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Cable Update (GBPUSD)

  • #62,121
  • Apr 18, 2008 3:38pm Apr 18, 2008 3:38pm
Quoting SimonJ
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.
thats exactly what i was thinking about 1 M chart but i guess it a collection of all data coupled moving aerages which kinda gives a trend indication...which is what dillan is using to trade..

the broker he uses is : interbankfxtrader
  • #62,122
  • Apr 18, 2008 4:10pm Apr 18, 2008 4:10pm
Simon, you've got to use a MT3 chart setup to get good 1min data, all the MT4's suck, private message me your e-mail address and I can send my chart system over to you, just run the exe file.

It's actually using the alpari demo feed, as the interbankfx 1 although faster kept stopping all the damn time.

I actually trade via FXCM's own system, purely use this for charts.

Here is the link to my system / notes, yes it's under going some changes recently and then back, so abit of a works in progress currently.

http://www.forexfactory.com/showthre...93#post1946593
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,123
  • Apr 19, 2008 8:37am Apr 19, 2008 8:37am
Could it be some kind of reversal because of big pin bar on H4 and monthly pivot?
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  • #62,124
  • Apr 19, 2008 9:02am Apr 19, 2008 9:02am
Quoting magictrader
Could it be some kind of reversal because of big pin bar on H4 and monthly pivot?

h4 is showing reversal but the monthly still doesnt

in the monthly it looks to me that a close above 2.0200 this month will indicate a brake of the bearish channel.

all the best
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #62,125
  • Apr 19, 2008 9:16am Apr 19, 2008 9:16am
Quoting magictrader
Could it be some kind of reversal because of big pin bar on H4 and monthly pivot?
That pin bar is not a good one as its in traffic but if it was it would be bullish.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,126
  • Apr 19, 2008 9:30am Apr 19, 2008 9:30am
Next week will be intresting.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,127
  • Edited 10:10am Apr 19, 2008 9:54am | Edited 10:10am
well uif we look at the indecision on monthly we can see there were 2 attempts to go toward 1.93 area and break....we bounced from 1.9593, i expect this to move up to 2.0040 area ..i have no idea if it will be break this resistance ..it might actually try again to go toward 1.93...if fail go back up again.

personally i think we are in for a whipsaw effect on cable ..up and down all the way to 2.0040 area ...no trading zone i feel till a direction is known ..

i shall try and back this up with chart on lowr time frames
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  • #62,128
  • Apr 19, 2008 9:57am Apr 19, 2008 9:57am
we are currently in a channel ..looking for a bullish breakout, but even if it breaksout , we have the r1 level and monthly pivot...
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  • #62,129
  • Apr 19, 2008 10:07am Apr 19, 2008 10:07am
i think after friday i have to say that interventions are hapening in the market whether we like to admit it or not.
i mean gold fell 43$ and o did everything else against dollar.

so i have to say this week is all about news. we have MPC and i think the most important US home sales numbers.

so if dollar comes out with good numbers it might push cable back in the channel towards 193 or it might do the exact opposite and put it on a rocket aiming for 2.0400 and possibly more.

news is the trigger that shapes the direction technicals just provide the momentum.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #62,130
  • Edited 10:18am Apr 19, 2008 10:08am | Edited 10:18am
15 minute chart has a evening star, 1hr have inverted hammer, we have r1 and monthly pivot and a TD line to suggest we might be turning round here but even if it goes up..2.0040 will be a testing time for long i think ..i rather wait the 60 pips to see what the hell happens..
just because the monthly shows indecision ...theres no direction
where else can u see 3 pin on a monthly chart....lol

we really are stuck between a rock and a hard place
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  • #62,131
  • Apr 19, 2008 10:10am Apr 19, 2008 10:10am
Quoting Bones
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.
I'm in the same boat as you in terms of a shitty first year. =\ I sometimes still can't believe I traded the way I did, and wanna kick myself for it. All that capital wasted for potential trades! But right now I'm making much better trades too. All the best and hope you break-even soon! That'd be a significant milestone and sure be the day to pop a champage man!

