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Cable Update (GBPUSD)

  • #62,101
  • Apr 18, 2008 11:16am Apr 18, 2008 11:16am
Quoting Bones
It is important to apply your fibs the correct way Nav.
The fib retracement is a tool which measures the move you choose ,say a swing high to a swing low, and you are monitoring the prices retrace of that move. It also can give projected targets outside the move to aim for.
So if the move is down 0 would be at the bottom and if price retraced 100% of that move , that would be at the top and visa versa on an up move.

There is a slightly different way to apply fibs which im trying to learn which has you always applying fibs from top to bottom.

outlined on this thread

http://www.forexfactory.com/showthread.php?t=50767

Watch the videos on the first post when you have time they are very good.
yeah buddy not sure if u noticed i went back to the default setting and i think it confused me a bit and the swing low and high thing was easier but the 61% i didnt know where the hell they were so i went back to basics but again i shall go back to swing low and high..need to get the fibs right
  • #62,102
  • Apr 18, 2008 11:26am Apr 18, 2008 11:26am
Life is a gamble it’s about making the odds favourable and there are always good clues in your charts.
I’m not saying I could call myself a profitable trader yet but if I didn’t think it was possible I wouldn’t be here.

I have seen some really good pin set ups on the hourly in the last few weeks
a good place to practise trading them as you have two or three a week and I think that would be a place for you and me to start Nav you know re our earlier PM.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,103
  • Apr 18, 2008 11:31am Apr 18, 2008 11:31am
Quoting nAVIN2007
yeah buddy not sure if u noticed i went back to the default setting and i think it confused me a bit and the swing low and high thing was easier but the 61% i didnt know where the hell they were so i went back to basics but again i shall go back to swing low and high..need to get the fibs right
Have you watched the videos ?,I think you would get it this guy is V good.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,104
  • Edited 11:56am Apr 18, 2008 11:46am | Edited 11:56am
Quoting Bones
Life is a gamble it’s about making the odds favourable and there are always good clues in your charts.
I’m not saying I could call myself a profitable trader yet but if I didn’t think it was possible I wouldn’t be here.

I have seen some really good pin set ups on the hourly in the last few weeks
a good place to practise trading them as you have two or three a week and I think that would be a place for you and me to start Nav you know re our earlier PM.
so your thinking this is a selling time buddy ..lol bro be carefull, i dunno man it doesnt look like this thing wants to sink..but yes i do agree the formations suggest bearish move on a lower time frame ..
the large one suggest up...weekly is bullish, daily as well and daily trenline is strong....i think come monday we will see above r1

I do see where yur comin from and im inclined to agree but ....the selling idea is what let me down this week and i think we may be witnessing a trend reversal just there isnt enough momentum today

i think the sell today was a correction from yesterday ..we preparing for a big move up..this is why today is slow (me things)
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  • #62,105
  • Apr 18, 2008 11:56am Apr 18, 2008 11:56am
Quoting nAVIN2007
so your thinking this is a selling time buddy ..lol bro be carefull, i dunno man it doesnt look like this thing wants to sink..but yes i do agree the formations suggest bearish move on a lower time frame ..
the large one suggest up...weekly is bullish, daily as well and daily trenline is strong....i think come monday we will see above r1
No no im not saying that.We have a triangle formation on the hourly I can not be sure of direction right now.
Im saying that Pin gave a sell signal which has been spent as price found support from the bottom of the consolidation range last night.
And if you apply a fib to a past move down it finds support from that take a look.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,106
  • Apr 18, 2008 12:01pm Apr 18, 2008 12:01pm
Quoting Turveyd
Yes Trading is a gamble, but it's a 50/50 gamble ( if you disclude the spread ), and on that basis the odds aren't technical against us.
An educated guess more like.
  • #62,107
  • Apr 18, 2008 12:10pm Apr 18, 2008 12:10pm
today trading movement is poor or what ...at least now i know this is a educated guessing game ...one must keep them lots small as possible, all about mm, ..and a strong head!!! ....0.1 for me for life after this week ..
  • #62,108
  • Apr 18, 2008 12:22pm Apr 18, 2008 12:22pm
Quoting nAVIN2007
today trading movement is poor or what ...at least now i know this is a educated guessing game ...one must keep them lots small as possible, all about mm, ..and a strong head!!! ....0.1 for me for life after this week ..
Forget this educated guessing game talk there are great very high probability trades out there we just got to spot them.
As I said before Turveyd will never see them as he is not good enough and will never be good enough to trade the 1 min chart without first mastering the higher TF’s

And that goes for me too.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,109
  • Apr 18, 2008 12:35pm Apr 18, 2008 12:35pm
Quoting Bones
Forget this educated guessing game talk there are great very high probability trades out there we just got to spot them.
As I said before Turveyd will never see them as he is not good enough and will never be good enough to trade the 1 min chart without first mastering the higher TF’s

And that goes for me too.
D system i must say say looks very impressive thou, completely diffeerent system and way of looking at things, yes bro have to main optimistic and look for these high % trades ....i just didnt think so many would have been long and actually everything i did yesterday was planed apart from the fact that when we took off i was stuned, instead of just going with the market...0.3 lot wasnt a good idea either but i was that sure..

live and learn bro ..but if yur not profitable either that really worrying cause u my friend are a fantastic trader! ......will make a plan for sunday
  • #62,110
  • Apr 18, 2008 12:35pm Apr 18, 2008 12:35pm
Quoting Bones
Forget this educated guessing game talk there are great very high probability trades out there we just got to spot them.
As I said before Turveyd will never see them as he is not good enough and will never be good enough to trade the 1 min chart without first mastering the higher TF’s

And that goes for me too.
Seriously dude, you need to let this high TF crappola go, I click on 4H charts and have NO CLUE whats going on, even with 15m the detail is so lacking it's like I'm totally blind.


