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Cable Update (GBPUSD)

  • #182,121
  • Nov 10, 2009 4:25pm Nov 10, 2009 4:25pm
Quoting Magix
I have to disagree with you here micho, I think that a great trading style can be played out on any time frame using little more than just moving averages.

I concur and a lot of profitable people generally forget all of the indicators and move to just a blank chart with a few SMA's for direction.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,122
  • Nov 10, 2009 4:25pm Nov 10, 2009 4:25pm
Quoting micho
Not reliable, sometimes they do sometimes they dont... They are just a simple interpretation of key market levels, but not all the times
There are no perfect systems. Markets are set out to make it just this way, but I would rather trade by rules and not exceptions.

Sure I get head faked every now and again, but if I look back to the big picture, the rules are standard and it is my interpretation that was remiss...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,123
  • Nov 10, 2009 4:27pm Nov 10, 2009 4:27pm
If you trade with the trend with sensible targets ie sub 50pips then you can expect 80% win rate, if you trade against you can expect a 80% lose rate.


The difference between blowing your account ( slowly with good MM ) and making money really is that simple.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,124
  • Nov 10, 2009 4:28pm Nov 10, 2009 4:28pm
Quoting Turveyd
I concur and a lot of profitable people generally forget all of the indicators and move to just a blank chart with a few SMA's for direction.
Not reliable
When life gives you lemons, make lemonade
  • #182,125
  • Nov 10, 2009 4:29pm Nov 10, 2009 4:29pm
Quoting Magix
There are no perfect systems. Markets are set out to make it just this way, but I would rather trade by rules and not exceptions.

Sure I get head faked every now and again, but if I look back to the big picture, the rules are standard and it is my interpretation that was remiss...
It is all relative and you just chose what is more reliable.
When life gives you lemons, make lemonade
  • #182,126
  • Nov 10, 2009 4:29pm Nov 10, 2009 4:29pm
Quoting micho
Not reliable
Please, share with us, what is it you use for trading?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,127
  • Nov 10, 2009 4:30pm Nov 10, 2009 4:30pm
Quoting direct-trade
4hr chart. At top of wedge, make or break time.

Holding Long 16660 SL at B/E, 1st TP 16800,
hi dt

rising wedge on H4.
think if price clears the cluster supp @6750 price could well move towards ascending ltl @6900 level. Lower tf currently supports the idea of price advancing upwards nonetheless.
Failure to do so and it's likely go the other way and challenge the ltl.
Thing about rising/falling wedges they tend to break up or tank spectacularly when played out.
Just a heads up.
Good luck with your trades
Attached Image (click to enlarge)
Click to Enlarge Name: guh4.JPG Size: 81 KB
Thank You
  • #182,128
  • Nov 10, 2009 4:30pm Nov 10, 2009 4:30pm
Quoting Turveyd
If you trade with the trend with sensible targets ie sub 50pips then you can expect 80% win rate, if you trade against you can expect a 80% lose rate.


The difference between blowing your account ( slowly with good MM ) and making money really is that simple.
Each trend has a different target, you can't set a fixed target for 50 pips. It can vary alot
When life gives you lemons, make lemonade
  • #182,129
  • Nov 10, 2009 4:31pm Nov 10, 2009 4:31pm
Quoting Magix
Please, share with us, what is it you use for trading?
I told you Fibonacci is reliable
When life gives you lemons, make lemonade
  • #182,130
  • Nov 10, 2009 4:32pm Nov 10, 2009 4:32pm
Quoting micho
Each trend has a different target, you can't set a fixed target for 50 pips. It can vary alot
You win.

Post your TA, feel free to discuss it.

We are a learning room.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,131
  • Nov 10, 2009 4:34pm Nov 10, 2009 4:34pm
Quoting Magix
You win.

Post your TA, feel free to discuss it.

We are a learning room.
Nobody teached me, I just learned from my own experience...
When life gives you lemons, make lemonade
  • #182,132
  • Nov 10, 2009 4:34pm Nov 10, 2009 4:34pm
Quoting micho
Each trend has a different target, you can't set a fixed target for 50 pips. It can vary alot

I said sub 50, ie don't just go 200SL 200TP and leave it cause after the initial move you've just left it and it's becomes a gamble.



Night all!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,133
  • Nov 10, 2009 4:34pm Nov 10, 2009 4:34pm
Quoting micho
I told you Fibonacci is reliable
Sorry I must have missed that part.

I actually use the MA with a self correcting fib scale, have a look at the last chart I posted.

I believe that it is a good tool, but with a lot of others available, I guess I am just one of those traders that needs a few more hints.

Thanks Micho
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,134
  • Nov 10, 2009 4:35pm Nov 10, 2009 4:35pm
For the right trade you need the right entry and the right exit. It is harder to know the right entry but easier to know the right exit.
When life gives you lemons, make lemonade
  • #182,135
  • Nov 10, 2009 4:35pm Nov 10, 2009 4:35pm
Quoting micho
Nobody teached me, I just learned from my own experience...

Me to, best way read my Signature


Although I'm open to cheating if I could of found a method I liked!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182,136
  • Nov 10, 2009 4:36pm Nov 10, 2009 4:36pm
Quoting wormboy
hi dt

rising wedge on H4.
think if price clears the cluster supp @6750 price could well move towards ascending ltl @6900 level. Lower tf currently supports the idea of price advancing upwards nonetheless.
Failure to do so and it's likely go the other way and challenge the ltl.
Thing about rising/falling wedges they tend to break up or tank spectacularly when played out.
Just a heads up.
Good luck with your trades
I agree, could see large move either way, cheers mate.

Anyway, you don't seem to post much these days, why not bro? Hope all is well mate,

G/L
  • #182,137
  • Nov 10, 2009 4:37pm Nov 10, 2009 4:37pm
Quoting Turveyd
I said sub 50, ie don't just go 200SL 200TP and leave it cause after the initial move you've just left it and it's becomes a gamble.



Night all!!!
I only use exit points, there is no such thing called stop loss. Stop loss was invented for stop loss hunting.
When life gives you lemons, make lemonade
  • #182,138
  • Nov 10, 2009 4:42pm Nov 10, 2009 4:42pm
Quoting micho
trend lines are not reliable
only to those who are ignorant.

Example:

1. http://www.forexfactory.com/showpost...postcount=3774
2. http://www.forexfactory.com/showpost...postcount=3785
3. http://www.forexfactory.com/showpost...postcount=3787


and the chart on this post you commented:
http://www.forexfactory.com/showpost...stcount=182108

Those are flags not tl.
Thank You
  • #182,139
  • Nov 10, 2009 4:43pm Nov 10, 2009 4:43pm
Quoting Fudomyo
lol... that's not my chart.

This is my chart. Trend lines work, but are not the only thing I rely on when determining a trade.

I trade Ichimoku mostly, but also use western analysis.

oh ....here's some fibonacci MA's "that are not reliable"

to each his own.
The chart looks so complicated and its not reliable
When life gives you lemons, make lemonade
  • #182,140
  • Nov 10, 2009 4:46pm Nov 10, 2009 4:46pm
Quoting wormboy
only to those who are ignorant.

Example:

1. http://www.forexfactory.com/showpost...postcount=3774
2. http://www.forexfactory.com/showpost...postcount=3785
3. http://www.forexfactory.com/showpost...postcount=3787


and the chart on this post you commented:
http://www.forexfactory.com/showpost...stcount=182108

Those are flags not tl.
You are still going in the same circle... Moving averages, trend lines, support and resitances are not reliable.

Candle patterns and flags are not reliable alone...
When life gives you lemons, make lemonade
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