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Cable Update (GBPUSD)

  • #182,081
  • Nov 10, 2009 11:26am Nov 10, 2009 11:26am
Quoting egkid

DT may i ask what'sur TP?
Thanks
Long for 1st Target 16800 ATM, will lock profits at 16660 when 16775 crossed.
  • #182,082
  • Nov 10, 2009 11:31am Nov 10, 2009 11:31am
Quoting direct-trade
Long for 1st Target 16800 ATM, will lock profits at 16660 when 16775 crossed.
Are we going to cross 16775!!Any way let's watch it
  • #182,083
  • Nov 10, 2009 11:55am Nov 10, 2009 11:55am
Well stopped out on some decent profit for +3 on my morning shorts...sigh...

Sitting flat now, but will look at more shorts as ops present. Coming into NY close and into a holiday tomorrow, won't expect much, just as happy to be sitting sidelines.

I am still feeling bearish here, but really no matter until something happens.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,084
  • Nov 10, 2009 11:56am Nov 10, 2009 11:56am
Quoting Turveyd
Says the " if your not trading H4 charts then your not a real trader"


I'll be back next time you lose your asses stupidly for no reason, catch you all tomorrow!!

What's your TP?
  • #182,085
  • Nov 10, 2009 12:00pm Nov 10, 2009 12:00pm
Quoting egkid
What's your TP?

I don't do TP's only SL's, the trend is still up, buyers came back @600sma and up she went.

Nearly reversed the entire 8min sell off, interesting day!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,086
  • Nov 10, 2009 1:15pm Nov 10, 2009 1:15pm
Quoting Geppyg
I just got this email with this message I could not resist..........Seriously you are the most hillarious guy I have ever met....lol

Have a wonderful day brov...
Happy trades
  • #182,087
  • Nov 10, 2009 1:52pm Nov 10, 2009 1:52pm
As much as a massive drop like we seen overnight scares me out of holding onto a long position, the chart seems to support it. Perhaps malcomb was correct in thinking that this was a long shake.

When in doubt, I must assume the trend.

Support and reasons on charts.

Although I am flat right now, I will watch for continuation of the trend on the 1-5-15m charts and cautiously trade in this direction.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,088
  • Nov 10, 2009 1:56pm Nov 10, 2009 1:56pm
Quoting Magix
As much as a massive drop like we seen overnight scares me out of holding onto a long position, the chart seems to support it. Perhaps malcomb was correct in thinking that this was a long shake.

When in doubt, I must assume the trend.

Support and reasons on charts.

Although I am flat right now, I will watch for continuation of the trend on the 1-5-15m charts and cautiously trade in this direction.
It was a low / no volume dump so yeah likely manipulation but all is fair in love war and trading.

The trend is UP again, but the odds are good there will be more manipulation over the night so your SL is likely to be hit.

Some one big thinks we are going up, ofcourse they could be wrong so don't read too much into anything.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,089
  • Nov 10, 2009 2:33pm Nov 10, 2009 2:33pm
Quoting Turveyd
It was a low / no volume dump so yeah likely manipulation but all is fair in love war and trading.

The trend is UP again, but the odds are good there will be more manipulation over the night so your SL is likely to be hit.

Some one big thinks we are going up, ofcourse they could be wrong so don't read too much into anything.
True but direction is direction.

I was thankful that the market tipped its hat before the massive dump.

It was visible on H1 chart when price held below the 24SMA. At least this is what I took for entry. After that it was waiting until the 1m lined up the opportunity, and lock on to the trade.

Sometimes sitting here analyzing countless charts really pays off on the quick hits!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,090
  • Nov 10, 2009 2:40pm Nov 10, 2009 2:40pm
Quoting Magix
True but direction is direction.

I was thankful that the market tipped its hat before the massive dump.

It was visible on H1 chart when price held below the 24SMA. At least this is what I took for entry. After that it was waiting until the 1m lined up the opportunity, and lock on to the trade.

Sometimes sitting here analyzing countless charts really pays off on the quick hits!

