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Cable Update (GBPUSD)

  • #151,321
  • Jul 27, 2009 7:41am Jul 27, 2009 7:41am
Quoting zhangli
there is lots of information, so I just to decide my decision by see the chart.
maybe it right or wrong, but the risk is low
can i see ur chart sir?
  • #151,322
  • Jul 27, 2009 7:42am Jul 27, 2009 7:42am
Quoting albchr
Since I'm not trading, I might as well try and learn something here. Would this 5M be pointing to a possible short?

I wouldn't be shorting just yet ....

seemson 5 min that low vol is on down bars .. no selling pressure

ES has dropped 7 points but gu only came off 20 pip ... again no selling pressure yet

the sell off 1.6508 is ok as you can get a few pips , but for now seems buy dips unless us indexes move down at open
Blogging daily now at www.volume.zone
  • #151,323
  • Jul 27, 2009 7:42am Jul 27, 2009 7:42am
Quoting Galation
If you are measuring it by risk: you should also then state your risk %, your stop loss and your take profit level. I'm not bashing on you, I just know a lot of people DO come on these forums without a clue in the world, and think the people on here know what is going on with price direction. So if one does state a trade, it's important to give all the other info: just as a general principle.

And again.........
Ghost Rider - WWTBMD?
  • #151,324
  • Jul 27, 2009 7:43am Jul 27, 2009 7:43am
Quoting albchr
Since I'm not trading, I might as well try and learn something here. Would this 5M be pointing to a possible short?
Chris don't waste your time drawing trend lines on the 5m charts mate. Its noise all over the place. Its not trend if you ask my opinion.... thats why people blow their accounts so fast on the lower time frames. Stick to 4H and above as your trends...... support / resistance..... fibs...... simple rules.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #151,325
  • Jul 27, 2009 7:45am Jul 27, 2009 7:45am
Quoting Bull_Bear
Chris don't waste your time drawing trend lines on the 5m charts mate. Its noise all over the place. Its not trend if you ask my opinion.... thats why people blow their accounts so fast on the lower time frames. Stick to 4H and above as your trends...... support / resistance..... fibs...... simple rules.

Not true at al. The trick is in zooming way the hell out. 5 MIN trendlines are absolutely wonderful because if you're looking at enough periods, you are essentially also utilizing 30M and 1HR charts, but seeing all the detail that comprises those periods. But yes, looking at a 100 period 5M chart and trading that is not the best plan.
There's always money in the banana stand.
  • #151,326
  • Jul 27, 2009 7:45am Jul 27, 2009 7:45am
Couldn't have said it better. Nice job.

Ne

Quoting Bull_Bear
Chris don't waste your time drawing trend lines on the 5m charts mate. Its noise all over the place. Its not trend if you ask my opinion.... thats why people blow their accounts so fast on the lower time frames. Stick to 4H and above as your trends...... support / resistance..... fibs...... simple rules.
  • #151,327
  • Jul 27, 2009 7:46am Jul 27, 2009 7:46am
Quoting malcolmb14
I wouldn't be shorting just yet ....

seemson 5 min that low vol is on down bars .. no selling pressure

ES has dropped 7 points but gu only came off 20 pip ... again no selling pressure yet

the sell off 1.6508 is ok as you can get a few pips , but for now seems buy dips unless us indexes move down at open

Thanks Malcolmb, Nene.....

I'm not trading, just trying to figure it all out. I learned only last Friday by folks comments that the summer is tough and July/August the toughest of that...LOL....Who knew?...... Not me.....LOL
Ghost Rider - WWTBMD?
  • #151,328
  • Jul 27, 2009 7:46am Jul 27, 2009 7:46am
Nowdays it is very difficult to witness news move the market by 200 pips or so, dont hold your breath.
Great Bodies are Engineered not Born
  • #151,329
  • Jul 27, 2009 7:46am Jul 27, 2009 7:46am
Quoting malcolmb14
I wouldn't be shorting just yet ....

seemson 5 min that low vol is on down bars .. no selling pressure

ES has dropped 7 points but gu only came off 20 pip ... again no selling pressure yet

the sell off 1.6508 is ok as you can get a few pips , but for now seems buy dips unless us indexes move down at open
Hey my half a schooner friend.... at least we're on the same side with this session.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #151,330
  • Jul 27, 2009 7:46am Jul 27, 2009 7:46am
resistance at 504

Attached Image (click to enlarge)
Click to Enlarge Name: forex1.GIF Size: 18 KB


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support resistance

.
  • #151,331
  • Jul 27, 2009 7:47am Jul 27, 2009 7:47am
Quoting Bull_Bear
Chris don't waste your time drawing trend lines on the 5m charts mate. Its noise all over the place. Its not trend if you ask my opinion.... thats why people blow their accounts so fast on the lower time frames. Stick to 4H and above as your trends...... support / resistance..... fibs...... simple rules.

