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Cable Update (GBPUSD)

  • #154,601
  • Aug 3, 2009 4:17pm Aug 3, 2009 4:17pm
I just went long!

I know its too early to tell, but today I follow my new system.

I don't think its a bad position to take in the uptrend.
  • #154,602
  • Aug 3, 2009 4:21pm Aug 3, 2009 4:21pm
There is no Momentum to trade off people, switch off and get some down time no point being rich if your just going to stare at the charts all day long
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,603
  • Aug 3, 2009 4:24pm Aug 3, 2009 4:24pm
Good luck... personally i think it's too soon if one doesn't already have a long trade in. I'd wait for a box breakout first.

ie,

30min chart.
top: 1.6983 (3rd Aug 2pm EST)
bottom: 1.6910 (3rd Aug 4:30pm EST)

Draw a box from the high to the low, from the left to the far right where the current bar is, then wait for the break.

Quoting alex1976
I just went long!

I know its too early to tell, but today I follow my new system.

I don't think its a bad position to take in the uptrend.
PM Me If You Need Help!
  • #154,604
  • Aug 3, 2009 4:25pm Aug 3, 2009 4:25pm
Quoting nAVIN2007
i do believe so as well..it crazy how simple this can really be isnt yet the winner in this are very few..deceptive or what probably why every1 got hooked

Yeah, it must be deceptive, cause it is very simple when you really think about it. I think when you see all the choppiness on smaller time frames it confuses the shit out of you.

I have a new system, that I have been backtesting, and its just daily chart and 15 and 1hr for entry.

MACD has also been screwing me up as Ive tried to play the negative divergences on the 15 min, what hasn't meant shit recently.

MACD divergence can be more of a hindrance than benefit.

I think Im just gonna use price alone form now on.
  • #154,605
  • Aug 3, 2009 4:28pm Aug 3, 2009 4:28pm
ever tried using the Imacd, based on the same, but has it's own histogram.

I have a thread in the trading systems on this forum, called:
Pivot High / Low System (3x systems in side)

check out the Power Trade example.

Quoting alex1976

MACD has also been screwing me up as Ive tried to play the negative divergences on the 15 min, what hasn't meant shit recently.

MACD divergence can be more of a hindrance than benefit.

I think Im just gonna use price alone form now on.
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  • #154,606
  • Aug 3, 2009 4:28pm Aug 3, 2009 4:28pm
Quoting BobHall
Good luck... personally i think it's too soon if one doesn't already have a long trade in. I'd wait for a box breakout first.

ie,

30min chart.
top: 1.6983 (3rd Aug 2pm EST)
bottom: 1.6910 (3rd Aug 4:30pm EST)

Draw a box from the high to the low, from the left to the far right where the current bar is, then wait for the break.

Bob, could you show me what you mean on a chart.
  • #154,607
  • Aug 3, 2009 4:31pm Aug 3, 2009 4:31pm
i am short from 6960 . target 1.6815
  • #154,608
  • Aug 3, 2009 4:40pm Aug 3, 2009 4:40pm
I may be a bit old school, but I don't short a bullish trend, even if I think it is at a peak. I wait for price to drop, and enter in long at a lower point. However, different people have different trading methodoligies.
Probability Professor
  • #154,609
  • Aug 3, 2009 4:42pm Aug 3, 2009 4:42pm
Could easily see a retest at 741 resistance turned support.
  • #154,610
  • Aug 3, 2009 4:44pm Aug 3, 2009 4:44pm
Quoting Galation
I may be a bit old school, but I don't short a bullish trend, even if I think it is at a peak. I wait for price to drop, and enter in long at a lower point. However, different people have different trading methodoligies.

always love old school

in conjuction to your words if we assume we have reached a temporary top i am putting down some hi probability levels which might act as resistance turned suppot. interesting thing is that all these major tops coincide with the 38fib, 50 fib and the 61fib. IF price starts to retreat from this temporary high then look for price action on the 5min IF it does approach these levels. also take a look at your volume when price approaches these levels

p.s. right now price action on the h4 is showing us a bearish harami, which IF broken to the downside could bring prices significantly lower. a break above this inside h4 candle invalidates the beaish scenario
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 82 KB
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #154,611
  • Aug 3, 2009 4:45pm Aug 3, 2009 4:45pm
Thank you BobHall

LT
Quoting BobHall
You'll need to see a 3rd candle to act as a confirmation for that
http://www.leavittbrothers.com/educa...mi_bearish.cfm

be care of it though, use tight stops if you go short on the confirmation candle.
Discomfort and profit often stand side by side
  • #154,612
  • Aug 3, 2009 4:46pm Aug 3, 2009 4:46pm
This pair have a potential upside target of 1.7194. Then back to 1.6340!

