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Cable Update (GBPUSD)

  • #74,641
  • Jul 4, 2008 6:59am Jul 4, 2008 6:59am
Too slow

If it moves against me and I average down then I'll be stuck here for hours waiting just to get to break even
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #74,642
  • Jul 4, 2008 7:32am Jul 4, 2008 7:32am
Have a nice weekend guys...today nothing will happen as I see. And see you on monday
-- There's no winner without lose --
  • #74,643
  • Jul 4, 2008 7:57am Jul 4, 2008 7:57am
well on the bright side it hasnt gone up!.

what a day aye guys?
  • #74,644
  • Jul 4, 2008 8:34am Jul 4, 2008 8:34am
cable now 1.9831...... i hope more up till hoping....
be patient, self-belief and discipline... stay focus...
  • #74,645
  • Jul 4, 2008 9:19am Jul 4, 2008 9:19am
Quoting NuB
It looks like its going to be a scalpers day today, and by the way its going back up. FOLLOW THAT TRICK, She just took my 10 PIPS
WOW, 9 hours later and its still in the same range. No new Highs or Lows. Boy am I glad I went to sleep. Ill see you guys Sunday night. By the way I got my 10 PIPs back from that trick.
Don't Get Bitter, Get Better
  • #74,646
  • Jul 4, 2008 9:50am Jul 4, 2008 9:50am
I will need to go out and preach the gospel of Jesus to people to get saved. the end is near.
See Sunday night
  • #74,647
  • Jul 4, 2008 10:00am Jul 4, 2008 10:00am
shorted at 8836 closed at 8800
  • #74,648
  • Jul 4, 2008 10:08am Jul 4, 2008 10:08am
Quoting uncletrumpet
I will need to go out and preach the gospel of Jesus to people to get saved. the end is near.
See Sunday night
Are You really a preacher or are you just Kidding?
  • #74,649
  • Edited 12:14pm Jul 4, 2008 10:42am | Edited 12:14pm
Could anybody help with a good source for forex price action Pdf file or a site for in depth reading . Will be very appreciative of this help.
Thanking you

Included a article on divergence and AB=CD patterns
Attached File(s)
File Type: pdf divergence.pdf   564 KB | 1,325 downloads
File Type: pdf AB=CD_Pattern.pdf   467 KB | 610 downloads
BANDA333
  • #74,650
  • Jul 4, 2008 12:01pm Jul 4, 2008 12:01pm
Quoting BANDA
Could anybody help me with a good source for forex price action Pdf file or a site for in depth reading . Will be very appreciative of this help.
Thanking you

Included a article on divergence and AB=CD patterns
Have you heard of the 1-2-3 pattern? It's pure price action.

I personally haven't studied it much, but I definitely intend to look more into it.
  • #74,651
  • Jul 4, 2008 12:13pm Jul 4, 2008 12:13pm
Hi Ash ,
I never had that article of 1-2-3 pattern if you happens to find it please .........I would like to have a look at it
Thank you very much


Quoting forexmoments
Have you heard of the 1-2-3 pattern? It's pure price action.

I personally haven't studied it much, but I definitely intend to look more into it.
BANDA333
  • #74,652
  • Jul 5, 2008 6:03am Jul 5, 2008 6:03am
Well this is what I know about the 123 as it is something I use all the time for projections.
I am by no means an expert but the way I have used it has made me pips,lol.

Basically you are looking at the start of an up move and counting waves.So when price went up and then retraced recently I put the fib expansion up wave 1 and down the retrace 2 and it gave me a FE100 projection of 1.9968.

But to take that further I'm thinking we have just had wave 4 down and next week have wave 5 up??.

Jamie or any Elliott wave tech , can you help me out here ,am I correct as although Ive used the fib expansion I have never counted waves before??
Attached Image (click to enlarge)
Click to Enlarge Name: four hour wave counting.gif Size: 58 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #74,653
  • Jul 5, 2008 11:36am Jul 5, 2008 11:36am
Hi Bones
Thank you very much for the chart and analysis. Thank you!

