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Cable Update (GBPUSD)

  • #200,281
  • Feb 17, 2010 4:01pm Feb 17, 2010 4:01pm
Quoting kingrex
would you take the bear trigger base on 4h osma?
I use the shorter term time frames for entry and play them into longer positions with the longer time frame confirmations and use the MACD and OSMA to help with direction. IF they confirm each other, it is like the compression moves that DrD posts. Bigger movement, works on all time frames. But yes, OSMA on 4hr joining the weekly trend, and price below the 24SMA, I have short confirmation.

The red lines that you see on my charts are a 24SMA, the Yellow is the 200EMA.

If we are in a situation where price is Below the 200EMA, and crosses below the 24SMA, I take trigger, and will use price points and other time frames for support ranges. For now...watch the 1m and 5m chart. As price retraces back to the 200EMA, watch for resistance, if it again drops below the 24sma and closes candle, this is what I use for trade triggers, always eyeballing the MACD on both.

As I am a part time trader, I try to only hold trade when I have full on confirmation or will only take trade for when I can make sure that I will close. As my price points are dictated by Moving Averages, it can be difficult to set an accurate tp...that is speculation and has so many times been the death of my account.

Last night on retrace back to top, I had take profit set to 5 below top and by chance happened to still be awake when we came to that zone and ended up just auto triggering.

I like safety ranges. They play much better. Plus, even if I am wrong on an entry, I know I will still get out. Counter trends...not so much.

Hope this helps.

For now, with weak volume, I will sit tight. Profit locked in and no open trades. I will wait for a retrace to the 200EMA on the 5m chart and wait for direction from there.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,282
  • Feb 17, 2010 4:04pm Feb 17, 2010 4:04pm
Quoting Magix
I use the shorter term time frames for entry and play them into longer positions with the longer time frame confirmations and use the MACD and OSMA to help with direction....

What about the bullish trigger showing on the Daily chart? It looks like its going up?
  • #200,283
  • Feb 17, 2010 4:19pm Feb 17, 2010 4:19pm
well traders who was right and who was wrong , does it even matter, at the end of the day traders it is your acct and the one looking back at you from a mirror is the one responsible . When I done this chart it is an even draw for the week we are sitting on the weekly open I have had long trades and short trades , price made it up to one of my pivot levels that is an area where price starts to struggle I loaded up well at that pivot level I have had a nice trade back down to the line in the sand, the weekly open and close price, if the down trend continues I am well posistioned for it if it dont I will take my profit and look for another trade. Its not a battle between who is right and who is wrong , its a batlle between buyers and sellers. Folks with all the economic woes across the globe I am sure there is a few viewers looking for pieces of a puzzle that can help them net just a few extra dollars a week .A few extra dollars means a lot to a lot of people right now. I am sure some of the attitudes and language here dont help and I think we can do better we are all human after all, I know, just my opinion that dont matter bash me away if you must but cheers and good trades to all
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  • #200,284
  • Feb 17, 2010 4:20pm Feb 17, 2010 4:20pm
Quoting kingrex
the first 4h chart shows a bull trigger right? the right 4h chart however on the other chart show a bearish signal. please explain?

The OSMA for me acts as 2 things, one an early indicator and the other as a confirmation of trend.

When the OSMA goes below zero on the time frame, it will show weakening of a longside play if the MACD is above. IF the MACD goes below zero to join the OSMA, we have a confirmation of play. IF the OSMA again goes above zero while macd is sub, when the positive motion of the OSMA starts to show weakness, I watch for confirmation on the lower time frames....Might sound confusing, but I play from time frame to time frame, support to resistance all watching price relation to my select moving averages and OSMA/MACD on the time frames.

The 4hr...the 4hr trend for me started on the 1m chart. As soon as we close below the 200ema on a 1m chart or a 24SMA on a 5m chart, I know that it is not time to be in a long trade. From there, it will lead to watching the longer time frames to make sure that all ducks line up...I typically wait for confirmation of the 24SMA on the 15m chart. There seems to be a lot less headfakes...so, if price above the 24SMA and 24SMA above 200ema, that for me is confirmation of a long trend.

