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Cable Update (GBPUSD)

  • #57,621
  • Mar 10, 2008 4:41am Mar 10, 2008 4:41am
Quoting morse
why is it buying then?
patience dude and remember no matter how weak it is dollar is still weaker at the moment.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,622
  • Mar 10, 2008 4:44am Mar 10, 2008 4:44am
Quoting nAVIN2007
do u feel different in any way.....or the same? now u have a live account?
i feel like a chicken actually
u c in the demo account i didnt care about MM plus i used to scalp a lot
now i have a set of rules for myself so its like i actually care because the money was wat i saved these couple of months and i dont want to waste it because i didnt invest wisely
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,623
  • Mar 10, 2008 4:45am Mar 10, 2008 4:45am
Quoting salah k.
u are perfectly correct man : MM
i am gonna trade larger time frames and max of 0.1 lot
plus im not looking for a lot of money im just trying to expand the account over time(kinda like putting it in the bank but with higher interest)

if that works out i might increase the capital
thnx man for all ur advice
i'll keep u posted.
write yourself a set of rules to conform to any 1 trade example:
1) only buy or sell in direction of trend
2) risk:reward 1:2
3) buy or sell in dip in direction of trend and so on....

and NEVER not conform to yur rules regardless (goodluck man!!)
  • #57,624
  • Mar 10, 2008 4:51am Mar 10, 2008 4:51am
Quoting nAVIN2007
write yourself a set of rules to conform to any 1 trade example:
1) only buy or sell in direction of trend
2) risk:reward 1:2
3) buy or sell in dip in direction of trend and so on....

and NEVER not conform to yur rules regardless (goodluck man!!)
wise advice i will use it (i already did but i didnt consider the risk:reward part like u put it) so that will definitely be added.

i got one more question though i am thinking between weekly or daily time frames.

wat do u think?
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,625
  • Mar 10, 2008 4:55am Mar 10, 2008 4:55am
Quoting Abuawad
it doesn't matter, but for sure the speed of complete the target depend on who are in the market. for me i enter before london with 1 hour and out with US.
Abuawad

I think it would be good to make that timing part of the system.

For example today, if you looked at the H4 candle an hour before LO, the value was below 2.0188, indicating price should move to the Unknown Area.

Before that time however, the H4 candles opened above 2.0188, indicating price should move to R1.

I hope I am interpreting your system correctly.
Darkness lies one inch ahead..
  • #57,626
  • Mar 10, 2008 4:59am Mar 10, 2008 4:59am
Quoting salah k.
wise advice i will use it (i already did but i didnt consider the risk:reward part like u put it) so that will definitely be added.

i got one more question though i am thinking between weekly or daily time frames.

wat do u think?
right now ....its no trade ..
forget weekly time frame as this is a projection for the week (to far ahead)
use the 4hr time frame which suggest bullish activity but dont trust it till 2.0220 is crossed and wait for a bullish breakout on 15 minute chart to enter...its heavy resistant .cant say it will cross it
if it does then dont enter a trade till the line is retested buy only if it retested and goes north
when ever a line is passed wait for retest cause sometimes its just a dummy signal....

do yur lines on 4hr chart and DO NOT go long unless the green line is crossed and retested..i feel it will fail to pass this point and go down..but we never know
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  • #57,627
  • Mar 10, 2008 5:06am Mar 10, 2008 5:06am
Quoting nAVIN2007
right now ....its no trade ..
forget weekly time frame as this is a projection for the week (to far ahead)
use the 4hr time frame which suggest bullish activity but dont trust it till 2.0220 is crossed and wait for a bullish breakout on 15 minute chart to enter...its heavy resistant .cant say it will cross it
if it does then dont enter a trade till the line is retested buy only if it retested and goes north
when ever a line is passed wait for retest cause sometimes its just a dummy signal....
of course not im not gonna enter till it brakes 2.0250
plus im concentrating a bit more on geppy and silver.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,628
  • Mar 10, 2008 5:14am Mar 10, 2008 5:14am
Quoting salah k.
of course not im not gonna enter till it brakes 2.0250
plus im concentrating a bit more on geppy and silver.
I just realized 2.0250 is miles away ....50 pips ....lmao
  • #57,629
  • Mar 10, 2008 5:41am Mar 10, 2008 5:41am
Quoting nAVIN2007
write yourself a set of rules to conform to any 1 trade example:
1) only buy or sell in direction of trend
2) risk:reward 1:2
3) buy or sell in dip in direction of trend and so on....

and NEVER not conform to yur rules regardless (goodluck man!!)
Your set of rules are similar to mine.. but my risk reward ratio is 2:1

usually risk 70pips to take 35 pips of profit or let the profit run on a low ranging day

and risking 100pips to take on 50 pips or let the profit run on a big ranging day
  • #57,630
  • Mar 10, 2008 5:57am Mar 10, 2008 5:57am
Quoting hellofx
Your set of rules are similar to mine.. but my risk reward ratio is 2:1

usually risk 70pips to take 35 pips of profit or let the profit run on a low ranging day

and risking 100pips to take on 50 pips or let the profit run on a big ranging day
U need to change this...always have a reward greater than the risk
  • #57,631
  • Mar 10, 2008 6:12am Mar 10, 2008 6:12am
Quoting nAVIN2007
U need to change this...always have a reward greater than the risk
I'm a combination of swing and intraday trader so the 1:2 risk/reward ratio doesn't work with my trading style.. ive been trading using that rule on live account for 14 months and it works almost 70% of the time..

but still I'm interested on how your MM work to increase my success rate..

