Joined Jul 2006
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Status: Trading Since 1999
|166 Posts
i am not a full time trader - i take 3-4 trades a week at the most and my success rate is close to 80%
I use simple tech analysis with fundamentals thrown in - use simple indicators - one propreitary written on dealbooks and a couple more like RSI and Bollinger Bands. I like to catch trends like almost all of us here so i thought i should share this about the cable
Using a 10 exponential period (which is something i use always) the trend is as below:
Monthly - LONG
Weekly - LONG
Daily - LONG
4 hours - LONG
1 hour - SHORT
Bollinger bands and RSI are all pointing long as well. My 2 cents.
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Additional Username
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Joined Jun 2006
|787 Posts
Thanks for sharing. I like the 10 also. It's been holding the GU short all day and is sitting right on it now on the 4 hour chart. Actually on further review it is above 96.19 (10ema)
i am not a full time trader - i take 3-4 trades a week at the most and my success rate is close to 80%
I use simple tech analysis with fundamentals thrown in - use simple indicators - one propreitary written on dealbooks and a couple more like RSI and Bollinger Bands. I like to catch trends like almost all of us here so i thought i should share this about the cable
Using a 10 exponential period (which is something i use always) the trend is as below:
Monthly - LONG
Weekly - LONG
Daily - LONG
4 hours - LONG
1 hour - SHORT
Bollinger bands and RSI are all pointing long as well. My 2 cents.
ok thanks. I dont know if you guys follow that guppy MA concept but I feel it works well with pivots. You have the short term traders and longer term investors and whatever in between. Take a daily pivot and make it a continuous line so that you can see the value for every day on the chart. Next create another pivot be it a weekly pivot or monthly. Take the diff between the two and plot it as a histogram. Then find the avg and standard deviation and plot two bands, 2 std deviations from the mean on each side. As the daily pivot comes 2 std deviations from the monthly or quarterly even, a reversalis usually coming in price(Great timing tool for carry trade candidates). The key is to wait for confirmation. This indicator can also be used on a smaller scale and that is what I like to call my bubble indicator. I can compare 150 tick pivots with 8000 tick pivots or more to see the interaction between shorter term based traders and daily based. Coupled with some other conditions and it is a very good timing tool. I also feel thatthe crossovers have fewer whipsaws than MA's. Sorry to get off topic, but it is just an explanation of that indicator you may see in my charts from time to time called the mig-PPCD.
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Additional Username
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Joined Jun 2006
|787 Posts
I got filled at my buy stop at .38 and set my stop below the pivot .29. hoping the FX Gods will be kind to me as I leave to go sleep. Best of Luck to all of you. got a bit slap happy with the posting today- promise to go light tomorrow
Cheers
I have to agree with you for 2 reasons, one is that it does indeed look like a head and shoulders in the process of forming the right shoulder (this is the high risk spot in terms of failure to complete the formation).
The second reason is that I use a very effective day trading method which works incredibly well when a pair is not strongly trending. This system can be applied to this case although it is not an ideal situation for that system. According to that system, the pair is about to turn down with a minimum target of 9590 or lower most likely in the next 3 hours or so. The system does not predict beyond that although there may be much more downside potential.
