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Cable Update (GBPUSD)

  • #460,041
  • May 3, 2018 8:27am May 3, 2018 8:27am
Quoting Nala66
{quote} See if this helps you... {image}
I understand the bull support, just that the bear support seems harder to grasp :3
  • #460,042
  • May 3, 2018 8:50am May 3, 2018 8:50am
Quoting Nala66
{quote} See if this helps you... {image}
Hey man

1H to determine overall trend.
5 minute for entry with stop at low or high back over bull/bear support.
Your 3 targets mate, I have a good idea but could you please confirm them.
I am nearly there.

Also today is in range pending breakout, surely higher risk of stopped out.

Today is a Range only according to the more distant bull bear support. Not the immediate bull bear support.

I know breakout could occur today but I am speaking about the strategy you use, according to 1H there is no trend today on daily. Are we on the same page?

FYI for all you about to question my no trend comment, I am trying to figure out nalas strategy and wish to know if we are viewing the same thing.
Attached Image
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  • #460,043
  • May 3, 2018 8:54am May 3, 2018 8:54am
Quoting tunamelt
{quote} I understand the bull support, just that the bear support seems harder to grasp :3
You can call bear support bull resistance if you like, however I prefer the bears FIND support and then the bulls MEET with the exact same level as resistance. This is why the lines are projected sideways so we know later down the track where the level is.

Why can't both sides FIND support for their move and MEET with resistance at these same levels later? Look at my charts and you will see this happens all the time.

Why do we have to call tops as resistance and bottoms as support, who dreamed that up in the first place.
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  • #460,044
  • May 3, 2018 9:04am May 3, 2018 9:04am
Supports are supports only because it interests genuine buyers to buy (buyers with real need) resistance are resistance because it interests genuine sellers to sell (sellers with real need to dispose)… there are many real buyers and sellers in the market hence various levels. Buyers with large quantities may buy over several levels so does sellers.
  • #460,045
  • May 3, 2018 9:12am May 3, 2018 9:12am
Quoting Trade-G
1.35995 region to watch
Hence the region of 1.35995 remains resistance, should 1.3570 goes that's it
  • #460,046
  • May 3, 2018 9:25am May 3, 2018 9:25am
Quoting Nala66
{quote} You can call bear support bull resistance if you like, however I prefer the bears FIND support and then the bulls MEET with the exact same level as resistance. This is why the lines are projected sideways so we know later down the track where the level is. Why can't both sides FIND support for their move and MEET with resistance at these same levels later? Look at my charts and you will see this happens all the time. Why do we have to call tops as resistance and bottoms as support, who dreamed that up in the first place. {image}
What about using the macd? I have applied this and it is preventing many false entry.
What do you think mate?
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  • #460,047
  • May 3, 2018 9:26am May 3, 2018 9:26am
Quoting hippiedog
{quote} Hey man 1H to determine overall trend. 5 minute for entry with stop at low or high back over bull/bear support. Your 3 targets mate, I have a good idea but could you please confirm them. I am nearly there. Also today is in range pending breakout, surely higher risk of stopped out. Today is a Range only according to the more distant bull bear support. Not the immediate bull bear support. I know breakout could occur today but I am speaking about the strategy you use, according to 1H there is no trend today on daily. Are we on the same page?...
G'day Hippiedog

The 1 hour is not only for the current trend, this is also where we can find the support levels and the retest of them being resistance no matter which way the trend is going. i.e Support becomes Resistance later down the track.

As the price approaches the EMA or as it gets too far away from it we will see an entry on either the 1 minute of the 5 minute chart. So we are taking inference from the 1 hour and trading it at the lower time frames. If it is the special case where a support is being found we will also see this at the lower time frames also.

If we can see that the average has FAILED to make a HH then it will attempt to make a LL and sometimes we have to look way back on our chart to find these average swings highs and lows.

I don't have 3 targets I try to get three entries on and exit them all at the same time. If I can only get one trade on I have to make 120 pips to double my account, if I can get the three entries on then I only need 40 pips i.e 120/3 from the last entry. By never adding to a losing trade and compounding a winning trade in this way then the returns are very much greater than the losses.

So it becomes a matter of finding good entries coupled with aggressive trading and minimizing the losses always looking for evidence to close.

Today has not been a good day at all, I have only made 32 pips so a long way to go to 120. But there is always another day.
  • #460,048
  • May 3, 2018 9:40am May 3, 2018 9:40am
Quoting Trade-G
1.34859 can be tested.
We could be having a lower low either today or tomorrow
  • #460,049
  • May 3, 2018 9:40am May 3, 2018 9:40am
Quoting Nala66
{quote} G'day Hippiedog The 1 hour is not only for the current trend, this is also where we can find the support levels and the retest of them being resistance no matter which way the trend is going. i.e Support becomes Resistance later down the track. As the price approaches the EMA or as it gets too far away from it we will see an entry on either the 1 minute of the 5 minute chart. So we are taking inference from the 1 hour and trading it at the lower time frames. If it is the special case where a support is being found we will also see this at...
G'day mate

Yes seriously looking at this, over night charges and lack of sleep have kicked my ass a few good times in the past.

