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Cable Update (GBPUSD)

  • #695,601
  • Oct 13, 2022 3:39am Oct 13, 2022 3:39am
Quoting billytt
{quote} yes indeed, good. But Wavesr explained it better than moi. What he posted is very similar to how i trade a fail....
billy , dont worry, both of you (including lem) had helped me tremendous to become a better trader. one clue from you, another from waveski and of course my training.
trading is like dancing, don't think and just listen to the music!
  • #695,602
  • Oct 13, 2022 3:40am Oct 13, 2022 3:40am
Quoting WizardTrade
{quote} Hedging is the mother of all profits
so whats his Father
RedcaT 3003
25k Return This Week: na
  • #695,603
  • Oct 13, 2022 3:40am Oct 13, 2022 3:40am
Quoting redcat3003
{quote} so whats his Father
Money Management
WARNING: This post warps space and time in its vicinity.
  • #695,604
  • Oct 13, 2022 3:41am Oct 13, 2022 3:41am
Quoting Waveskierrob
{quote} Hedging gives you time for your original trade to go into profit, stop losses don't, not saying that stop losses are bad, they are just another tool in your arsenal and if used correctly can be beneficial, I just prefer hedging, personal choice
Yes it's a one man army
WARNING: This post warps space and time in its vicinity.
  • #695,605
  • Oct 13, 2022 3:42am Oct 13, 2022 3:42am
Quoting billytt
Quoting Indiara
{quote} I don't really have any experience at long term (or short term for that matter) analysis or forecasting. I trade things as I see them at the time....you've probably noticed! BUT....hee hee hee.....when I see you chart forecast and I look at my own H4 chart I agree with the direction of going up, but I don't know about the levels that the action might stop at on the way up. The reason I say this is because the MACD is looking to turn up, as is the Stochastic (with my own settings). Also, the RSI is hovering around
...

I pretty much do trade in the 'right now', but I use the stoch, rsi and macd do make sure that I can stay with the trend of the moment. I can't swim upstream as I'm not strong enough for that. I check M5, M15 and M30 charts and if they all agree, then I enter on the M15 chart. I have to learn to not wait for my TP if the action drops off or starts going back. I need to get it into my little brain that I should take the pips on offer and not try to go for the home run every time! I will get there....I will!
I am neither brave nor stupid...I am just a part time trader
  • #695,606
  • Oct 13, 2022 3:42am Oct 13, 2022 3:42am
Quoting Indiara
{quote} No I have never tried that, what type of moving average do you suggest? My MACD settings are standard 12, 26, 9 but I remove the histogram part so I am just left with 2 lines, the Signal line and the MACD line. It works like a stochastic. Stochastic settings are: K period = 38, D Period = 18 and slowing = 13. MA is set to LWMA and Price Field is set to Close/Close
The default tradingview rsi uses an sma moving average. I am not sure if it is a moving average of the RSI or the underlying price movement.

For MACD I tend to use 8 and 12 with 5 as a signal line.

For stochastic in the 5 min and under time frame, k=8 and 3 for slowing.

Thanks!
  • #695,607
  • Oct 13, 2022 3:43am Oct 13, 2022 3:43am
Quoting Waveskierrob
{quote} Hedging gives you time for your original trade to go into profit, stop losses don't, not saying that stop losses are bad, they are just another tool in your arsenal and if used correctly can be beneficial, I just prefer hedging, personal choice
well said,

I still have a short question because: if I have to leave urgently but a hedge is still open, should I delete the TP?

So specifically, for example, 2 SHORTS with TP on the average price and 1 LONG with TP+1.

