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Cable Update (GBPUSD)

  • #64,061
  • May 3, 2008 9:20am May 3, 2008 9:20am
Quoting micho
get outta there it's gonna blow
Which way is it going to blow? Up or down?
Expected the unexpected
  • #64,062
  • May 3, 2008 9:52am May 3, 2008 9:52am
This it how I see it - If it breaks 1.9700 it will go and test 1.9650 if it braks there there will be no end to the down movement or it is going to bounch up back to the top of th e4H channel till something makes it break the channel. For me I will be buying and selling as it hits the channel with tight s/l in chase of a breakout. First movement Sunday will be to break 1.9700 or bounce up to 1.9870+-
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  • #64,063
  • May 3, 2008 1:43pm May 3, 2008 1:43pm
Quoting tbandarkar
Yes i agree with you .Cable already create the H-s pattern i am just waiting top break the 1.9595 time to short Cable.
i dont see that as a head n shoulders pattern ...wheres the neckline on it ...and is it acting as a support?
  • #64,064
  • May 3, 2008 2:04pm May 3, 2008 2:04pm
You guys live in here, LOL

Seriously, no head and shoulders guys, Gotta go, later wife calling
  • #64,065
  • Edited 2:46pm May 3, 2008 2:42pm | Edited 2:46pm
Well looking at GU at all time frame, from monthy (bearish engulfing) to daily whereby price has been in a triangular channel looking for break-out,

Monday is still undeciding for me but looks like price will retrace up before going down

We might likely see GU move up to 1.9889.... but the lower trendline will be a decider
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  • #64,066
  • May 3, 2008 4:10pm May 3, 2008 4:10pm
Quoting Bones
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.
As said Bones, my chart system indicated down before aswell, BUT the problem is they'll flip this later on.

This group and likely everyone else is getting good at jumping on the move and making good $$$'s from it, I fear they'll throw in a fake direction to catch everyone out soon

And ofcourse they know the news with a high degree of accuracy, each fund likely has a department which purely estimates what the numbers will be on a full time basis.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64,067
  • May 3, 2008 4:47pm May 3, 2008 4:47pm
hey guys forgive my ignorance but i have a question

what exactly is an EA ?
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #64,068
  • May 3, 2008 4:48pm May 3, 2008 4:48pm
Turveyd,

That nutter under your sig cracks me up every time I see it. Good stuff m8.
USD Est Non Mortuus
  • #64,069
  • May 3, 2008 4:51pm May 3, 2008 4:51pm
Quoting salah k.
hey guys forgive my ignorance but i have a question

what exactly is an EA ?

Its like an automated indicator that will trade for you based on a pre set conditional.. Like an MA cross or anything.. it will place a trade for you when your signal fires.. can be programmed for just about any system depending on the skills of the programmer.

Expert advisor is what the acronym stands for..
USD Est Non Mortuus
  • #64,070
  • May 3, 2008 4:54pm May 3, 2008 4:54pm
Quoting LuckyLurker
Its like an automated indicator that will trade for you based on a pre set conditional.. Like an MA cross or anything.. it will place a trade for you when your signal fires.. can be programmed for just about any system depending on the skills of the programmer.

Expert advisor is what the acronym stands for..

I use one to set my SL at BE after 35 pips to price +5..
USD Est Non Mortuus
  • #64,071
  • May 3, 2008 5:04pm May 3, 2008 5:04pm
Quoting LuckyLurker
Its like an automated indicator that will trade for you based on a pre set conditional.. Like an MA cross or anything.. it will place a trade for you when your signal fires.. can be programmed for just about any system depending on the skills of the programmer.

Expert advisor is what the acronym stands for..
it can trade for me??????////
so if there were any successful EAs everybody would be using them right???
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #64,072
  • Edited 5:26pm May 3, 2008 5:12pm | Edited 5:26pm
They do trade for you BUT..

Success in forex comes with experience. Markets change. While some EA's work well in a range market they will suck in a trend and vice versa.. Markets change and you need to identify the change and trade accordingly. Some EA's do work well for awhile, but then the market changes yada yada yada...

