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Cable Update (GBPUSD)

  • #35,081
  • Oct 11, 2007 11:28am Oct 11, 2007 11:28am
Quoting peterM
I have tried 5 min charts, but I have never made money with them. I always lose in the end, I have done quite well with weekly charts though. How are you doing with 5 min?
Doing better every day. I think it is a matter of practice. Like biking. It requires attention and a quick finger. I have a very simple screen and just draw quickly trendlines and try to get a feeling for the price action . speed direction, bars etc
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  • #35,082
  • Oct 11, 2007 11:29am Oct 11, 2007 11:29am
Quoting peterM
I have tried 5 min charts, but I have never made money with them. I always lose in the end, I have done quite well with weekly charts though. How are you doing with 5 min?
And just scalp in the direction of the larger trend (daily/weeklu)
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  • #35,083
  • Oct 11, 2007 11:29am Oct 11, 2007 11:29am
I think it will break to the upside, unless the carry unwinds again. I really think kings comments on no rate cute any time soon will add to the support
  • #35,084
  • Oct 11, 2007 11:32am Oct 11, 2007 11:32am
Quoting peterM
I think it will break to the upside, unless the carry unwinds again. I really think kings comments on no rate cute any time soon will add to the support
That is where my finger is
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  • #35,085
  • Oct 11, 2007 11:33am Oct 11, 2007 11:33am
Quoting bullrock
Doing better every day. I think it is a matter of practice. Like biking. It requires attention and a quick finger. I have a very simple screen and just draw quickly trendlines and try to get a feeling for the price action . speed direction, bars etc
I think I might give it a try on demo for a bit.. it must be good when you want to be in the market, but there are no longer term setups about. What spread does your scalping broker use for eur/usd and gbp/usd?
  • #35,086
  • Oct 11, 2007 11:34am Oct 11, 2007 11:34am
Quoting peterM
I think I might give it a try on demo for a bit.. it must be good when you want to be in the market, but there are no longer term setups about. What spread does your scalping broker use for eur/usd and gbp/usd?
I use oanda. The EU is 0.9 now. and the EJ is 2.2
Try just trendlines. and just look the price what is doing. No fibo no nothing just SR and trendlines. Try tthat way
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  • #35,087
  • Oct 11, 2007 11:37am Oct 11, 2007 11:37am
coool.. that is very low. i guess you would need to set stops somewhere, otherwise 1 bad trade could out all of your gains. I guess a stop below the trend line might be a good start.
  • #35,088
  • Oct 11, 2007 11:38am Oct 11, 2007 11:38am
I use 1 or 2 standard lots. and 20 pips is already something that I would go for a day.
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  • #35,089
  • Oct 11, 2007 11:39am Oct 11, 2007 11:39am
Quoting peterM
coool.. that is very low. i guess you would need to set stops somewhere, otherwise 1 bad trade could out all of your gains. I guess a stop below the trend line might be a good start.
3-4 pips sl
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  • #35,090
  • Oct 11, 2007 11:40am Oct 11, 2007 11:40am
And always wait for the close of the bar!!!!!!!!!!!!!
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  • #35,091
  • Oct 11, 2007 11:41am Oct 11, 2007 11:41am
Quoting bullrock
And always wait for the close of the bar!!!!!!!!!!!!!
Excellent point.
Trade what you see, not what you think.
  • #35,092
  • Oct 11, 2007 11:41am Oct 11, 2007 11:41am
thats sure a tiny stop.. you close the position on the close of the 5 min bar?
  • #35,093
  • Oct 11, 2007 11:42am Oct 11, 2007 11:42am
Quoting peterM
thats sure a tiny stop.. you close the position on the close of the 5 min bar?
No I have mistyped the "below/above the trendline" is the good answe
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  • #35,094
  • Oct 11, 2007 11:44am Oct 11, 2007 11:44am
Quoting bullrock
I use oanda. The EU is 0.9 now. and the EJ is 2.2
Try just trendlines. and just look the price what is doing. No fibo no nothing just SR and trendlines. Try tthat way
Still waiting for that LT move to 500-600 Closed my long yesterday at 453 from 335! that was the first decent money I made this month.
Unfortunately I went long again at 414 as it seemed to still want to go to that 550 mark. I still think, based on the W and D that cable is heading that way. So do exactly the opposite and go short. Come on cable head north I dont want to give my money away!!!!
  • #35,095
  • Oct 11, 2007 11:46am Oct 11, 2007 11:46am
now i'm totally lost!
  • #35,096
  • Oct 11, 2007 11:50am Oct 11, 2007 11:50am
Peter I also often switch between TFs to see what is going on... A pin bar on the hourly is an alarming signal.
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  • #35,097
  • Oct 11, 2007 11:51am Oct 11, 2007 11:51am
Quoting peterM
now i'm totally lost!
I trail the SL often. below above the SR or the trendline. Whatever. It is very simple look at a chart and see the breakouts and trendlines.
But this would be another thread. Like scalping the EU ...
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  • #35,098
  • Oct 11, 2007 11:52am Oct 11, 2007 11:52am
I see... I have just got a oanda game account. I didn't realise their platform was webbased
  • #35,099
  • Oct 11, 2007 11:53am Oct 11, 2007 11:53am
How disgusting is seeing this dreaded pair, whose nickname is CHUNNEL, trading exactly as a trending pair should....



And no, I didn't take this long 6946 (23% fib) because I CHICKENED OUT!!!!!!!!!!!!!!!!!!!!!!!
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  • #35,100
  • Oct 11, 2007 11:54am Oct 11, 2007 11:54am
Quoting peterM
I see... I have just got a oanda game account. I didn't realise their platform was webbased
It is. Java platform but works very nicely.
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