1. what type of trader are you?
2. what leverage are you on?
3. and what % of your capital do your risk per trade?
  • #57,632
  • Mar 10, 2008 6:27am Mar 10, 2008 6:27am
Quoting hellofx
I'm a combination of swing and intraday trader so the 1:2 risk/reward ratio doesn't work with my trading style.. ive been trading using that rule on live account for 14 months and it works almost 70% of the time..

but still I'm interested on how your MM work to increase my success rate..

1. what type of trader are you?
2. what leverage are you on?
3. and what % of your capital do your risk per trade?
im on a demo but i think im going to a position trader.
mm rules never work on scalping but trading on a daily time frame bias mm rules are very important.....entery after support/resistance breakout and SP just behind stress pont (support/resistance) enter with 0.5 mini lot get 20-25 pips exit 80% of position ride the rest...placing SP at break even point..
If u follow this mm rules...20 % u leave can actually give u more sometimes than the 80% u cashed.
Theres no such thing as a good/bad trade, every trade is winning or lossing its the risk management side of things that makes u successfull..this is just my take on it (like i said still on demo ...and is easy to talk doing is something different but this is what i plan to do)
  • #57,633
  • Mar 10, 2008 6:30am Mar 10, 2008 6:30am
Quoting nAVIN2007
im on a demo but i think im going to a position trader.
mm rules never work on scalping but trading on a daily time frame bias mm rules are very important.....entery after support/resistance breakout and SP just behind stress pont (support/resistance) enter with 0.5 mini lot get 20-25 pips exit 80% of position ride the rest...placing SP at break even point..
If u follow this mm rules...20 % u leave can actually give u more sometimes than the 80% u cashed.
Theres no such thing as a good/bad trade, every trade is winning or lossing its the risk management side of things that makes u successfull..this is just my take on it (like i said still on demo ...and is easy to talk doing is something different but this is what i plan to do)
great input .. thanks
  • #57,634
  • Mar 10, 2008 6:37am Mar 10, 2008 6:37am
Quoting nAVIN2007
im on a demo but i think im going to a position trader.
mm rules never work on scalping but trading on a daily time frame bias mm rules are very important.....entery after support/resistance breakout and SP just behind stress pont (support/resistance) enter with 0.5 mini lot get 20-25 pips exit 80% of position ride the rest...placing SP at break even point..
If u follow this mm rules...20 % u leave can actually give u more sometimes than the 80% u cashed.
Theres no such thing as a good/bad trade, every trade is winning or lossing its the risk management side of things that makes u successfull..this is just my take on it (like i said still on demo ...and is easy to talk doing is something different but this is what i plan to do)
I see you're improving you're analysis mate. Keep it up.
  • #57,635
  • Mar 10, 2008 6:39am Mar 10, 2008 6:39am
thx guys
  • #57,636
  • Edited 7:08am Mar 10, 2008 6:51am | Edited 7:08am
I think this beast is just looking for an excuse to break the Daily R1. With a string of USD news coming out from Tuesday (e.g. trade balance, retail sales, consumer sentiment), and the USD interest rate announcement next week, I feel that bullish market sentiments are high on the EUR/USD and GBP/USD crosses.

I was expecting a drop from the GBP news a few hours ago, but it declined with decreasing trading volumes when nearing Daily Pivot multiple times. I am guessing UK RICs housing news will determine clean break above 2.0200 or not. If upside UK housing numbers, or borderline bad news, then clear break of the 2.0200 resistence. If vv.bad news, will likely retrace to 2.0090 before rallying again. Meanwhile... I am expecting this pair to continue ranging between Daily Pivot and R1 2.0147-2.0197...

On a long-term outlook (weekly charts), GBP/USD looks bullish. Bad USD news expected from Tuesday and interest rate announcement next week would complete rally up, before reversal on both EUR/USD and GBP/USD. Just some thoughts..
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Trade the reaction, not the news!
  • #57,637
  • Mar 10, 2008 7:34am Mar 10, 2008 7:34am
just went a bit mad a few minutes ago, what triggered that?
PIPPED TO THE LINE
  • #57,638
  • Mar 10, 2008 7:38am Mar 10, 2008 7:38am
His name is Trichet!!
Trading is 80% Emotional, 20% Technical
  • #57,639
  • Mar 10, 2008 7:43am Mar 10, 2008 7:43am
Quoting salah k.
wise advice i will use it (i already did but i didnt consider the risk:reward part like u put it) so that will definitely be added.

i got one more question though i am thinking between weekly or daily time frames.

wat do u think?
Congras Salah...
another tip, don't play with your stops. Don't move them. If you have a MM plan, SL is considered in your trade as a short lost.
  • #57,640
  • Mar 10, 2008 7:45am Mar 10, 2008 7:45am
I am still looking for a Monday sell off ,attached is my 1hr (ok i know only hour) But as you know my plan is from the weekly.Im looking for this 1 hr bar to close bleow the last entire bar.
Attached Image (click to enlarge)
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