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Cable Update (GBPUSD)

  • #202,941
  • Mar 2, 2010 1:38pm Mar 2, 2010 1:38pm
[quote=Baby-Trader;3513799]Just want to ask you a question bro.

Hit & Run for what duration ?
On hour, one day, one week , one month ?????

It depends on which time frame you are studying.[/quo

true bro to me i am 24h trader in fornt of the screen

mostly i work with h1 chart and go down to 5m this some trades i did today thank god



2010.03.02 12:19sell0.50gbpusd1.49410.00001.49022010.03.02 17:291.49190.000.000.00110.00
2010.03.02 15:10sell0.50gbpusd1.49640.00000.00002010.03.02 17:291.49200.000.000.00220.00
2010.03.02 15:10sell0.50eurusd1.35520.00000.00002010.03.02 17:281.35340.000.000.0090.00
2010.03.02 16:09sell0.50eurusd1.35710.00000.00002010.03.02 17:281.35330.000.000.00190.00
2010.03.02 17:59sell0.50eurusd1.35570.00000.00002010.03.02 18:031.35360.000.000.00105.00
2010.03.02 20:08sell0.50gbpusd1.49720.00000.00002010.03.02 21:291.49470.000.000.00125.00
  • #202,942
  • Mar 2, 2010 1:39pm Mar 2, 2010 1:39pm
Quoting kill56
what do u believe man been in forex for 5 years blwon over 200 grands the only way to make money is to hit and run trade what u see . charts with indis give me a lot of info when to enter and exit and among these are the moving averages any way join the carckforix club man
Personally I trade based off a 1 day time frame but I use the micro scope of small time frames to pick my entries. I don't know what time frame your talking about when you say hit and run.

What I've found in my studies is that price is most predictable on longer time frame charts. I've got tons of theories and examples of why this work but the short answer is that big money that moves the market mainly look at longer term charts. If a hedge fund wants to open a position of $500,000,0000. That's hard to get executed without massive slippage so they trade zones rather than exact prices which lends to trading larger time frames. They are also notorious trend followers so direction on long time frames is very deliberate and alot "cleaner" than short time frames.

So I've found the for Me, the best strategy is to locate the important buy and sell zones on big time frame charts and then enter on the small time frames, adding to the position as it moves in the direction I'm trading in.
  • #202,943
  • Mar 2, 2010 1:42pm Mar 2, 2010 1:42pm
[quote=kill56;3513827]
Quoting Baby-Trader
Just want to ask you a question bro.

Hit & Run for what duration ?
On hour, one day, one week , one month ?????

It depends on which time frame you are studying.[/quo

true...

Mobarak 3alik ya me3alem
  • #202,944
  • Mar 2, 2010 1:45pm Mar 2, 2010 1:45pm
Quoting JRoyal
Thanks but I just want you to understand that I'm not against moving averages. Me thinking that they're good for newbies doesn't not mean that I believe they are only for newbies. My quote was taken out of context and I just wanted to address that.
Whatever one says, one will inevitably upset someone as we all have different views. Written word is easily taken out of context. Also remember, English is not everyone's first language... it ain't mine!

My simplest system uses the MA40 on a 15 min chart to base the entry point. It is time driven and I place an order a number of pips of the highest high or the lowest low from the last candle. I have a SL of 30 and TP of 50. After two hours I close the open order if it has not already stopped out or hit the profit. On some days this can produce no trade. It is one of several systems I use and it is serving me well so far.

We all have different systems and ways of trading. If you feel happy with the system and it works for you, then why change it, even if it is just based on MA or whatever. My advice - KISS - Keep it simple stupid, otherwise you will get paralysis by analysis

I am quite new to this particular forum and it seems most people on here are focused on intra-day trading and some long termers, maybe a mix of both.

