Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#64,041
May 2, 2008 6:21pm May 2, 2008 6:21pm

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

Hi,

I trade 5 pairs... I trade the 4 majors on the daily time frame. I have a daily system that lets me sit down at market open each day and set up my trades and adjust the rest, It takes me about 1/2 hour to do this.

I also trade the G/U with you guys and the E/J on my own because of the smooth moves it makes all the time. Yes I traded the E/J the other day. If you look below at the 4 hr chart we were talking about your 1 Hr trendline, seen here in light blue, and the price right there. Then you go down to the 5 Min chart you can see the familiarity of the first chart on the E/J trade before it happend.
The evidence:
1) The pair is forming higher lows, but as yet no higher high.
2) There is a cup & handle formation

There are no stars yet, so I am looking for a sign that this wants to go long.
A break of the 9700 would get me in to the bottom of the channel, to go long I would need some real good signals on the 5 or 15 or a break of the 89 and the Daily Pivot and test. Lets see how it pans out Sunday night.

Jim

[quote=Bones;1982281]

Quoting hard1head1

Disliked

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?

Ignored

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#64,042
Edited 7:12pm May 2, 2008 6:56pm | Edited 7:12pm

TraderJR
| Joined Jun 2005 | Status: Trader | 383 Posts

Quoting LuckyLurker

Disliked

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..

Ignored

Hello LuckyLurker

Anywhere your system is described in detail?

TIA

Darkness lies one inch ahead..

#64,043
May 2, 2008 8:39pm May 2, 2008 8:39pm

LuckyLurker
Joined May 2007 | Status: 2 + 2 = 5 | 1,031 Posts

Quoting TraderJR

Disliked

Hello LuckyLurker

Anywhere your system is described in detail?

TIA

Ignored

it's not really a system per say. I watch 4h price action, trade the trend lines and find entry / exits in the 5m watching breakouts and MA pullbacks.

I'm sure you've seen Phillip Nel around.. he has some great systems on here.. if you are interested in learning the in's and outs of a good 5m pullback system check out: http://www.forexfactory.com/showthread.php?t=11854 .. Also Golfer has added an incredible amount of experience and knowledge to this method.

Phillip Nel also has a 4h system: http://www.forexfactory.com/showthread.php?t=14630

I don't use the rules on these systems really, but the knowledge one can gain from Phillip is priceless. He's a great guy as well.

USD Est Non Mortuus

#64,044
May 2, 2008 8:55pm May 2, 2008 8:55pm

LuckyLurker
Joined May 2007 | Status: 2 + 2 = 5 | 1,031 Posts

Quoting Turveyd

Disliked

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!!

Ignored

Nice.. I rarely if ever enter off of the 50.. it acts more of a signal for reversal when the price finally breaks through it etc etc..

USD Est Non Mortuus

#64,045
May 3, 2008 12:47am May 3, 2008 12:47am

TraderJR
| Joined Jun 2005 | Status: Trader | 383 Posts

Quoting LuckyLurker

Disliked

it's not really a system per say. I watch 4h price action, trade the trend lines and find entry / exits in the 5m watching breakouts and MA pullbacks.

Ignored

I guess that is your system, even if it's not formalised extensively - looks like heavily discretionary.

Thanx for the other links, tho I am probably more looking at strict intraday (not scalping), trying to catch a substantial part of the 1 to 2+ cent swings that GBP/USD does regularly within a day (Nel says his 4H system trades can last up to a week).

Darkness lies one inch ahead..

#64,046
May 3, 2008 3:38am May 3, 2008 3:38am

Runway Trade
| Joined Aug 2007 | Status: Air Raider | 895 Posts

Quoting hard1head1

Disliked

I have a template you can use. You can use it on any time frame and you can graduate up as you go sometimes, however, 5,10 and 15 should only be used for scalping. You develop your own skills at this. Just remember stoplosses should be behind the 89. Its actually a combination of 89 High, Low and Close. I call them telephone wires. The template comes complete with Daily Pivot Points including the midpivots, buy you want to enable them only on 1,5 and15 Min timeframes inside the input. I also have an Expert Advisor Trailing stop that works on pending and limit trades but I have to ask the author if I can give that out.

The template goes into the first template folder you see.

Ignored

Thanks been using a similar system works well

#64,047
May 3, 2008 3:41am May 3, 2008 3:41am

untung
| Joined Jan 2008 | Status: Trader | 2 Posts

Quoting Abuawad

Disliked

Hi,
I'm sorry for the absent during the last period it was out of my hands I had a bad car accident. Any haw I'll not be able to start from today adding my S/R table till the beginning of next month to watch the market and have a look on the last weeks and what really happen.

Ignored

i hope ur hand will heal soon

#64,048
May 3, 2008 4:14am May 3, 2008 4:14am

scyang
| Joined Apr 2008 | Status: You never know | 1,306 Posts

Quoting untung

Disliked

i hope ur hand will heal soon

Ignored

Abuawad,

Sorry to hear about your accident. Hope you are well on the way of recovery. Take care.

Expected the unexpected

#64,049
May 3, 2008 4:17am May 3, 2008 4:17am

scyang
| Joined Apr 2008 | Status: You never know | 1,306 Posts

Quoting nAVIN2007

Disliked

this is going to be dangerous ...if this goes up i shall be so happy cause it really will mean its all in the charts...weekly chart suggest bullish finish to week ..lets see if it pans out ..

