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Cable Update (GBPUSD)

  • #211,301
  • Mar 29, 2010 9:20am Mar 29, 2010 9:20am
Quoting 4xStar
An example of your solid confirmation? I usually look for a confirming pattern on 15 min, then see if 1 hr confirms that. Do you use price only or some other indicator to confirm?

PS .. watching this GU is better than a sleeping pill for those who like to nap.
my confirmation comes from snow white on 4 hour, shes too high to enter a long position and not yet turned to think about shorting, this means some major eur or gbp news sometime during tokyo or europe session tomolo will drive her south
  • #211,302
  • Mar 29, 2010 9:29am Mar 29, 2010 9:29am
Quoting cloggie
I don't like scalping at all, don't have the mindset for it I think. Ranging is the worst time for me. Am in the red for today, after a good run of green days, that is annoying. Am still waiting for that wedge to go convincingly, that's when the scalpers get caught out by being in a fall sense of security.

Prayers answered as I type this? Nah, another fake out.
Actually, a lot of scalpers will trade much the way I do, playing support to resistance and exit.

If you understand where support and resistance are and have a fair sense of direction, the rest really isn't that bad.

Once my targets get reached, I will wait for the next set up. Playing safety ranges. I could hope for more and will leave some irons in the fire, but when the PA turns against, I pick no bones, exit trade, wait for trigger on confirmation and back in.

I don't claim to nut every top and bottom, really doesn't matter, for the ranges I trade, with some degree of proper money management and heftier size lots, I really am not typically waiting for my targets all too long. The only time I find myself in wait is when the cycle is complete, and waiting on trigger to the counter. (I don't like to assume)

Trends with the bigs, counters with security, quick on the trigger, money up, money down.

I love this game.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #211,303
  • Mar 29, 2010 9:35am Mar 29, 2010 9:35am
Quoting Magix
Actually, a lot of scalpers will trade much the way I do, playing support to resistance and exit.

If you understand where support is and have a fair sense of direction, the rest really isn't that bad.

Once my targets get reached, I will wait for the next set up. Playing safety ranges. I could hope for more and will leave some irons in the fire, but when the PA turns against, I pick no bones, exit trade, wait for trigger on confirmation and back in.

I don't claim to nut every top and bottom, really doesn't matter, for the ranges I trade, with...
I look at support and resistance differently, for me it indicates the larger moves. I would rather pay commission on a 50-100 pip move then a 5-15 pip one. As a breakout and trend trader, H4 S/R's are important to me and we are stationary now around a biggy on H4, once the breakout occurs, I can happily sit and wait for the next one hundreds of pips away and sleep well at night doing so.

A good friend of mine scalps large lots and is happy with 10-20 pip a go, I can't find his setups and he has nightmares using mine.
  • #211,304
  • Mar 29, 2010 9:40am Mar 29, 2010 9:40am
Quoting Magix
Actually, a lot of scalpers will trade much the way I do, playing support to resistance and exit.

If you understand where support and resistance are and have a fair sense of direction, the rest really isn't that bad.

Once my targets get reached, I will wait for the next set up....

hey bro

to me scalp = hit and run with green and a few red but today it was slow and risky darn i miss one from 80
  • #211,305
  • Mar 29, 2010 9:56am Mar 29, 2010 9:56am
Quoting cloggie
I look at support and resistance differently, for me it indicates the larger moves. I would rather pay commission on a 50-100 pip move then a 5-15 pip one. As a breakout and trend trader, H4 S/R's are important to me and we are stationary now around a biggy on H4, once the breakout occurs, I can happily sit and wait for the next one hundreds of pips away and sleep well at night doing so.

A good friend of mine scalps large lots and is happy with 10-20 pip a go, I can't find his setups and he has nightmares using mine.
I agree, it is a lot nicer to only pay the broker once for 100-150 pips. I play the bigger charts too, but cannot ignore the money on the smaller time frames.

As an example, I am still holding a short from 1.5364, have seen it close to 600 pips, yet I am still holding it and its hovering around 400 right now...Since I have taken this trade, I have amassed a grander scale than the max that was reached on this single trade. Over the last 2 days, I have taken close to 1000 on a fist full of trades. So, can do the same, pay the broker once for the long ones, and pay him a few more times for the quickies.

When I started trading, one of the systems I caught onto was a "Why fight the market, take the long trips and spend your days doing what you want", system.

The issue with it was, I would have had to have waited 8 months in order for these indicators to produce this 1 great trade. Even on that, there was no gaurntee. I took the same stratagy and applied it to the shorter time frames, playing 4 hour cycles off of 1, 5, 15, 30m charts. Suprsingly they all play the same.

