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Cable Update (GBPUSD)

  • #150,881
  • Jul 26, 2009 12:58am Jul 26, 2009 12:58am
Quoting forexlion
just a small question, if vsa is so good, why the need to sell stuff on tradeguider ? my experience says anything being sold means the person is not making money trading.
heyy for-EX-lion,

Don't ever think you're the best in the world.... don't be too ego !!!! everybody can make buying or selling anything in the business.

if you........think you're the best ( could be seen from your statement.....) ....it means you're just the looser !!!!!!!!!!!
  • #150,882
  • Jul 26, 2009 3:06am Jul 26, 2009 3:06am
Quoting RichLadyFX
Thanks for the assistance. I have small business that runs automatically. Nothing big but it pays the bills with nothing much left. With that, i'm free to spends my time as much as ilike learning and trading forex.

As for the words in red, is that applicable to scalpers too?
If you're looking to learn VSA, there is a thread here on FF http://www.forexfactory.com/showthread.php?t=157629

The first post in that thread has a number of resources that will prove useful to you in your learning process.
  • #150,883
  • Jul 26, 2009 3:15am Jul 26, 2009 3:15am
Quoting RichLadyFX
What are the tools required? Scalping interests me since i can spend as many hour as i like in front my laptop.
I really hope u take notice of my post..
trading is about having a balance where u reach some kind of equilibrium between greed, fear and stupidity
no seriously trying to scalp is something u can do only once u have master higher time frames..then due to making more u scalp..u will have to think quickier, enteries need to be surgical (precision)..almost every new trader fails simply because they think trading a 5 minute chart is easier than trading a dailly..

if u cant trade a dailly chart and make money then trading 5 minutes feel be suicide (account loss)
  • #150,884
  • Jul 26, 2009 3:20am Jul 26, 2009 3:20am
Here is how we should trade USD/CAD in the opening hours monday.



Here is the 15min chart - short term directions trading.



And if break over 1,0980, then target is around 1,1120.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: daily usdcad.jpg Size: 81 KB
Twitter: Forexlivetrade - Buy: AFFI.CPH ISIN: DK0015966592 - target 12 DKK
  • #150,885
  • Jul 26, 2009 3:23am Jul 26, 2009 3:23am
Here's my humble opinion on which type of trading is better. I think being well versed in ALL of them is the way to go. But even more importantly, being able to tell when to use each is the KEY.

For example.

From June 11 to June 30 we had a lovely range between 6200 and 6600. I made a killing trading this range both up and down. Starting with 3 standard lots, 3 targets and closing 1 lot at each target. A great 3 weeks!

Now here's what I learned the past two weeks. Still being within this range, I believed I'd have similar success. Nothing of the sort I'm afraid. As I sat there watching charts for hours upon hours "waiting" for the right entry (based on those 3 killer weeks), it never really came.

Now hindsight is always 20/20 and thank God it is because it shows us things clearly so that we may learn. It showed me that if I had been practiced at scalping AND identifying when to to so, I would have made a killing the past two weeks as well. Instead of watching the hours & bars pass saying "wow! Could have had 20 there, wow, could have had 30 there, wow, could have had 10 there"...Lol

My conclusion at the end of last week? Simple! I said to myself and my wife, "Dam! I wish I knew how to scalp properly!" After the first 3 days of watching price for 13 hours each day jump back and forth in tight little ranges, I knew "something" was up but didn't understand what. Now I do, it gives me a "clue" (not a grail) that the approach to trading needed to be adjusted. Say to SCALPING? LOL

So for me, it's not which trading style is better. It's which style is better given the conditions we're in.

So I will learn all styles and do my best to learn how to idenfy (as best we can) which one to use at any given time.

