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Cable Update (GBPUSD)

  • #63,001
  • Apr 26, 2008 4:43am Apr 26, 2008 4:43am
I do find that in the thick of it I forget what I should be doing ,basically loosing all shape when things go against me ,and have trouble thinking clearly and hope that experience will overcome this.
Here is my weekly guys best of luck to you all.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,002
  • Apr 26, 2008 4:45am Apr 26, 2008 4:45am
Quoting Bones
I am a day trader but my most favourite chart
It’s the Weekly.
Think about it
How many ways can you draw lines on the higher TF’s .
Its not many, and that’s the same for everyone which is why your lines are more than likely the ones everyone is working too.
This is the problem with the lower TF’s there is to much choice and your line may just be your own.
i still need to work on my charting like u guys ..but yes ..totally agree, the weekly chart is amazing and monthly as well will help in making decision on where price is likely to go end of month...if u want to be successfull in trading u have to look at all time frames and the larger the time frame is the realiable....always!!!!! nice to see yur charts again tone, they help my learning curve by 15% at least..

i think im going to buy a book today on technical analysis or something, it can only help ...
  • #63,003
  • Apr 26, 2008 4:59am Apr 26, 2008 4:59am
Quoting TraderJR
Good for position traders, fairly useless to day traders (unless you're doing stopless).

IMHO what would be good each day is, well before LO, if people would give their opinions (with reasons preferred) on:

* Will main direction for the day be UP or DOWN (or will it be a low range Up/Down day)
* Possiblity of retrace and turn
* Probable targets

My 0.00000000000005¢
I say totally useless and definately over complicating trading, no one ever heard of keeping it simple ?

All of your opinions posted would be worthless, all moves are based upon the news and as no body here atleast knows what the news is going to be before it's released, there just guessing, might aswell just flip a coin.

KISS, see which way the market is going or how it's ranging, go with it, easy.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63,004
  • Apr 26, 2008 5:04am Apr 26, 2008 5:04am
Be careful with my charts Nav a lot of the time things are not proven facts but my own observations, lol
You know what I think we have been unlucky in the price action this year on our favourite pair; the higher TF’s have been incredibly indecisive which makes trading much more difficult and can dent confidence.
I have noticed even the pros having more difficulty in getting it right.
I mean I had a goal to get on the end of a very nice ride of at least 500+ pips but they have just not happened.

Quoting nAVIN2007
i still need to work on my charting like u guys ..but yes ..totally agree, the weekly chart is amazing and monthly as well will help in making decision on where price is likely to go end of month...if u want to be successfull in trading u have to look at all time frames and the larger the time frame is the realiable....always!!!!! nice to see yur charts again tone, they help my learning curve by 15% at least..

i think im going to buy a book today on technical analysis or something, it can only help ...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,005
  • Apr 26, 2008 5:05am Apr 26, 2008 5:05am
Quoting Turveyd
I say totally useless and definately over complicating trading, no one ever heard of keeping it simple ?

All of your opinions posted would be worthless, all moves are based upon the news and as no body here atleast knows what the news is going to be before it's released, there just guessing, might aswell just flip a coin.

KISS, see which way the market is going or how it's ranging, go with it, easy.
no man nobody ever made it rich on low time frames, this is trading the hard way and retracement appear to be change of trend...u have to look at large time frame ..i will prove this to u next month...i shall be in profit and u will see ...i just need to get my s**t together first...lol
  • #63,006
  • Edited 5:54am Apr 26, 2008 5:10am | Edited 5:54am
Quoting Bones
Be careful with my charts Nav a lot of the time things are not proven facts but my own observations, lol
You know what I think we have been unlucky in the price action this year on our favourite pair; the higher TF’s have been incredibly indecisive which makes trading much more difficult and can dent confidence.
I have noticed even the pros having more difficulty in getting it right.
I mean I had a goal to get on the end of a very nice ride of at least 500+ pips but they have just not happened.
tone dont worry u know what your doing it just market right now isnt ralling this is the only reason why i never traded much this week i knew no way direction would stay....and would be a see saw effect..when the market decides a direction we gonna catch the wave and ride it to heaven...

indecision 4 months on monthly says it all (small body with very large wick in both directions) ...
  • #63,007
  • Apr 26, 2008 5:26am Apr 26, 2008 5:26am
How to make real money not silly little amounts constantly at risk from loosing it all
Let’s start open up your monthly.

Quoting Turveyd
I say totally useless and definately over complicating trading, no one ever heard of keeping it simple ?

All of your opinions posted would be worthless, all moves are based upon the news and as no body here atleast knows what the news is going to be before it's released, there just guessing, might aswell just flip a coin.