It dropped to short side, no way I'd of played it though, would of been a Arrghhh look what I've just missed, I'd of likely not spotted it till 10mins in and all over. You got lucky being in and short at that time for sure dude!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,091
  • Nov 10, 2009 2:49pm Nov 10, 2009 2:49pm
Quoting Turveyd
It dropped to short side, no way I'd of played it though, would of been a Arrghhh look what I've just missed, I'd of likely not spotted it till 10mins in and all over. You got lucky being in and short at that time for sure dude!!
Luck for me has always been defined when opportunity meets with proper preparation. Analyzing the charts using some of your EMA's couple with a few of my own was what was needed. I think it was months ago, Navin was posting about the power of the 24MA, but, I cannot remember exactly.

I have dumped a lot of the other indicators I have been using and watch the longer TF's for direction and the Shorter TF's for profit.

As I am still working full time and have a family, time is valuable, timing is everything.

The 55, 200, 600, and 1440 EMA's when used along with my following of the 24MA on all timeframes has been not only an account savior, but has made for a very profitable system.

Best of all, it keeps me from having to draw ambiguous lines on charts, that I have come to realize truly mean nothing. Either I am not that good at drawing them, or the market doesn't really care...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,092
  • Nov 10, 2009 2:50pm Nov 10, 2009 2:50pm

Drawdowns and timeframes


500 pip drawdown or 50 pips, even 1000 pips doesnt matter. Not one bit.

It's the pip value that is key and perfect money management.

A 2% £10000 allowable drawdown is the same if I trade with 50 or 500 pip SL's,. In fact, I trade position, swing and scalp all at the same time, so the percentage value per pip is relative to each style and dependant if further positions are to be scaled in.

Besides, arguing about timeframes? If you read back through my posts over the last few months you will see I have often called 800-1000 pips moves often using the tick for entry. I post this using the 1min line chart as I take the trades, so there can be no comment regarding the validity of my trading regarding lower timeframes.

BUT, I also use 4hr, daily weekly etc, I trade full time as my source of income and it works for me. Failure is not an option and gone are the days where a couple of losing trades bother me.

I do not use this forum to pick trading tips, I plan my entry, enter and then post a few seconds AFTER I have commenced the trade. I am here to learn something from everyone's trading style and thoughts...besides, it is very boring staring at screens all day sometimes. I never change my mind after reading something on a forum, even if in hindsight it was correct information.

If a newbie comes on here and loses their money simply by reading someone's advice on here and taking that trader's trade instead of their own trade, then that is their problem and their own choice.

They should plan their trade and trade their plan using money management, simple. If they havent got to that stage they shouldn't be trading, in fact they won't be trading for long anyway. Harsh but true.

If someone wants signals, they can pay for one of the hundreds of snake oil salesmen out there.

If someone wants to learn to trade, go to babypips and learn, then demo, then trade with small amounts and build from there, Forex Factory is great for discovering different styles/systems/method which one may tweak to their own advantage to fit in with their own trading style..

If someone wants to discuss their trades, then that is what this thread is about, not who is wrong and who is right, which timeframe is right, which trading style is right etc. They can post trading sytems /methods /journals /signals etc on the other threads.


I hope this clears the matter and that newbies firstly learn money management.

Now, back to trading...

Quote
Long for 1st Target 16800 ATM, will lock profits at 16660 when 16775 crossed.

Still waiting to see if enough momentum to carry above 16775, seems to be stalling for now at 16740 so moving SL to B/E 16660 now.

All the best
  • #182,093
  • Nov 10, 2009 2:55pm Nov 10, 2009 2:55pm
Quoting Magix
Luck for me has always been defined when opportunity meets with proper preparation....
The market don't care, the occasion win that gives you by random chance does not = a system those SMA's seem to be bank system used why they work, not much does work sadly!!

That kinda stuff does work much better on Stocks though as they just trend better, if you stay away from the main stocks that get pulled around just like Forex does.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,094
  • Nov 10, 2009 3:02pm Nov 10, 2009 3:02pm
Quoting direct-trade

Drawdowns and timeframes


If a newbie comes on here and loses their money simply by reading someone's advice on here and taking that trader's trade instead of their own trade, then that is their problem and their own choice.

They should plan their trade and trade their plan using money management, simple. If they havent got to that stage they shouldn't be trading, in fact they won't be trading for long anyway. Harsh but true.

If someone wants signals, they can pay for one of the hundreds of snake oil salesmen...
I can agree with almost everything you said, but the biggest issue I think all traders would agree with and detriment written about in every trading guide is EMOTION. Simply trading with a demo account doesn't assist, what it can do is turn people into forever holders, no emotion, no skin in the game.

