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Cable Update (GBPUSD)

  • #201,141
  • Feb 22, 2010 9:58pm Feb 22, 2010 9:58pm
maybe he means
"believe in your self" (be a confident trader)

some of us give a "wise" word with so many meaningfull that hard to catch,
and sometime we will get cough if only think it in surface.

diving in the deep. see the ocean.



trend is your friend
trade what you see not what you expected
or plan your trade, trade your plan

that some simple word that all of us ever heard, and some time we catch 'only' the "word" not the real meaning...
I will be the number one Manager.
  • #201,142
  • Feb 22, 2010 10:16pm Feb 22, 2010 10:16pm
Quoting javapips

trend is your friend
it's a wise advise by many but it's a bit too general because of different timeframes & trading methods imho.
If say someone is referring to a trend based on the dailies while I'm trading from the m5 then his trend might not entirely be my friend
And good scalping doesn't require anyone to pay attention to the trend on the larger tf. Trading the micro trends is all that is needed.

Anyway, take em as you see em.
That being said, we're still holding longs. Good luck
Thank You
  • #201,143
  • Feb 22, 2010 10:20pm Feb 22, 2010 10:20pm
Quoting wormboy
it's a wise advise by many but it's a bit too general because of different timeframes & trading methods imho.
If say someone is referring to a trend based on the dailies while I'm trading from the m5 then his trend might not entirely be my friend
And good scalping doesn't require anyone to pay attention to the trend on the larger tf. Trading the micro trends is all that is needed.

Anyway, take em as you see em.
That being said, we're still holding longs. Good luck

agree..,
good luck to you too...
I will be the number one Manager.
  • #201,144
  • Feb 22, 2010 10:27pm Feb 22, 2010 10:27pm
I agree, sometimes I have struggled with this / it is tough to trade against what one is "used to" or in one direction ie: always long / always short. (Even if we are better at identifying one way) It's a "mental" thing. Some retracements offer up 100's of pips or even 50! Either is fine w/ me!

Sort of like the mentality of a scalper, no allegiance to past positions. Simply business. WHere is the money going.?...

Today sucked for direction. Not for scalping... My point here is sometimes waiting for another uni-directional setup - we miss out on what's going on between the lines or candles.

For instance. Someone that posts in this thread took the long at around 5360.
I took a later trade long cable(regretfully since closed). Sure counter direction, but, for what it was / is (now +150 pip) a great trade.

Quoting wormboy
Never say never.
Learn to take the counter trend. Because in each retracement, there is every bit a possibility that a new trend might be developing.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #201,145
  • Feb 22, 2010 10:30pm Feb 22, 2010 10:30pm
Quoting Jemmy
D-4 ~ BULLS 3 : 4 BEARS
D-3 ~ BULLS 3 : 4 BEARS
D-2 ~ BULLS 2 : 5 BEARS
D-1 ~ BULLS 0 : 7 BEARS
TODAY ~ BULLS 2 : 5 BEARS
Attachment
friday's pending order removed..
D-4 ~ BULLS 3 : 4 BEARS
D-3 ~ BULLS 2 : 5 BEARS
D-2 ~ BULLS 0 : 7 BEARS
D-1 ~ BULLS 2 : 5 BEARS
today ~ BULLS 3 : 4 BEARS
...
Attached Image
Patience + Discipline =
  • #201,146
  • Feb 22, 2010 10:39pm Feb 22, 2010 10:39pm
Quoting XTrade
I agree, sometimes I have struggled with this / it is tough to trade against what one is "used to" or in one direction ie: always long / always short....
There were also people that took the counter trend some 500 pips higher. Is this really what you want to be shooting for? (not you specifically, anybody that thinks that the counters are that easy and profitable).

Where is the money going?
Support to resistance is easy trading, but even the best scalpers will tell you the same thing. Scalp in favor of the trend. Reason? If you are wrong, it is typically only a matter of time before you come clean.

Understanding direction can be difficult, especially in a whipsaw market and even using several different strategies nutting tops and bottoms is no easy game, and I will go so far as to say it is a fools game.

In a long market, you should be playing long, or watching for opportunities. In a short market, you should be short and looking for opportunities.

There are lots of pips to be made on the counter, but it is also a great way to have your ass handed to you.

Remember our little friend damonl? Wonder where that guy is? I have a guess. Just one of the names that go away as quickly as new ones arrive.

Select the time frame, plan your strategy, and know when to hold em, and know when to fold em. This is the key to longevity. If not, have really deep pockets, bucking the trend can cost large.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,147
  • Feb 22, 2010 10:47pm Feb 22, 2010 10:47pm
Magix, you have a valid point. That is not to say it is not possible to profit on counter trend trades, such as last friday after the rate decision plunge,
Fibre and Swissy both retraced 100%. Cable is struggling however is up for now.

When it comes down to it, it is what your rules and system allow, then if you are comfortable with it. If not,

when in doubt stay out!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #201,148
  • Feb 22, 2010 10:52pm Feb 22, 2010 10:52pm
All the talk about trends... I'm feeling quite secure in my position.

I support my current long bias with this chart.

An extended monthly that spans back to the open on 11/01/92
with 1.5520 and now we see a current price at 1.5521.

Clearly an upward slope. LOL

Pick your TF, your position and your poison.

Dr. D.
Attached Image (click to enlarge)
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  • #201,149
  • Feb 22, 2010 10:59pm Feb 22, 2010 10:59pm
Quoting fourxtrader
All the talk about trends... I'm feeling quite secure in my position.