KISS, see which way the market is going or how it's ranging, go with it, easy.
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,008
  • Apr 26, 2008 5:58am Apr 26, 2008 5:58am
Quoting nAVIN2007
no man nobody ever made it rich on low time frames, this is trading the hard way and retracement appear to be change of trend...u have to look at large time frame ..i will prove this to u next month...i shall be in profit and u will see ...i just need to get my s**t together first...lol
Sorry thats wrong, there are a fair few around here milking alot of pips off the lower TF's not many on the higher TFs the market conditions just aren't good for it, the days off long slow multiday trends are over, maybe they'll come back, but it's the wrong way to trade at the moment.

Really, can't understand why everyone around here has bought into / been brainwashed into higher TF, wasn't like that around here a year back, in my 8 years of trading never seen before, strange!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63,009
  • Apr 26, 2008 6:10am Apr 26, 2008 6:10am
Quoting Bones
How to make real money not silly little amounts constantly at risk from loosing it all
Let’s start open up your monthly.
Its always easy after the fact, but your saying with 600 pip candles+++, you could do that with a 20pip SL, the term GET REAL, how many 1000's of times have you been stopped out swinging for the fence with a 20pip stop ??

It merely looks simple on the higher TF's after the fact, it's harder alot harder.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63,010
  • Apr 26, 2008 6:31am Apr 26, 2008 6:31am
I see not everyone likes my idea of putting a monthly chart up there, However, You can not ignore those candle formations, those Tweezers and that inverted hammer are priceless...... Admitted, your not going to go long of the Monthly chart unless you haved the balls to put a 700 pip stoploss there, because with the way the chart looks, that is what you would need and you would stand to make more than 1400 pips on the deal. But we are not into trading the monthly chart, I know that and this is the play a position player would make. BUT, at least I know we are heading up in the future. Please, I am not trying to tell you to trade the monthly chart. Please, if you are new and havent been there, please go to www.babypips.com and read it 2 or 3 times. What you will learn will be priceless also.

Jim
  • #63,011
  • Edited 6:57am Apr 26, 2008 6:42am | Edited 6:57am
Quoting hard1head1
I see not everyone likes my idea of putting a monthly chart up there, However, You can not ignore those candle formations, those Tweezers and that inverted hammer are priceless...... Admitted, your not going to go long of the Monthly chart unless you haved the balls to put a 700 pip stoploss there, because with the way the chart looks, that is what you would need and you would stand to make more than 1400 pips on the deal. But we are not into trading the monthly chart, I know that and this is the play a position player would make. BUT, at least I know we are heading up in the future. Please, I am not trying to tell you to trade the monthly chart. Please, if you are new and havent been there, please go to www.babypips.com and read it 2 or 3 times. What you will learn will be priceless also.

Jim
jimbo trust me on this ..people that look at monthly charts are traders in the real sense of the word, the monthly comes into play when it comes to getting trendlines and also long term direction, we cant trade of the monthly on its own but some day i will....i just will lower the position size till loses arent to much.. (dont worry im talking after years in my case) ....lol.
trading on a 1 minute chart give a risk:reward ratio of?
trading a long time frame is possible to get risk: reward (1:4) which will lead to success .....name one person successfull in trading a small time frame.

Trading is about risk:reward and the probability of being right more than wrong .....thats it!!!!!if u find this balance your a success in trading, if any1 doesnt know this then i will go as far as to say there lost.....

this is just my advice as i wanna help people achieve and not throw money down the pit....

happy trading ladies and gents
  • #63,012
  • Apr 26, 2008 6:51am Apr 26, 2008 6:51am
Guys and gals,

Does anyone remember the falling wedge we were in the last 2 weeks. You can see it on the following chart. Now we have moved up and into another falling wedge and you can see it on the chart also, and I will trade it just like I did last week in the first one. They are between the red lines and the top resistance line from the wedge last week has become the support line for this weeks wedge. Now, indeed it can come back up and test the pocket area around 1.9860 and I am hoping for a gap up at the open tomorrow because that would mean the stoploss for my short would be a lot less since it needs to be around the 1.9910 area at the moment and that would be about 85 pips. Now if we get a gap up I will enter short and put my stop around 1.9910. If we do not get a gap, I will then go to my system and wait for some kind of signal on the 5 or 15 minute chart for the trend of the moment and since we are above the Daily pivot it kinda confirms we may go down for a bit, however, I need a signal before I get in.
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  • #63,013
  • Apr 26, 2008 6:58am Apr 26, 2008 6:58am
If anyone has Yahoo messenger and wants to chat easier my messenger ID is hard1head1 and my name is Jim
  • #63,014
  • Apr 26, 2008 7:03am Apr 26, 2008 7:03am
Want another versian of the 4 hr chart, here is one showing the retracement on Friday came back and tapped the 61.8% Fib level. BUT WE STILL NEED A SIGNAL!
  • #63,015
  • Apr 26, 2008 7:09am Apr 26, 2008 7:09am
Quoting nAVIN2007
jimbo trust me on this ..people that look at monthly charts are traders in the real sense of the word, the monthly comes into play when it comes to getting trendlines and also long term direction, we cant trade of the monthly on its own but some day i will....i just will lower the position size till loses arent to much.. (dont worry im talking after years in my case) ....lol.
trading on a 1 minute chart give a risk:reward ratio of?
trading a long time frame is possible to get risk: reward (1:4) which will lead to success .....name one person successfull in trading a small time frame.

