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Cable Update (GBPUSD)

  • #3,761
  • Dec 28, 2006 1:46pm Dec 28, 2006 1:46pm
I was wondering why I was anticipating every major trends for each day of this week and came up with loser trades, most of the times...

The answer has just kicked me in the balls, right now...

I kept looking at the broader charts (1hr and 4hr) to check whether or not it was going ok. BUT USED 15 min or 30 min charts to trade !!!

In the end, I was always getting too late of sudden moves and getting out too soon of 15min candles coming against me.... Looking back at my trades, NONE OF THEM made sense in the 1hr and 4hr....

Paid a good deal of $ to come up with this... Hope you beginners to learn with my cash, because this is not TRADING, this is stinking GAMBLING!

Comments always welcome
  • #3,762
  • Dec 28, 2006 1:50pm Dec 28, 2006 1:50pm
hey ces,
I think thats great when people look back over what they did wrong. Many choose to just ignore and chalk it up to the market. Things finally clicked for me when I stopped antcipating anything, and simply do what the market is telling me to do.



Mike

Quoting cesarnc
I was wondering why I was anticipating every major trends for each day of this week and came up with loser trades, most of the times...

The answer has just kicked me in the balls, right now...

I kept looking at the broader charts (1hr and 4hr) to check whether or not it was going ok. BUT USED 15 min or 30 min charts to trade !!!

In the end, I was always getting too late of sudden moves and getting out too soon of 15min candles coming against me.... Looking back at my trades, NONE OF THEM made sense in the 1hr and 4hr....

Paid a good deal of $ to come up with this... Hope you beginners to learn with my cash, because this is not TRADING, this is stinking GAMBLING!

Comments always welcome
  • #3,763
  • Dec 28, 2006 1:52pm Dec 28, 2006 1:52pm
cesar,

nothing wrong with looking to higher time frames for directionl biases, but always make sure your setups make sense on the timeframe that they are taken. I don't like to trade 4 hr charts in general because i find myself trying to force 15 min stops on them, which absolutely will get you killed.
Man who scratches ass should not bite fingernails
  • #3,764
  • Dec 28, 2006 1:58pm Dec 28, 2006 1:58pm
The pattern we are seeing right now is a classic i like to call hopes and dreams. Picture it, you went long just above yesterdays high looking to hit 9720. Price turned on you, but for some reason you didn't get out. You swore up and down that if it came back to breakeven, you would get out, but now that it is, you still think you can make it to the 97's so you hold on. Do you know where this story goes, do you see the pattern? Watch out, this is a sleeping monster getting ready to take off to the short side. Just an opinion.
Man who scratches ass should not bite fingernails
  • #3,765
  • Dec 28, 2006 1:59pm Dec 28, 2006 1:59pm
Quoting Leugimp
cesar,

nothing wrong with looking to higher time frames for directionl biases, but always make sure your setups make sense on the timeframe that they are taken. I don't like to trade 4 hr charts in general because i find myself trying to force 15 min stops on them, which absolutely will get you killed.
THAT was my problem... Here's what I did: I tracked my trades back and found where I was in the 1hr and 4hr charts. Although my decision was making sense in the 15 or 30 min, 1hr and 4hr charts were already showing otherwise.

Bottom line, loosing that much means that this is wrong. Period. I'm trying with 1hr checking 4hrs and 15min as back up information. But going along with my 1hr charts and indicators. I would have won most of the time if I was doing that, looking back now...

Well, show must go on...
  • #3,766
  • Dec 28, 2006 2:00pm Dec 28, 2006 2:00pm
ive been long the the chf for awhile now almost at first take profit level, this is going right along with the larger time frames. chf just had a mroe clear picture then the gbp but same stuff :
  • #3,767
  • Dec 28, 2006 2:00pm Dec 28, 2006 2:00pm
Quoting Leugimp
The pattern we are seeing right now is a classic i like to call hopes and dreams. Picture it, you went long just above yesterdays high looking to hit 9720. Price turned on you, but for some reason you didn't get out. You swore up and down that if it came back to breakeven, you would get out, but now that it is, you still think you can make it to the 97's so you hold on. Do you know where this story goes, do you see the pattern? Watch out, this is a sleeping monster getting ready to take off to the short side. Just an opinion.
Were you sitting by my side here?!?!?
  • #3,768
  • Dec 28, 2006 2:05pm Dec 28, 2006 2:05pm
Quoting cesarnc
THAT was my problem... Here's what I did: I tracked my trades back and found where I was in the 1hr and 4hr charts. Although my decision was making sense in the 15 or 30 min, 1hr and 4hr charts were already showing otherwise.