People are making calls as to where cable is going next through chart analysis and some even post their trades or how many pips they have gained (never lost!). Generally people are on here try and help one another with advice and I pitch in with my own thoughts with regards to where cable is going. I do charting, but I don't use specific software and use the basic charting tools that come with my spreadbetting account and seeing other people's interpretation of their own charts is interesting (although some posters just post a chart for the sake of it without explanation, which I simply ignore)

Anyway, I take all information with a pinch of salt, especially if it comes from the Internet and is not a reliable source, especially forums. Happy trading and let's all make some money!
  • #202,945
  • Mar 2, 2010 1:51pm Mar 2, 2010 1:51pm
[quote=Baby-Trader;3513846]
Quoting kill56


Mobarak 3alik ya me3alem
inta el ostaz ya BT 3o2bal 3endak kol tare2ak khadra inshala
  • #202,946
  • Mar 2, 2010 1:54pm Mar 2, 2010 1:54pm
Quoting JRoyal
Personally I trade based off a 1 day time frame but I use the micro scope of small time frames to pick my entries. I don't know what time frame your talking about when you say hit and run.

What I've found in my studies is that price is most predictable on longer time frame charts. I've got tons of theories and examples of why this work but the short answer is that big money that moves the market mainly look at longer term charts. If a hedge fund wants to open a position of $500,000,0000. That's hard to get executed without massive slippage so...
Good advice! As you add to your positions, I assume that you also move the SL on open positions to lock in profit?
  • #202,947
  • Mar 2, 2010 1:54pm Mar 2, 2010 1:54pm
still waiting for these to com around hope soon
the eur is killen me





2010.03.02 19:13sell0.50eurusd1.35700.00000.0000 1.36010.000.000.00-155.00
2010.03.02 19:51sell0.50gbpusd1.49510.00000.0000 1.49460.000.000.0025.00
2010.03.02 20:08sell0.50eurusd1.35950.00000.0000 1.36010.000.000.00-30.00
  • #202,948
  • Mar 2, 2010 2:24pm Mar 2, 2010 2:24pm
Quoting bbakker
Good advice! As you add to your positions, I assume that you also move the SL on open positions to lock in profit?
Absolutely! You can be right about the direction but it's hard to figure out when it going to go there so #1 rule is to protect your capital to make the next trade. The market direction is very predictable but how and when is the tricky part. Most of us on this board are right about the direction most of the time but it's when it's going there and how far that trips us up. That's on purpose. The market is designed to make the layman think one thing and then pull the rug from underneath him. There are edges in this game that as small traders you'll never have but our power comes from the chart. It's like getting the opposing teams playbook. How they play us is in the charts because like us they're creatures of habit. The same 5% are winning and the same 95% are losing. The rules don't change much, we just have to find the answers in the playbook on how they trick us, over and over. The answers are right in front of us in the charts.
  • #202,949
  • Mar 2, 2010 2:34pm Mar 2, 2010 2:34pm
Quoting JRoyal
Absolutely! You can be right about the direction but it's hard to figure out when it going to go there so #1 rule is to protect your capital to make the next trade. The market direction is very predictable but how and when is the tricky part. Most of us on this board are right about the direction most of the time but it's when it's going there and how far that trips us up. That's on purpose. The market is designed to make the layman think one thing and then pull the rug from underneath him. There are edges in this game that as small traders you'll...
Of all Major pairs I find anyting with GBP in it is the most manipulative, especially GBPUSD, AUDUSD for example is as straight foward as a door.
But it's better to stick to one pair as you develop a feel for it.
  • #202,950
  • Mar 2, 2010 2:35pm Mar 2, 2010 2:35pm
http://img29.imageshack.us/img29/631...77tdiscusa.jpg
  • #202,951
  • Mar 2, 2010 2:40pm Mar 2, 2010 2:40pm
look like where heading to 1.5400's by friday. good luck to all
  • #202,952
  • Mar 2, 2010 2:57pm Mar 2, 2010 2:57pm
Quoting JRoyal
Thank you sir. I do trade full time but most importantly I'd estimate I've spent over 15,000 hr's analyzing the GBPUSD chart and even more $$ trying to figure this thing out. It's not easy but with enough effort you find high probability scenarios and over time you learn you have just to trade them.

I tell my wife all the time, I make all the money in Forex on the weekends when I spend 20 hrs of my weekend going back over my charts and learning, not when I pull the trigger during the week.
I agree, chart study and screen time is the key. I see there are already problems here on the thread since you posted. It's not you, it's completely normal and a reaction from the kids on this thread when someone trades daily charts. You see, the problem is, most of them treat it as a hobby and use the forums as a pissing contest, however, there are some excellent traders and hidden gems. You will soon figure out who is full of it and who is serious. There are some good threads out there.