Best to keep it simple: trend lines and price action.
USD Est Non Mortuus
  • #64,073
  • May 3, 2008 5:24pm May 3, 2008 5:24pm
Quoting LuckyLurker
They do trade for you BUT..

Success in forex comes with experience. Markets change. While some EA's work well in a range market they will suck in a trend and vise versa.. Markets change and you need to identify the change and trade accordingly. Some EA's do work well for awhile, but then the market changes yada yada yada...

Best to keep it simple: trend lines and price action.
thnx LL u have been a great help
Im not gonna use an EA but its good to know something about everything
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #64,074
  • May 3, 2008 5:35pm May 3, 2008 5:35pm
Quoting salah k.
thnx LL u have been a great help
Im not gonna use an EA but its good to know something about everything
Yep, I enjoy your questions and your enthusiasm regarding forex.. its cool.
USD Est Non Mortuus
  • #64,075
  • May 3, 2008 5:50pm May 3, 2008 5:50pm
Quoting salah k.
hey guys forgive my ignorance but i have a question

what exactly is an EA ?

i might be wrong but i think bro its a "expert advidsor" dillan will tell us all about it...i think its a programe script which makes decision on buy and selling based on rules...i doubt they work as discretion is needed to be profitable in trading

opps didnt realise question was answered already..
  • #64,076
  • May 3, 2008 5:52pm May 3, 2008 5:52pm
Quoting LuckyLurker
Yep, I enjoy your questions and your enthusiasm regarding forex.. its cool.
thnx for noticing
i'll keep them coming

one quick language question
what is "USD est non mortuous"
does it mean not dead?
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #64,077
  • May 3, 2008 5:53pm May 3, 2008 5:53pm
Quoting nAVIN2007
i might be wrong but i think bro its a "expert advidsor" dillan will tell us all about it...i think its a programe script which makes decision on buy and selling based on rules...i doubt they work as discretion is needed to be profitable in trading

opps didnt realise question was answered already..
hey bro thnx but dont worry about it

LL just explained it me
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #64,078
  • May 3, 2008 8:51pm May 3, 2008 8:51pm
The only way to get a EA to work is to say have a batch of them for different market types, news traders bla bla bla then choose the correct 1 at the correct time, but the trick is ofcourse knowing which one to use, so back to square 1.

Writing your own custom indicator to point out trades via your own rules different story, more sensible way of doing it, I did dabble with this, even tried a audio cue to alert me to possible setups or fast moves.

EA's will never be any use until computers have AI which isn't going to be for 100+ years, if ever.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64,079
  • Edited 11:04pm May 3, 2008 10:10pm | Edited 11:04pm
Quoting salah k.
it can trade for me??????////
so if there were any successful EAs everybody would be using them right???
Yes, but it really is a trading robot, with all the advantages and disadvantages that that implies:

Advantages: No emotion, will execute trades according to set rules with extreme efficiency.

Disadvantages: Rule-bound, very inflexible, nothing in the way of judgement, discretion or insight..

The EA can be optimised according to past data i.e. to give max profit, minimum drawdown - If you have gone through this exercise, you really get to understand the meaning of "Past performance has no bearing on future returns"

An EA can be profitable for months, then tank because the market climate has changed.

Progress is being made in getting robots to do complex tasks, like driving unattended on roads, but trading the forex... hmmm?

See http://en.wikipedia.org/wiki/DARPA_Grand_Challenge

However one would be a fool to say "never", though a trading robot which consistently made money in all types of markets and generally available to traders might mean the end of FOREX as we know it. If such a beast exists, one would presume extraordinary efforts were being made to cloak the fact, including regular random losses..
Darkness lies one inch ahead..
  • #64,080
  • May 3, 2008 10:15pm May 3, 2008 10:15pm
Quoting LuckyLurker
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.
Cool, what max loss as % capital do u use?

MQL someday I must master it..
Darkness lies one inch ahead..
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