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Cable Update (GBPUSD)

  • #105,781
  • Dec 10, 2008 11:37am Dec 10, 2008 11:37am
11.37 pacific - dow coming back up and so is euro/cable
  • #105,782
  • Dec 10, 2008 11:40am Dec 10, 2008 11:40am
Quoting steelhead
My G/u analysis

Buy low sell high.


There is one other area not at the lows that i might consider a long though.


Until then no cable trades having to much fun making pips with other currencies today
You are right, buy low sell high.

But of course what is considered low and what is considered high is relative to the timeframe in which one is trading.

For instance, you may consider selling at 1.4600 as wrong, as selling at a low.

But if you are willing to accept a certain ammount of risk, the dollar may rally and the pound may fall to 1.3900, and what may have been considered a foolish trade was actually a very clever idea.
  • #105,783
  • Dec 10, 2008 11:40am Dec 10, 2008 11:40am
i expect and i hope to see cable back to 1.5 this week or next week... there is nothing keeping it from going there... there is no more strength in the USD we are already down 5000 pips and people SHOULD start taking profit... we might visit 1.45 before though but i really doubt to see lower lows... just my 2 cents
When life gives you lemons, make lemonade
  • #105,784
  • Dec 10, 2008 11:41am Dec 10, 2008 11:41am
Quoting allserene
11.37 pacific - dow coming back up and so is euro/cable
I think you may have gone a bit early on that call- dow may yet break the low. It could be taking a run up!
  • #105,785
  • Dec 10, 2008 11:45am Dec 10, 2008 11:45am
Quoting micho
i expect and i hope to see cable back to 1.5 this week or next week... there is nothing keeping it from going there... there is no more strength in the USD we are already down 5000 pips and people SHOULD start taking profit... we might visit 1.45 before though but i really doubt to see lower lows... just my 2 cents
Interesting analysis, I think there's a good chance you'll be spot on.
However, there is still a nagging voice in my head that says that the dollar will have one last charge before it is accepted by everyone that he dollar rally is over.

I'm pretty sure though that whether the dollar continues to rally further, or whether it reverses, it will happen within the next couple of months.
  • #105,786
  • Dec 10, 2008 11:50am Dec 10, 2008 11:50am
Quoting spintrader
You are right, buy low sell high.

But of course what is considered low and what is considered high is relative to the timeframe in which one is trading.

For instance, you may consider selling at 1.4600 as wrong, as selling at a low.

But if you are willing to accept a certain ammount of risk, the dollar may rally and the pound may fall to 1.3900, and what may have been considered a foolish trade was actually a very clever idea.

I understand that the problem with buying low and selling high on a lower timeframe is this.

I will put 1 minute 5 minute and 15 minute is this example

Buying low and selling high on those time frames might consist of a 25 pip range. That might be the high and low. 25 pips is nothing its noise nothing but noise. Thats the problem with that.

So if you are buying low and selling high on those time frames with a 25 pip range as the high to the low. You better have a 7-8 pip stop loss or you will need to be right on that 25 pips 100% of the time to consistantly make money. One trade that goes against you and you have whiped out all your days work

Some do it but its very hard very time consuming and stressful.

There are several in here that have take me up on my offer to help. I think you will find that most if not all of them after three days of making pips that trading longerterm the right way is far less stressful. What I mean by the longterm right way is not that that is the only way just saying trading longterm correctly. I dont want anyone thinking that im tearing their short term scalps apart im not. I think its crazy but to each his own
  • #105,787
  • Dec 10, 2008 11:55am Dec 10, 2008 11:55am
Quoting spintrader
Interesting analysis, I think there's a good chance you'll be spot on.
However, there is still a nagging voice in my head that says that the dollar will have one last charge before it is accepted by everyone that he dollar rally is over.

