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Cable Update (GBPUSD)

  • #112,601
  • Jan 19, 2009 9:26am Jan 19, 2009 9:26am
Quoting Professor4x
stochastic oscillator measures the current currency price compared to its historical price for a given time period. This study is one of the most commonly followed indicators in the FX market. It measures the degree by which a currency is overbought or oversold. The scale for the indicator is...
hey prof... the stoc has been showing oversold (0-20) for the last 60 mins.. how long do you reckon this can go on before we see a major bounce up to 1.46xx?
  • #112,602
  • Jan 19, 2009 9:26am Jan 19, 2009 9:26am
Quoting ForexRookie
Ah this thread is killing me today . I should have gone to university today, but i'm glad i stayed in to read and post through this .
The power of cynicism glasshopper - it will save you on tithing money for starters - and it just gets better and better
  • #112,603
  • Jan 19, 2009 9:26am Jan 19, 2009 9:26am
Quoting alcando
Easy mate. Don't take offense from one poster. You and Infinity post some very good stuff here and even acknowledge your errors. Your contribution to cable forum is very valuable and sincerely given.

I have nothing against the Prof either and don't mean to be rude but at 38 posts a day and on this forum there are pages dedicated to his posts so perhaps leave a bit of room per page for others.
Thank you bro!

I think the good prof has some valuable information that he's posted. I have not seen him post trade signals for sale or any other bullshit that we have seen. So far, he's giving back what he's learned. I admire those who give back without expectation of something in return. The key will be whether he maintains his kind gestures.
Just digging in the trenches like everyone else!
  • #112,604
  • Jan 19, 2009 9:28am Jan 19, 2009 9:28am
Quoting Internal
Well...I think you will have your bounce very soon!
In the form of a retracement, then further down you think. target 1.4240 mentioned earlier after break of 1.4470??
  • #112,605
  • Jan 19, 2009 9:28am Jan 19, 2009 9:28am
Quoting PipLand
Nice work again Guate! Your making a habit of this
Thank You Pipland.... but I don't want to make a habit of this, because, I don't want the people to be dissapointed when the first losing trade come...

So, let's hope this continue working this well...

Happy Trading to you!
  • #112,606
  • Jan 19, 2009 9:30am Jan 19, 2009 9:30am
You learn nothing from an automated system. Let's encourage technical knowledge, price action and whats actually happening here rather than a system written about one person's experience and based on nothing anyone else sees.

Quoting Professor4x
all you newbies if you watch an automated system and trade with it. By giving this to students whom had trouble making money once they used hybrid they were able to show better results in most cases. Some people will never make money trading regardless of what they trade. But it helps with risk management and you can turn it on and off whenever you want always keeping equtiy swings or drawdowns under control. Just a thought to help but do what you will.
Ride the Bulls bearback!
  • #112,607
  • Jan 19, 2009 9:30am Jan 19, 2009 9:30am
Quoting Internal
Well...I think you will have your bounce very soon!

Sure looking forward... I entered long at 4470... i will be a v happy man if the bounce happens soon !

but if it goes south again.. then I am out for +1
  • #112,608
  • Jan 19, 2009 9:30am Jan 19, 2009 9:30am
Quoting Professor4x
stochastic oscillator measures the current currency price compared to its historical price for a given time period. This study is one of the most commonly followed indicators in the FX market. It measures the degree by which a currency is overbought or oversold. The scale for the indicator is...

Wow you guys have been busy today, and here I thought it would be dead today. Prof, stop pushing your website, this is no place to do it. I won't put you on my ignore list though, some of your comments are very amusing. By the way, trading based on an indicators overbought and oversold levels is foolish and will lose more pips than it will make. Evident of your 100 pip loss today. At least you were honest in your loss instead of making something up, I can respect that. By the way, the newbs can go to babypips.com and learn about any indicator they want. Also Gu has been trending down all morning so to the newbs, good advice would have been Sell the Rallies.
  • #112,609
  • Jan 19, 2009 9:30am Jan 19, 2009 9:30am
Quoting GuateForex
Thank You Pipland.... but I don't want to make a habit of this, because, I don't want the people to be dissapointed when the first losing trade come...

So, let's hope this continue working this well...

Happy Trading to you!
You've been doing very good! Kepp up the hard work!
Just digging in the trenches like everyone else!
  • #112,610
  • Jan 19, 2009 9:30am Jan 19, 2009 9:30am
Quoting blurrcow
hey prof... the stoc has been showing oversold (0-20) for the last 60 mins.. how long do you reckon this can go on before we see a major bounce up to 1.46xx?
No trade signal until the two price cross over.
  • #112,611
  • Jan 19, 2009 9:31am Jan 19, 2009 9:31am
Quoting blurrcow
hey prof... the stoc has been showing oversold (0-20) for the last 60 mins.. how long do you reckon this can go on before we see a major bounce up to 1.46xx?
Pardon the interruption by answering your question as well as the professor - i think its always good to give a second opinion .

I reckon the Stoc will show itself oversold as long as there are more short traders than long traders in the market. I have seen the stoc oversold/overbought for long periods of time while price is still continuing further in that direction.
"The trend is your friend, until the end."
  • #112,612
  • Jan 19, 2009 9:34am Jan 19, 2009 9:34am
Quoting eohater
I can stop posting here if you'd like!

