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Daily Cable Analysis

  • #5,741
  • Feb 6, 2007 10:51pm Feb 6, 2007 10:51pm
Here is a chart view of the last three entries.

I have a circle on the point of the candle crossing and a new candle open above/below the middle BB.

Below that you will see the RSI, which seems to cross over before we have an entry point on the candles.

Below that is the CCI, it actually crosses around the same time as the candles, and it does not skirt the middle as much as the RSI does.

Between the three, there is nice indication of direction, and entry.

Once you have enough screen time, you could choose the right entry point, and actually catch a more precise profit before your exit, especially if your watching a smaller time frame tpo see what is happening within the Hourly Candle.
Attached Image
TheCableGuy
  • #5,742
  • Feb 6, 2007 10:56pm Feb 6, 2007 10:56pm
This thing is not wanting to go down. I'm looking for it to go down to at least 1.9686 which is the low of the day but it's holding up above 9700. It should go down as momentum is fading on my MACD indicator so come on already, LOL.
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #5,743
  • Feb 6, 2007 11:01pm Feb 6, 2007 11:01pm
Quoting Qwiktrader
This thing is not wanting to go down. I'm looking for it to go down to at least 1.9686 which is the low of the day but it's holding up above 9700. It should go down as momentum is fading on my MACD indicator so come on already, LOL.


I thought we would have went down to 1.9666 or so, maybe during the Frankfurt Low we may see this move.

Fixme1too is looking for the 1.9800 area, maybe once we drop down some, we may see a bounce upwards in the London Session.
TheCableGuy
  • #5,744
  • Feb 6, 2007 11:12pm Feb 6, 2007 11:12pm
Quoting Qwiktrader
This thing is not wanting to go down. I'm looking for it to go down to at least 1.9686 which is the low of the day but it's holding up above 9700. It should go down as momentum is fading on my MACD indicator so come on already, LOL.

Here the price is at 1.9700. MACD says to short. I don't trade the cable but thought I would post it. 1 hour.
Attached Image
"Its not where your at, but where your coming from"
  • #5,745
  • Feb 6, 2007 11:13pm Feb 6, 2007 11:13pm
Quoting TheCableGuy

I thought we would have went down to 1.9666 or so, maybe during the Frankfurt Low we may see this move.

Fixme1too is looking for the 1.9800 area, maybe once we drop down some, we may see a bounce upwards in the London Session.
The cable still has a bid on it. Looks like somebody still has two bucks on the brain! If UK IP comes out positive, could definitely be catalyst to get back to 1.98's. Also, commercials are less short on the pound, which also leaves room for upward move. I'm waitin' for news and then rate statement (later in week) to come out before i start shorting heavy again. lastly, it seems with most brokers it is cheaper to go long on pound than short! just another reason for people to buy pound!
"i wake up in the morning, and i piss excellence"
  • #5,746
  • Feb 6, 2007 11:21pm Feb 6, 2007 11:21pm
Hmmmmmmmm.......... I'm still thinking SHORT for the short term(1.9670 area) then ultimately a LONG position should present itself to the 1.9790-1.9800 area. Just some PIPS for your thoughts.
Show me the PIPS!
  • #5,747
  • Feb 6, 2007 11:24pm Feb 6, 2007 11:24pm
Quoting N2FX
1.9700 is where it stayed for the past several hours, where do you expect to see it go from here?

Thank you, N2FX
1.969999999999
  • #5,748
  • Feb 7, 2007 12:55am Feb 7, 2007 12:55am
As I said earlier 1,9650 is most likely where it will be going...
I am just here to talk nonsense =D
  • #5,749
  • Feb 7, 2007 1:01am Feb 7, 2007 1:01am
Frankfurt open below 1.9700, this most likely confirmed my signal..
I am just here to talk nonsense =D
  • #5,750
  • Feb 7, 2007 1:22am Feb 7, 2007 1:22am
IMO we're on our way to 9800 which is the top of the channel on the 1 and 4hr time frames.
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #5,751
  • Feb 7, 2007 1:31am Feb 7, 2007 1:31am
lol, no offense, but it's funny how so many folks come up with explanations and predictions for a 10-15 pip move. Short term movements are extremely susceptible to spikes, and it would be wise to only look at the bigger picture. like say, a 100 pip move is much more predictable. Say a large investment bank figures that in the next 7 months, the pound would weaken versus the dollar, and say that they're selling huge amounts of pounds now. That would most definitely cause some noise. Add to that, going against a trend. That's such a disastrous move.
  • #5,752
  • Feb 7, 2007 1:32am Feb 7, 2007 1:32am
remember

