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Cable Update (GBPUSD)

  • #64,021
  • May 2, 2008 11:59am May 2, 2008 11:59am
Quoting hard1head1
I have a template you can use.

The template goes into the first template folder you see.
Thanks Jim got and will study it.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #64,022
  • May 2, 2008 12:02pm May 2, 2008 12:02pm
Quoting Bones
Do you keep a journal of all your trades then?
And whats the white moving average?
In text form mostly, every once in a while ill get frisky and do a graphic.. In this case since you asked made it worth it to do. White is a 10EMA on 5m. This is my entry and exit chart. I use this with a 4H to get the trend of how Ill trade the 5m.
USD Est Non Mortuus
  • #64,023
  • May 2, 2008 12:07pm May 2, 2008 12:07pm
5 min chart, I always do big news releases on 1 or 5 min T/F. See how we stayed below the Smoothy, and my stop is behind it and I am getting ready to move it down a bit.

Jim

Quoting LuckyLurker
I posted for most of this, but heres my action today. Needed to do this for my journal anyway.
Attached Image (click to enlarge)
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  • #64,024
  • May 2, 2008 12:10pm May 2, 2008 12:10pm
The red EMA is a 21 close, and if I had a complete candle open and close above it, I may have gotten out, but it did not happen. Maybe others can find new ways to use this that I am not aware of.

Jim
  • #64,025
  • May 2, 2008 12:10pm May 2, 2008 12:10pm
Quoting hard1head1
5 min chart, I always do big news releases on 1 or 5 min T/F. See how we stayed below the Smoothy, and my stop is behind it and I am getting ready to move it down a bit.

Jim
Nice Jim.
USD Est Non Mortuus
  • #64,026
  • May 2, 2008 12:11pm May 2, 2008 12:11pm
Yes lucky ,Ive been looking at moving averages recently just to help me stay in trades that 10ema certainly looks a good one.
I mean Im working on Price Action to get me in and a MA to keep me in.
I still don’t see that low breaking today ,I think Jim was right on a test to drag some shorts in.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #64,027
  • May 2, 2008 12:20pm May 2, 2008 12:20pm
Quoting Bones
Yes lucky ,Ive been looking at moving averages recently just to help me stay in trades that 10ema certainly looks a good one.
I mean Im working on Price Action to get me in and a MA to keep me in.
I still don’t see that low breaking today ,I think Jim was right on a test to drag some shorts in.
Yes 10EMA - 21EMA channel consistently puts money in my pocket. On a nice cable run you'll usually get 2 great entry's, but the 3rd will typically pull back through it to that 50 ma.. which is the Khaki on my chart.. Then at the 50 today you could of had another nice entry @ 9766 with a tp between current price ( 9721 ) - the low 9703.
USD Est Non Mortuus
  • #64,028
  • May 2, 2008 12:56pm May 2, 2008 12:56pm
Here is my M1 setup, GBP top, Euro bottom.

If you look at the sell off, far left the 2 light blue line 45min sma where the short points near, you see how it broke over the 45min, hit the white 90min turned down briefly then punched through, then it went into no where land and all got confused, then turned back into a 90min down channel.


Euro performed to my system better today.


Yes too many sma's adds too much indecision, which is slowing me down, but tried it without the sma's and performance drops off hugely, hence my rarely trading and just watching and learning mainly, 2 trades all week is just a waste of time must trade more next week.
Attached Image (click to enlarge)
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Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64,029
  • May 2, 2008 12:57pm May 2, 2008 12:57pm
Lucky or Jim,

Regarding the use of your 10 and 21 emas, do you wait for a pullback to them and enter after a bounce and close?

And Jim, based on what you said, would an open and close above the 21 make you close and reverse position?

Lucky... So to clarify, you look for 2 entries off the 10 (or 21?--- how to use channel) . I don't see a touch to the 50. Can you clarify on last possible entry short?

Thanks to you both
  • #64,030
  • May 2, 2008 1:08pm May 2, 2008 1:08pm
The 3 lines yellow, following the price on my chart is 10ema aswell, just clicked it onto M5 that works REALLY well doesn't it but it's pretty much my 45sma which I've already got on the M1.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64,031
  • May 2, 2008 1:31pm May 2, 2008 1:31pm
Hi LP,

Always trading the 4h trend. I took these positions before the actual price move. I had planned on a short day based on the price channel on my 4h.. Those entries i posted on the 10ema were just points that I called out for those looking to get into the market as we progressed through the trade. I however was already in the trade in a much better position.
USD Est Non Mortuus
  • #64,032
  • Edited 2:02pm May 2, 2008 1:39pm | Edited 2:02pm
i take it the non farm did end with cable falling then....oh well missed that was at work ...seems weekly chart aint working out unless by monday we go up again ...i wont be trust that chart in a hurry ...

one thing is for sure this defiantely now a downtrend ...lmao
  • #64,033
  • May 2, 2008 2:41pm May 2, 2008 2:41pm
hey tone ..the way the daily is right now its suggesting a massive rejection to go up ...so it looks like we going right to the bottom of the channel now ..this is crazy huh ..