When markets are caught in whipsaw, we have moved to fast and confirmation on all charts is not present, a lot of what we have seen over the last week. It has taken 1 day movement to mean the most, that being today. We crossed over the 200EMA on hourly, which took 4 attempts to do, and lost footing there. IF we held support on the hourly, I would watch for price target of the 200ema on the 4hr chart, that didn't happen.

My trade signals might seem laggy, and I am not in a trade every minute of every day...but when I get confirmation, I take larger bites and if not profit on better than 90% of my trades, am not in a situation where I am holding anything above a -30 pip trade.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,285
  • Feb 17, 2010 4:26pm Feb 17, 2010 4:26pm
Quoting Magix
The OSMA for me acts as 2 things, one an early indicator and the other as a confirmation of trend.

When the OSMA goes below zero on the time frame, it will show weakening of a longside play if the MACD is above. IF the MACD goes below zero to join the OSMA, we have a confirmation of play. IF the OSMA again goes above zero while macd is sub, when the positive motion of the OSMA starts to show weakness, I watch for confirmation on the lower time frames....Might sound confusing, but I play from time frame to time frame, support to resistance all...
Sorry magix didnt mean to interupt your posting , very good advice on the charting thanx
  • #200,286
  • Feb 17, 2010 4:30pm Feb 17, 2010 4:30pm
Quoting Magix
The OSMA for me acts as 2 things, one an early indicator and the other as a confirmation of trend.

When the OSMA goes below zero on the time frame, it will show weakening of a longside play if the MACD is above....


So its obvious that watching for the macd to cross AFTER the osma is the play you want, right?

the 15M chart shows osma crossing zero up with macd still low. is this the cross you are waiting to confirm? so if osma goes above zero and back down again before macd crosses up, then we are headed down, right??

since 30M chart has bounced off support 5-6 times today would that indicate a reversal back to res?

also is the Larger Timeframe indicator a leading or lagging?
  • #200,287
  • Feb 17, 2010 4:30pm Feb 17, 2010 4:30pm
Quoting digger1
Sorry magix didnt mean to interupt your posting , very good advice on the charting thanx
You got nothing to be sorry about here Digger....

I think what we should have all learned from the days that have past is that though we may have an idea of what we will see, nobody can be 100% right all of the time.

All eyes on deck, lets make some money!

Go Digger!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,288
  • Feb 17, 2010 4:37pm Feb 17, 2010 4:37pm
Quoting Magix
You got nothing to be sorry about here Digger....

I think what we should have all learned from the days that have past is that though we may have an idea of what we will see, nobody can be 100% right all of the time.

All eyes on deck, lets make some money!

Go Digger!

lol, well my trading has been keeping me afloat and yes I am all for making money
  • #200,289
  • Feb 17, 2010 4:42pm Feb 17, 2010 4:42pm
Quoting kingrex
So its obvious that watching for the macd to cross AFTER the osma is the play you want, right?

the 15M chart shows osma crossing zero up with macd still low. is this the cross you are waiting to confirm? so if osma goes above zero and back down again before macd crosses up, then we are headed down, right??

since 30M chart has bounced off support 5-6 times today would that indicate a reversal back to res?

also is the Larger Timeframe indicator a leading or lagging?
Here is a 1m chart. I used this as today was a great example of what and how I play. I have shown where the price closes below the 200EMA as well as the trigger on trend for the 24SMA. Here is how the OSMA can work as an early indicator and then because MACD never came above zero for a while, showed as confirmation. See how the price reacts to the 200ema, the 24sma and watch how well they play together with the OSMA and MACD.

These patterns take place on all time frames. I scalp the counters and long play the trends.

I apologize for seemingly taking over the thread, this is just what I watch for and how I look for trades. It is not the only way, just simple trend spotting and trading.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,290
  • Feb 17, 2010 4:48pm Feb 17, 2010 4:48pm
Pushed thru the pivot with ease... ran out of steam
and now S1 is currently holding things in check.

I would suspect it would bounce up first to get another
run before and if it continues down.

Sitting right on a previous compression point. (15m chart)

I'm risky long at 1.5673.

