We will start with a simple drawing of a few correlated moo rivers on Cable.
Now, I welcome your comments over the next few weeks as to what you see from these moo rivers and what your trading plans are according to the moo river watch on cable and what your results are and what modifications you have made to improve your results.
Good luck.
seems nobody is interested in learning about drawing the moo rivers, no matter, I will just have to provide free fish instead.
ReplyDeleteam very interested, though prob need the weekend to practice and get my head round some of the indicators.
ReplyDeleteps, im pretty certain im not Bongo! Not sure of the best way for me to prove it.
What is your alias on III, my friend? You seem to be reading my posts there as well.
ReplyDeleteAnyways, Bongo is a friend, I wish him well and I wish you well too. At least, you are the only one who is keeping me company here, though I do seem to have a few visitors all over the places.
Have a nice weekend.
hey trigger,
ReplyDeletevery keen to find out what all this moo river business is about. you seem to be the man on iii so i'm all ears.
Hi, Blake,
ReplyDeleteThanks for your visit and your interest.
It is a very long story and I have to leave it for you to discover what it is all about. It is sufficient to say that it is a work in progress, and it belongs to the technical analysis school and trend channel trading.
good luck.
On top of that, Blake, there is a free open source 'ebook' on this moo river trading system, on III and here in the posts.
ReplyDeleteIt will take some time to get used to it though.
regards
it looks so clear now. I am going print off and have a practice this weekend
ReplyDeleteLearning to Fish.
ReplyDeleteBased on the above chart and my moos drawings since on price,RSI and Momentum. Bollinger bands and Fib.
Cable
Based on 30 year charts
The timeframes I am primarily concerned with are, Weekly and daily.
Weekly
I have been closely watching the upper Bollinger line. Since May it has been hugging the Uboll and has been steadily widening the bands. A partial Doji was formed WE 26 jun, with a failure to reach the Upper WE 3July. Last week we comfortably broke away.
The US moo on weekly price (lows 13/3, and 24/4) Since this US was created we have been steadily raising the UB with the high point on 5jun, since then we have failed to reach the UB and have bounced along the MB in tandem with the upper boll. Last week we clearly breached the MB. I am now looking for the MB to act as resistance, to see whether the LB can be breached enroute to the midd Bollinger.
Also of note on the weekly is the fib from the highs last july to the lows in Jan. Now the 23% acted as resistance through April and up until the LB for this US was formed. Following the break the rise to 38% was swift and comfortably taken out. The real tests Imo are always the 50% and 61% mark. I could argue that 50% was near enough achieved (1.677), hence the need for a correction to the 1.5500 area (38% retract from above high.) Also mid bolly.
Daily
First thing I have noticed is the potential correlation between cable and FTSE. With a similar 3 peaks thing happening on cable,at the stage where we have had points 8 and 9 and are reaching for 10.
DS river on daily price (high 30/6 and 9/7). Eyes on UB 1.6250.
Bollinger. Bounced off mid line. Watching to see if bands widen with DS.
Conclusion.
The possibility for a short-term pullback based on the DS Moo Rivers on daily and hourly price and RSI are quite clear. The US on daily (feb high and Jun high) is also heading towards the MB following a failure to reach the UB.
All of the above points to a short-term pullback to 1.58. With a domed house and FIB retracement a lower target of 1.55 is also reachable in my opinion.
An entry at 1.65 would have been a tier 1 trade. At 1.635 I would look to sell based on the daily DS, taking half profits at MB 1.6100. With remainder stop at B/E. Will watching daily/hourly RSI and momentum for indications of a reversal.
good work, nbt
ReplyDeletebe careful with shorts under $1.65
ReplyDelete