I support my current long bias with this chart.

An extended monthly that spans back to the open on 11/01/92
with 1.5520 and now we see a current price at 1.5521.

Clearly an upward slope. LOL

Pick your TF, your position and your poison.

Dr. D....
Tear it up Dr D , ha ha
  • #201,150
  • Feb 22, 2010 11:06pm Feb 22, 2010 11:06pm
Quoting Magix
There were also people that took the counter trend some 500 pips higher....
Go snipe 1.5530/41 bro ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #201,151
  • Feb 22, 2010 11:07pm Feb 22, 2010 11:07pm
Quoting Magix


Remember our little friend damonl? Wonder where that guy is? I have a guess. Just one of the names that go away as quickly as new ones arrive.

Select the time frame, plan your strategy, and know when to hold em, and know when to fold em. This is the key to longevity. If not, have really deep pockets, bucking the trend can cost large.



hemm...i've just thinking that, where is the damonl,...last time i see he change the avatar become "horse with US flag color"
i believe in him, he could pass this well...he is scalper but always has a good plan and MM too...
I will be the number one Manager.
  • #201,152
  • Feb 22, 2010 11:07pm Feb 22, 2010 11:07pm
Quoting digger1
Tear it up Dr D , ha ha
Digger1,

Now check your PM.

Dr. D.
  • #201,153
  • Feb 22, 2010 11:08pm Feb 22, 2010 11:08pm
Quoting fourxtrader
All the talk about trends... I'm feeling quite secure in my position.

I support my current long bias with this chart.

An extended monthly that spans back to the open on 11/01/92
with 1.5520 and now we see a current price at 1.5521.

Clearly an upward slope. LOL

Pick your TF, your position and your poison.

[i][color=blue]Dr....
Support as you may see..the real question is what happens here.

And by here, I mean the chart posted.

EZ to see that we are hitting the 200ema on the 30m chart, but what other significance does this area hold?

A couple of things to keep in mind...
1. The major sell started 15mins before eod NY session.
2. London has covered themselves long, but will the look for a little drop vengance?
3. Bottom of the chart was a single tap...on a Friday. Really? No second test during any other sessions, not even by NY?

I am never confident in any position, mostly the reason I close trades at pivotal points or resistance on the chart...I would rather not get caught in the retrace, and it is so easy to find another trend trade when these areas are clear.

Just my words of caution....As you were...
Attached Image (click to enlarge)
Click to Enlarge Name: here.jpg Size: 99 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,154
  • Feb 22, 2010 11:11pm Feb 22, 2010 11:11pm
Quoting javapips
hemm...i've just thinking that, where is the damonl,...last time i see he change the avatar become "horse with US flag color"
but i believe in him, he could pass this well...he is scalper but always has a good plan and MM too...
If you search his name, I believe his last post was...

"Anybody else long?"

I am not saying this was his death, but if you check the date, the pieces of the puzzle start to come together.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,155
  • Feb 22, 2010 11:13pm Feb 22, 2010 11:13pm
Quoting manize
Go snipe 1.5530/41 bro ?
Thinking the same thing...this point will be retraced by London, and it is critical on the 30m, so...a quickie in the wrong direction might not suck too badly...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,156
  • Feb 22, 2010 11:14pm Feb 22, 2010 11:14pm
Speaking of Swissy Minor breakout...

edit: DXY still neg...


Magix you do not agree that the LDN session has been rather tame lately?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #201,157
  • Feb 22, 2010 11:22pm Feb 22, 2010 11:22pm
A reason to go long earlier on my 5m compression -
release, and a reason to secure profits with the touch
of your 200ema on the 30m.

Dr. D.

Quoting Magix
Support as you may see..the real question is what happens here.

And by here, I mean the chart posted.

EZ to see that we are hitting the 200ema on the 30m chart, but what other significance does this area hold?

A couple of things to keep in mind...
1. The major sell started 15mins before eod NY session.
2. London has covered themselves long, but will the look for a little drop vengance?
3. Bottom of the chart was a single tap...on a Friday. Really? No second test during any other sessions, not even by NY?

I am never confident in any position,...
Attached Images
  • #201,158
  • Feb 22, 2010 11:22pm Feb 22, 2010 11:22pm
Quoting fourxtrader
Digger1,

Now check your PM.

Dr. D.
Hey thanks a lot Dr D , left a thought on your compression charts for you too ponder lol
  • #201,159
  • Feb 22, 2010 11:25pm Feb 22, 2010 11:25pm
Quoting XTrade
Speaking of Swissy Minor breakout...

edit: DXY still neg...


Magix you do not agree that the LDN session has been rather tame lately?

I woke up to a really goofy looking chart, looked like a weak long shake. Would hardly call it tame by any stretch.

In any case, as long as we are still confirmed long on the 15m with support on the 5m we are still seemingly in retrace mode. Confirmation for an all out long chart comes with a whole lot higher highs for me. Exercising some caution couldn't hurt, who knows, maybe this is just the retrace before the final drop of the hammer....
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,160
  • Feb 22, 2010 11:26pm Feb 22, 2010 11:26pm
Quoting fourxtrader
A reason to go long earlier on my 5m compression -
release, and a reason to secure profits with the touch
of your 200ema on the 30m.

Dr. D.
Gotta love it when a plan comes together.

CHA CHING!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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