Just my 2 pips....
Ghost Rider - WWTBMD?
  • #150,886
  • Jul 26, 2009 4:23am Jul 26, 2009 4:23am
Quoting nAVIN2007
I really hope u take notice of my post..
trading is about having a balance where u reach some kind of equilibrium between greed, fear and stupidity
no seriously trying to scalp is something u can do only once u have master higher time frames..then due to making more u scalp..u will have to think quickier, enteries need to be surgical (precision)..almost every new trader fails simply because they think trading a 5 minute chart is easier than trading a dailly..

if u cant trade a dailly chart and make money then trading 5 minutes feel be suicide...
The best post, and very correnctly explained

Unless you master trading on all time frames, do not attempt 5 min scalping, for efficient scalping you need to be aware of the general trend, and know which direction will be more profitable for you.

On a 1 hour downtrend, I will favor shorting scalps on 5 min, as compared to longs, unless there is a very good setup. And vice versa.

Scalping cannot be done based only on 5 min charts, you need to keep your eyes open.

And scalping may not work during news, or whipsaws

Lots of factors that you really need to keep in mind when you plan your trades.
  • #150,887
  • Jul 26, 2009 4:27am Jul 26, 2009 4:27am
Quoting albchr
Here's my humble opinion on which type of trading is better. I think being well versed in ALL of them is the way to go. But even more importantly, being able to tell when to use each is the KEY.

For example.

From June 11 to June 30 we had a lovely range between 6200 and 6600. I made a killing trading this range both up and down. Starting with 3 standard lots, 3 targets and closing 1 lot at each target. A great 3 weeks!

Now here's what I learned the past two weeks. Still being within this range, I believed I'd have similar success....
Good boy, learnt the trick fast
  • #150,888
  • Jul 26, 2009 4:33am Jul 26, 2009 4:33am
Quoting rapidsagii
Lion, richlady,

I used to scalp on 5min base on bolinger 2.0 and 3.0. As lion points it out, never scalp when it is at...
Good job mate
  • #150,889
  • Jul 26, 2009 4:37am Jul 26, 2009 4:37am
We have some empty rooms in this 5 Star Hotel, but please try not to get in there, the diners are served rats and cockroaches
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  • #150,890
  • Jul 26, 2009 4:37am Jul 26, 2009 4:37am
Quoting forexlion
Good job mate

sup mate...long time..
MY OPINION NOT FINANCIAL ADVISE
  • #150,891
  • Jul 26, 2009 4:38am Jul 26, 2009 4:38am
Quoting forexlion
Good boy, learnt the trick fast

LOL...I'm doing my best Lion and you're helping me everyday....
Ghost Rider - WWTBMD?
  • #150,892
  • Jul 26, 2009 6:18am Jul 26, 2009 6:18am
Quoting forexlion
just a small question, if vsa is so good, why the need to sell stuff on tradeguider ? my experience says anything being sold means the person is not making money trading.
Your question is like saying, why people pay money to buy gold. Why gold is not free .. lol
(Plus, cannot generalize in making judgment 'coz not every apple is the same, some sweet but others bitter .. j/k)
  • #150,893
  • Jul 26, 2009 6:35am Jul 26, 2009 6:35am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Good analysis malcolmb,

I said that on friday morning and had my shorts. IMO, we have seen high's for EU,GU for this month. I can only see GU going down to atleast 61620 (63500 level to watch) for this week, 159 (chances of strong reversal), if not then 153.

Though still holding longs as well :-) I use hedging and have seen markets going up and down for years. This wasn't a bull trap just reaction to high levels of dow. There was no strength in the market just plain response. Action will start later next week.


Given we are entering "deadly month" august, I am positive we will see maniac market as usual.


ams




Quoting malcolmb14
bear div clear as day...

this shows we are in for some form of retrace early part of next week

Attachment
  • #150,894
  • Jul 26, 2009 7:22am Jul 26, 2009 7:22am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
iqyusan,

Just forgive forexlion. I know it's hard, but I cant tell you he is not a bad guy. I admit he has wicked sense of humour but atleast he has some , lol.