Quoting Bones
Well this is what I know about the 123 as it is something I use all the time for projections.
I am by no means an expert but the way I have used it has made me pips,lol.

Basically you are looking at the start of an up move and counting waves.So when price went up and then retraced recently I put the fib expansion up wave 1 and down the retrace 2 and it gave me a FE100 projection of 1.9968.

But to take that further I'm thinking we have just had wave 4 down and next week have wave 5 up??.

Jamie or any Elliott wave tech , can you help me out here ,am I correct as although Ive used the fib expansion I have never counted waves before??
BANDA333
  • #74,654
  • Jul 5, 2008 6:02pm Jul 5, 2008 6:02pm
Quoting Bones
Well this is what I know about the 123 as it is something I use all the time for projections.
I am by no means an expert but the way I have used it has made me pips,lol.

Basically you are looking at the start of an up move and counting waves.So when price went up and then retraced recently I put the fib expansion up wave 1 and down the retrace 2 and it gave me a FE100 projection of 1.9968.

But to take that further I'm thinking we have just had wave 4 down and next week have wave 5 up??.

Jamie or any Elliott wave tech , can you help me out here ,am I correct as although Ive used the fib expansion I have never counted waves before??
The market generally moves in periods of buyers or sellers so yes you get the waves kinda, but where the current wave ends is anyones guess and there will be many fakes along the way, which kinda makes all Wave Theorys useless and tried to make you a bottom fisher which is always a stupid game.

Yes, I've got a objective Study of most trading techniques, about the only way I've found which holds up is my intraday system, if there was something in any of these things and / indicators I'd be using them honestly, but i'm not.

SMA's used for support and resistance and trend spotting are very useful.
Bollinger Bands used for to spot ranges intraday are also very useful.

Outside of these 2, nothing has held up in tests, I'll add though PSAR has a chance of worker on all time scales outperforms waves for sure.

It's best to look at the market as a random entity ( random 6 like a dice ), but with a modifier ( -2 to +2 ) which gives you your over all trend.

modifiers

GBP Daily charts +1 5min closed at 0
Euro Daily +1 5 min +1 Giving it a slow uptrend so going long intrday is okay, prefer to wait for +2's though.

My current philosphy is, wait for a pull back when market is +2 so Bullish, allowing for randomness hard to predict a bottom / turn point so if it goes lower and it's still +1 then keep averaging down, drops to a 0 or below time to take the loss

So far soo good!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #74,655
  • Jul 5, 2008 6:20pm Jul 5, 2008 6:20pm
Sorry just thinking out loud and getting my head around my own system.

Accepting you can't predict everything so don't try but trust the underlying trends is key.

The problem is there are many different trends direction time scales ( not talking 4hour charts here, use SMA's on M1 much more accurate )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #74,656
  • Jul 5, 2008 6:42pm Jul 5, 2008 6:42pm
Sorry just thinking out loud and getting my head around my own system.

Accepting you can't predict everything so don't try but trust the underlying trends is key.

The problem is there are many different trends direction time scales ( not talking 4hour charts here, use SMA's on M1 much more accurate )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #74,657
  • Jul 5, 2008 8:48pm Jul 5, 2008 8:48pm
Here's a nice Auto Pivot Indicator for you all to use.
Attached File(s)
File Type: mq4 Pivots___Auto Pivot.mq4   15 KB | 369 downloads
  • #74,658
  • Jul 6, 2008 5:24am Jul 6, 2008 5:24am
Looking at my chart for Cable, it seems this could be a a good move south for a couple of hundred pips during the week.
Attached Image (click to enlarge)
Click to Enlarge Name: short_ash_cable_06july.gif Size: 28 KB
  • #74,659
  • Jul 6, 2008 5:26am Jul 6, 2008 5:26am
look like where heading up when sunday open
If I Go Broke Trying Then I Will die happy.
  • #74,660
  • Jul 6, 2008 6:05am Jul 6, 2008 6:05am
Quoting Moe
look like where heading up when sunday open
Maybe, but I'm anticipating the overall trend to be bearish for the week.
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