I'm pretty sure though that whether the dollar continues to rally further, or whether it reverses, it will happen within the next couple of months.
When life gives you lemons, make lemonade
  • #105,788
  • Dec 10, 2008 12:15pm Dec 10, 2008 12:15pm
Quoting AmeriTrini
whats your target?
Sorry i had to go out and missed my entry

At the time i was thinking 4900 for my target. I wont take a long now too risky
  • #105,789
  • Dec 10, 2008 12:19pm Dec 10, 2008 12:19pm
Quoting micho
i expect and i hope to see cable back to 1.5 this week or next week... there is nothing keeping it from going there... there is no more strength in the USD we are already down 5000 pips and people SHOULD start taking profit... we might visit 1.45 before though but i really doubt to see lower lows... just my 2 cents
Yo Micho, yeah exactly what im thinking now, as long as the market gets this stupid bailout its waiting for, otherwise could be lower
  • #105,790
  • Dec 10, 2008 12:23pm Dec 10, 2008 12:23pm
Quoting steelhead
I understand that the problem with buying low and selling high on a lower timeframe is this.

I will put 1 minute 5 minute and 15 minute is this example

Buying low and selling high on those time frames might consist of a 25 pip range. That might be the high and low. 25 pips is nothing its noise nothing but noise. Thats the problem with that.

So if you are buying low and selling high on those time frames with a 25 pip range as the high to the low. You better have a 7-8 pip stop loss or you will need to be right on that 25 pips 100% of the time...
i am one the the people that have taken the stealhead challenge ... i have only taken 4 trades this week (none on the cable)

if you take 2-5 good trades a week and make 100-200 pips a week on good money management you will SLOWLY grow wealth; and (except for this week with narrow trading range), it probably would be 300-500 pips a week (do to the the wide trading ranges)


something to think about: if a trader like stealhead lives off of his trading and makes 500-1000 pips a week; it maybe something to it.
  • #105,791
  • Dec 10, 2008 12:34pm Dec 10, 2008 12:34pm
Quoting steelhead
I understand that the problem with buying low and selling high on a lower timeframe is this.

I will put 1 minute 5 minute and 15 minute is this example

Buying low and selling high on those time frames might consist of a 25 pip range. That might be the high and low. 25 pips is nothing its noise nothing but noise. Thats the problem with that.

So if you are buying low and selling high on those time frames with a 25 pip range as the high to the low. You better have a 7-8 pip stop loss or you will need to be right on that 25 pips 100% of the time...
actually mate I only trade longterm timeframes- by that I mean a minimum of 1 week, usually 3-4 or more.
To me most of the daily movements are just noise- it's only the realy big swings that I'm interested in- the ones that determine a medium term direction- i.e. break of a strong support or resistance.

I don't doubt that some people can be successful on short term scalps- but in my eyes, consitently making money that way is as near to impossible as you can get in trading. Longer time frame trading is so much more stress free ans simpler.
Just my opinion of course.
  • #105,792
  • Dec 10, 2008 12:34pm Dec 10, 2008 12:34pm
Quoting steelhead
I understand that the problem with buying low and selling high on a lower timeframe is this.

I will put 1 minute 5 minute and 15 minute is this example

Buying low and selling high on those time frames might consist of a 25 pip range. That might be the high and low. 25 pips is nothing its noise nothing but noise. Thats the problem with that.

So if you are buying low and selling high on those time frames with a 25 pip range as the high to the low. You better have a 7-8 pip stop loss or you will need to be right on that 25 pips 100% of the time...
Hi steelhead, I would like to take up your system. Can you help me please?
  • #105,793
  • Dec 10, 2008 12:43pm Dec 10, 2008 12:43pm
Greetings everyone!

I'm still on vacation, just stopping in for a minute while I check my email, messages, price, profit and setups.

I would like to say, there are many different ways to trade. One needs to trade per their personality, lifestyle and goals. I use to trade only the 4h/1h charts and was very, very successful doing such. I was holding more swing and position trades. Now, I'm pretty much an intraday trader and my pippage has more than doubled since making the change. The key to any system is for it to fit your lifestyle. Since I'm on vaction currently, I'm back to the 4h/1h system and I'm still making pips while on vacation with the family. I'm not making 700 pips/day this way, but I've averaged about 100 pips/day since on vacation and spending very, very limited time on the computer in front of my charts.

What I'm trying to convey is you need to find a style that fits YOU. I like the action of getting in and getting out. I know some, and I used to be one, say the 15m chart is just noise. It is when your trading higher timeframes, but if your actively trading, it can be more than just noise. It can be excellent money!