No buddy, they are from the 1H & 4H. Just happen to look good is all...lol

But thank you sir!! Of corse, they could be wrong as well. Just learning about TL's too. Can you tell I was forced into trading too soon?? LOL

Edit: 1 & 4 hour
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 28 KB
Click to Enlarge Name: gu4.gif Size: 28 KB
Ghost Rider - WWTBMD?
  • #151,332
  • Jul 27, 2009 7:49am Jul 27, 2009 7:49am
Keep one thing in mind. I trade the Daily chart so a range 100 pips in either direction I don't even worry about.

Ne
  • #151,333
  • Jul 27, 2009 7:52am Jul 27, 2009 7:52am
Quoting albchr
Stop hit, -30 I give up...

Good luck everyone!

Hate to see anyone in red pips my frend,been a tough day trading cable for a lot of people I'd imagine(myself included). It's days like this that remind me how hard this game can be at times.

You might want to take a look over the USD/JPY 1 hr chart. Could be some short opportunities coming up if we get a close below 94.922 pivot level .

May all your pips be +
  • #151,334
  • Jul 27, 2009 7:52am Jul 27, 2009 7:52am
Quoting Nene
Keep one thing in mind. I trade the Daily chart so a range 100 pips in either direction I don't even worry about.

Ne
Thats right, cos you know that your with the trend.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #151,335
  • Jul 27, 2009 7:55am Jul 27, 2009 7:55am
Quoting Nene
Keep one thing in mind. I trade the Daily chart so a range 100 pips in either direction I don't even worry about.

Ne

Given the choice, that would be my approach no questions asked....

Hope to have an account one day that will allow a sensible 1% -2% risk per trade off a daily that will make enough to pay the bills. If I survive long enough, I figure that will only be about 5 or 10 years from now?...LOL

I know the odds are stacked against me for what I have to do. In fact they're so big, our national debt number would be better. But it is what it is and I have to work with it. All I can say is that if I'm succesful? It will be really cool to be among the top 1%....LOL
Ghost Rider - WWTBMD?
  • #151,336
  • Jul 27, 2009 7:55am Jul 27, 2009 7:55am
yes i learned this the hard way ..i go with the trend best way to stay out of trouble
  • #151,337
  • Jul 27, 2009 7:57am Jul 27, 2009 7:57am
Quoting liquidmoment
Hate to see anyone in red pips my frend,been a tough day trading cable for a lot of people I'd imagine(myself included). It's days like this that remind me how hard this game can be at times.

You might want to take a look over the USD/JPY 1 hr chart. Could be some short opportunities coming up if we get a close below 94.922 pivot level .

May all your pips be +
My bias has been long after London opens and still is. Managed to get some pips on Geppy long but closed too early .. Psychology trade is still something hard to come by .. still learning.
  • #151,338
  • Jul 27, 2009 8:00am Jul 27, 2009 8:00am
Quoting mktjong
My bias has been long after London opens and still is. Managed to get some pips on Geppy long but closed too early .. Psychology trade is still something hard to come by .. still learning.
once u start realising u need to learn in trading it never stops...its crazy how complex this game can get..
  • #151,339
  • Jul 27, 2009 8:03am Jul 27, 2009 8:03am
Quoting nAVIN2007
once u start realising u need to learn in trading it never stops...its crazy how complex this game can get..

Absolutely! I set out from the start "knowing" this will be a life long learning process.
Ghost Rider - WWTBMD?
  • #151,340
  • Jul 27, 2009 8:03am Jul 27, 2009 8:03am
This is what I did. I was being killed every day trading the small timeframes. I just changed to a Micro account and BAM, I was trading the Daily. You got to remember one thing. When I started trading Micros, a 100 pips drawdown meant only $10. Its all in the head you know. 1% of $1000 account is only $10 = 100 pips. Therefore you can easily afford a 100 stoploss. Just got to get by that greedy thing.

Ne

Quoting albchr
Given the choice, that would be my approach no questions asked....

Hope to have an account one day that will allow a sensible 1% -2% risk per trade off a daily that will make enough to pay the bills. If I survive long enough, I figure that will only be about 5 or 10 years from now?...LOL
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