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Cable Update (GBPUSD)

  • #167,781
  • Sep 22, 2009 2:17pm Sep 22, 2009 2:17pm
Do you have a chart?

Que


Quoting sloof
I dunno guys, looks to me like we'll be seeing a 1.64 test before crashing... I'm anticipating around 1.6400-1.6450 and it'll probably be a slow and low volume rise before london
Que
  • #167,782
  • Sep 22, 2009 2:22pm Sep 22, 2009 2:22pm
No doubt... You are pretty good at day trading.

My account is not hurting right now with my current GU swing (Sitting on 12%, 2% locked in @ stop). However, I boned an earlier UJ (-1%), and I may have made a boneheaded EU short off the H4 pin a couple bars ago. That could net another (-1%). So total locked in guarantee is 0%, but there is no way in hell I am letting this GU go all the way to its stop, thats just a breathing room stop heh.

Que

Quoting malcolmb14
yup that 1,6400 zone is critical for down move to continue... fomc tomorrow could screw everything up ...lol

dollar getting killed again after what lookedl ike daily was about to reverse to upside

just have to wait and see whot tomorrow brings. i shorted it off 1.6395 for a few pips , but think that until after tomorrow i will switch back to day trading us session ...seems very lucrative for now
Que
  • #167,783
  • Sep 22, 2009 2:24pm Sep 22, 2009 2:24pm
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
Quoting Que
Do you have a chart?

Que
Sorry, can't post a chart since I'm not at home
  • #167,784
  • Sep 22, 2009 2:31pm Sep 22, 2009 2:31pm
Quoting Hasnaa
Hi All !
G'Evening !

hi hasnaa, i hope yur wrong cause im short, can i ask is there a specific requirement for these BAT things?
  • #167,785
  • Sep 22, 2009 2:32pm Sep 22, 2009 2:32pm
Quoting malcolmb14
lol .. how the hell can you have a bullish bias on the weekly with a massive doji followed by lower highs ? then a reversal after effort to rise last week.

Weekly is VERY bearish just from the candle formations.

any way who needs to trade anything other than 5 min / 15 min

6320 long , close 395 , short for 45 ....meanwhile swing traders waiting 48 hours to make 150 pip
LOL - first long in Frankies Hour at 6263, exited and re-entered a couple of times then started thinking about shorts after 6350.....limit order at 6396 missed by 2 pips, so a bit late at 6375 and already booked my pips as its getting late here.....+156 for my day - thats 6/8 hours max......now with a nice glass of Rioja and a good night's sleep before FO tomorrow....G night all.....http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #167,786
  • Sep 22, 2009 2:47pm Sep 22, 2009 2:47pm
hello everyone !!

i'm new on this thread, but i want to share my opinion on GU..

i think in the next hours it will go up to 1.6440-50, and on the london opening it will go down to 1.6240.. it's about like 200 pips

any thoughts ?
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LOL
  • #167,787
  • Sep 22, 2009 2:58pm Sep 22, 2009 2:58pm
Quoting Islander
LOL - first long in Frankies Hour at 6263, exited and re-entered a couple of times then started thinking about shorts after 6350.....limit order at 6396 missed by 2 pips, so a bit late at 6375 and already booked my pips as its getting late here.....+156 for my day - thats 6/8 hours max......now with a nice glass of Rioja and a good night's sleep before FO tomorrow....G night all.....http://www.forexfactory.com/images/icons/icon7.gif
Good trading there. You really are a pip pirate .
I'm working on 5 and 15 min charts....personally I like that there will be daily trades and I won't have to wait days or weeks for a signal. But still new and hoping I can gain confidence, skill, patience and trust in myself.
  • #167,788
  • Sep 22, 2009 3:03pm Sep 22, 2009 3:03pm
Quoting bobbybrown
Good trading there. You really are a pip pirate .
I'm working on 5 and 15 min charts....personally I like that there will be daily trades and I won't have to wait days or weeks for a signal. But still new and hoping I can gain confidence, skill, patience and trust in myself.
Your trading period should depend on your personality - if you have an impatient personality then smaller time frames are for you, however if you find yourself wanting to wait for the correct levels then you'll be better suited to the longer term time frames? Does that make sense to you?