BTW, there is an ignore function available, just click on the member you don't want to see, this will take you to their profile page, then half way down on the left you will see "add to ignore list?", click yes and hey presto...

PS, No point trying to explain the operation of unloading 500 Clips to the "hobbiest's" who like to trade a Moving Average from a 1 minute chart. You can take a horse to water, but some horses like to p*ss in it instead of drinking it. Besides, we like the volume pick up zones they predictably place their orders


Have a good trading week

Direct - Trade
  • #202,953
  • Mar 2, 2010 3:08pm Mar 2, 2010 3:08pm
Quoting direct-trade
I agree, chart study and screen time is the key. I see there are already problems here on the thread since you posted. It's not you, it's completely normal and a reaction from the kids on this thread when someone trades daily charts. You see, the problem is, most of them treat it as a hobby and use the forums as a pissing contest, however, there are some excellent traders and hidden gems. You will soon figure out who is full of it and who is serious. There are some good threads out there.

BTW, there is an ignore function available, just click...
Thanks for the support and advice. Great trading to you.
  • #202,954
  • Mar 2, 2010 3:08pm Mar 2, 2010 3:08pm
Quoting handipips
look like where heading to 1.5400's by friday. good luck to all
Hi Handi,

Just wondering how you came to that conclusion? Assuming yesterdays spike low is it for the moment, I've put a fib on the chart from the 17/2 high around 158 to yesterdays low and the 61.8 comes in around the 154 level ? Or do you have some other studies supporting your view? Also spotted that the 158 high was a test of the underside of the 20 day exponential moving average which the prie bounced off. This average is curently around 15480 - 15500 so we could be looking at a retest of that ?

Cheers

Dode
  • #202,955
  • Mar 2, 2010 3:09pm Mar 2, 2010 3:09pm
I have noticed the price is making higher lows and lower highs on 8 hr chart which looks to me as a pennant. That would be a continuation pattern in a trend, i.e downtrend as it stands for now ( says Investopedia)- consolidation before a breakout. Would anyone agree?
  • #202,956
  • Mar 2, 2010 3:22pm Mar 2, 2010 3:22pm
I don't know why when I look at charts I see the way to 1.5820.

Can anyone answer me ????
  • #202,957
  • Mar 2, 2010 3:26pm Mar 2, 2010 3:26pm
Quoting neptun84
I have noticed the price is making higher lows and lower highs on 8 hr chart which looks to me as a pennant. That would be a continuation pattern in a trend, i.e downtrend as it stands for now ( says Investopedia)- consolidation before a breakout. Would anyone agree?

agree unless we break 15000 and 1h open over it lets see how the day ends
  • #202,958
  • Mar 2, 2010 3:28pm Mar 2, 2010 3:28pm
Quoting Baby-Trader
I don't know why when I look at charts I see the way to 1.5820.

Can anyone answer me ????
I was thinking 1.5600-1.5800 area. Last week I thought we could go as high as 1.5900 but that huge move down on Sun-Mon has me thinking maybe not as far but I'm with you on this. I just hope my open positions don't get caught in a stop hunt. I'm about 100 pips in profit on the Eur so I think I'm safe there buy my Pound position that's still open is definitely not is a very safe place. Stops at break even and I'm just gonna hope for the best. I booked some profits today but here's hoping Asia is and London open are nice to me!
  • #202,959
  • Mar 2, 2010 3:31pm Mar 2, 2010 3:31pm
Anything below 1.5000 you need to short. So look for it to go to 1.4950 & then 1.4900. Needs to break above 1.5 in order to buy imho.
  • #202,960
  • Mar 2, 2010 3:32pm Mar 2, 2010 3:32pm
Quoting Baby-Trader
I don't know why when I look at charts I see the way to 1.5820.

Can anyone answer me ????
hey bro

akeed inta me3amerlak 7ajareen


any thing could happen bro but foe now its going south unless we have a realy bad NFP
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