A consolidation (even slight) is a must now.

Quoting alex1976
Could easily see a retest at 741 resistance turned support.
  • #154,613
  • Aug 3, 2009 4:47pm Aug 3, 2009 4:47pm
Quoting Galation
I may be a bit old school, but I don't short a bullish trend, even if I think it is at a peak. I wait for price to drop, and enter in long at a lower point. However, different people have different trading methodoligies.

Be "old school" all you want, cause what you said is spot on in my book, although I haven't always been following it myself.

I believe if that one simple premise is applied to also never buying in a downtrend, one can do well.

Nice one Galation
  • #154,614
  • Aug 3, 2009 4:50pm Aug 3, 2009 4:50pm
i see resistance at 1.7048 (very old s/r point from november 2005 you can see on weekly chart )..so will hold it till then..it will break it then we have another long, if not strong short.

happy trading!
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 45 KB
  • #154,615
  • Aug 3, 2009 4:50pm Aug 3, 2009 4:50pm
Quoting Turveyd
Good day, shame I spent it sorting out the room so girlie can trade here!!

But back to trading tomorrow hopefully!!
what you do ??? set it up wit mirrors on the ceiling and a heart shaped water bed with satin sheets , and a hifi playing some 70's porn music ...lol
Blogging daily now at www.volume.zone
  • #154,616
  • Aug 3, 2009 4:53pm Aug 3, 2009 4:53pm
Quoting rashidcm2004
This pair have a potential upside target of 1.7194. Then back to 1.6340!

A consolidation (even slight) is a must now.

Ras, this pair has the potential to do anything it wants to.

I have after losing some decent corn, and learning my lesson over and over again, that opinion is your worst enemy in this game and any trading vehicle for that matter.

Throw opinion out the window, and stick with probabilities.
  • #154,617
  • Aug 3, 2009 4:54pm Aug 3, 2009 4:54pm
Quoting malcolmb14
what you do ??? set it up wit mirrors on the ceiling and a heart shaped water bed with satin sheets , and a hifi playing some 70's porn music ...lol
lol...I was just wondering along those lines as well...lol

now we know what the true secret to his trading system is...lol
Hear the music before the song is over ...
  • #154,618
  • Aug 3, 2009 4:58pm Aug 3, 2009 4:58pm
Quoting scorpionFX
i see resistance at 1.7048 (very old s/r point from november 2005 you can see on weekly chart )..so will hold it till then..it will break it then we have another long, if not strong short.

happy trading!

how do u see....anything ?
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #154,619
  • Aug 3, 2009 5:06pm Aug 3, 2009 5:06pm
Quoting malcolmb14
what you do ??? set it up wit mirrors on the ceiling and a heart shaped water bed with satin sheets , and a hifi playing some 70's porn music ...lol
LOL I wish, it was particulary not cleaned in 2years scummy ( with Rat's and muddy Mountain bikes not helping LOL ) , I don't notice after all I just watch my screens.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,620
  • Aug 3, 2009 5:10pm Aug 3, 2009 5:10pm
here ya go.

one thing I learned many years ago, following an uptrend, or a downtrend, when it slows down, and goes side ways (consolidates) for 4-8 hours or so with a low range, ie, 30-70 pips, it will continue to go in the same direction as before once the market picks up.

Image below shows 3 boxes. I drew one out at the top right hand corner, it if breaks on the upside, we could be looking at 1.7138 on the cards, if it breaks below, a retest of around 1.6700 / 1.6800 could be seen. Break of these levels a 1.6600 / 1.6500 could be seen.

We could also incorporate the 1-2-3 pattern as well to predict what may happen next.

I've also got the fibo fan on there too, currently we're sitting on support, we need it to break through the 3rd yellow line of the fibo fan to see this puppy drop by 400 pips or so.

Hope this helps

Quoting alex1976
Bob, could you show me what you mean on a chart.
Attached Image (click to enlarge)
Click to Enlarge Name: boxbreakout.gif Size: 42 KB
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