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Cable Update (GBPUSD)

  • #2,401
  • Dec 19, 2006 2:03am Dec 19, 2006 2:03am
Gotta' love this forex trading. Got my 25 to make the day and now looking for the money to play with.
  • #2,402
  • Dec 19, 2006 2:04am Dec 19, 2006 2:04am
Quoting dobbie11
Here is my last trade. This is a very good scapling system. Set your BB band at 18 - Close - 2 Deviation, a 3 EMA Close, MACD - Set 8-18-9, RSI -14. When 3 ema crosses the center BB band and the MACD bar is above zero and the RSI is above 50 go long. The Stoch is set at 9-3-3 and is used to exit when it is 80 and breaks 80 itis a good time to exit the trade. Start with 5 to 10 pips till u get the hang of it. Do the oppisite for a short. Happy trading
Seems like a nice scalping system there. Just to clarify, do you only trade if the ema crosses while MACD is above 0 and RSI is above 50, or would you also trade if there was an ema cross followed by RSI going above 50 and MACD going above 0 i.e. does the order in which the crosses occur matter?
  • #2,403
  • Dec 19, 2006 2:05am Dec 19, 2006 2:05am
just lost 25pips thinking gbp was gonna south
  • #2,404
  • Dec 19, 2006 2:05am Dec 19, 2006 2:05am
looks like fighting resist at 550
Right teaching produces right believing leads to right living. - J.P
  • #2,405
  • Dec 19, 2006 2:07am Dec 19, 2006 2:07am
Strong move up - thinking about closing my short from 1.98 and forgetting about forex till the New Year. More fun to be had on the stock indices.
  • #2,406
  • Dec 19, 2006 2:08am Dec 19, 2006 2:08am
This for sure looks like a "V" getting ready to form... Talk about them hunting the stops.
  • #2,407
  • Dec 19, 2006 2:09am Dec 19, 2006 2:09am
wow!!!!! got to love the cable
  • #2,408
  • Dec 19, 2006 2:10am Dec 19, 2006 2:10am
70 pips in 20 minutes - I've never seen a London "V" like that. Looks like weird holiday trading - anything could happen.
  • #2,409
  • Dec 19, 2006 2:10am Dec 19, 2006 2:10am
U think it might reverse....just wanted ur opinion
Quoting mmccormac
This for sure looks like a "V" getting ready to form... Talk about them hunting the stops.
  • #2,410
  • Dec 19, 2006 2:11am Dec 19, 2006 2:11am
any comments, ken? scarey for me
Right teaching produces right believing leads to right living. - J.P
  • #2,411
  • Dec 19, 2006 2:12am Dec 19, 2006 2:12am
Price stalled at 9575 where the 233 & 144 EMA's are both sitting. I went short at 9574 with a stop above the next big figure. Price should go down now.
  • #2,412
  • Dec 19, 2006 2:12am Dec 19, 2006 2:12am
Quoting notouch
70 pips in 20 minutes - I've never seen a London "V" like that. Looks like weird holiday trading - anything could happen.
I have... Many times.
  • #2,413
  • Dec 19, 2006 2:12am Dec 19, 2006 2:12am
I don't think it's going to go back down. In the next two weeks we might even see the year high taken out by stop hunters. Maybe we'll see $2 after all.
  • #2,414
  • Dec 19, 2006 2:13am Dec 19, 2006 2:13am
im hopeing that cleared the stop losses it was looking for. and time for the reversal!
  • #2,415
  • Dec 19, 2006 2:15am Dec 19, 2006 2:15am
Quoting mmccormac
Price stalled at 9575 where the 233 & 144 EMA's are both sitting. I went short at 9574 with a stop above the next big figure. Price should go down now.
what's that next big figure, may i ask?
Right teaching produces right believing leads to right living. - J.P
  • #2,416
  • Dec 19, 2006 2:16am Dec 19, 2006 2:16am
Quoting mmccormac
Price stalled at 9575 where the 233 & 144 EMA's are both sitting. I went short at 9574 with a stop above the next big figure. Price should go down now.
In addition to those two EMA's at 9575 (1hr chart) there is a Fib level at 9580 from the last major move down. A hold and close above that figure would change the situation.
  • #2,417
  • Dec 19, 2006 2:16am Dec 19, 2006 2:16am
Are you calling a sell at 1.9575? Brave man.
  • #2,418
  • Dec 19, 2006 2:16am Dec 19, 2006 2:16am
Quoting barakah
any comments, ken? scarey for me
My plan is to just try to take a bit from each move. The moves will most likely be exaggerated because of the season. We hit major resistance @ 9572. Just take a little when you can
  • #2,419
  • Dec 19, 2006 2:18am Dec 19, 2006 2:18am
This is why it is advised to wait for it to cross back down before getting in... The London open can be crazy. I have an order in but my risk is limited.
  • #2,420
  • Dec 19, 2006 2:20am Dec 19, 2006 2:20am
Thanx...just covered my 25pip loss with a 27pip profit. Short @ 9570
Quoting mmccormac
Price stalled at 9575 where the 233 & 144 EMA's are both sitting. I went short at 9574 with a stop above the next big figure. Price should go down now.
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