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Cable Update (GBPUSD)

  • #143,221
  • Jul 6, 2009 1:20pm Jul 6, 2009 1:20pm
Quoting jack.canadia
Im holding and on a strong break of 6300 ill close.
Ok Jack...dont give up earlier profits!
Hero Traders Live to see their Accounts Die!
  • #143,222
  • Jul 6, 2009 1:27pm Jul 6, 2009 1:27pm
the beginning of horibble week...
my account have a margin call this morning...

finally the bull is back... hope back to 6350...
indicator of stoch in 4h rising up but in 1h goes down...
Attached Image (click to enlarge)
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Juz a newbie learn to get rich.
  • #143,223
  • Jul 6, 2009 1:33pm Jul 6, 2009 1:33pm
Quoting simoneg
Ok Jack...dont give up earlier profits!
my position sizes are always the same so i know when to cut off .. on a bad trade im comfortable giving up 50% of a recent gain .. and i had a nice one over night then this morning on the long..

for now i am treating this as a re-test of a range support level following a breakout.
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  • #143,224
  • Edited 2:16pm Jul 6, 2009 1:38pm | Edited 2:16pm
Quoting jack.canadia
damn i should have kept that damn long from 6115 lol..
I was thinking the same thing....

I agree about indicators. The MACD is ok.

I used to just use candles, fibs, and Murrey Math lines for SR, but I'm liking the pivots. It was a missing piece for me. Thanks for sharing this!

btw, I know you've been experimenting with MM lines recently.

I don't know if you've tried the MM%23%20LabelLevels, but they're good for shorter rallies on the 5M time frame (I use them in tangent with the spud fibo levels). If you install the MML Multi Option ifirst and then the MM%23%20LabelLevels afterwards, you can edit the color and line weight on the MM%. (weird trick I discovered)

Since I mostly scalp on the 5M, these are really useful for SR.
If you want to check them out, I posted them and a sample chart below.
(btw: I use this setup just on the 5M chart. I have the visualization turned off on larger time frames)

Actually the last candle just touched the 1.62354 line where I exited my last short while I was posting this!

Scalping is pretty labor intensive, but precise and lower risk than long shots with larger SL for me. I'm trying to learn a new way to trade now and appreciate all the great knowledge everyone shares on this forum.

cheers!
Attached Image (click to enlarge)
Click to Enlarge Name: 5m rally chart.gif Size: 29 KB
Attached File(s)
File Type: ex4 MM%23%20LabelLevels.ex4   10 KB | 205 downloads
File Type: mq4 MM%23%20LabelLevels.mq4   10 KB | 241 downloads
  • #143,225
  • Jul 6, 2009 1:41pm Jul 6, 2009 1:41pm
bounced off my trendline @6268.. looking for possible shorts
  • #143,226
  • Jul 6, 2009 1:42pm Jul 6, 2009 1:42pm
MACD is just the difference between 2 moving averages plotted onto the chart, nice and basic and easy.

Bollinger bands are okay within there limits to as it's just the recent true range x 1 2 or 3.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #143,227
  • Jul 6, 2009 1:43pm Jul 6, 2009 1:43pm
Quoting Dillinger
I was thinking the same thing....

I agree about indicators. The MACD is ok.

I used to just use candles, fibs, and Murrey Math lines for SR, but I'm liking the pivots. It was a missing piece for me. Thanks for sharing this!

btw, I know you've been experimenting with MM lines recently.

I don't know if you've tried the MM%23%20LabelLevels, but they're good for shorter rallies on the 5M time frame (I use them in tangent with the spud fibo levels). If you install the MML Multi Option ifirst and then the MM%23%20LabelLevels afterwards, you...
I was using the MML yes .. but what i find when i start using something new, this is my weakness .. we all keep trying to find that one indicator that will make us rich haha ..

when i had the mml's and pivots on the chart, it was too cluttered, too much information. ive found it best for me to look at a chart that has only the major trendlines, support/resistances and pivots. thats it. MACD i like for hourly divergences near larger support/resistance .. and also to strengthen the probability of a bounce at sup/res or pivot (bullish divergence this morning at S3 on the 5 minute)

Combining pivots, sup/res and fib levels is what has made me the most profitable. The only losing trades are ones that are not at support or resistance. I need to be in the battle before it starts, not after it starts... or else i lose.
  • #143,228
  • Jul 6, 2009 1:44pm Jul 6, 2009 1:44pm
Quoting jack.canadia
my position sizes are always the same so i know when to cut off .. on a bad trade im comfortable giving up 50% of a recent gain .. and i had a nice one over night then this morning on the long..

for now i am treating this as a re-test of a range support level following a breakout.
u deserve a medal....seriously

keep up the good work
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #143,229
  • Jul 6, 2009 1:45pm Jul 6, 2009 1:45pm
For you bulls, the daily candle is looking very bullish with that lower wick it has going on .. stil 5.25 hrs for it to close (as of 00:00GMT).

