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Cable Update (GBPUSD)

  • #201,381
  • Feb 23, 2010 6:53pm Feb 23, 2010 6:53pm
I think if we get below 1.5385 (best to have an h1 close below 5392) that we should see 1.5250 at least. But..if THAT doesnt happen, then selling into the 61.8 or 78.6 with a stop above the 100% could be a possible nice trade. Targeting the lower TL on the m15 first.

Attached Image (click to enlarge)
Click to Enlarge Name: 2-23-10 GU m15.png Size: 17 KB
  • #201,382
  • Feb 23, 2010 6:59pm Feb 23, 2010 6:59pm
Quoting Magix


Nice catch.
Hi guys, been in FF a long time reading & learning but this is only my second post. I experienced my first "live chat" on a webinar recently and discovered how much more rewarding it is to actually "interact" rather than just "read". So is anyone currently eyeballing the possible "divergence" trade setting up on the 4Hr GU? There appears to be a struggle between the 4hr forming divergence and a daily 127% Fib bounce just short of a monthly 50% Fib (possible retrace). Without a retrace at the 50% then a future break of the 50% would most like favour a Monthly MacD divergence (that'd be a lot of pips in the bank eh!) Any helpful comments are appreciated
  • #201,383
  • Feb 23, 2010 7:00pm Feb 23, 2010 7:00pm
Quoting PipChick
You guys are really sick! lol

man darn u cant keep a secret just close u eyes
  • #201,384
  • Feb 23, 2010 7:03pm Feb 23, 2010 7:03pm
Quoting javapips
amen !!!

(i don't know what are you talking about,, but must be something good.. )



idr: lama2 gua ky orang bego aja, kl ada orang arab bilang seseatu..,langsung nyamper, AMIN !!
i was wishen him luck u too java
  • #201,385
  • Feb 23, 2010 7:07pm Feb 23, 2010 7:07pm
Quoting PipChick
I think if we get below 1.5385 (best to have an h1 close below 5392) that we should see 1.5250 at least. But..if THAT doesnt happen, then selling into the 61.8 or 78.6 with a stop above the 100% could be a possible nice trade. Targeting the lower TL on the m15 first.

Attachment
Awesome take on trading PipChick.

A lot of traders are absolute with targets. The best logic for me is to move with the trends like you have mentioned.

Plan A
IF we get to point A, than watch for point B.

And, failing that...

What is plan B.

Like the looks of the charts, all takes are relevant. Because we are swimming in choppy waters and in a relatively new area, having ideas can really be guidance for some of us newbs.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,386
  • Feb 23, 2010 7:12pm Feb 23, 2010 7:12pm
Thanx magix. I always have a plan A and a plan B.. If they fail, I go to plan C..The club.lol

Quoting Magix
Awesome take on trading PipChick.

A lot of traders are absolute with targets. The best logic for me is to move with the trends like you have mentioned.

Plan A
IF we get to point A, than watch for point B.

And, failing that...

What is plan B.

Like the looks of the charts, all takes are relevant. Because we are swimming in choppy waters and in a relatively new area, having ideas can really be guidance for some of us newbs.

  • #201,387
  • Feb 23, 2010 7:15pm Feb 23, 2010 7:15pm
Quoting PipChick
Thanx magix. I always have a plan A and a plan B.. If they fail, I go to plan C..The club.lol
I can already see, I have much to learn...you have much to teach.

Lead on PipChick, lead on!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #201,388
  • Feb 23, 2010 7:20pm Feb 23, 2010 7:20pm
As the saying goes..plan your trade, trade your plan but no one tells you the most important part of that whole mantra which is have plan A and plan B set up with entry orders. Entry orders takes the emotions off the plate. Just be sure to cancel A if B executes and vice versa.And most of all.. dont take offense if you lose because there is only ONE entity which is ALWAYS right in this whole scheme of things and that is the market.
  • #201,389
  • Feb 23, 2010 7:21pm Feb 23, 2010 7:21pm
Quoting PipChick
Thanx magix. I always have a plan A and a plan B.. If they fail, I go to plan C..The club.lol
What I want to know is where have you been hiding (June 11, 09 - Feb 13, 10)?

Dr. D.
  • #201,390
  • Feb 23, 2010 7:23pm Feb 23, 2010 7:23pm
Quoting fourxtrader
What I want to know is where have you been hiding (June 11, 09 - Feb 13, 10)?