If you recognize your break out stratagy on the longer time frames, see if you can apply it to the shorter, if nothing else, it might get you in on some better price action then waiting for a 4hr to produce your trigger.

I am not trying to brag about being the best trader, I work with traders that make my account on single trades. I am not saying that I nut every top and bottom. For the time that I have to spend at my tradestation, I do want to make the most of it, so I do what I do.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #211,306
  • Mar 29, 2010 10:00am Mar 29, 2010 10:00am
Quoting kill56
hey bro

to me scalp = hit and run with green and a few red but today it was slow and risky darn i miss one from 80
A lot of head fakes on the day, I myself have found myself saying the same thing.

Keep your eyes on the prize.

When target is in, then I will sit and wait for the next best thing to come along.

Holding the shorts still, target still 1.4940ish.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #211,307
  • Mar 29, 2010 10:35am Mar 29, 2010 10:35am
zero movement right now, stuck in the peak of the M15 triangle and sleeping on the MR2, lol. So our next move will be in Asia session?
Seems Forexlion is right (and thats often), next news is moving the pound.
  • #211,308
  • Mar 29, 2010 10:52am Mar 29, 2010 10:52am
http://img260.imageshack.us/img260/8...d20100329b.gif
  • #211,309
  • Mar 29, 2010 11:00am Mar 29, 2010 11:00am
4 hour Advanced Get on Cable

http://img16.imageshack.us/img16/7937/get4h.jpg
  • #211,310
  • Mar 29, 2010 11:09am Mar 29, 2010 11:09am
@forexlion

I always have to , when read your fish-saying at the bottom of your posts. You have reworked the Original, ha ha. (positiv meaning)
  • #211,311
  • Mar 29, 2010 11:14am Mar 29, 2010 11:14am
where is this pair heading?
  • #211,312
  • Mar 29, 2010 11:17am Mar 29, 2010 11:17am
Quoting forexlion
4 hour Advanced Get on Cable

http://img16.imageshack.us/img16/7937/get4h.jpg

my targets are above at 1.4870/75 around my dp, but i donīt expect to reach it in asia, do you?
  • #211,313
  • Mar 29, 2010 11:23am Mar 29, 2010 11:23am
Quoting dag777
@forexlion

I always have to , when read your fish-saying at the bottom of your posts. You have reworked the Original, ha ha. (positiv meaning)
fine then

i changed it to something better
  • #211,314
  • Mar 29, 2010 11:26am Mar 29, 2010 11:26am
Quoting dag777
my targets are above at 1.4870/75 around my dp, but i donīt expect to reach it in asia, do you?
keep your fingers and nostrils crossed, anything can happen

break 1.50 and its 1.5388

break 1.4783 and its 1.4364
  • #211,315
  • Mar 29, 2010 11:41am Mar 29, 2010 11:41am
Quoting forexlion
keep your fingers and nostrils crossed, anything can happen

break 1.50 and its 1.5388

break 1.4783 and its 1.4364
be prepared for a break of 1.50..
  • #211,316
  • Mar 29, 2010 11:46am Mar 29, 2010 11:46am
Quoting forexlion
keep your fingers and nostrils crossed, anything can happen

break 1.50 and its 1.5388

break 1.4783 and its 1.4364

Every time when pound is gaining strength, BOE comes out of the woodwork and bash it down again, BOE wantīs a weak pound to boost a the economy a bit, thatīs why i think even if technicals point up, when breaking 1.50 it will be shortlived because of King and pals and i vote for the second scenario
  • #211,317
  • Mar 29, 2010 11:51am Mar 29, 2010 11:51am
Quoting dag777
Every time when pound is gaining strength, BOE comes out of the woodwork and bash it down again, BOE wantīs a weak pound to boost a the economy a bit, thatīs why i think even if technicals point up, when breaking 1.50 it will be shortlived because of King and pals and i vote for the second scenario
the pound is weak..
  • #211,318
  • Mar 29, 2010 12:00pm Mar 29, 2010 12:00pm
Quoting nAVIN2007
the pound is weak..
http://img696.imageshack.us/img696/7988/cgan729l.jpg
  • #211,319
  • Mar 29, 2010 12:03pm Mar 29, 2010 12:03pm
Quoting nAVIN2007
be prepared for a break of 1.50..

not so fast i have some shorts and longs to close
  • #211,320
  • Mar 29, 2010 12:14pm Mar 29, 2010 12:14pm
the chart of the day the b;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;h having hard time to break west os east enjoy we do also have candy apple on sale buy 1 get 2 free and noobs for rent

baker and skoooby dooooo where are guys
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