What do you think about macd? I would presume that this could work quite effectively in binary options? Not that I am a binary options trader, but it is potentially a good one, right?

I need a vacation, glad to see you had good one fishing.

Cheers mate
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  • #460,050
  • May 3, 2018 9:41am May 3, 2018 9:41am
what a day - the dollar packs a big punch $$
  • #460,051
  • May 3, 2018 9:41am May 3, 2018 9:41am
Quoting hippiedog
{quote} What about using the macd? I have applied this and it is preventing many false entry. What do you think mate?
Well I don't like to use any indicators at all other than the EMA but the RSI gives me additional information I can use sometimes. For example I could see that the RSI was in divergence with itself on that 3 trades short on the 5 min so that tells me to get out and go long.

I also use test lines on the RSI for entries in the direction of the trend. Look at this chart below and you will see the black RSI below the 50% but the red is above, these indicate shorts and the test line confirms the entry. There are more but I don't want to confuse you..

The MACD tells me very little so I don't use it out of choice.
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  • #460,052
  • May 3, 2018 9:45am May 3, 2018 9:45am
Good night, still no signs of reversal for me yet....
  • #460,053
  • May 3, 2018 9:46am May 3, 2018 9:46am
Quoting Nala66
{quote} Well I don't like to use any indicators at all other than the EMA but the RSI gives me additional information I can use sometimes. For example I could see that the RSI was in divergence with itself on that 3 trades short on the 5 min so that tells me to get out and go long. I also use test lines on the RSI for entries in the direction of the trend. Look at this chart below and you will see the black RSI below the 50% but the red is above, these indicate shorts and the test line confirms the entry. There are more but I don't want to confuse...
Yeah seriously interesting stuff. I don't know yet if I am on the same page, but I got the macd to amplify the best entry and the ATR I am looking at different settings for a pip count for TP.
Have you used the ATR yet on this for targets?
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  • #460,054
  • May 3, 2018 9:51am May 3, 2018 9:51am
Quoting hippiedog
{quote} Yeah seriously interesting stuff. I don't know yet if I am on the same page, but I got the macd to amplify the best entry and the ATR I am looking at different settings for a pip count for TP. Have you used the ATR yet on this for targets?
Example: the failure with order, what was the ATR value of the fail high or low at that point, not at the next test or break but the fail only. So just having a look at this.
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  • #460,055
  • May 3, 2018 9:54am May 3, 2018 9:54am
Quoting Trade-G
{quote} We could be having a lower low either today or tomorrow
Shift your stops accordingly..... sometimes I am talking to myself
  • #460,056
  • May 3, 2018 9:57am May 3, 2018 9:57am
Quoting Trade-G
{quote} We could be having a lower low either today or tomorrow
Well TG I have been saying all week that 3527 is the next low target and since the bears can't FIND support then this is still on.

Whoops just looked at the chart and it is nearly there.
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  • #460,057
  • May 3, 2018 9:57am May 3, 2018 9:57am
Quoting Nala66
{quote} Well I don't like to use any indicators at all other than the EMA but the RSI gives me additional information I can use sometimes. For example I could see that the RSI was in divergence with itself on that 3 trades short on the 5 min so that tells me to get out and go long. I also use test lines on the RSI for entries in the direction of the trend. Look at this chart below and you will see the black RSI below the 50% but the red is above, these indicate shorts and the test line confirms the entry. There are more but I don't want to confuse...
Yes mate same thing I think, but instead the confirmation is histogram flip of course but signal line must either be at the midline or still in bull if selling or still in bear if buying. There's the divergence, what do think?
Macd 12,26,9.
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  • #460,058
  • May 3, 2018 9:59am May 3, 2018 9:59am
Quoting Nala66
{quote} Well TG I have been saying all week that 3527 is the next low target and since the bears can't FIND support then this is still on. Whoops just looked at the chart and it is nearly there. {image}
Yes I think we are on the same page looking at your image.
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  • #460,059
  • May 3, 2018 10:02am May 3, 2018 10:02am
Quoting Nala66
{quote} Well TG I have been saying all week that 3527 is the next low target and since the bears can't FIND support then this is still on. Whoops just looked at the chart and it is nearly there. {image}
That's great, Its supposed to be a down week this week with either Thursday or Friday having the lowest low..... those in shorts from above could possibly be closing up by tomorrow.... lol
  • #460,060
  • May 3, 2018 10:06am May 3, 2018 10:06am
I am off to bed now but if you see the 1 hour put in an impulse bar taking it below the 3501 average then the next target low will be the 3385 level.
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