I read on bloomberg today that the systems that have performed the worst this year are trend-following .. something about the markets 'are out of wack' and not behaving normally .. i found that ironic since the whole 'trend is your friend' is the way to go but apprently not .. it has been a weird year so far, thats for sure.
  • #143,230
  • Jul 6, 2009 1:53pm Jul 6, 2009 1:53pm
My last chart today until the daily close. Just to show you all the buying opportunites we had, none of which i took since i longed right at the main support.
Attached Image (click to enlarge)
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  • #143,231
  • Jul 6, 2009 1:53pm Jul 6, 2009 1:53pm
The lowest point of the range is 6186, so if the daily closes above there, should we be looking for a long going into the next uk session?
  • #143,232
  • Jul 6, 2009 1:54pm Jul 6, 2009 1:54pm
Quoting jack.canadia
I was using the MML yes .. but what i find when i start using something new, this is my weakness .. we all keep trying to find that one indicator that will make us rich haha ..

when i had the mml's and pivots on the chart, it was too cluttered, too much information. ive found it best for me to look at a chart that has only the major trendlines, support/resistances and pivots. thats it. MACD i like for hourly divergences near larger support/resistance .. and also to strengthen the probability of a bounce at sup/res or pivot (bullish divergence...
I know exactly what you're saying. I like clarity and simplicity as well. I gave up a while ago on putting faith into indicators.

The lines are just good for psych levels. I've mostly relied on pattern recognition and PA until now.

Getting in the battle before it starts is exactly what I'm trying to learn!

I've never walked away from the computer during a trade and marvel at the skill people have where they can go to sleep while their trades are going.

sleep.... that's a nice concept! hahaa
  • #143,233
  • Jul 6, 2009 1:56pm Jul 6, 2009 1:56pm
Quoting djambazov84
u deserve a medal....seriously

keep up the good work
i like teaching others what i have worked hard to learn myself .. hopefully it gets some of you on the right track to finding the trading style that suits you best!

im done for today .. back tonight at 00:00 gmt .. ciao
  • #143,234
  • Jul 6, 2009 1:57pm Jul 6, 2009 1:57pm
Quoting alex1976
The lowest point of the range is 6186, so if the daily closes above there, should we be looking for a long going into the next uk session?
Ya thats the lowest point .. a close above isnt enough for me to long .. i would prefer a long back at 6100 or a retracement level..

Look more to the average price at the bottom of the range.
  • #143,235
  • Jul 6, 2009 1:58pm Jul 6, 2009 1:58pm
Quoting Dillinger
I know exactly what you're saying. I like clarity and simplicity as well. I gave up a while ago on putting faith into indicators.

The lines are just good for psych levels. I've mostly relied on pattern recognition and PA until now.

Getting in the battle before it starts is exactly what I'm trying to learn!

I've never walked away from the computer during a trade and marvel at the skill people have where they can go to sleep while their trades are going.

sleep.... that's a nice concept! hahaa
takes time but youll get there!
  • #143,236
  • Jul 6, 2009 1:59pm Jul 6, 2009 1:59pm
Quoting jack.canadia
For you bulls, the daily candle is looking very bullish with that lower wick it has going on .. stil 5.25 hrs for it to close (as of 00:00GMT).

I read on bloomberg today that the systems that have performed the worst this year are trend-following .. something about the markets 'are out of wack' and not behaving normally .. i found that ironic since the whole 'trend is your friend' is the way to go but apprently not .. it has been a weird year so far, thats for sure.
Just curious Jack, what feed are you looking at? On mine, That daily has a ways to go to be a good pin. For me, (at least the way I've learned), it has to close within the body of the last bar (Friday's in this case) to be a good one.

Just wondering.
Ghost Rider - WWTBMD?
  • #143,237
  • Jul 6, 2009 2:08pm Jul 6, 2009 2:08pm
Quoting jack.canadia
Ya thats the lowest point .. a close above isnt enough for me to long .. i would prefer a long back at 6100 or a retracement level..

Look more to the average price at the bottom of the range.

Jack, wouldn't between 160 and 200 be a good replacement point to look for long, assuming the daily closes above the range support?
  • #143,238
  • Jul 6, 2009 2:09pm Jul 6, 2009 2:09pm
I am now long at 1.6250 with the same contract as I have at 520......Will hedge till the top or untill I see a turn around....This is the only way i think I will profit from this position....

Good Luck

All Target is 100 pips...by London session tommorow...
Let Price determine your future!
  • #143,239
  • Jul 6, 2009 2:10pm Jul 6, 2009 2:10pm
I meant retracement point!
  • #143,240
  • Jul 6, 2009 2:26pm Jul 6, 2009 2:26pm
4HR Morning Star yet to be tested. Anticipating a retracement to the 1.6160 area before long again.
Hero Traders Live to see their Accounts Die!
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