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Daily Cable Analysis

  • #7,401
  • Mar 1, 2007 2:44am Mar 1, 2007 2:44am
Quoting Islander
Thanks...got 3 brokers and 3 platforms, but on new īputer, so wasnt totally configured, so lost time and missed the drop - then the bounce. Its a holiday here, makes me think about taking the day off....lol whatīs that!
Holiday - where are you?
  • #7,402
  • Mar 1, 2007 2:50am Mar 1, 2007 2:50am
Quoting monarch
Holiday - where are you?
In the Balearic Islands, in the mediterranean....they love Fiestas!!
Trading Levels with WRBs
  • #7,403
  • Mar 1, 2007 3:06am Mar 1, 2007 3:06am
Quoting Islander
In the Balearic Islands, in the mediterranean....they love Fiestas!!
Man, I am coming now, hold the party for me.
  • #7,404
  • Mar 1, 2007 3:11am Mar 1, 2007 3:11am
20 minutes for news GBP.

Price holding in the 1.9589 area for now.
  • #7,405
  • Mar 1, 2007 3:55am Mar 1, 2007 3:55am
Well news came out as 55.4 vs 53.0 forecast....a difference of 1.3 should have given cable a good boost.
I guess a falling Euro and rising Swissy scuppered that.
Now its sit on hands time till the 6am news - thatīs supposed to be more important.
Trading Levels with WRBs
  • #7,406
  • Mar 1, 2007 3:56am Mar 1, 2007 3:56am
Quoting Islander
Well news came out as 55.4 vs 53.0 forecast....a difference of 1.3 should have given cable a good boost.
I guess a falling Euro and rising Swissy scuppered that.
Now its sit on hands time till the 6am news - thatīs supposed to be more important.
Yes, then 8:30 (your time) Core PCE in USA, I'm hesitating if I should enter the market until then at all...
  • #7,407
  • Mar 1, 2007 4:21am Mar 1, 2007 4:21am
Quoting MarkGavalda
Yes, then 8:30 (your time) Core PCE in USA, I'm hesitating if I should enter the market until then at all...
As Iīm in Europe, my time zone is EST +6 hours, but I always post in NY time to avoid confusion.

Whilst Iīm not confused about time, I sure am about where the marketīs going!!

I had hoped that the Brits would have taken it higher, towards the 9650 level again - but no joy so far.
Trading Levels with WRBs
  • #7,408
  • Mar 1, 2007 4:44am Mar 1, 2007 4:44am
Quoting Islander
As Iīm in Europe, my time zone is EST +6 hours, but I always post in NY time to avoid confusion.

Whilst Iīm not confused about time, I sure am about where the marketīs going!!

I had hoped that the Brits would have taken it higher, towards the 9650 level again - but no joy so far.
Oh, okay, I'm in EST+6 too (central-europe), so it's fun to change timezones for every post someone makes here... Who came up with this timezone sh1t in the early days.... they should've hanged him.
  • #7,409
  • Mar 1, 2007 10:14am Mar 1, 2007 10:14am
It's awfully quiet in here this morning. Where is everybody?
  • #7,410
  • Mar 1, 2007 10:45am Mar 1, 2007 10:45am
I wondered the same thing. I thought I was in the wrong forum or something..

Quoting neophyte
It's awfully quiet in here this morning. Where is everybody?
  • #7,411
  • Mar 1, 2007 10:48am Mar 1, 2007 10:48am
time to retrace target 9605 then down again
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,412
  • Mar 1, 2007 11:34am Mar 1, 2007 11:34am
Quoting notme32
time to retrace target 9605 then down again
This thing is slow to retrace. Is this a sign the BULLS are hurting?
Show me the PIPS!
  • #7,413
  • Mar 1, 2007 11:40am Mar 1, 2007 11:40am
Maybe they are dead, lol !!!
  • #7,414
  • Mar 1, 2007 11:54am Mar 1, 2007 11:54am
if 9605 did not hit again today or price close below 9580 today, then i will jump to short a "few" lot.

target 9300
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,415
  • Mar 1, 2007 6:44pm Mar 1, 2007 6:44pm
Quoting notme32
if 9605 did not hit again today or price close below 9580 today, then i will jump to short a "few" lot.

target 9300
At what price. If you would please explain your analysis for the quoted statement it would be helpful. At the moment don't know whether to trade against you or with you. I am currently short from 9629 on 1st entry prior to UK news and added at 9640 and still holding. Analysis is an ever evolving study in the forex market. Details would be helpful.

Thanks
Brad
  • #7,416
  • Mar 1, 2007 8:31pm Mar 1, 2007 8:31pm
Well this thread has acted like the Cable, very quite!

It has been a very nice break the past few days, with the currency ranging, this gives everyone the needed time to reflect upon their strategies, and contemplate the upcoming months.

I have basically placed most of my strategies in a file to give them a rest. LOL

When the market does not meet your strategy perimeters, then you place it aside, and go to plan B or C.

I have not traded exactly the way I am use to trading, but there are alternatives to making money even in a ranging channel.

Actually, I have made almost, as many pips this past two weeks in the range by using several scalping techniques, looking for 3-20 pips at a time.

So when things quite down like they have, and news makes the market stall on the upper and lower rims, set back and relax - and get your magnifying glasses out and start searching for other ways to make it happen.

I hope your all having a wonderful time trading, I have thoroughly enjoyed February, and the excellent post you share in the "Daily Cable Analysis"

See you in March!

Ken
  • #7,417
  • Mar 1, 2007 8:36pm Mar 1, 2007 8:36pm
Monarch could you enlight us in your techniques these past two weeks.