Cheers WG
  • #167,789
  • Sep 22, 2009 3:15pm Sep 22, 2009 3:15pm
Quoting nAVIN2007
hi hasnaa, i hope yur wrong cause im short, can i ask is there a specific requirement for these BAT things?

where the heck can you guys see my ID and password there?
I cant see it myself. Am I blind???
  • #167,790
  • Sep 22, 2009 3:16pm Sep 22, 2009 3:16pm
Quoting Islander
LOL - first long in Frankies Hour at 6263, exited and re-entered a couple of times then started thinking about shorts after 6350.....limit order at 6396 missed by 2 pips, so a bit late at 6375 and already booked my pips as its getting late here.....+156 for my day - thats 6/8 hours max......now with a nice glass of Rioja and a good night's sleep before FO tomorrow....G night all.....http://www.forexfactory.com/images/icons/icon7.gif
70 up, 50 down then another 20 on the stopping vol 5 min at 1.6345...lovely.
Blogging daily now at www.volume.zone
  • #167,791
  • Sep 22, 2009 3:18pm Sep 22, 2009 3:18pm
Quoting bobbybrown
Good trading there. You really are a pip pirate .
I'm working on 5 and 15 min charts....personally I like that there will be daily trades and I won't have to wait days or weeks for a signal. But still new and hoping I can gain confidence, skill, patience and trust in myself.

this type of trading is not for everyone

Islander and i use the same style .. so it suits us.

however the benefit of waking up finding a nice 15 min set up be in market for 2 hrs max and taking 40 pip off table a day is that 2.5 k grows to 2.5 mill in 30 months.....
Blogging daily now at www.volume.zone
  • #167,792
  • Sep 22, 2009 3:18pm Sep 22, 2009 3:18pm
It would be nice if cable began falling again..now.

BTW nice job malcomb! Can I ask if you trade an ECN broker or a retail?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #167,793
  • Sep 22, 2009 3:31pm Sep 22, 2009 3:31pm
Quoting XTrade
It would be nice if cable began falling again..now.

BTW nice job malcomb! Can I ask if you trade an ECN broker or a retail?
i have been with fxcm active trader for 4 years now .. no issues with them.

slippage etc is part of the market when things are moving fast and will be the same with any broker or ecn
Blogging daily now at www.volume.zone
  • #167,794
  • Sep 22, 2009 3:33pm Sep 22, 2009 3:33pm
Evening all,

I have just uploaded the video trade review which netted me around 340 pips - This trade was based around a number of western technicals & candle patterns. If you have any questions please ask.

Inserted Video


Please rate & comment on the video as it helps others learn.

Cheers WG
  • #167,795
  • Sep 22, 2009 3:33pm Sep 22, 2009 3:33pm
Hi Guys,

Ive been following this thread for a couple of weeks..great place!

I have attached a chart of how I see things at moment, a good opportunity a go short for 200 pips...with a well placed sl out side of descending trend line.

Any comments most wellcome
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  • #167,796
  • Sep 22, 2009 3:34pm Sep 22, 2009 3:34pm
Quoting malcolmb14
this type of trading is not for everyone

Islander and i use the same style .. so it suits us.

however the benefit of waking up finding a nice 15 min set up be in market for 2 hrs max and taking 40 pip off table a day is that 2.5 k grows to 2.5 mill in 30 months.....
I've read loads on timeframes and at the end of the day each to their own. I respect those who use the higher timeframes (Daily plus), but in my head I personally find it hard to get around having a 100pip+ stop. I like to know quickly if my trade is going against me, so I can exit and look again for another set-up...as per my rules.

Someone could be using a daily chart and have a 200pip stop and risk 3%...whilst another person uses m5 chart and has a 20pip stop but also risks 3%. Both risk the same and the price has to move proportionatly the same amount to get 3% profit (i.e. move in favour of the trade by 100% of the stoploss).