Ms Market in the short term
Mr Market in the long term

  • #5,753
  • Feb 7, 2007 1:40am Feb 7, 2007 1:40am
Quoting blueshift
lol, no offense, but it's funny how so many folks come up with explanations and predictions for a 10-15 pip move. Short term movements are extremely susceptible to spikes, and it would be wise to only look at the bigger picture. like say, a 100 pip move is much more predictable. Say a large investment bank figures that in the next 7 months, the pound would weaken versus the dollar, and say that they're selling huge amounts of pounds now. That would most definitely cause some noise. Add to that, going against a trend. That's such a disastrous move.
Too bad, we are not bank and we don't have 1000 pips of SL.. You are right, Most of the people here like me are ridiculous for predicting 10-15 pips move...You can only be rich in forex if you look at monthly chart..1 hour chart are useless...forgive me for posting rubbish here...I will stop predicting less than 100 pips move..No offence anyway...
I am just here to talk nonsense =D
  • #5,754
  • Feb 7, 2007 1:49am Feb 7, 2007 1:49am
Quoting Zarul Shahrin
Too bad, we are not bank and we don't have 1000 pips of SL.. You are right, Most of the people here like me are ridiculous for predicting 10-15 pips move...You can only be rich in forex if you look at monthly chart..1 hour chart are useless...forgive me for posting rubbish here...I will stop predicting less than 100 pips move..No offence anyway...
i didn't mean to offend anyone, mate. I, myself never hold trades for more than 3 days. Most, I hold only for a couple of hours. but, trading 10-15 pip moves is ridiculous, in my opinion. I want you guys to be successful. Instead of stressing yourself out, by taking many small 10-15 pip trades, try looking at the bigger picture. I speak from experience. It will make trading a lot more enjoyable, and money will start flowing in. I'm not asking you to stop predicting. I'm just advising, and hoping that you are not trading these tiny moves.
  • #5,755
  • Feb 7, 2007 1:52am Feb 7, 2007 1:52am
I trade off of 1 hour charts. I look at 4h and daily charts to get a clue of the long term direction. That, I do once every few days. When I'm trading, I only look at 1 hour charts. Execute a trade with a sl, and go do other stuff. I check my positions every couple of hours.
  • #5,756
  • Feb 7, 2007 1:53am Feb 7, 2007 1:53am
Quoting blueshift
i didn't mean to offend anyone, mate. I, myself never hold trades for more than 3 days. Most, I hold only for a couple of hours. but, trading 10-15 pip moves is ridiculous, in my opinion. I want you guys to be successful. Instead of stressing yourself out, by taking many small 10-15 pip trades, try looking at the bigger picture. I speak from experience. It will make trading a lot more enjoyable, and money will start flowing in. I'm not asking you to stop predicting. I'm just advising, and hoping that you are not trading these tiny moves.
I am afraid that most of the people are here to earn more than 100 pips per day, I myself doesn't make much trade everyday..but at the same time trying to make some cash on a smaller account scalping 10 - 15 pips mean a lot to some of the traders, remember that this,10-15 pips that make 100 pips...and the 10-15 pips can sometime pay your bills...
I am just here to talk nonsense =D
  • #5,757
  • Feb 7, 2007 1:55am Feb 7, 2007 1:55am
Quoting Zarul Shahrin
Too bad, we are not bank and we don't have 1000 pips of SL.. You are right, Most of the people here like me are ridiculous for predicting 10-15 pips move...You can only be rich in forex if you look at monthly chart..1 hour chart are useless...forgive me for posting rubbish here...I will stop predicting less than 100 pips move..No offence anyway...
You dont think you can have a 1000 pip SL? It's all about position sizing. Good luck.
  • #5,758
  • Feb 7, 2007 1:55am Feb 7, 2007 1:55am
Quoting blueshift
i didn't mean to offend anyone, mate. I, myself never hold trades for more than 3 days. Most, I hold only for a couple of hours. but, trading 10-15 pip moves is ridiculous, in my opinion. I want you guys to be successful. Instead of stressing yourself out, by taking many small 10-15 pip trades, try looking at the bigger picture. I speak from experience. It will make trading a lot more enjoyable, and money will start flowing in. I'm not asking you to stop predicting. I'm just advising, and hoping that you are not trading these tiny moves.
I understand we're you're coming from. But different strokes for different folks. What if they are succesful in their method because its suits their trading personality? What if they don't have enough margin in their account to go long term? You have your style. You can trade long term, I can trade short term and vice versa. At the end of the day, what matters is who got the pips and who don't. Forex trading isn't about who's trading the ST or LT. Its about getting your pips, anyway you want.

By the way, I trade the long term. Not because I think its more profitable, but it SUITS me.

Cheers!
  • #5,759
  • Feb 7, 2007 1:56am Feb 7, 2007 1:56am
Btw, I think only once or twice I make a post for scalping 15 pips... The rest are mostly more than 50 pips...Unless you consider that as ridiculous too...
I am just here to talk nonsense =D
  • #5,760
  • Feb 7, 2007 2:04am Feb 7, 2007 2:04am
Quoting bodge
You dont think you can have a 1000 pip SL? It's all about position sizing. Good luck.
Well, it depends on what kind of setup you are trading + how much money you have in you account + How long you're willing to wait for the pips to become positive...
I am just here to talk nonsense =D
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