I agree with Alcando.
Don't take offense with what one or two people have to post.
The posts and experience taken from your thread, and the comments of others such as infinty, alcando etc.. have helped to take my understanding to a new level.
I for one, would be in an awful position if I had not listened, read, studied and learned from the posts from experienced, succesful traders and I thank all of you for that.

May the musketeers keep posting for a long time to come.

Thanks
  • #112,613
  • Jan 19, 2009 9:34am Jan 19, 2009 9:34am
Quoting ForexRookie
Pardon the interruption by answering your question as well as the professor - i think its always good to give a second opinion .

I reckon the Stoc will show itself oversold as long as there are more short traders than long traders in the market. I have seen the stoc oversold/overbought for long periods of time while price is still continuing further in that direction.
hey thanks for the info...

darn it... looks like I wont be having my bounce anytime soon then...
  • #112,614
  • Jan 19, 2009 9:36am Jan 19, 2009 9:36am
This "thing" between all the traders here and profx is like watching a comedy sitcom/reality show that leaves a bad taste in your mouth...
it makes me feel ashamed that I sometimes laugh at the comments, sometimes I can't wait to read the next post to see "what's next", and sometimes I can just shake my head and say "WTF"....

Can't someone start another thread somewhere else for things like this and either call it the "B*tch Here" or "I dare you to Shoot me down if you can" thread.

Pls, can we get on with trading now? I' learned a lot here, thanks!
  • #112,615
  • Jan 19, 2009 9:37am Jan 19, 2009 9:37am
Quoting ForexRookie
Pardon the interruption by answering your question as well as the professor - i think its always good to give a second opinion .

I reckon the Stoc will show itself oversold as long as there are more short traders than long traders in the market. I have seen the stoc oversold/overbought for long periods of time while price is still continuing further in that direction.
Thus why my long from 4466 is covered at +3. She can continue to the bottom of hell. ATM, I'm looking for her to move back up to build more value for a push through the bottom. We might not see this push until tomorrow.
Just digging in the trenches like everyone else!
  • #112,616
  • Jan 19, 2009 9:38am Jan 19, 2009 9:38am
Professor 4X's own method is used to correlate as many prices as possible to identify strong resistance and support lines. Compare time-scale Bollinger Bands, Hband/Resistance and Lband/Support along with stochastic's: the more that match or correlate, the stronger the indicator. To find the trend go to the furthest chart out, Daily, and proceed all the way to the shorter term (5 min.) to find the best entry. Trend charts are 2hr. 4hr. 8hr and daily, Session charts are 5min,10min,15min,30min and 1 hr they will help you with direction for the session. (Asian,London,New York) Assuming all time intervals have a follow-the-leader mentality, the chart or time scale above always influences the chart below. To stay one step when entering, you can assume that if the 30-min. broke with momentum and the 1-hr. stocs is below 20, it will reverse as well. Once you identify resistance and support, this is very strong for tight stops and minimizing losses. As a rule of thumb, multiply the time scale by 5 to give time for the Stochastic Slow to go from 80 overbought to 20 oversold and visa versa. (Example: 1 hr. = 5 hrs., 2 hrs. = 10 hrs., Daily = 5 days., etc.) This works best on time scales past 15 min. This is only a guide, not proven fact.
Trade Signal: On the daily stocs, when the point differential is greater than 15 between the current market price and moving average price, it's a great indicator of direction for at least the next day move. Take the difference of two and multiply it by 10 to give you next target of support or resistance based on direction of current trend.
  • #112,617
  • Jan 19, 2009 9:40am Jan 19, 2009 9:40am
did u enter that position based on the closing of the 15 mins candle?
thx

btw, let others say anything about those musketeers, but u should continue posting here...
Quoting eohater
Thus why my long from 4466 is covered at +3. She can continue to the bottom of hell. ATM, I'm looking for her to move back up to build more value for a push through the bottom. We might not see this push until tomorrow.
Money management is good for your health...
  • #112,618
  • Jan 19, 2009 9:41am Jan 19, 2009 9:41am
Quoting 13thheaven
did u enter that position based on the closing of the 15 mins candle?
thx
I took it based upon the closing of the last 1h candle. Opened on the opening of the current 1h candle with SL at 4445 upon initial entry. After 15m into the hour past, I moved SL to +3.
Just digging in the trenches like everyone else!
  • #112,619
  • Jan 19, 2009 9:44am Jan 19, 2009 9:44am
ummm... can u explain it more detailed ?
cause i don't see anything to buy except the oversold stochs...
wished i can have the same point of view as u have...
TIA

Quoting eohater
I took it based upon the closing of the last 1h candle. Opened on the opening of the current 1h candle with SL at 4445 upon initial entry. After 15m into the hour past, I moved SL to +3.
Money management is good for your health...
  • #112,620
  • Jan 19, 2009 9:44am Jan 19, 2009 9:44am
Quoting Professor4x
stochastic oscillator measures the current currency price compared to its historical price for a given time period. This study is one of the most commonly followed indicators in the FX market. It measures the degree by which a currency is overbought or oversold. The scale for the indicator is...
Price action make indicator move.
indicator doesn't move the price
That's it.
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