Dr. D.
Just trading and sometimes peek in here to watch the rumble..lol
  • #201,391
  • Feb 23, 2010 7:25pm Feb 23, 2010 7:25pm
magix thanks bro u are an
  • #201,392
  • Feb 23, 2010 7:26pm Feb 23, 2010 7:26pm
http://clc4x.files.wordpress.com/201...if?w=644&h=369
http://clc4x.files.wordpress.com/201...if?w=644&h=369
  • #201,393
  • Feb 23, 2010 7:28pm Feb 23, 2010 7:28pm
Joe,

I have a setup running multiple monitors with MT4. I have no problem. It might be a setup tweak required in your video software.

Good luck,
BR

Quoting joemiami
Does anyone know why metatrader doesn't allow us to spread charts out to another screens/monitors? So many other platforms allow that, what are they waiting for? Its very aggravating......
  • #201,394
  • Feb 23, 2010 7:40pm Feb 23, 2010 7:40pm
Quote
As the saying goes..plan your trade, trade your plan but no one tells you the most important part of that whole mantra which is have plan A and plan B set up with entry orders. Entry orders takes the emotions off the plate. Just be sure to cancel A if B executes and vice versa.And most of all.. dont take offense if you lose because there is only ONE entity which is ALWAYS right in this whole scheme of things and that is the market.http://cdn.forexfactory.com/images/s.../yim/happy.gif

Great words PipChick. I'm always grappling with the rise in emotion and the growing uncertainty as the market moves. I like your multi plan approach and to execute a trade with an order (+SL & TP) and then let it roll, till whichever end. It makes it more mechanical.

This game seems to be as much about learning yourself as it is developing your trading system.
Joy in looking and comprehending is nature's most beautiful gift.
  • #201,395
  • Feb 23, 2010 7:43pm Feb 23, 2010 7:43pm
Quoting Jaice
Great words PipChick. I'm always grappling with the rise in emotion and the growing uncertainty as the market moves. I like your multi plan approach and to execute a trade with an order (+SL & TP) and then let it roll, till whichever end. It makes it more mechanical.

This game seems to be as much about learning yourself as it is developing your trading system.
Thats very true, but also remember to set an alert in case you are sleeping when one of your oders gets executed so you can take the other order off.
  • #201,396
  • Feb 23, 2010 7:49pm Feb 23, 2010 7:49pm
You can be a little creative on your money management also. For instance, lets say you are wanting to sell at the 78.6 fib level. A lot of times, the GU likes the 50% and turns at that point. You could trade 1/3 of your normal position at the 50%, add 1/3 at the 61.8 and another 1/3 at the 78.6 with your stop above the 100%. That helps to not miss a move but also to cut your risk or drawdown per say. Thats just one way you can manage your acct. There are several other ways to do that also in order to keep your risk down.
  • #201,397
  • Feb 23, 2010 7:50pm Feb 23, 2010 7:50pm
Hi Jaice, good to see another Oz; where you from?
  • #201,398
  • Feb 23, 2010 8:00pm Feb 23, 2010 8:00pm
We have this inverse HS on the m15 which "could" take us to the 50% retracement if the target is hit.

Attached Image (click to enlarge)
Click to Enlarge Name: 2-23-10 GU m15 a.png Size: 19 KB
  • #201,399
  • Feb 23, 2010 8:14pm Feb 23, 2010 8:14pm
Quoting PipChick
We have this inverse HS on the m15 which "could" take us to the 50% retracement if the target is hit.

Attachment
I said this earlier but Bears beware! If you look at a monthly chart, we're at a 50% retracement level from March 09's up move. This is the first time touching. The market has a good memory. If you don't believe measure from the swing low from March up to the high in August and then look at the reaction at the 38% fibo. This is the first touch of the 50% almost to the tick on Friday and now the 78% fib from Friday's bottom to todays high held during todays session.

Hope I didn't confuse, but there is a lot of big money that were actually long the cable and this is where they're starting to enter longs. This could be a sizeable correction. Even though the overall direction is I believe short you have to pay attention to larger time frames. In a Bear market your job is to find the nearest support and in a Bull market you have to find the resistance. Never forget that. Just be careful fellow traders
  • #201,400
  • Feb 23, 2010 8:16pm Feb 23, 2010 8:16pm
Quoting Magix
I can already see, I have much to learn...you have much to teach.

Lead on PipChick, lead on!

Hi Magix..

love your post on this thread..your method had helped me a lot for the last couple of months..i just mix it a bit with my own..might call it method of craziness if i would..

i'm long from 1.5430 .. hopefully she'll break 1.5470 soon and change the game..my SL is BE..
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