Bottom line, loosing that much means that this is wrong. Period. I'm trying with 1hr checking 4hrs and 15min as back up information. But going along with my 1hr charts and indicators. I would have won most of the time if I was doing that, looking back now...

Well, show must go on...

I follow the 1hr chart and when my signals are good I check the 15 and 5 min for a buy point. This system has been working well for me and I hope it is not a fluke
Greed Kills
  • #3,769
  • Dec 28, 2006 2:07pm Dec 28, 2006 2:07pm
Come on baby TANK down to today's 38.2 Fib line around 9602!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,770
  • Dec 28, 2006 2:08pm Dec 28, 2006 2:08pm
it is one thing to say a trend is strong because opposite information cannot seem to reverse it. I don't think that is the case here. We are saying the trend is strong because with $ positive news, $ doesn't rebound, yet we arent acknowledging that we are lacking major volume. Think about the large corps and banks that come in next week to offset their positions. This market is already close to 70%long, nowhere to really go but down.
Man who scratches ass should not bite fingernails
  • #3,771
  • Dec 28, 2006 2:10pm Dec 28, 2006 2:10pm
Quoting mbqb11
ive been long the the chf for awhile now almost at first take profit level, this is going right along with the larger time frames. chf just had a mroe clear picture then the gbp but same stuff :

You mean short CHF? Long USD/CHF? Or?
Trust price. Know yourself.
  • #3,772
  • Dec 28, 2006 2:26pm Dec 28, 2006 2:26pm
Sucks, missed a good day was planning to trade today, couldn't be arse'd.

Perfect 12hour range, then came right back to 24hour SMA line, for a nice little 50pip bounce.



I dream of these days and always miss them
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3,773
  • Dec 28, 2006 2:40pm Dec 28, 2006 2:40pm
Quoting mbqb11
ive been long the the chf for awhile now almost at first take profit level, this is going right along with the larger time frames. chf just had a mroe clear picture then the gbp but same stuff :
are u looking at a head and shoulders pattern on the swissy looking for it to stop and reverse around 2239 or so then heading back past 2160s?

or are u seeing something else?
Ghost Swoopen in for my pips while no one is lookin !!
  • #3,774
  • Dec 28, 2006 3:12pm Dec 28, 2006 3:12pm
Anyone seeing this thing retracing down to the 9600 or upper 9500s later today or early into the European session? I'm surprised this thing didn't stay down especially since the US news was good but then again the market will do whatever she wants.
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,775
  • Dec 28, 2006 3:16pm Dec 28, 2006 3:16pm
1.9562
  • #3,776
  • Dec 28, 2006 3:18pm Dec 28, 2006 3:18pm
What is your reasoning on that price target, just curious?
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,777
  • Dec 28, 2006 3:27pm Dec 28, 2006 3:27pm
I'll be perfectly honest and say it's a guess. Somewhat of an educated one - but I would disregard it if I were you
  • #3,778
  • Dec 28, 2006 3:31pm Dec 28, 2006 3:31pm
Quoting SeekingLight
You mean short CHF? Long USD/CHF? Or?
haha yes i meant long usd/chf, this is what 3 hours of sleep does to you. My life is just one big chart pattern

Mike
  • #3,779
  • Dec 28, 2006 5:17pm Dec 28, 2006 5:17pm
Cable today broke out of a daily triangle formation to the upside. This should indicate continued motion upward. This is further bolstered by the fact that Cable rebounded so nicely today even after pro-dollar news.

Up, up and and away for GBPUSD!
Attached Image
  • #3,780
  • Dec 28, 2006 5:24pm Dec 28, 2006 5:24pm
Cable today broke out of a descending 4 hour channel. That should indicate continued upward momentum.
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