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Cable Update (GBPUSD)

  • #104,541
  • Dec 4, 2008 11:14pm Dec 4, 2008 11:14pm
Quoting manize
...
The worthy point here :

1. Loss is a part of trade. I did it with put SL at 1.4830 above H1/62 and daily pivot level
2. H1/50-62 ema and daily pivot level can be used to solve a problem perfectly
3. Becarefull make an entry at M15/all ema, except just for scalp and have a time to monitor for in and out quickly !

Congratz for me !

Thank so much for EO, Infinity, LuckyLerver, Gagakrimba, Steelhead and all here who gives me the input to improve the strategy ! You all the best !
Can I expand upon this?

Loss is definately a part of trading. Know what your risking vs reward.

The 1h 62ema is a beautiful setup, but she can and will be broken and when she does, she does it good usually. I do trust the setup, but I do have a control of my money management and willingness to take the loss. The 1h 50sma, is a nice setup as well, but it does not hold as much weight as the 62ema. When their are this close, I look for the 62ema to hold over the 50.

I do not recommend entering on the 15m on all ma/ema's. Each ma/ema has a certain value in weight that needs to be considered. Think of them as steps. When I'm long from the bottom and she's going up, I'm looking for my TP to be around the 35sma/50sma/ema. I want to see how she moves up the ma's and how the candles form to determine if I should switch my position.

I would also like add that if you ever loose power, you should call your broker immediately and get you SL/TP in place. Your broker will do this for you over the phone.
Just digging in the trenches like everyone else!
  • #104,542
  • Dec 4, 2008 11:53pm Dec 4, 2008 11:53pm
Quoting Turtle
Manize....please just be careful thinking the 1hr 50/62 can solve the problem, it could be hitting those ema's for a third touch and blast through which would not solve the problem.

Also, you might want to get your broker's number or a Mobile device for when the power goes out, because in forex anything can happen.

Glad it worked out for the best!

HOLLA
Thank you for advive !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #104,543
  • Dec 4, 2008 11:54pm Dec 4, 2008 11:54pm
Quoting Shermenator
I brake of this candles high is good for longs....only for a scalp dont marry a position...longs are scalps at the moment....

Attachment

Longs are only scalps if you enter at the wrong time. This would be one of those times. No buying in the middle buy low sell high.


Eohater I got your message earlier i fell asleep. My 30 minute nap turned into a four hour sleep.
  • #104,544
  • Dec 5, 2008 12:01am Dec 5, 2008 12:01am
Quoting steelhead
Longs are only scalps if you enter at the wrong time. This would be one of those times. No buying in the middle buy low sell high.


Eohater I got your message earlier i fell asleep. My 30 minute nap turned into a four hour sleep.
Hope you had a good nap!

We are sitting in the middle of a boiler ready to pop either way. I'm currently flat on my positions. I still have some shorts from 4770 area, but their SL is at BE and I've taken partial profit off during the US Session, so all is good on that trade.
Just digging in the trenches like everyone else!
  • #104,545
  • Dec 5, 2008 12:08am Dec 5, 2008 12:08am
Alright here is what I see in the GBPUSD with a bitt more in depth....you guys probably wonder why I have so many fibbs at time but they all have importance and they all show me market direction as well as strength and weakness..

Alright to begin with the market is making some what of an attempt at double bottoming at the low of Novermber 13 showing a possible shift of moement or at least temporary buyers ...second price has been navigating in the daily chart between S1 and R1 making a range ......third a break of yesterday high will make the market begin to trade higher but can only be treated as scalp...also price found imitidiate buyers at the 61.8 uptrend fibb from the monthly chart from 1984 to the highest high .....also price is building support in the 1 hour chart creating some sort of double bottom/support as well and price is also attempting to trade higher in the 4 hour chart as well as we had a deep retracement into the last move down in the 4 hour chart showing a slow down in momentum ....and daily chart created a long wick at the bottom give in you a quick summarry of all the stuff I just said lol....every fibb matters its just the abilty of the trader to know how to use it as long as it does not cause confusion....some will get it and some wont

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  • #104,546
  • Dec 5, 2008 12:11am Dec 5, 2008 12:11am
Quoting eohater
Hope you had a good nap!