There are several brokers that will allow traders to trade micros, small deposits and same spreads. This is the game.

If you cannot make money with a couple hundred in an account trading for dimes, playing with the big bucks is surely not for you either.

As far as buying indicators, with the wide world of free ones out there, I really see no reason to subscribe.

Timeframes, I would say is trader specific...but even in this, a lot of posts come up with random numbers and quotes of "if it hits here I will buy/sell", based on no chart reason, or trading logic, dart board playing.

Picking tops and bottoms is a tough game, if you can do it, teach me, I can only stand to improve at this point, until I get this piece of info, playing the trends is the name of the game.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,095
  • Nov 10, 2009 3:08pm Nov 10, 2009 3:08pm
Quoting direct-trade

Drawdowns and timeframes


500 pip drawdown or 50 pips, even 1000 pips doesnt matter. Not one bit.

It's the pip value that is key and perfect money management.

A 2% £10000 allowable drawdown is the same if I trade with 50 or 500 pip SL's,. In fact, I trade position, swing and scalp all at the same time, so the percentage value per pip is relative to each style and dependant if further positions are to be scaled in.

Besides, arguing about timeframes? If you read back through my posts over the last few months you...

DT Losses / Drawdowns what ever you want to call them aren't what we are here to do, yes there part of what we do and can't be 100% avoided but they can be minimized with logical trading practices.

You might of kinda called some really big moves, you've likely made 100's of calls and a few of them have moved that much, hey I likely posted GU Long @1.3500 area and that would be up 3200 pips already, ofcourse it's meaningless.

A lot of newbie's likely read this thread and it's not helping them, I know you believe in the entire 4H is gospel stuff but really there are better, simpler, more efficent ways to extract pips from Forex, I know your not going to accept that but if people are trying to help like we are either listen or leave us alone your call.

Lets turn this once good thread back to what it used to be, ie helping people to make pips with the basics in place ie following the trend.

If you want to Swing trade ( and aren't afraid to scan through 100's of charts daily ) stocks are where it's at, too much volatility on Forex.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,096
  • Nov 10, 2009 3:10pm Nov 10, 2009 3:10pm
Quoting Magix
Picking tops and bottoms is a tough game, if you can do it, teach me, I can only stand to improve at this point, until I get this piece of info, playing the trends is the name of the game.

Thats a mugs game, I can show you my account history from 5years ago and how quickly trying to play tops and bottoms you can wipe a account repeatly.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,097
  • Nov 10, 2009 3:13pm Nov 10, 2009 3:13pm
Quoting Magix
I can agree with almost everything you said, but the biggest issue I think all traders would agree with and detriment written about in every trading guide is EMOTION. Simply trading with a demo account doesn't assist, what it can do is turn people into forever holders, no emotion, no skin in the game.

There are several brokers that will allow traders to trade micros, small deposits and same spreads. This is the game.

If you cannot make money with a couple hundred in an account trading for dimes, playing with the big bucks is surely not for you...



Buying indicators? I didnt mention that, but I agree with you that no-one should buy them.

In fact, I don't use any indicators, or moving averages, in fact nothing but candles and the tick, but thats my style of trading.

Anyway, back to trading..

I am waiting to see if we breakout of this ascending wedge.

All the best
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  • #182,098
  • Nov 10, 2009 3:17pm Nov 10, 2009 3:17pm
Quoting direct-trade
Buying indicators? I didnt mention that, but I agree with you that no-one should buy them.

In fact, I don't use any indicators, or moving averages, in fact nothing but candles and the tick, but thats my style of trading.

Anyway, back to trading..

I am waiting to see if we breakout of this ascending wedge.

All the best
An interesting trading method to be sure.

Are you currently in a trade, from what place and based on what formation and tick.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,099
  • Nov 10, 2009 3:26pm Nov 10, 2009 3:26pm
Quoting Magix
An interesting trading method to be sure.

Are you currently in a trade, from what place and based on what formation and tick.
Scroll back, you'll find it.
  • #182,100
  • Nov 10, 2009 3:29pm Nov 10, 2009 3:29pm
Quoting direct-trade
Scroll back, you'll find it.
Nah, wouldn't have the same effect.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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