I for one, struggled in the range market!

Quoting monarch
Well this thread has acted like the Cable, very quite!

It has been a very nice break the past few days, with the currency ranging, this gives everyone the needed time to reflect upon their strategies, and contemplate the upcoming months.

I have basically placed most of my strategies in a file to give them a rest. LOL

When the market does not meet your strategy perimeters, then you place it aside, and go to plan B or C.

I have not traded exactly the way I am use to trading, but there are alternatives to making money even in a ranging channel.

Actually, I have made almost, as many pips this past two weeks in the range by using several scalping techniques, looking for 3-20 pips at a time.

So when things quite down like they have, and news makes the market stall on the upper and lower rims, set back and relax - and get your magnifying glasses out and start searching for other ways to make it happen.

I hope your all having a wonderful time trading, I have thoroughly enjoyed February, and the excellent post you share in the "Daily Cable Analysis"

See you in March!

Ken
  • #7,418
  • Edited 9:56pm Mar 1, 2007 9:15pm | Edited 9:56pm
Okay, here we go.

I have spent 7 months on FF going through every technique, strategy, and philosophy there possibly seems to be.

I have learned a great deal from the many great members of the Forex Factory, but I will say it did cost me some tuition. You say, FF is free, yes it is, but to learn the hard lessons it takes money. Most will say “Demo”, but I only used a Demo for several months when I first got introduced to Forex, everything else I have learned cost me many "mini"accounts.

Demo is bad habit forming, and it is not reality. Most traders use it to test strategies, and I am okay with that. But whatever you do, don’t get to thinking you have this kind of money, because when the real money is on the line, you do some strange things.

We get restless and confused quickly when werer down 30 bucks, add a standard account and your down $300.00. I actually went through one $500.00 “mini” account in two days. This thing can get a hold of you, and it makes you do things you never thought you would do.

I had to take a real deep look into my trading mentality, and when I looked, I saw a hidden beast called greed! I had to tame this animal in me, so I started starving the craving, making myself miss moves I normally would take, and forcing myself to submit to some very dear friends who have helped me become a smarter and more discipline trader.

You are asking, “hey, I just want the tips and tricks!”

Those lessons of losing and getting bitter and angry is the tips and the trick. You gotta learn to handle yourself in the small times, and make the best trades you ever traded even when it is only 1 pip on the line. Protect your profits, bank your small gains, and never be willing to give the market more than it is willing to give you.

Do not chase trades, it may be days before the right one pops up at you and you say, there it is. I have made 20 trades in 2 weeks (1 loss - YEN news was place on FF - but was not right), each trade I entered was pre-determined to be small gains of maybe 1 pip, or up to good run that could get you 80 pips. I traded 1 lot, 2 lots, and never more than 3 at any one entry. I stage my entries to get the most out of my positions. One lot can make 3 pips, but the next one couyld make you 10 pips.

This morning I scalped GBP/JPY and my first lot made 21 pips, and the 2nd lot made 46 pips, the sad thing was – mr greed was present with me when I saw green!! It ran up 20 pips above my exit, it was after I seen the drop, I got panicked and exited. Yea, I had 2 lots on 1 entry and 2 lots on the next entry. I passed up 80 extra pips by letting greed take hold, but reality hit and I made a profitable exit.

Even experienced traders (which I do not consider myself yet) make these type of mistakes.

Okay, I have not looked at the charts in over 45 minutes. But I know the bottom is 1.9550 and the top is 1.9600 for now. Price should be heading up towards 1.9570-77 area, going to re-test that top of the channel 1.9594 area. I will trade when the price skirts the edges at this test, especially after it ranges up and down a few times in several hour periods.

You have to learn the currency, I have every price area memorized, and when I post a number, it is in my head, not written anywhere. Watch the screen, see formations, memorize its moods. This is all I have done, and when I see numbers being reached I envision what has been, and where it should go. I can see it when I am not watching the charts, when I am driving down the road or just talking to friends on the phone about the Forex. I can see every place it has been for the past 4 months. I have some long term numbers placed in my head, and I can see right now the 30 year chart in my head.

When you start breathing and smelling it, you know when it is going to run, or when it is going to stop. "Intuition" one person described me as, and I think that is probably what I would say about myself the most.

Other currencies, I could not tell you one thing, but the Cable, yea, I have been taught a very expensive lesson - "You better listen when it talks!"

Sorry if this has been a bore, I will quit going on. LOL.

Ken

looked at the charts just now, it is at 1.9566 - missed it by 4 pips on this calculation.
  • #7,419
  • Mar 1, 2007 9:22pm Mar 1, 2007 9:22pm
Quoting monarch
When the market does not meet your strategy perimeters, then you place it aside, and go to plan B or C.

So when things quite down like they have, and news makes the market stall on the upper and lower rims, set back and relax - and get your magnifying glasses out and start searching for other ways to make it happen.

Ken
i like some of your analysis on cable.

however, what you stated above is wrong.
BAM BAM BOOM! -bravado
  • #7,420
  • Mar 1, 2007 9:51pm Mar 1, 2007 9:51pm
Quoting bravado
i like some of your analysis on cable.

however, what you stated above is wrong.
In what way bravado, sitting your strategy aside for the "time being" (not forever), or making pips using other strategies that work better in these market conditions.

20 trades in 8 days using this ranging strategy, only one loss, and that was the USD/JPY error on the news.

Strategies work in the perimeters they are designed to work in, but the market does do some changing once in a while.

So what is perfect?

Whatever it is, I must be wrong I suppose.
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