add another LONG and delete TP until I come back to trading?
trading is like dancing, don't think and just listen to the music!
  • #695,608
  • Oct 13, 2022 3:44am Oct 13, 2022 3:44am
Quoting WizardTrade
What does a neckline say to price movement? Come on Come on Kiss ME {image}
The price can spike up to 1.122xx then a massive drop instantly. Gear up today.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 44 KB
WARNING: This post warps space and time in its vicinity.
  • #695,609
  • Oct 13, 2022 3:45am Oct 13, 2022 3:45am
Quoting WizardTrade
{quote} Money Management
WoooW
graet family
Money management couple hedge trading
with no children ?
RedcaT 3003
25k Return This Week: na
  • #695,610
  • Oct 13, 2022 3:46am Oct 13, 2022 3:46am
Quoting billytt
{quote}{quote} quote. Cable daily RSI, oversold. IT's BOLLOCKS. {image}
Yes, I don't believe in 'oversold' or 'overbought'......I agree that it's silly. A unit will be oversold when the sellers have finished selling and the buyers have taken over, and not before. But rsi above 50 is a reasonable indication the Buyers are in control....same for the sellers under 50. Id no guarantee of course, but nothing is certain until the pips are in the bank
I am neither brave nor stupid...I am just a part time trader
  • #695,611
  • Oct 13, 2022 3:46am Oct 13, 2022 3:46am
Quoting redcat3003
{quote} WoooW graet family Money management couple hedge trading with no children ?
With profits as their children come on, we are not family planning guys
WARNING: This post warps space and time in its vicinity.
  • #695,612
  • Oct 13, 2022 3:46am Oct 13, 2022 3:46am
Quoting WizardTrade
{quote} Money Management
no Patience is the father, Money management is the grand daddy
  • #695,613
  • Oct 13, 2022 3:47am Oct 13, 2022 3:47am
Quoting Waveskierrob
{quote} no Patience is the father, Money management is the grand daddy
Well, daddy is a daddy even if it is a grand one
WARNING: This post warps space and time in its vicinity.
  • #695,614
  • Oct 13, 2022 3:49am Oct 13, 2022 3:49am
Quoting Indiara
{quote} No I have never tried that, what type of moving average do you suggest? My MACD settings are standard 12, 26, 9 but I remove the histogram part so I am just left with 2 lines, the Signal line and the MACD line. It works like a stochastic. Stochastic settings are: K period = 38, D Period = 18 and slowing = 13. MA is set to LWMA and Price Field is set to Close/Close
Keep in mind what the MACD is actually showing. The MACD line is the difference between the slow and fast MAs. So this is already showing momentum. The signal line is just showing you a smoothed view of the MACD (momentum) line.

So the MACD cross signal is just showing that the momentum is increasing(decreasing) relative to its AVERAGE value, which isn't actually of much importance to know.
To free Gazans of Hamas, use whatever it takes.
  • #695,615
  • Oct 13, 2022 3:49am Oct 13, 2022 3:49am
Quoting Indiara
{quote} Yes, I don't believe in 'oversold' or 'overbought'......I agree that it's silly. A unit will be oversold when the sellers have finished selling and the buyers have taken over, and not before. But rsi above 50 is a reasonable indication the Buyers are in control....same for the sellers under 50. Id no guarantee of course, but nothing is certain until the pips are in the bank

I use the price exiting from overbought and oversold area as a direction change confirmation only.
  • #695,616
  • Oct 13, 2022 3:51am Oct 13, 2022 3:51am
Quoting birdland
{quote} well said, I still have a short question because: if I have to leave urgently but a hedge is still open, should I delete the TP? So specifically, for example, 2 SHORTS with TP on the average price and 1 LONG with TP+1. add another LONG and delete TP until I come back to trading?
..if you need to go out yes just delete all TP's and even out you trades 2 xSHORTS = 2 x LONGS no TP no SL
  • #695,617
  • Oct 13, 2022 3:53am Oct 13, 2022 3:53am
Try hard bulls showing their face but bears are fully in control
WARNING: This post warps space and time in its vicinity.
  • #695,618
  • Oct 13, 2022 3:58am Oct 13, 2022 3:58am
CPI data for the last 6months
Will the Oct figures be the same as Sept- A mixed data?
Attached Image (click to enlarge)
Click to Enlarge Name: CPI.png Size: 13 KB
May be we might get the YoY below or equal as consensus and core higher than consensus
More time in the market, does not mean you trade better!
  • #695,619
  • Oct 13, 2022 3:59am Oct 13, 2022 3:59am
Quoting Yngwie
1.1050 preferable Long
Inside candle 30M chart. Now we fly make some progress
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #695,620
  • Oct 13, 2022 4:00am Oct 13, 2022 4:00am
Quoting dantpm
{quote} I use the price exiting from overbought and oversold area as a direction change confirmation only.
Yes, me too.

I think what billytt refers to is that some people sometimes say that the rsi (or whatever) is very 'oversold' which they take to mean that the action is about to change and should be not sold as it would be dangerous. To me it shows that the sellers are in control and is a good time to sell, if everything else agrees of course.
I am neither brave nor stupid...I am just a part time trader
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