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Cable Update (GBPUSD)

  • #150,941
  • Jul 26, 2009 12:15pm Jul 26, 2009 12:15pm
Quoting RichLadyFX
Wow, i thought he is on long trades with all the fundamental about the economy and what is happening around us. If you scalp, why bother? After all you after only 10-20 pips?
I have longer term investments in pension plan etc ... but in fx I day trade ... I do not have the stomach for draw downs. I will swing trade but only if I see a really great set up. My goal is 50 pip per day...250 pip per week . with 1.5% risk per trade (30 pip on gu , 50 pip on gj) this gives me 10 % return per week

I trade the us / euro overlap about 3 hours per day.

I trade a 3 min chart / 5 and 15 min chart. Sometime the 15 min can give you notification of a trend change of direction at market open in London or US.

I use a combination of VSA / volume histogram ( value are trading ) and rsx with a 21 period setting

here are some typical trade set ups ..... a combination of what i have learnt over 7 years of trading

3 min chart

Attached Image (click to enlarge)
Click to Enlarge Name: chart94.png Size: 244 KB
Blogging daily now at www.volume.zone
  • #150,942
  • Jul 26, 2009 12:21pm Jul 26, 2009 12:21pm
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...
In this market trading daily chart is account loss ...lol .... the market is extremely volatile and any news can be made up at any time depending on what the market manipulators have in store for us. GJ has been particularly crazy which has given 200 pip days plus for day trading

scalping on a 5 min time frame is just like trading a daily chart .... you just have to think faster and not be hasty. If one misses a trade wait for the next one.

I agree on the entries having to be surgical , but using vsa on lower time frames ...it works a charm
Blogging daily now at www.volume.zone
  • #150,943
  • Jul 26, 2009 12:22pm Jul 26, 2009 12:22pm
Quoting malcolmb14
I have longer term investments in pension plan etc ... but in fx I day trade ... I do not have the stomach for draw downs. I will swing trade but only if I see a really great set up. My goal is 50 pip per day...250 pip per week . with 1.5% risk per trade (30 pip on gu , 50 pip on gj) this gives me 10 % return per week

I trade the us / euro overlap about 3 hours per day.

I trade a 3 min chart...
Hey buddy, i love what u just wrote okay...Keep up the good work...
MY OPINION NOT FINANCIAL ADVISE
  • #150,944
  • Jul 26, 2009 12:26pm Jul 26, 2009 12:26pm
Quoting RichLadyFX
Keep us informed on how using M1 TF u enter your trade as this week pass ny.

do not trade the 1 min ...... almost certain death for a newer trader. I have tried it. I cannot grasp it. Lowest I trade is 3 min ... seems to work really well in gu
Blogging daily now at www.volume.zone
  • #150,945
  • Jul 26, 2009 1:04pm Jul 26, 2009 1:04pm
Quoting malcolmb14
In this market trading daily chart is account loss ...lol .... the market is extremely volatile and any news can be made up at any time depending on what the market manipulators have in store for us. GJ has been particularly crazy which has given 200 pip days plus for day trading

scalping on a 5 min time frame is just like trading a daily chart .... you just have to think faster and not be hasty. If one misses a trade wait for the next one.

I agree on the entries having to be surgical , but using vsa on lower time frames ...it works a charm
i thats why i trade monthly and weekly at least try too
  • #150,946
  • Jul 26, 2009 1:42pm Jul 26, 2009 1:42pm
[quote=Turveyd;2903762]
Quoting stewrigh

If you traded off the H4, your always trading off whats just happened, it's too lagging, alot can happen in 4hours!!
wrong.
I called it 8 hours before the drop on friday:
http://www.forexfactory.com/showpost...postcount=2001
It's either you know how to read price action or you don't. h4 lags? Nonsense.
Thank You
  • #150,947
  • Jul 26, 2009 1:46pm Jul 26, 2009 1:46pm
Quoting malcolmb14
do not trade the 1 min ...... almost certain death for a newer trader. I have tried it. I cannot grasp it. Lowest I trade is 3 min ... seems to work really well in gu

I trade more of SMA's and there direction using M1 so I dont' really read the M1 data in great detail, but without being M1 my SMA's would lose there accuracy and lag to death.

Thats why a S20 would improve the accuracy of the 5sma atleast and help me get in and out faster on 5min trend changes.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #150,948
  • Jul 26, 2009 1:47pm Jul 26, 2009 1:47pm
[quote=wormboy;2903951]
Quoting Turveyd

wrong.
I called it 8 hours before the drop on friday:
http://www.forexfactory.com/showpost...postcount=2001
It's either you know how to read price action or you don't. h4 lags? Nonsense.

And I post the direction, and weather to play longs or shorts 5 times ish per day normally and only had 2 or 3 reverse on me as yet.

