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Cable Update (GBPUSD)

  • #61,261
  • Apr 10, 2008 6:19am Apr 10, 2008 6:19am
Quoting priceaction
Tom, that's some excellent advice.

Whilst it's all apparent through the eyes of old-hands, novice traders can find it difficult to interpret the charts and ride the waves.

Great 5ma tip! Any other info to help people learn to see things better would be very welcome.

Cheers
Rob
definately tom ....hit the nail on the head..can only learn from it ...it funny how i lost money to actually feel as if i learnt something ..strange how that works but it does..
  • #61,262
  • Apr 10, 2008 6:20am Apr 10, 2008 6:20am
Quoting Turveyd
Good job you guys aren't fighter pilots.

Pilot. WE NEED backup
Carrier. We are going to wait to see what happens at 4pm.
Pilot. I'm DEAD!!!
  • #61,263
  • Edited 7:05am Apr 10, 2008 6:30am | Edited 7:05am
Quoting adrianebn
hi tmactks for the info, 2 things pls;1. what timeframe is best to use a 5MA on?2. when trying to ride the daily movement and the chart waves, what time frame is best to identify entry/exit points on?tks alot
the 5ma works best on the 5min TF, watch it, as it goes up away from the ma it will return back to it, same for down away from it. trend direction is important on this, only take in the direction the market is moving.....simple

now go watch price action and see what this does on the 5min

long trades are ok but scalping is much more rewarding, all those $10,$20, and $40 trades add up FAST and its becomes fun to trade forex.

it is an EMA set to the high going up and the low going down so determine direction and change it as needed

simple as it should be and no waiting for candle closes becasue it really does not matter where a candle closes, you can make money all day either way

now go make pips...76 winners in a row using this is the best I have done...good for 3 to 25 pips...take profit when it comes back to and sometimes past the EMA, you will get a feel for it...now you are a scalper and this is good on any pair with a 5 or less spread

BTW wait for a candle close ABOVE or BELOW the EMA

dont get greedy and take profit when it comes, missing a pip or 2 is no big deal, there are trillions left

Last but not least go here and use what this tells you, it will also make you money if used correctly

http://www.babypips.com/school/pivot_points.html
Don't chase the market, Let the market come to you
  • #61,264
  • Apr 10, 2008 6:44am Apr 10, 2008 6:44am
Can we go down now, already. Who long does cable want to take! It knows its going down so it might as well start and get it over with!
  • #61,265
  • Apr 10, 2008 6:48am Apr 10, 2008 6:48am
TMAC you realise your my personal here don't you

Good to see someone talking sense and not 4hour candles.

There should be a way of knowing who's profitable and who isn't on this site, to better judge who to listen to.

I was profitable, but I'm not currently, for fair disclosure. Hopefully I'd of worked through this bad spell before my account gets blown.

But I keep my account small, so a blown account or 10 isn't the end of the world.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #61,266
  • Edited 7:09am Apr 10, 2008 6:49am | Edited 7:09am
Quoting Runway Trade
Can we go down now, already. Who long does cable want to take! It knows its going down so it might as well start and get it over with!
actually bro i dont think it going down ..its rising on a 15 minute trendline and the weekly chart that i posted only if price break that go short otherwise it will be risky i think..i seem to think better on a demo..which is a problem ..
Attached Image (click to enlarge)
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  • #61,267
  • Apr 10, 2008 6:50am Apr 10, 2008 6:50am
these help to keep you from bad decisions

keep it simple and make it easy, trade what you see not what you expect

now oil prices, gold prices and techs and fundis are no longer something you are glued to a comp for, forex becomes fun and simple and BTW no... I am no expert just using what the market gives all of us...waves
Attached File(s)
File Type: mq4 Pivots_Daily.mq4   17 KB | 306 downloads
File Type: mq4 Pivots_Weekly.mq4   7 KB | 317 downloads
File Type: mq4 Pivots_Monthly.mq4   7 KB | 283 downloads
File Type: mq4 4_Pivot_Calculator.mq4   4 KB | 266 downloads
Don't chase the market, Let the market come to you
  • #61,268
  • Apr 10, 2008 7:03am Apr 10, 2008 7:03am
Quoting priceaction
Tom, that's some excellent advice.

Whilst it's all apparent through the eyes of old-hands, novice traders can find it difficult to interpret the charts and ride the waves.

Great 5ma tip! Any other info to help people learn to see things better would be very welcome.