I feel there can be some snobbery from some of those who use higher TFs, but from the example above I don't see why. With correct MM the risk is no greater.

Each have their merits and demerits but as Welshguy said...it depends on what works for you...we're all here to make money...and there are many approaches we can take to do that
  • #167,797
  • Edited 3:59pm Sep 22, 2009 3:40pm | Edited 3:59pm
1 thing I am finding hard is leaving a profitable trade to do it's thing. I am ok (ish) with the trade going against me and give it the breathing room it needs. But as soon as it goes from red to green, I find it very difficult watching it come back against me on a retrace and have a problem of exiting too quickly, only to watch it go back having lost out on a bigger profit.

I know this isn't the forum for Q&As but the experienced guys here are really generous and kind when helping newbies so I'm hopeful

Any advice?

And thanks
  • #167,798
  • Edited 4:19pm Sep 22, 2009 4:08pm | Edited 4:19pm
Quoting malcolmb14
lol .. how the hell can you have a bullish bias on the weekly with a massive doji followed by lower highs ? then a reversal after effort to rise last week.

Weekly is VERY bearish just from the candle formations.

any way who needs to trade anything other than 5 min / 15 min

6320 long , close 395 , short for 45 ....meanwhile swing traders waiting 48 hours to make 150 pip
C'mon now....you just gotta be kidding me...

There's an abundance of bullish signals on the weekly chart and you'r pointing out 2 isolated bear candles in a sea of bulls!

Let's count how many bullish signals there are?

1,2,3,4,5,6,7,8,9

....and how many bearish signals?

1,2

need I go on???.....OK.... look at the previous weekly chart I posted and also check out all the charts & Stats & rationale I posted on weekend here:

http://www.forexfactory.com/showpost...stcount=167290

Oops....burden of proof rests on bears' shoulder.....big time....

but...nooooo....we simply, plainly have to crash down not only to 1.5300 but to 1.4000 or even lower ????..........just like that out of the blue........lol
Attached Image
Hear the music before the song is over ...
  • #167,799
  • Sep 22, 2009 4:09pm Sep 22, 2009 4:09pm
Quoting bobbybrown
1 thing I am finding hard is leaving a profitable trade to do it's thing. I am ok (ish) with the trade going against me and give it the breathing room it needs. But as soon as it goes from red to green, I find it very difficult watching it come back against me on a retrace and have a problem of exiting too quickly, only to watch it go back having lost out on a bigger profit.

I know this isn't the forum for Q&As but the experienced guys here are really generous and kind when helping newbis so I'm hopeful lol

Any advice?

And thanks

something we all struggle with I think

I have tried to stay in trades using fib extensions and retracements , trailing a stop as trade moves up seems to works ok.

The other thing you can do is once in profit and trade works for you trial your stop by a factor of ATR 21 ...

atr 21 on a 4 hr gu has been runing about 65 pips , you could use this value off the high of the prior 4 hr bar

for example if long off 1,6200 area you would have moved stop to 1.6287

if price continues to move up then follow it up , if however price is going to reverse at 1.6400 then you have made 87 pips .. be happy. Yes you missed some BUT go tell your buddies you made 87% of investment in 3 days.. they will think you are insane

Attached Image (click to enlarge)
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Blogging daily now at www.volume.zone
  • #167,800
  • Sep 22, 2009 4:11pm Sep 22, 2009 4:11pm
Quoting GlobalMacro
C'mon now....you just gotta be kidding me...
There's an abundance of bullish signals on the weekly chart and you'r pointing out 2 isolated bear candles in a sea of bulls!

Let's count how many bullish signals are there?

1,2,3,4,5,6,7,8,9

....and how many bearish signals?

1,2

need I go on???.....OK.... look the previous weekly chart I posted and also check out all the charts & Stats I posted on weekend here:

http://www.forexfactory.com/showthre...11#post3074311

Oops....burden of proof rests on bears' shoulder.....big...


Global, do you see price as bullish in next uk session?

I just took a long posistion. with tp at 442
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