We can all find 1 example where we got it right, how many have you gotten wrong ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #150,949
  • Jul 26, 2009 1:50pm Jul 26, 2009 1:50pm
[quote=Turveyd;2903954]
Quoting wormboy


We can all find 1 example where we got it right, how many have you gotten wrong ??
1? I don't think so.
You can find out yourself here:
http://www.forexfactory.com/showthread.php?t=156630

I call the the directions before it happens. You can count it if you want.
Thank You
  • #150,950
  • Jul 26, 2009 1:55pm Jul 26, 2009 1:55pm
That is a nice read, thanks for forwarding. Though I am sure the numbers are not right. US Debt is less than GDP. It is not 300% of GDP. Yes ultimately US Dollar will weaken, however my post was in near context of next 1-2 years. I was stressing that the equities will come down and by correlation GU will come down too.




Quoting stewrigh
You might wanna read this....

The U.S. has been fortunate so far to have its currency accepted as the world’s reserve currency. This privilege, afforded to no other nation, allows the U.S. to "export its inflation" to the rest of the world, a privilege that is being increasingly challenged by the major nations of the world. The days of the Dollar's hegemony are drawing to a close. We are now in the beginning stages of its demise

http://www.financialsense.com/stormwatch/update.html
Its all in the mind.
  • #150,951
  • Jul 26, 2009 1:55pm Jul 26, 2009 1:55pm
Its a weekly chart ,I don't think silver moved 40 pips in a week
on mine its
13884 close and
13418 open
= +466 pips on long taken from open
forget about the decimal.

Quoting stewrigh
Me neither but I think its valued to 2 dec points i.e 13.40 - 13.80 is 40 pips.

If its 400 I think I'll start trading it lol.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #150,952
  • Jul 26, 2009 1:56pm Jul 26, 2009 1:56pm
Many people have said many things here.
I only have friendly reminders to those who are new to this business.
Master the higher tf. Slow & steady gain is the way to go. Unless you're already sitting on a pile of millions. But you wouldn't be here if you had that pile would you
Good luck friends, see you guys london session.
Thank You
  • #150,953
  • Jul 26, 2009 2:05pm Jul 26, 2009 2:05pm
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
Quoting malcolmb14
do not trade the 1 min ...... almost certain death for a newer trader. I have tried it. I cannot grasp it. Lowest I trade is 3 min ... seems to work really well in gu

Lower TF? I heard its good!...I tried it and got my fingers burnt. With larger tf, its better now...Whatever works for you, stick with it.
I like the Big Dogs because I trade like them
  • #150,954
  • Jul 26, 2009 2:07pm Jul 26, 2009 2:07pm
Quoting zykas
Lower TF? I heard its good!...I tried it and got my fingers burnt. With larger tf, its better now...Whatever works for you, stick with it.

hey mate whats up with ya...not even a call....
MY OPINION NOT FINANCIAL ADVISE
  • #150,955
  • Jul 26, 2009 2:07pm Jul 26, 2009 2:07pm
sorry, wrong thread. lol.
  • #150,956
  • Jul 26, 2009 2:12pm Jul 26, 2009 2:12pm
Quoting wormboy
Many people have said many things here.
I only have friendly reminders to those who are new to this business.
Master the higher tf. Slow & steady gain is the way to go. Unless you're already sitting on a pile of millions. But you wouldn't be here if you had that pile would you
Good luck friends, see you guys london session.
how was ur weekend mate...GJ was my lunch and dinner meal last week all green at home..
hmm i wonder how this tf conversation went so long...everyone should use what suit there trading style as for me 1hr-4hrs is all i need to set my support and resistance key levels as i am a day trader so 15tf just for my entry, small tf is full crowed to much noise i dont have that patience so i just wait for my utl and 15tf to confirm reversal then i pick my entry with tight sl...anyone can use any tf ...trade your chart and protect ur earning...
now Azim let get back to bizz ...
MY OPINION NOT FINANCIAL ADVISE
  • #150,957
  • Jul 26, 2009 2:27pm Jul 26, 2009 2:27pm
Hi Fx - Where are you drawing Fib lines from?


Quoting forexlion
Monday:

I will short till 1.6383 and buy the bounce for 1.6460

enjoy
Disclaimer: Check your 1m charts
  • #150,958
  • Jul 26, 2009 2:36pm Jul 26, 2009 2:36pm
Cable is trading @ 1.6475 right now ... this is a gap of +53 pips from friday's close.
Hear the music before the song is over ...
  • #150,959
  • Jul 26, 2009 2:37pm Jul 26, 2009 2:37pm
Your buy is right in line with my Buy level at 1.6375. Moving on to trading the Daily time frames now that the envelope is adjusted to the proper size.

Quoting forexlion
Monday:

I will short till 1.6383 and buy the bounce for 1.6460

enjoy
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 52 KB
  • #150,960
  • Jul 26, 2009 2:39pm Jul 26, 2009 2:39pm
Quoting Bones
Its a weekly chart ,I don't think silver moved 40 pips in a week
on mine its
13884 close and
13418 open
= +466 pips on long taken from open
forget about the decimal.
Yes but I think you'll find its not 400 pips just 40 its only the 2 dec points that count not 3.

If anyone knows any different can they let me know plse.
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