Ignored

Looks like it didn't follow the charts as predicted. Do you think the NFP thing messed it up? The true chartists say that no news can interfere with the price trend dictated by the charts. How do you explain that? Did you misread the charts?

Expected the unexpected

#64,050
May 3, 2008 6:36am May 3, 2008 6:36am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

Misa Est Non, Qui est puella et puer?

Quoting LuckyLurker

Disliked

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.

Ignored

#64,051
May 3, 2008 6:39am May 3, 2008 6:39am

Turveyd
| Membership Revoked | Joined Aug 2006 | 11,977 Posts

News will always create a random event probabilty end of story.

But True chartists understand that holding over news is a 50/50 gamble, as long as a stop is used then it's 50/50 with a good risk to reward ratio.

Although yesterday and today before the news hit the market was already in a down channel and selling already present so the news or atleast market direction after the news was already known.

Nothing to it, but to do it!!! Stick to the plan FOOL!!!!

#64,052
May 3, 2008 7:12am May 3, 2008 7:12am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

Personally I think the news was already worked out before the event by the wise.
Take a look at the 1 and 30 min bars prior to the news.

That 1 hour bar was printed an hour and a half prior to the news and if you went short on it you could have had a little buffer between entry and price at news incase it did not work out.

Of course its easy after the event but thats how we learn so next time I would take that 1 hour bar if you no what I mean.

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On-site guru & also FF member's' psychiatrist, when not drinking tea

#64,053
Edited 7:27am May 3, 2008 7:15am | Edited 7:27am

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting scyang

Disliked

Looks like it didn't follow the charts as predicted. Do you think the NFP thing messed it up? The true chartists say that no news can interfere with the price trend dictated by the charts. How do you explain that? Did you misread the charts?

Ignored

im learning am am a rookie in every sense of the word, live trading only 6 weeks maybe 7..i am surprised we moved down but till moving up, im thinking will happen ...it very tricky...

non farm could have produced a bigger drop...but going down seems to be where the market wants to go ...so i guess just have to follow it...market direction is right

it could have gone up! but would have been a breakout and its not looking likely as the this downtrend seems quite strong..but u never know ...
price on weekly shows a rejection to low levels and i think it closed just around half way of the bullish candle making it a piercing pattern..and daily now says moving down ...just have to go with it...

#64,054
May 3, 2008 7:20am May 3, 2008 7:20am

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting Bones

Disliked

Personally I think the news was already worked out before the event by the wise.
Take a look at the 1 and 30 min bars prior to the news.

That 1 hour bar was printed an hour and a half prior to the news and if you went short on it you could have had a little buffer between entry and price at news incase it did not work out.

Of course its easy after the event but thats how we learn so next time I would take that 1 hour bar if you no what I mean.

Ignored

yes i agreee buddy that evening star was a sure sign to go down...and its funny how it always seems to pan out with the news...big player the ecomics major predict the news and the chart display the signs..

i o shall follow the charts but the indecision means also that smaller times frames here maybe giving valid signals as appossed to larger ones...if trading daiy time frames the money lost would be crazy...

#64,055
May 3, 2008 7:23am May 3, 2008 7:23am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

Well I certainly dont think you would have made much Nav.

Quoting nAVIN2007

Disliked

yes i agreee buddy that evening star was a sure sign to go down...and its funny how it always seems to pan out with the news...big player the ecomics major predict the news and the chart display the signs..

i o shall follow the charts but the indecision means also that smaller times frames here maybe giving valid signals as appossed to larger ones...if trading daiy time frames the money lost would be crazy...

Ignored

On-site guru & also FF member's' psychiatrist, when not drinking tea

#64,056
May 3, 2008 7:33am May 3, 2008 7:33am

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting Bones

Disliked

Well I certainly dont think you would have made much Nav.

Ignored

]

to be honest bro right now im not trying to make money just keep my account....lol its very risky and id happily go to demo but its just not the same..so now im just trying to get like a sniper type attitude and use mm rules and get a consist trying to predict market movement ...

the good thing is i made some of my money back ...which is always good

manily cause i never entered so many trades...

#64,057
May 3, 2008 8:01am May 3, 2008 8:01am

LuckyLurker
Joined May 2007 | Status: 2 + 2 = 5 | 1,031 Posts

Quoting TraderJR

Disliked

I guess that is your system, even if it's not formalised extensively - looks like heavily discretionary.

Ignored

Yes for sure. It's profitable for me because Ive been doing it for years. Since this is the cable thread I have to mention it somewhere in here, but it's important I think to really concentrate on one pair and understand it's price action. I know my profile says I trade a few pairs, but it's rare that Ill trade anything but cable.

No matter how or what system you trade, after a few years doing it, it's something you can just feel. The market will tell you when to trade just after a few minutes of analysis.

Because of this, I'm not one to release my system, however It never hurts to read and understand every single system you can. I still do it for fun all the time. The guys that post systems on here and other sites are incredibly gracious to do so.

I will say that the most important aspects of my system ( if i was to call it that ) is resposible MM, sufficient equity ( 10k plus ) and learning how to code your own indicators based on your unique specifications.

USD Est Non Mortuus