unless we hit 1.9689 and back up? ...how are u reading weekly and daily ..?
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  • #64,034
  • May 2, 2008 4:13pm May 2, 2008 4:13pm
Quoting nAVIN2007
hey tone ..the way the daily is right now its suggesting a massive rejection to go up ...so it looks like we going right to the bottom of the channel now ..this is crazy huh ..

unless we hit 1.9689 and back up? ...how are u reading weekly and daily ..?
this might help
Attached Image
Don't chase the market, Let the market come to you
  • #64,035
  • May 2, 2008 4:17pm May 2, 2008 4:17pm
Sorry Nav wasn’t there, but this week I have put some hours in on my charts so ill have a look weekend now.
My weekly as it stands looks like this. I note the last five have been within a very tight range, flat if you like which has been frustrating to say the least.
Catch you over the weekend buddy I shall be catching up on work that I was supposed to be doing this week ,lol
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #64,036
  • May 2, 2008 4:19pm May 2, 2008 4:19pm
Sorry about this yen cross guys but it is a perfect example of how my little progressive scalper works. If you took this trade on the morning star that was formed on the 5 Min chart at 8 AM on May 1st and kept the stoploss beyond the 89 smoothy you would be sitting on 200 Pips right now. Yep, thats a 5 min chart. Once the price is beyond the 89 and tests all you have to do is move the stop up as you go. Below are the first 2 charts and I will follow with the rest.
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  • #64,037
  • May 2, 2008 4:24pm May 2, 2008 4:24pm
This chart brings us up to date and sorry about the yen again, but this pair is by far the easiest of all pairs to trade. No pairs trend like the E/J.

Jim
Attached Image (click to enlarge)
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  • #64,038
  • May 2, 2008 4:25pm May 2, 2008 4:25pm
[quote=hard1head1;1982277]Sorry about this yen cross guys but it is a perfect example of how my little progressive scalper worksquote]
Hi Jim just wondered did you take that trade ,and how many other pairs do you trade?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #64,039
  • May 2, 2008 4:51pm May 2, 2008 4:51pm
Quoting LePip
Lucky or Jim,

Regarding the use of your 10 and 21 emas, do you wait for a pullback to them and enter after a bounce and close?

And Jim, based on what you said, would an open and close above the 21 make you close and reverse position?

Lucky... So to clarify, you look for 2 entries off the 10 (or 21?--- how to use channel) . I don't see a touch to the 50. Can you clarify on last possible entry short?

Thanks to you both
regarding when to pull the trigger on the pull-back.. Its just something you get a feel for.. you don't have to nail it to the pip. What I do is try to estimate where the 10/21 will be when the price looks like its starting a little pull back.. Like today I called out the 9780 about 10 minutes before it pulled back to almost that exact pip, before dropping further.. I explained, if I had not already of had my positions for the day, I would of entered there.

Regarding the 50, doesn't have to touch it.. just notice how it respected it. There were a few good entries along there today in the late afternoon. I just don't trade after I've made good pips.. dunno why, its just one of those rules i respect.

Now that the market is closed and we can take a look at the 5m.. look how it closed right on that flat 50.. to the pip..Thats not a signal, just interesting.

I'll prob be biased for a long on Monday, but not married to it.. we'll have to see.
USD Est Non Mortuus
  • #64,040
  • May 2, 2008 5:39pm May 2, 2008 5:39pm
Quoting LuckyLurker
regarding when to pull the trigger on the pull-back.. Its just something you get a feel for.. you don't have to nail it to the pip. What I do is try to estimate where the 10/21 will be when the price looks like its starting a little pull back.. Like today I called out the 9780 about 10 minutes before it pulled back to almost that exact pip, before dropping further.. I explained, if I had not already of had my positions for the day, I would of entered there.

Regarding the 50, doesn't have to touch it.. just notice how it respected it. There were a few good entries along there today in the late afternoon. I just don't trade after I've made good pips.. dunno why, its just one of those rules i respect.

Now that the market is closed and we can take a look at the 5m.. look how it closed right on that flat 50.. to the pip..Thats not a signal, just interesting.

I'll prob be biased for a long on Monday, but not married to it.. we'll have to see.

your 50SMA on a 5M is the average of the past 4hours ish, I run off 3hours which normally works better being 36sma on a 5M chart, but it did call that top spot on today, it then chopped between the 50 and the 36 before heading down and back into the 90min downtrend range.

Not prepared to add another SMA, trying to reduce them but lacking in plans to do so

I use these SMA's as signals ( 90min, 3hour, 6hour, 12hour, 24hour ), look for resistance or play break outs, works well.

Chart included for 50sma and 36sma scaled to M1 and the bit your on about!!
Attached Image (click to enlarge)
Click to Enlarge Name: 50 and 36sma.jpg Size: 152 KB
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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