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Cable Update (GBPUSD)

  • #76,161
  • Jul 15, 2008 11:10am Jul 15, 2008 11:10am
Quoting nAVIN2007
the easiest way to answer this question without writing a esay is ...understanding price action, and that it moves in channels....the only time i try to place counter trend trades is when we at the end of the channel...

hope that helps..
And don't forget to use the pulse of the market.

HOLLA
  • #76,162
  • Jul 15, 2008 11:11am Jul 15, 2008 11:11am
Thank you very much Navin channels seems to be a good way I used to use shorter time frame Candles 15 M but it could often misguide you.........was told fibs and pivots are a good too but seems nothing is perfect............. one other thing i do is use 3 standard deviation BB band to go Counter ............

Quoting nAVIN2007
the easiest way to answer this question without writing a esay is ...understanding price action, and that it moves in channels....the only time i try to place counter trend trades is when we at the end of the channel...

hope that helps..
BANDA333
  • #76,163
  • Jul 15, 2008 11:12am Jul 15, 2008 11:12am
If I may ask how you gauge the pulse of market........as in medicine........radial pulse or femoral pulse ........lol
Quoting Turtle
And don't forget to use the pulse of the market.

HOLLA
BANDA333
  • #76,164
  • Jul 15, 2008 11:15am Jul 15, 2008 11:15am
I think you've got to use anything that converges, plus your experience. Trendlines, candle patterns, divergence, (I don't use them, but pivots and fibs), etc. Convergence of one or more of these accompanied by the right time of day is useful.
There's always money in the banana stand.
  • #76,165
  • Jul 15, 2008 11:16am Jul 15, 2008 11:16am
Quoting BANDA
Thank you very much Navin channels seems to be a good way I used to use shorter time frame Candles 15 M but it could often misguide you.........was told fibs and pivots are a good too but seems nothing is perfect.............

the higher the frame the more likely price shall respect it ...look at the vital areas ( end of channel) look for candle formations which have a habit of repeating themselves, when u get the signal u can enter..

takes practice bro....enter small till u get 90% win rate then go higher.
u will get there just takes time and practice

to enter short i used:
channel trendline end....saw bounce
high of day (assuming) at fib 76.4
r3 reached
and dollar index and oil..should also look at gold..but gave that a miss
and diverence on dailly and now i have on 4 hr bearish engulfing formation ....this tells me i have a fair chance of successfull trade
  • #76,166
  • Jul 15, 2008 11:19am Jul 15, 2008 11:19am
ty ..from your advice ..... as you indicated time of the day very important I guess and confluence of factors are vital ......thing with me my mental abilities are limited to harness multiple sources in a brisk...... my back ground completly disadvantageous in fast paced settings
Quoting LizardGizzard
I think you've got to use anything that converges, plus your experience. Trendlines, candle patterns, divergence, (I don't use them, but pivots and fibs), etc. Convergence of one or more of these accompanied by the right time of day is useful.
BANDA333
  • #76,167
  • Jul 15, 2008 11:21am Jul 15, 2008 11:21am
Quoting BANDA
If I may ask how you gauge the pulse of market........as in medicine........radial pulse or femoral pulse ........lol
You think about what has happen in this current 24 hour period!!!

And know that folks are not leaving too much money on the table these days.

HOLLA
  • #76,168
  • Jul 15, 2008 11:22am Jul 15, 2008 11:22am
thats very true buddy .........
Quoting Turtle
You think about what has happen in this current 24 hour period!!!

And know that folks are not leaving too much money on the table these days.

HOLLA
BANDA333
  • #76,169
  • Jul 15, 2008 11:26am Jul 15, 2008 11:26am
Quoting BANDA
ty ..from your advice ..... as you indicated time of the day very important I guess and confluence of factors are vital ......thing with me my mental abilities are limited to harness multiple sources in a brisk...... my back ground completly disadvantageous in fast paced settings

Good news is markets aren't really fast at all, unless you're trading 5M time frame. You should have plenty of time to do a quick analysis of a particular market, usually only takes a minute or two, at least after you've been trading for a few years. Best of luck and bet as small as possible.
There's always money in the banana stand.
  • #76,170
  • Jul 15, 2008 11:30am Jul 15, 2008 11:30am
thank your so much for you input .....hope to change