We are sitting in the middle of a boiler ready to pop either way. I'm currently flat on my positions. I still have some shorts from 4770 area, but their SL is at BE and I've taken partial profit off during the US Session, so all is good on that trade.

Top two lines possible shorts. Bottom line buys even if it dips below. As you said right now no mans land why bother until it breaks either way. then if it breaks up you sell as its going up, if it breaks down you buy as it is going down

Until one of those areas is met no trades for me.

Buy low sell high.
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  • #104,547
  • Dec 5, 2008 12:18am Dec 5, 2008 12:18am
3rd times a charm?
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Just digging in the trenches like everyone else!
  • #104,548
  • Dec 5, 2008 12:26am Dec 5, 2008 12:26am
Quoting eohater
3rd times a charm?

thanks for the idea. it's a modified schiff fork. If those moving averages and upper median line hold the up move; we'll have a good short setup in the making.
~*~You are only one trade away from humility~*~
  • #104,549
  • Dec 5, 2008 12:29am Dec 5, 2008 12:29am
Quoting Shermenator
Alright here is what I see in the GBPUSD with a bitt more in depth....you guys probably wonder why I have so many fibbs at time but they all have importance and they all show me market direction as well as strength and weakness..

Alright to begin with the market is making some what of an attempt at double bottoming at the low of Novermber 13 showing a possible shift of moement or at least temporary buyers ...second price has been navigating in the daily chart between S1 and R1 making a range ......third a break of yesterday high will make the...

Fibos have about as much importance to me as weather i have a tan in the middle of the winter. Support and resistance levels solid candle closes Im tellin you thats really all you need.

Look at the difference in those two charts. I cant make heads or tails of that chart with all the fibo's and clutter
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  • #104,550
  • Dec 5, 2008 12:34am Dec 5, 2008 12:34am
Quoting steelhead
Fibos have about as much importance to me as weather i have a tan in the middle of the winter. Support and resistance levels solid candle closes Im tellin you thats really all you need.

Look at the difference in those two charts. I cant make heads or tails of that chart with all the fibo's and clutter
Fibbs are are support and resistance....you draw them from key highs and lows and this are the points you look at.....this is what I use to trade as a fulltime trader for a year now and its what makes me consistent profits....so if what I need to make money is clutter then let it be. Goodluck in your trading my friend.
  • #104,551
  • Dec 5, 2008 12:35am Dec 5, 2008 12:35am
yep steelhead's much clearer. i cant make anything out of the multiple fibo lines. so when to short n when to long? lol confusing.
  • #104,552
  • Dec 5, 2008 12:40am Dec 5, 2008 12:40am
Quoting Shermenator
Fibbs are are support and resistance....you draw them from key highs and lows and this are the points you look at.....this is what I use to trade as a fulltime trader for a year now and its what makes me consistent profits....so if what I need to make money is clutter then let it be. Goodluck in your trading my friend.

I know how to draw fibo's lol I choose not too. Fibo's have there place but to easy for those levels to be breached. How many times does a trade go past the 61.8 or 78.6 by thirty to fourty pips then go in the direction you want it.


Plus the fibs are not neccesarily support or resistance. Where you draw them from might be doesnt mean that the 61.8 or 78.6 levels fall on support and resistance levels.

If you use fibo's to enter trades and have to tight of stop loss you are shark bait.
  • #104,553
  • Dec 5, 2008 12:43am Dec 5, 2008 12:43am
Quoting steelhead
I know how to draw fibo's lol I choose not too. Fibo's have there place but to easy for those levels to be breached. How many times does a trade go past the 61.8 or 78.6 by thirty to fourty pips then go in the direction you want it.