So advise to new traders out there, no matter how tempting it is, demo trade for at least 3 months and KEEP YOUR MONEY!!
Trade the reaction, not the news!
  • #62,132
  • Apr 19, 2008 10:28am Apr 19, 2008 10:28am
Quoting twofeet
I'm in the same boat as you in terms of a shitty first year. =\ I sometimes still can't believe I traded the way I did, and wanna kick myself for it. All that capital wasted for potential trades! But right now I'm making much better trades too. All the best and hope you break-even soon! That'd be a significant milestone and sure be the day to pop a champage man!

So advise to new traders out there, no matter how tempting it is, demo trade for at least 3 months and KEEP YOUR MONEY!!
i here u man ......every week i read a bit more and kick myself for the trades i place cause at the time looked right thing to do but when it comes down to it education is the key and knowing when is a rough time to trade, congested market...

Im at the point where im thinking maybe i need to scalp instead of trying to hit home runs in a market which has no direction.....
  • #62,133
  • Apr 19, 2008 5:41pm Apr 19, 2008 5:41pm
Ok, so what kind of gap should one expect tomorrow evening?
  • #62,134
  • Apr 19, 2008 6:45pm Apr 19, 2008 6:45pm
You lot with all your charts and bla bla, would literally ( this isn't a dig ) be better off flipping a coin and going long or short based on that, but thankfully it's what you do after which counts most of the time which overall leads you to being profitable or not.

The problem is they setup chart patterns lie to you just to take your money, which is why your better off flipping the coin.

* there are some people that can read the markets better, but still 60% accurately *

They did a test, something like, Pro City trader vs a 6 year old girl, obvisouly the girl wouldn't understand what to do after opening the trade, but the girl actually picked the start direction more accurately than the pro LOL
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,135
  • Apr 19, 2008 6:48pm Apr 19, 2008 6:48pm
I fell back into the trap for home runs to Navin hence -£130 in 2 weeks after weeks of slow but steady account growth to, so it's all your faults for filling my head with 200+ pips moves and stuff

Actually I blame my £400 Previous all time high resistance level, I told you all to short near it, account high £399.?? seriously then DISASTER!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,136
  • Apr 20, 2008 4:29am Apr 20, 2008 4:29am
hi

Good Week to all traders

just an opinion cable break downtrend channel on 4 Hour and daily chart but still not broken on weekly chart ... breaking 2.0049 then 2.0193 on way to test 2.0464 with is 61.8 fibo line ( 2.1161 to 1.9336)

if its breaks ... it will continue to 2.1161 on other side below 1.9879 will call 1.9796

stay above 1.9689 means we will go up breaking this point ... we targeting 1.93xx

just my view
  • #62,137
  • Apr 20, 2008 5:19am Apr 20, 2008 5:19am
All the best to you too mate, I suspect we are not alone waiting for the champagne day lets hope it comes soon


Quoting twofeet
I'm in the same boat as you in terms of a shitty first year. =\ I sometimes still can't believe I traded the way I did, and wanna kick myself for it. All that capital wasted for potential trades! But right now I'm making much better trades too. All the best and hope you break-even soon! That'd be a significant milestone and sure be the day to pop a champage man!

So advise to new traders out there, no matter how tempting it is, demo trade for at least 3 months and KEEP YOUR MONEY!!
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,138
  • Apr 20, 2008 5:22am Apr 20, 2008 5:22am
Thats so wrong Turveyd.

Quoting Turveyd

The problem is they setup chart patterns lie to you just to take your money, which is why your better off flipping the coin.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,139
  • Edited 5:37am Apr 20, 2008 5:26am | Edited 5:37am
well said tone ...its about knowledge, i been reading stuff and have realised i lost becuase of myself, knowledge is relative and we all think we know enough till we make mistakes and then go back to the drawing board..then we realise man we basically didnt know what he hell was going on ..

read , read and read..I have been entering trades thou am im improving but entered trades without confluence, that why i went wrong and to be honest every1 else shorted too so i think this was the main problem...we got caught and yet direction could go either way ..

I shall join use lot with the champs ..one day ...lol
  • #62,140
  • Apr 20, 2008 5:35am Apr 20, 2008 5:35am
Quoting forexmoments
Ok, so what kind of gap should one expect tomorrow evening?

i think we will gap down ...correction retracement ...if going up

u know i keep thinking to myself if we remain in a downtrend this would be the perfect place to sell ...so i really dunno about direction right now ..we at 38 % fib...
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