Dr. D.
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  • #200,291
  • Feb 17, 2010 4:50pm Feb 17, 2010 4:50pm
Quoting Magix
Here is a 1m chart. I used this as today was a great example of what and how I play. I have shown where the price closes below the 200EMA as well as the trigger on trend for the 24SMA. Here is how the OSMA can work as an early indicator and then because MACD never came above zero for a while, showed as confirmation. See how the price reacts to the 200ema, the 24sma and watch how well they play together with the OSMA and MACD.

These patterns take place on all time frames. I scalp the counters and long play the trends.

I apologize for seemingly...
ha ha , I use a sqeezed up or zoomed out 15 tick chart for the same purpose , guess that would explain how we end up in a lot of the same trades lol
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  • #200,292
  • Feb 17, 2010 4:50pm Feb 17, 2010 4:50pm
Quoting fourxtrader
[i][color=blue]Pushed thru the pivot with ease......
Dear I dont think in my view it will even able to pass 5700 area. Outlook euro and pound is extremely bearish
  • #200,293
  • Feb 17, 2010 4:52pm Feb 17, 2010 4:52pm
Quoting Magix
Here is a 1m chart....

very nice trade.. for some reason when you enter i was watching the bullish on the daily chart but it kept dropping
  • #200,294
  • Feb 17, 2010 4:54pm Feb 17, 2010 4:54pm
Quoting poortrader
Dear I dont think in my view it will even able to pass 5700 area. Outlook euro and pound is extremely bearish
Not a shad long.. just a tad long retracement scalp
until the Asian session.

I'm one down with one to play... 200 yards to carry
the lake and love my hybrid 3. Take the chance....
or poop my pants.

Dr. D.
  • #200,295
  • Feb 17, 2010 4:56pm Feb 17, 2010 4:56pm
Quoting digger1
ha ha , I use a sqeezed up or zoomed out 15 tick chart for the same purpose , guess that would explain how we end up in a lot of the same trades lolAttachment

man what the heck u use in the chart and how it looks sexy
  • #200,296
  • Feb 17, 2010 4:58pm Feb 17, 2010 4:58pm
Quoting Magix
Here is a 1m chart....

hey bro thanks for the time and effort its great
  • #200,297
  • Feb 17, 2010 5:00pm Feb 17, 2010 5:00pm
Quoting kingrex
very nice trade.. for some reason when you enter i was watching the bullish on the daily chart but it kept dropping
Below me is a link to the thread I started to help others out with this style of trading. I watch all time frames, having 4 up at a time. (Method to My Madness)

It is only by doing this that I can see the trends and direction, allowing me to play trend and counter.

I struggled massively through price action for a long time. Though had some really nice trades, had a lot more losers. The lines on the chart are just so that at any time, and as time allows, I will know if I can take a trade, or if sitting out is a better idea.

Again, there are several ways to take trades and make money. I have no formal education on this and am only a part time trader. I am still here to learn, and help out if I can.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,298
  • Edited 5:22pm Feb 17, 2010 5:10pm | Edited 5:22pm
Quoting kingrex
very nice trade.. for some reason when you enter i was watching the bullish on the daily chart but it kept dropping
FWIW...Here is where I watch for exits. This is going into counter trend, and I know I have all time frame 200EMA's above as resistance with exception of the 1m. So...As price crosses above the 200EMA on 1m chart or above the 24SMA on the 5m chart...this isn't a good time to be holding a short. If I was late to the party, I would exit the trade, take a loss if I had to and wait for confirmation.

Though there is a likely hood that the price would come back to me, but I am relatively sure that I will be able to get into the trade again and not have to watch a trade go deep in dept. From the 1m 200EMA, if price holds above on the 1m, the next resistance is the 5m 200EMA. From here, depending on strength and what the rest of the chart looks like, I will make a decision, do I take the trade, or sit and wait.
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  • #200,299
  • Feb 17, 2010 5:12pm Feb 17, 2010 5:12pm
Quoting kill56
hey bro thanks for the time and effort its great


Quoting digger1
ha ha , I use a sqeezed up or zoomed out 15 tick chart for the same purpose , guess that would explain how we end up in a lot of the same trades lolAttachment


Follow the money!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #200,300
  • Feb 17, 2010 5:29pm Feb 17, 2010 5:29pm
Gu has bounced of 200ma. Osma is tuurning upward and stoc are upward 2. I am am seeing upward move unless Pa crosses ma200 and then going down big time
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