Potential breakout on the GBP/AUD...

xelite777 · Dec 17, 2013

This is the 15 min chart. Hard to say which way it will break, even though the downside is the logical path with this type of configuration...

xelite777 · Dec 17, 2013

uh-uh, GBP/AUD is going down, or at least it seems that way...

xelite777 · Dec 17, 2013

Short at 1.8240

Let's go GBP/AUD

xelite777 · Dec 17, 2013

Stopped at 1.8270 (30 pip loss).
Possible short re-entry later if price goes back to original entry point.
Never argue with the market.

Maverick74 · Dec 17, 2013

Are these the models with "edge" you were talking about?

xelite777 · Dec 17, 2013

Quote from Maverick74:

Are these the models with "edge" you were talking about?

What models Maverick?

Maverick74 · Dec 17, 2013

Quote from xelite777:

What models Maverick?

Quote from xelite777:

Show us the proof!!

Show us that markets behave differently over the years.

Show us that, over the years, they cease to respond to trendlines and support and resistance levels, for example.

I am talking about purely mechanical trading system with clearly defined rules, not subjective discretionary systems (what I call B.S. systems).

Well I do not have ten (10) different profitable trading systems, only a couple. But so far the preliminary results have been quite good indeed.

xelite777 · Dec 17, 2013

Quote from Maverick74:

Oh that? No, these are simple chart-pattern based trades that I also like to place on the sideline, while waiting for signals from my purely mechanical systems.

But make no mistake, the way I draw these support and resistance lines and then later pull the trigger may seem subjective at first glance but it is only an illusion, if I tell 10 traders the exact rules I use they will all draw them exactly the same way and place the trade at the same exact entry point.

Hope this clarifies.

xelite777 · Dec 18, 2013

Here we have an interesting situation on the AUD/USD (15 min).
A breakdown is clearly already in progress and if the price touches the resistance line and bounces back I will initiate a short trade.

xelite777 · Dec 18, 2013

Quote from xelite777:

Here we have an interesting situation on the AUD/USD (15 min).
A breakdown is clearly already in progress and if the price touches the resistance line and bounces back I will initiate a short trade.

As expected, the Australian dollar touched the now resistance line but the price was quickly and immediately rejected, allowing me to initiate a short position at 0.8905 (over 50 pip profit so far and stop has been moved to break-even).