Trade well everyone and trade what you see!
EO
Just digging in the trenches like everyone else!
  • #105,794
  • Dec 10, 2008 12:43pm Dec 10, 2008 12:43pm
Quoting spintrader
actually mate I only trade longterm timeframes- by that I mean a minimum of 1 week, usually 3-4 or more.
To me most of the daily movements are just noise- it's only the realy big swings that I'm interested in- the ones that determine a medium term direction- i.e. break of a strong support or resistance.

I don't doubt that some people can be successful on short term scalps- but in my eyes, consitently making money that way is as near to impossible as you can get in trading. Longer time frame trading is so much more stress free ans simpler.
Just...
You dont have to convince me off that my friend. I agree 102.5% with you
  • #105,795
  • Dec 10, 2008 12:47pm Dec 10, 2008 12:47pm
Quoting steelhead
You dont have to convince me off that my friend. I agree 102.5% with you
I will definately give props to Mr. Steelhead. He has the higher timeframe down on trading. It's almost identical to how I used to trade.

Like I said before, I made some great money trading higher time frames.
Just digging in the trenches like everyone else!
  • #105,796
  • Dec 10, 2008 12:48pm Dec 10, 2008 12:48pm
is this week really slow or is just that im thinking this cause im short like watching paint dry
  • #105,797
  • Dec 10, 2008 12:49pm Dec 10, 2008 12:49pm
Quoting eohater
Greetings everyone!

I'm still on vacation, just stopping in for a minute while I check my email, messages, price, profit and setups.

I would like to say, there are many different ways to trade....
yo yo yo eoo
nice to see you around, keep poping in

see you
When life gives you lemons, make lemonade
  • #105,798
  • Dec 10, 2008 12:49pm Dec 10, 2008 12:49pm
Quoting eohater
Greetings everyone!

I'm still on vacation, just stopping in for a minute while I check my email, messages, price, profit and setups.

I would like to say, there are many different ways to trade. One needs to trade per their personality, lifestyle and goals. I use to trade only the 4h/1h charts and was very, very successful doing such. I was holding more swing and position trades. Now, I'm pretty much an intraday trader and my pippage has more than doubled since making the change. The key to any system is for it to fit your lifestyle. Since I'm...
I like what you are saying, it is true. As I said earlier, anything on the 15 minute chart is just noise- but only for me, and my style of trading. For others, it could be what earns them their salary.

Whilst I think that everyone can learn from eachother, and I'm not trying to dissuade peolple from taking Steelhead's advice, I think that it really is key to find what works for you. Everyone has individual strengths and weaknesses- find out what they are and trade accordingly.
  • #105,799
  • Dec 10, 2008 12:56pm Dec 10, 2008 12:56pm
Quoting eohater
Greetings everyone!

I'm still on vacation, just stopping in for a minute while I check my email, messages, price, profit and setups.

I would like to say, there are many different ways to trade....
i agree... everyone has to do what is best for them. (and for the record; when i see a h1, 62ema on the cable i think of you and i respect that ma)

i think that everyone can learn for anyone; the questions should be:
1) do you trade for a living?
2) do you make 6+ figures?
3) are your profits consistent on a weekly basis?

if the answer to those questions are yes: then ask the follow question:
4) how do you do it?

if you the professional trader is willing to help you learn his trading style, become his student; you can only improve.
  • #105,800
  • Dec 10, 2008 12:56pm Dec 10, 2008 12:56pm
Quoting spintrader
I like what you are saying, it is true. As I said earlier, anything on the 15 minute chart is just noise- but only for me, and my style of trading. For others, it could be what earns them their salary.

Whilst I think that everyone can learn from eachother, and I'm not trying to dissuade peolple from taking Steelhead's advice, I think that it really is key to find what works for you. Everyone has individual strengths and weaknesses- find out what they are and trade accordingly.


Preach to me brother preach to me. I agree find i style that works for you and stick with it. Dont cry and complain if when you find a style a trade doesnt go your way. Get on the freakin horse again and fight. Dont just go looking for some new system if you have a losing trade.
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