Cheers
Rob
Thanks Rob

I am done now....

you can add an rsi9 and use it for entry at 70 and 30 also
Don't chase the market, Let the market come to you
  • #61,269
  • Apr 10, 2008 7:04am Apr 10, 2008 7:04am
Quoting mr.m
maybe.. need to wait for the next 4hr candle to form and confirm that
Well, here we go baby, looks nice and snug under Daily R1 1.9810 right now. Another good indication - look at the volumes for the last few bars on M30, high on selling, low on buying. I think its gonna start falling now. Done it's retrace nicely at 50% fib from last drop from 2.0045 to 1.9664. I think G/U lifted primarily from E/U buying.
Trade the reaction, not the news!
  • #61,270
  • Apr 10, 2008 7:12am Apr 10, 2008 7:12am
Quoting twofeet
Well, here we go baby, looks nice and snug under Daily R1 1.9810 right now. Another good indication - look at the volumes for the last few bars on M30, high on selling, low on buying. I think its gonna start falling now. Done it's retrace nicely at 50% fib from last drop from 2.0045 to 1.9664. I think G/U lifted primarily from E/U buying.
sure.. still need to break 9769 for a confirmation tho
  • #61,271
  • Apr 10, 2008 7:16am Apr 10, 2008 7:16am
To me it seems like ranging between 1.9780 and 1.9835.
  • #61,272
  • Apr 10, 2008 7:22am Apr 10, 2008 7:22am
Quoting Tmac
Thanks Rob

I am done now....

you can add an rsi9 and use it for entry at 70 and 30 also
Thanks for contributing here Tom.
Congrats on the pips!

Rob
  • #61,273
  • Apr 10, 2008 7:32am Apr 10, 2008 7:32am
Quoting nAVIN2007
actually bro i dont think it going down ..its rising on a 15 minute trendline and the weekly chart that i posted only if price break that go short otherwise it will be risky i think..i seem to think better on a demo..which is a problem ..
If you look the highs are also lower. It is making a nice symmetrical triangle indicates a reversal! To what side, We will have to weight and see were it breaks out to north or south. Either way I am waiting for the breakout. Why my bias is south is that we are in a general down trend and the price hit the 100ema on the 1H chart and been playing around there. I think its going south. Will wait and see
  • #61,274
  • Apr 10, 2008 7:39am Apr 10, 2008 7:39am
Quoting Runway Trade
Can we go down now, already. Who long does cable want to take! It knows its going down so it might as well start and get it over with!
exactly
wats taking so long

i think it might be bernanke's speech later on
he always kicks dollar's ass
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,275
  • Apr 10, 2008 7:50am Apr 10, 2008 7:50am
Quoting Tmac
these help to keep you from bad decisions

keep it simple and make it easy, trade what you see not what you expect

now oil prices, gold prices and techs and fundis are no longer something you are glued to a comp for, forex becomes fun and simple and BTW no... I am no expert just using what the market gives all of us...waves
Hi TMAC, I can not open the attachment. May you guide me ? Thanks for info.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,276
  • Apr 10, 2008 8:07am Apr 10, 2008 8:07am
Maybe too early to celebrate but it seems like it's going doooown. Broke that 1.9780 support.
  • #61,277
  • Apr 10, 2008 8:20am Apr 10, 2008 8:20am
Quoting mike w
It's all about those entries ladies and gents. I'm still really looking to see this hit 1.98 and possibly higher before falling again. That will be a solid entry for me to add to short positions for another large drop in price.
Learn the 5 sma folks, it helps to determine your entries quite a bit more so than just guessing.
I dream, therefore I become.
  • #61,278
  • Apr 10, 2008 8:22am Apr 10, 2008 8:22am
Quoting manize
Hi TMAC, I can not open the attachment. May you guide me ? Thanks for info.
they are indicators

place them in your expert/indicator folder, restart terminal and drag them onto your chart
Don't chase the market, Let the market come to you
  • #61,279
  • Apr 10, 2008 8:26am Apr 10, 2008 8:26am
Quoting mike w
Learn the 5 sma folks, it helps to determine your entries quite a bit more so than just guessing.
Mike,
Please sir, where do we apply the 5 sma and what time frames do you use?

Thanks in advance,
Jamie
  • #61,280
  • Apr 10, 2008 8:28am Apr 10, 2008 8:28am
I opened a long at 1.9792..........
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