I enclose a 1min USDJPY chart off the sell off, trend and reversal points plainly visibly, and your 1 measily 4H candle with ZERO detail available, hmmmm.

The money is in the detail don't try to simplify it too much!!!
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Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,111
  • Apr 18, 2008 12:43pm Apr 18, 2008 12:43pm
Navin, check my system thread, there are a few people trading profitably off pretty much my system, which they've also spotted on there own.

Trust the SMA lines and the BB for range and well your sorted, price action is important, but your just trading whats happening, which can still change in a second especially at news times, candles forget them!!!

The problem is the longer the trades time period the greater the odds that something will change and you've got to run 100+ pip stops to allow for the inaccuracy your dealing with.

Short the TF of your trade the more your control you have over it.

Especially as most of you lot are intraday trading using next to no info, yeah you get lucky from time to time which makes you keep on repeating and trying the same thing.

Sorry I once fell for the hype on longer TF's, it's hype nothing more, there is no easy cheats way to beat the markets, it takes hard work and detail, so M5 min charts or just give up, i say M1 for me.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,112
  • Apr 18, 2008 12:52pm Apr 18, 2008 12:52pm
Quoting nAVIN2007
D system i must say say looks very impressive thou, completely diffeerent system and way of looking at things, yes bro have to main optimistic and look for these high % trades ....i just didnt think so many would have been long and actually everything i did yesterday was planed apart from the fact that when we took off i was stuned, instead of just going with the market...0.3 lot wasnt a good idea either but i was that sure..

live and learn bro ..but if yur not profitable either that really worrying cause u my friend are a fantastic trader! ......will make a plan for sunday
Im not profitable because of my first year, which was a disaster. , but im working hard and learning everyday. As I said to you I make exactly the same mistakes as you even now but less and less which will happen to you if you keep it up.
Knowledge and Experience are the key to success my friend.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,113
  • Apr 18, 2008 12:59pm Apr 18, 2008 12:59pm
Quoting Turveyd
Seriously dude, you need to let this high TF crappola go, I click on 4H charts and have NO CLUE whats going on, even with 15m the detail is so lacking it's like I'm totally blind.


I enclose a 1min USDJPY chart off the sell off, trend and reversal points plainly visibly, and your 1 measily 4H candle with ZERO detail available, hmmmm.

The money is in the detail don't try to simplify it too much!!!
Im not having a go Turveyd but it’s not hype. I really want you to succeed .
I trusted my piers in their advice and once I moved to higher TF’s things became clearer after a little adjustment.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,114
  • Apr 18, 2008 1:03pm Apr 18, 2008 1:03pm
Know you see the issue Bones, i want you to succed to, thats why I'm trying to get you to move to a shorter time frame.

I honestly do not think for intraday trades 4H is where it's at, for multi day 200pip SL swing trades maybe, but not for intraday.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,115
  • Apr 18, 2008 1:10pm Apr 18, 2008 1:10pm
lol ,ok buddy maybe we can help each other
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,116
  • Apr 18, 2008 1:16pm Apr 18, 2008 1:16pm
Quoting Turveyd
Seriously dude, you need to let this high TF crappola go, I click on 4H charts and have NO CLUE whats going on, even with 15m the detail is so lacking it's like I'm totally blind.


I enclose a 1min USDJPY chart off the sell off, trend and reversal points plainly visibly, and your 1 measily 4H candle with ZERO detail available, hmmmm.

The money is in the detail don't try to simplify it too much!!!
I would say that example is unfair as you would need to show as many bars as the min chart and just think how much more info you would have.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,117
  • Apr 18, 2008 1:17pm Apr 18, 2008 1:17pm
Maybe, but pls don't presume yours is the right way cause you did better when you moved to it, maybe if you moved back to M1 given your current experience level you'd do much better.

What did you think to my USDJPY chart ??? Nicely little obvious ish Down move there for some good pips, thats how all big moves make, go with the trend, get in near the lines tight stop incase it reverses and job done.

Shame I'm never around when the big moves are on ( wasn't trading today )

My issue is I need to get to sleep before 1am and wake for 10am to trade the better moves, okay 8am
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,118
  • Apr 18, 2008 1:21pm Apr 18, 2008 1:21pm
D guessing yur system might be excellent for trading golder or silver hi fluidity.....have u ever tried with gold or silver ..?
  • #62,119
  • Apr 18, 2008 1:23pm Apr 18, 2008 1:23pm
Quoting Turveyd
Maybe, but pls don't presume yours is the right way cause you did better when you moved to it, maybe if you moved back to M1 given your current experience level you'd do much better.

What did you think to my USDJPY chart ??? Nicely little obvious ish Down move there for some good pips, thats how all big moves make, go with the trend, get in near the lines tight stop incase it reverses and job done.

Shame I'm never around when the big moves are on ( wasn't trading today )

My issue is I need to get to sleep before 1am and wake for 10am to trade the better moves, okay 8am
Well its not my own way I look to successful traders for the way.
I like your 1 min chart but you are zoomed in so close you will not see obvious danger when approaching it.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,120
  • Apr 18, 2008 1:26pm Apr 18, 2008 1:26pm
Quoting Turveyd
Seriously dude, you need to let this high TF crappola go, I click on 4H charts and have NO CLUE whats going on, even with 15m the detail is so lacking it's like I'm totally blind.


I enclose a 1min USDJPY chart off the sell off, trend and reversal points plainly visibly, and your 1 measily 4H candle with ZERO detail available, hmmmm.

The money is in the detail don't try to simplify it too much!!!
Wooh! that's a M1 chart? What broker is that?
For me on M1 charts the candles are gapping alot and have no or very small wicks.
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