If you use fibo's to enter trades and have to tight of stop loss you are shark bait.
nope....price has to hit the level and then prove to me momentum is shifting by either braking the previous candles high or low ....then I see the next logical point of major support and resistance and take profits and then let the market decide if I was right or wrong...once I am looked 90 percent in the bank I could care less what way the market moves....every trader trades different....every Road leads to Rome
  • #104,554
  • Dec 5, 2008 12:46am Dec 5, 2008 12:46am
Quoting Shermenator
Fibbs are are support and resistance....you draw them from key highs and lows and this are the points you look at.....this is what I use to trade as a fulltime trader for a year now and its what makes me consistent profits....so if what I need to make money is clutter then let it be. Goodluck in your trading my friend.
Trading Fibbs is an art and I do believe one can be very profitable with them. I respect anyone who has a solid system with Fibbs. As any type of support/resistance indicator, there are failures in the system. I see this all the time while trading my ma's. One's money management and willingness to accept the loss is important.

I used to only trade the way steelhead trades and I will say, you can enter your trades, set yout SL/TP and walk away and be successful as well.

Everyone has their trading style, so trade well everyone!
EO
Just digging in the trenches like everyone else!
  • #104,555
  • Dec 5, 2008 12:48am Dec 5, 2008 12:48am
Good Day

cable need to be above 1.4720 to continue move up
  • #104,556
  • Dec 5, 2008 12:51am Dec 5, 2008 12:51am
Quoting Shermenator
nope....price has to hit the level and then prove to me momentum is shifting by either braking the previous candles high or low ....then I see the next logical point of major support and resistance and take profits and then let the market decide if I was right or wrong...once I am looked 90 percent in the bank I could care less what way the market moves....every trader trades different....every Road leads to Rome


How long do you have to wait for it to prove to you that momentum is shifting? If it takes to long it might be to late. Anyways if you can do it thats great I just dont think its a reliable indicator to base trades on. Just my opinion.

Ps I hope all roads dont lead to rome. That could be complicated where do i catch the road to rome under the atlantic ocean?

If you can tell me that you really are superman
  • #104,557
  • Dec 5, 2008 12:53am Dec 5, 2008 12:53am
Quoting steelhead
How long do you have to wait for it to prove to you that momentum is shifting? If it takes to long it might be to late. Anyways if you can do it thats great I just dont think its a reliable indicator to base trades on. Just my opinion.

Ps I hope all roads dont lead to rome. That could be complicated where do i catch the road to rome under the atlantic ocean?

If you can tell me that you really are superman
lol hahah...I am superman ...and i just use stop orders as soon as a hig or a low brakes of the previous candle high or low..
  • #104,558
  • Dec 5, 2008 1:04am Dec 5, 2008 1:04am
Good morning guys...

Great day to make money today I feel!

Have a good one!
  • #104,559
  • Dec 5, 2008 1:07am Dec 5, 2008 1:07am
Quoting steelhead
How long do you have to wait for it to prove to you that momentum is shifting? If it takes to long it might be to late. Anyways if you can do it thats great I just dont think its a reliable indicator to base trades on. Just my opinion.

Ps I hope all roads dont lead to rome. That could be complicated where do i catch the road to rome under the atlantic ocean?

If you can tell me that you really are superman

i agree..its all probabablity...take yesterdays trade on Gbp/usd, im a fibo trader 95% of my trades are fib trades.....yesterday cable didnt respect fib law at all..
as a price action trader yes u do need to study price action at these magical numbers and these leads to bigger stops...and mostly its the support or resistance confluence which lead to the change not the numbers itself..it just so happens that at the magical number there is majar support or resistance...

in a nutshell fibs just add confirmation....and not all roads lead to rome..80% of people lose money in forex, how the can it!

the peole that are successfull in forex have great mm.....tight ass stop and huge profit...like EO and affinity to name a few and ofcourse stealhead...
  • #104,560
  • Dec 5, 2008 1:15am Dec 5, 2008 1:15am
Pimco Sees Pound Bottom as BOE Cuts Rate to Lowest Level Since Churchill The Bank of England’s third interest- rate cut since the start of October is raising speculation that the pound’s 26 percent slide may be coming to an end.
http://www.bloomberg.com/apps/news?p...refer=currency

Maybe it 's a Should to go Long now, friends.
Give me patience
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