Trading is about risk:reward and the probability of being right more than wrong .....thats it!!!!!if u find this balance your a success in trading, if any1 doesnt know this then i will go as far as to say there lost.....

this is just my advice as i wanna help people achieve and not throw money down the pit....

happy trading ladies and gents
trading on a 1 minute chart give a risk:reward ratio of?

EXACTLY the same as your risk to reward, both trading the same market, BUT it allows me to be really accurate on my entrys and exits, and take advantage of intraday moves as they happen, rather than trying to predict them so MUCH better win / lose ratio, much lower SL requirement and yet still the same reward on the table, therefore a bigger risk to reward ratio.

4H+'s been labeled the correct way to trade recently, which I missed, likely by the funds, for 1 reason and 1 reason only, they want your money, and some idiot that couldn't trade and wrote a book.

* Remember I have got 15M charts, just to give me a overview of 1.5days ish and plot the 24hour and 62ema hour sma's, the reason the 24hour works so well, it's the average price over the day, so no you can't just put 24 onto any time frame, it's not a arbitratory number *
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63,016
  • Apr 26, 2008 7:15am Apr 26, 2008 7:15am
I can be very efficient using the 5 and 15 for my entrys, it just confirms what I see on the 4 hr and the daily. But if you get a chance, read babypips cause its great.

Jim
  • #63,017
  • Edited 7:51am Apr 26, 2008 7:31am | Edited 7:51am
Honestly I will not just take someone’s word for it if they tell me something where my money is concerned.
Take a look at that TL and see how many pips price passed it Turveyd.If the trade failed how much would you loose, and look at the gain.
I have to see it first. No ones brainwashed anyone we are intelligent enough to see it for ourselves.
Of course you can trade the monthly, just signals come much less.
If you were a bank, that’s where you are on the monthly, looking at monthly lines and set ups.
That TL I point out would be well known to all traders that have traded this TF and was an A1 trade .
That is kind I am looking for.



Quoting Turveyd
Its always easy after the fact, but your saying with 600 pip candles+++, you could do that with a 20pip SL, the term GET REAL, how many 1000's of times have you been stopped out swinging for the fence with a 20pip stop ??

It merely looks simple on the higher TF's after the fact, it's harder alot harder.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,018
  • Apr 26, 2008 7:42am Apr 26, 2008 7:42am
Ive got to say there a good few posters coming to this thread with CHARTS and ideas recently and you are one of them Jim.
Just one question ,is that a monthly inverted hammer candle as you suggest cause im thinking the lower wick is too long.
Ive been seeing it as a bearish pin.
Quoting hard1head1
If you look at the monthly a little closer you will see it is definatly in an uptrend, ole buddy. And there are signs that it will continue as encapsulated in the grey rectangle. The almost erfect set of Tweezer Bottoms and the inverted hammer are telling a story here. They are telling me that the uptrend is about to get more aggressive.

Jim
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,019
  • Apr 26, 2008 7:49am Apr 26, 2008 7:49am
i use 15 minute chart as well as them all.....if i looked more at the weekly and monthly id have made much more...anyways i do know one thing i cant trade 1 minute, i do trade 15 minutes but even then im tense till i see where the 1 hr closes and even then at times the signal is fake ...


1 hr is what professional trader base decisions on for entery, 15 is used when a major support or resistance is in play and u know there gonna be a bounce..1 minute is nothing but noise ...u just have a good system buddy but otherwise ud be doomed, D...bones(tony) is right, he really is...

u use 1 M cause yur account balance is low and u trade over leveraged and if u werent any good ud have lost yur account long time ago...u want very tight stop losses and u think 1 minute is good...just because of this, bro just try 1 trade on 15 minute chart ..u will double yur account ...
  • #63,020
  • Apr 26, 2008 8:02am Apr 26, 2008 8:02am
8 years and not profitable ,im starting to think there’s something wrong with your system.

Quoting Turveyd
in my 8 years of trading never seen before, strange!!!
On-site guru & also FF member's' psychiatrist, when not drinking tea
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