Quoting LizardGizzard
Good news is markets aren't really fast at all, unless you're trading 5M time frame. You should have plenty of time to do a quick analysis of a particular market, usually only takes a minute or two, at least after you've been trading for a few years. Best of luck and bet as small as possible.
BANDA333
  • #76,171
  • Jul 15, 2008 11:36am Jul 15, 2008 11:36am
did you guys see a good trade on NZD/USD short trade as its now under a major fib level after a swing north
BANDA333
  • #76,172
  • Jul 15, 2008 12:10pm Jul 15, 2008 12:10pm
Actually there is nothing strange to see GU to retrace back as in my chart.
As i mentioned earlier, i will go short for a while, but general trend is still in LONG mode.

Juz close one position wif +77
Now still on hold another short wif +44.
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  • #76,173
  • Jul 15, 2008 12:11pm Jul 15, 2008 12:11pm
exited the short ....never quite know whats happening
  • #76,174
  • Jul 15, 2008 12:35pm Jul 15, 2008 12:35pm
All short trade on GU close now.
One wif +77, another one wif +34

Now is time to hunt long again.
Waiting
  • #76,175
  • Jul 15, 2008 12:37pm Jul 15, 2008 12:37pm
I would like to share my trading thought to all of your guys in terms of my observation, practical experience and fundamentals results. It is not necessary to share my thoughts to you in terms of graphs, charts and Fibo languages as everybody knows how to talk about the graphs and charts. Although I follow all of them on a daily basis.

I have closely watching/trading the currency market for the last 3-6 months and I came up with the conclusion that no matter what happens with oil, DJIA fundamental news and on the air news, this pair (G/U) always be at low in one week and another week they are in their peak. I will give you two recent examples with the dates:

Durind the second week of June (9th-13th), this pair was in the range between 1.96+ to 1.9411 and it closed with 1.9472 on Friday the 13th of June. So that means this pair was at low close during this week. Next week I was on vacation and this pair no matter what closes above 1.9800 on June 20th. So that means this pair was at its high on the close day of June 20th.

Similarly the above examples happened in this month as well From first week of July to the second week of July. During the first week of July this pair went down as low as 1.9647 and in this week this pair is as high as 2.0160.

So now you guys know what I am talking about. The bottom line is as long as your account is strong enough to handle at least 300-500 pips move against your direction in the same week then take relax and put the plain in the auto pilot. As far as I am concerned I am still didn't reach to this level because most of the time I closed my positions earlier than expected. For example I closed all my long positons last night around 2:30 am Central time as I was worried about if CPI would come out in red but this pair actually went up during the first hour of US session as all the US news got bad......

Have a nice trading during the rest of the week guys. Tonight there is one red and one brown news is coming and the rest of the weeks we might have to relie on E/U move for G/U and technicals....

Alqaz.
  • #76,176
  • Jul 15, 2008 12:59pm Jul 15, 2008 12:59pm
Catch the dip, short done? Retracted to 38%, going back up now?
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  • #76,177
  • Jul 15, 2008 1:03pm Jul 15, 2008 1:03pm
Quoting Runway Trade
Catch the dip, short done? Retracted to 38%, going back up now?
Wont expect so faz, usually as GU mood, after a trendy day, it shall rest and rest and sleep and take nap then only working again. However, I shall juz wait for a clearer day or juz a further confirmation to GO LONG.

STill, Long term for me is LONG

Quoting asyed4
I would like to share my trading thought to all of your ...... Alqaz.
I did notice it as well. there is some relationship between them
  • #76,178
  • Jul 15, 2008 1:09pm Jul 15, 2008 1:09pm
Railroad track reversal on 4H, south spikes on 15M, top of intermediate channel, divergence on 15, hmm. wait for long indeed. EUR appears very toppy indeed at well at 106, but that's neither here nor there.
There's always money in the banana stand.
  • #76,179
  • Jul 15, 2008 2:29pm Jul 15, 2008 2:29pm
i wish this currency would stop playing games..blody hell one minute higher high then nexxt lower lows..
  • #76,180
  • Jul 15, 2008 2:33pm Jul 15, 2008 2:33pm
Quoting nAVIN2007
i wish this currency would stop playing games..blody hell one minute higher high then nexxt lower lows..
i think it wanna tell us that there is a thunderstorm approaching..
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