always come second. Good luck!

I'm thrilled to hear you guys found another system with potential. Seems great strides have been made recently with changes and emphasis on the trend. I'm also a huge fan of multiple timeframe analysis.

I've been busy honing my skills on the US equities and rather enjoying it. Going to stay focused there for a few months then come back to the wild world of Forex when I'm ready. There is just something so addicting about trading currency.

SG, not sure exactly what you guys have been discussing, as I have not followed closely, but it sounds like something to do with multiple timeframe analysis. If you don't like flipping charts all the time, there are MT4 indicators where you can overlay a moving average from another timeframe. It ends up looking choppy since it will flatline across a small chart, but it works.

iHub's finest right here: http://www.wgmd.com/?p=24928

It's because snack is a legend.

Silver has been propped up way beyond reasonable value for months now. This correction is long overdue and should be pretty strong. I see ZSL having trade opportunities for weeks to come. Also, the dollar is strengthening and that adds more fuel to the fire.

Our special forces just assassinated Crocodile Dundee, 80% of Australia's revenue.

I wonder if they'll let me change my name to Jedi RDHmnly as a tribute to the great Jedi RDHLightHelmet.

Ok, I see what you mean. This hits home for me because I'm a big fan of the MACD, especially 8,17,9. But I am slowing it down so I can see what you see. One thing I've found is that the MACD seems more accurate on tick charts, which i use on thinkorswim. I will keep these up and observe carefully. Thanks for the informative reply,it is always helpful!

One question I have is why is it necessary to have all three MACDs up for a pincher? Couldn't the same result be obtained with just one MACD and watching it move into extreme high or low territory?

Git, he doesn't understand it one bit. It's almost as if he wants to see prices rise and for us to suffer so that he can further his alternative energy agenda.

What he fails to realize is that we can and should do both. Drill now and bring prices down while at the same time spend more time and money on developing alternative energy. This does not have to be an all or nothing issue. Ease the pain now, build for the future.

I've eased up on my Forex trading and focusing on ETFs for now. Will be back to the Forex game again when I'm ready. But I'm still paying attention. This is one smart group for sure.

Have a great Easter all!

Thanks SG, I actually thought it was similar to that, but I wanted to hear it in your words. That EMA62 is a valuable tool, but I've never looked at CCI. Still working with my good ol MACD 8,17,9.

Yes sir. Quick profits!

I think our scans are really kicking ass now. Got one that is returning 91% winners right now and a few others over 70%. Just gotta be real patient for the right ones to show up.

SG,

You put a lot of emphasis on determining support and resistance, as it shows on the chart. Once you see it approaching an S/R point, how do you determine if it respects it once it reaches it? Or, how do you determine if it blow right through it? This G/U chrt is an excellent example of it hitting support multiple times, but I don't know how you can tell that it isn't continuing down in the spots where it went below the purple line.

That Barry Bonds signed rookie really tanked.

MMI looks like a good short too.

PFE looks primed for another move up.

It is great advice. I'm going to use my demo account and practice it on the news releases. I like the idea of having the orders in before the spread widens and the momentum starts.

Interesting, I've never thought of putting in two orders. I'll watch closely for a bit then. There is a lot of momentum when news is big enough.

SG, do you ever trade futures? I've read that they are the least manipulated market.

Since when are you watching for Elliott Waves? ;)

Yes you are. Jedi ReDHead.

Did you enjoy it? It really opens your eyes to charting doesn't it?

Looks like Ghadafi might want to go out with guns blazing. Very sad.

As for OANDA, they only run the spread to 50 for a couple minutes. If you aren't looking for it, you won't even notice. One company I'm looking at is MBTrading, but I need to call them first and see if they run their spreads high on news. I'll report back when I find out. They do support MT4 as well as a few other platforms. They also have Level 2 for Forex which is interesting. Not sure if it's useful, but it's one more tool to explore.

Folks, I've been following this guy for a little while now and he has an interesting approach to trading Forex that has been highly accurate when I watch it. His name is Henry Liu and he trades news releases.

http://www.henryliuforex.com/

Rather than trading around news, he trades on it. He looks at the news that has "major" impacts and uses the difference between the forecasted and actual numbers to determine the direction of the trade and the pair he'll use. If the difference is larger than his specified number, you can get a quick pop for 20-50 pips. The trade can last anywhere from 20 minutes to a couple hours.

For OANDA users, you can't do it because OANDA moves the spread to 50 pips on the news releases (makes you wonder how often you've been stopped out of a trade when you shouldn't have). I'm switching brokers specifically for this reason. But for anyone else, this can be a good way to augment your current trading strategy.