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Cable Update (GBPUSD)

  • #165,201
  • Sep 13, 2009 2:10pm Sep 13, 2009 2:10pm
I have received private messages from traders on this forum asking: How do I trade? what do I see?, what my current views are, which indicators do I use?, etc etc etc. I do not have time to reply to the messages individually and I do not wish to cause offense by not replying, so I will cover a few of the questions here if you don’t mind (and refer further questions to this post.)

I do not use indicators or moving averages, none. Reason? Lagging, and NONE OF THEM can predict the future.

I use Fibs less and less these days, they are also a hindrance.

I do not plot predetermined support and resistance determined by others eg Woodies etc, I look at the chart and see where the support and resistance already is and draw a line there should I need to.

I do not listen to the financial news whilst trading, I care not about the results of any particular news release...but I am always aware at what time a news announcement is due during the trading day.

I read the tape and then use the higher timeframes to see how long I should stay in a trade. My long term trade targets can change week to week depending on the current price action, at the moment the PA is stuck in a range, so I must work the ranges until the trend settles, allowing me to let my trades run for weeks. Obviously this summer I am unable to do this until the market decides where it wants to go.

Tape reading, alongside a few lines drawn on the charts as a quick guide whilst moving between timeframes is all you need. Price action is the king of trading, not understanding PA is akin to trying to ski in a forest, sooner or later it’s going to hurt.

It is also a game of Greed, fear and tactics.

I am not greedy and I do not fear if a trade or series of trades fail. However, I am a tactician.

I study, analyse and spend hours reading the tape. Those hours/months/years have enabled me to get to a stage where I am less and less fooled (mostly lol) by market manipulation tactics. By reading the tape you can see in minute detail what I am talking about, I can’t explain it more than that. If you wish to understand further then please look for a book called “The Day Traders Bible” by Richard Wyckoff. Do a search on Google; there is a free download around. If you look back through my posts I posted the link to that and numerous other articles a few weeks ago.

I wish you all the best of trades bros and hope you understand why I posted my response here and not by PM to you all.
  • #165,202
  • Sep 13, 2009 2:11pm Sep 13, 2009 2:11pm
$ is weak ...gonna go lower?or at best give reversal
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #165,203
  • Sep 13, 2009 2:15pm Sep 13, 2009 2:15pm
Quoting taragula
Is this correct, can someone check in platform i can"t are we dropping to 1.6136 at the oppening, this can not be or?
http://www.forexrate.co.uk/quotes/gbp.php
I had that website up near fridays close and that figure kept flip flopping with the correct price. I nearly spit my drink out to close my short for a whopping 510 pip profit only to realize it was incorrect.
  • #165,204
  • Sep 13, 2009 2:29pm Sep 13, 2009 2:29pm
Quoting direct-trade
I have received private messages from traders on this forum asking: How do I trade? what do I see?, what my current views are, which indicators do I use?, etc etc etc. I do not have time to reply to the messages individually and I do not wish to cause offense by not replying, so I will cover a few of the questions here if you don’t mind (and refer further questions to this post.)

I do not use indicators or moving averages, none. Reason? Lagging, and NONE OF THEM can predict the future....
Thank you very much buddy and yes you don't have to share a thing about your strategy, the book is more than enough for me as I do know nothing about tape reading but I was trying to do it with one friend and sometimes you predict the right direction with no indicator at all.
"Hate the sin, love the sinner." - Gandhi
  • #165,205
  • Edited Apr 23, 2018 8:23pm Sep 13, 2009 2:41pm | Edited Apr 23, 2018 8:23pm
Quoting TheGabriel
Thank you very much buddy and yes you don't have to share a thing about your strategy, the book is more than enough for me as I do know nothing about tape reading but I was trying to do it with one friend and sometimes you predict the right direction with no indicator at all.
No probs mate

Here is a link to Richard Wyckoff's book: "The day traders bible." He was a famous Wall St tape reader from the 1920's and I learnt an enormous amount from his trading style:

http://www.tradingfives.com/wyckoff/...ay-trading.htm

and here are some other articles that may be of use:

{ copyrighted attachment deleted by staff }
Attached File(s)
File Type: pdf 25_Rules_Of_Forex_Trading_Discipline, Douglas E Zalesky.pdf   122 KB | 350 downloads
File Type: pdf Your_Personality_and_Successful_Trading, Windsor Advisory Services.pdf   383 KB | 422 downloads
File Type: pdf Zoom in on Personal Trading Behavior and Profit from it, Linda Bradford Raschke.pdf   168 KB | 438 downloads
File Type: pdf Wykcoff Laws.pdf   334 KB | 3,715 downloads
  • #165,206
  • Sep 13, 2009 2:46pm Sep 13, 2009 2:46pm
Quoting direct-trade
No probs mate

Here is a link to Richard Wyckoff's book: "The day traders bible." He was a famous Wall St tape reader from the 1920's and I learnt an enormous amount from his trading style:

http://www.tradingfives.com/wyckoff/...ay-trading.htm

and here are some other articles that may be of use:
I googled the book, here's the DIRECT LINK to the book.
Thanks for the other ones , going to read them soon. Trying to practice tape reading I think will make the trading more enjoyable then every other system, while still keeping my rules.
"Hate the sin, love the sinner." - Gandhi
  • #165,207
  • Sep 13, 2009 2:50pm Sep 13, 2009 2:50pm
EURGBP: The news that came out from BofE last week all supported a stronger pound although the economy is weak. EUR strength is a known...pound weakness up to BofE release was a known.

Looking at the charts the 4hour and daily's indies all point lower for a target of 0.8656

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  • #165,208
  • Edited 3:11pm Sep 13, 2009 2:50pm | Edited 3:11pm
Gold strength and dollar weakness.

Follow the path of least resistance, trend is your friend.

Gold may have a pullback but 1031 is probably on the cards. I am asking who is selling gold now?

USDJPY - the trend is ...down. Will the BOJ step in? Or will it keep momentum...trend is your friend
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  • #165,209
  • Sep 13, 2009 2:58pm Sep 13, 2009 2:58pm
Pick the top here is having an opinion.

It is telling the market to turn...if you are a very BIG player sure...

Trend is your friend:

The 4hour looks tired, but even with a sell off to monthly pivot PP 1.6494 the short term bull trend will still be intact.

I am following the market, the trend, keep it simple.

Have a good week...
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  • #165,210
  • Sep 13, 2009 3:13pm Sep 13, 2009 3:13pm
Quoting I like steak
Gold strength and dollar weakness.

Follow the path of least resistance, trend is your friend.

Gold may have a pullback but 1031 is probably on the cards. I am asking who is selling gold now?
I am.
  • #165,211
  • Sep 13, 2009 3:17pm Sep 13, 2009 3:17pm
direct trade brother have u seen head and shoulder in crude oil

tell me which area best to sell pound i want to go short?
  • #165,212
  • Sep 13, 2009 3:19pm Sep 13, 2009 3:19pm
Quoting direct-trade
I am.
.....are you a BIG player?
  • #165,213
  • Sep 13, 2009 3:19pm Sep 13, 2009 3:19pm
Quoting Bones
lol well 3 inside up is the pattern we see right now ,and if confirms by breaking up 1.7 is the next level is what I mean ...

http://www.candlesticker.com/Cs61.asp

thanks amigo
  • #165,214
  • Sep 13, 2009 3:33pm Sep 13, 2009 3:33pm
Quoting pakitrader
direct trade brother have u seen head and shoulder in crude oil

tell me which area best to sell pound i want to go short?
Oil looks ready for a large drop soon.

As for best area to sell Cable, it is totally dependant on your risk appetite and I do not like to influence other's decisions.

But, if I had to, lol, I would say Shorting here with a SL above the right shoulder shown on the daily chart may be a good position, but be prepared for a spike through mid 168 area or higher just to shake loose a few tight Short stops.

Risk little at this stage and scale in as we move below the shaded areas and break the 4hr LTL shown on my charts is probably best for a lower risk entry.