For sclaping , he is right 70 percent of the time. Which isn't bad take my words for it :-) Atleast he has the guts to call for trades on a live forum where he is spreadng his humour from years :-)


Indicators he uses are called xpma, fxmratio and t3ma. They are all standard indicators and they are of no use without mastering them first. He has lot's of expeience with them so you might give an ear/eyes to his calls :-)



ams


Quoting iqyusan
heyy for-EX-lion,

Don't ever think you're the best in the world.... don't be too ego !!!! everybody can make buying or selling anything in the business.

if you........think you're the best ( could be seen from your statement.....) ....it means you're just the looser !!!!!!!!!!!
  • #150,895
  • Jul 26, 2009 7:27am Jul 26, 2009 7:27am
Unfortunately holding longs and shorts at the same time is not a strategy at all.I will admit when I first started trading I thought it was but it is not.The only good thing about it is on a psychological level.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #150,896
  • Jul 26, 2009 7:28am Jul 26, 2009 7:28am
Quoting nAVIN2007
I really hope u take notice of my post..
trading is about having a balance where u reach some kind of equilibrium between greed, fear and stupidity
no seriously trying to scalp is something u can do only once u have master higher time frames..then due to making more u scalp..u will have to think quickier, enteries need to be surgical (precision)..almost every new trader fails simply because they think trading a 5 minute chart is easier than trading a dailly..

if u cant trade a dailly chart and make money then trading 5 minutes feel be suicide...

I hate this higher TF myth CRAP, okay here are the facts :-


Trading a H4 is only better for Newbies because the longer the TF and the bigger the SL the nearer it becomes to a 50/50 game regardless of your skill, nobody can trade a H4 with a better win/lose ration of 55/45, which means worst case your looking at 45/55 for a newbie, great yeah.

BUT if your good your not making anything but a small percentage, hence the quoting you can't make more than 5% per month to your account and don't even try.

So if your happy to make 5% per month fine, H4 is for you, but I'm sorry most of us are after the dream here.

So M1 comparison, if your a good trader you can get near 90Win / 10 Lose rate and you can make serious money regulary doubling your account, ofcourse the downside is your looking at 10Win / 90Lose at worse case.

But you crack M1 and learn to milk it, then the dream can be yours.


And Totally different Market Dynamics comparing a H4 chart to a M5 chart, learning how to trade H4 won't help you on M5 at all.

Your just repeating the Myth to stop people trying to trade on low TF's cause they don't want you winning 90% of the time, they want you winning at a below bank interest rate.

Arrggggghhhhhhhhhhh I hate higher TF's!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #150,897
  • Jul 26, 2009 7:32am Jul 26, 2009 7:32am
And you don't even need to reference H4 or H1 charts to Scalp/trade M1, you at the chart you can see the direction, looking and waiting for a H4 candle to base a trend decision which might change 2 or 3 times over a 4 hour period is just insane.

Don't just read the last M1 bar look at the chart, study the movement, you can see lower lows and lower highs as they happen and trade them and you can see when it reverses.


Arrrgghhhhhhhhhh!!!!!!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #150,898
  • Jul 26, 2009 7:51am Jul 26, 2009 7:51am
Quoting Bones
Unfortunately holding longs and shorts at the same time is not a strategy at all.I will admit when I first started trading I thought it was but it is not.The only good thing about it is on a psychological level.
Well it depends, let`s say you got the main trend right, and when you enter news comes into the market and you get a counter trend move... I don`t close my previous position, i just open another one in the oposite direction, usually close to the original one, equal or bigger value.

When the news fades or etc, you just close the second position and open another one in the original direction. By the time you get to BE on the original position you are way in profit.

It works, the downside is sometimes you must put your bed in front of the pc...

I only use this when main position is long, as i`m afraid to keep losing short and adding to them...
  • #150,899
  • Jul 26, 2009 8:21am Jul 26, 2009 8:21am
Quoting rapidsagii
Lion, richlady,

I used to scalp on 5min base on bolinger 2.0 and 3.0. As lion points it out, never scalp when it is at...
Thanks for the info.
Great Bodies are Engineered not Born
  • #150,900
  • Jul 26, 2009 8:33am Jul 26, 2009 8:33am
Quoting daffy
If you're looking to learn VSA, there is a thread here on FF http://www.forexfactory.com/showthread.php?t=157629

The first post in that thread has a number of resources that will prove useful to you in your learning process.
Thanks. Studying the thread now.
Great Bodies are Engineered not Born
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