I could be completely wrong bro, so dont blame me if it goes pear shaped
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  • #165,215
  • Sep 13, 2009 3:34pm Sep 13, 2009 3:34pm
Quoting I like steak
.....are you a BIG player?
What is your definition of BIG?
  • #165,216
  • Sep 13, 2009 3:50pm Sep 13, 2009 3:50pm
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Don't know DT but 15,16th we have major news for UK,US and euro... CPI, jobless count , zew survey etc until then I do not see price moving much more then 100 pips a day. Hence the reason both cable and euro are now stuck. Whatever has to happen will start happening from tuesday, wed 15-16th onwards. Perhaps market needs direction and who knows it could climb above 1.70 this time.

euro is sold big time and it needs to come down anyways. it's coming back to 142 and cable back to 162 once the dust is settled. News this week is critical to determine this factor. Positive and we go 200-300 pips up from here.


If it is to go up, I see cable collecting shorts from 1.66 then 1.65 and shooting back UP.
If it is to fall, it will collect longs from 168-168500. Let's see what the big boys intend to do. We will know in a day or two.


Quoting direct-trade
Oil looks ready for a large drop soon.

As for best area to sell Cable, it is totally dependant on your risk appetite and I do not like to influence other's decisions.

But, if I had to, lol, I would say Shorting here with a SL above the right shoulder shown on the daily chart may be a good position, but be prepared for a spike through mid 168 area or higher just to shake loose a few tight Short stops.

Risk little at this stage and scale in as we move below the shaded areas and break the 4hr LTL shown on my charts is probably best for...
  • #165,217
  • Sep 13, 2009 3:57pm Sep 13, 2009 3:57pm
Quoting ams
Don't know DT but 15,16th we have major news for UK,US and euro... CPI, jobless count , zew survey etc until then I do not see price moving much more then 100 pips a day. Hence the reason both cable and euro are now stuck. Whatever has to happen will start happening from tuesday, wed 15-16th onwards. Perhaps market needs direction and who knows it could climb above 1.70 this time.

euro is sold big time and it needs to come down anyways. it's coming back to 142 and cable back to 162 once the dust is settled. News this week is critical to determine...
Yes, you could be right. I just think we may have a fast move/s before the news. Yes, it could also climb above 170, but seeing as everyone is now Long I doubt it. A few of those longs need to shaken loose. Monday PA will lead the way IMHO.
  • #165,218
  • Sep 13, 2009 4:03pm Sep 13, 2009 4:03pm
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
yeah, nothing today for news, so going short makes sense but also depends if suckers want to move this. They are not doing it from last 2 days and I think they might do the same today or if they do sell then we know it's heading up.
Will be a good way forward and place long on the dip.

Woh, in a long time, I've see PA opening above the closing price. close 665xx, open 668xx!!



Quoting direct-trade
Yes, you could be right. I just think we may have a fast move/s before the news. Yes, it could also climb above 170, but seeing as everyone is now Long I doubt it. A few of those longs need to shaken loose. Monday PA will lead the way IMHO.
  • #165,219
  • Sep 13, 2009 4:32pm Sep 13, 2009 4:32pm
Quoting ams
Don't know DT but 15,16th we have major news for UK,US and euro... CPI, jobless count , zew survey etc until then I do not see price moving much more then 100 pips a day. Hence the reason both cable and euro are now stuck. Whatever has to happen will start happening from tuesday, wed 15-16th onwards. Perhaps market needs direction and who knows it could climb above 1.70 this time.

euro is sold big time and it needs to come down anyways. it's coming back to 142 and cable back to 162 once the dust is settled. News this week is critical to determine...
Bro you have to consider that news often do not anticipate a thing, just confirm the trend and that doesn't happens all the time too.

I think we have to watch the market and just be aware of news time in order to avoid spikes, but they won't tell you with news to buy or sell , if they do you could be late in the trend. My personal opinion.
"Hate the sin, love the sinner." - Gandhi
  • #165,220
  • Sep 13, 2009 4:37pm Sep 13, 2009 4:37pm
Hi All !
G'Morning !
What About Ur Views 4 This Week...!?
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