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Cable Update (GBPUSD)

  • #212,961
  • Apr 5, 2010 4:46am Apr 5, 2010 4:46am
Morning all,

Lots of lovely sleep last night, much needed.............................

Hardly surprising to see very little going on. What's the opinion regarding US session?

I have a feeling we'll see a little bit of upward movement before the news.

So Cameron 10 points (reportedly) clear in the polls......thoughts on how that likely to affect g/u building up to the election if that momentum continues?

Good Luck to you all.
  • #212,962
  • Apr 5, 2010 4:47am Apr 5, 2010 4:47am
Quoting Tsar
Hi goldenpips,

Did you saw GAP at MARKET Opened today (with Price 1.5280) ??

GU in FRIDAY (Last Week) Market was CLOSED in Price 1.5210.

If Today, Can NOT DOWN Closed (or More) in Price 1.5210
BEFORE USA Market's Open today !!
This mean PRICE 1.5225 = LAST Price GU Down.
Because GU will FLY...



MEMO

Be Carefully to TRADE if You Found CABLE like This ...


good advice bro

how are u
  • #212,963
  • Apr 5, 2010 4:52am Apr 5, 2010 4:52am
Quick question seeing as there is no PA...

Did google gap trading but struggling to find anything concrete..

If, like today we have a huge upward gap, what does that potentially tell us about the day ahead? I assume it is telling us that there is buying pressure or that the big boys are wanting a better short position?

Already heard how profitable some guys find trading the gap, now I'm just wandering if I can draw any significant info from the gap??
@pawpaw1000 on Twitter
  • #212,964
  • Apr 5, 2010 4:54am Apr 5, 2010 4:54am
again read with me

Quoting kill56

read...
Are you a good Trader ?

These days everyone interested in Trading the FOREX MARKET wants to be a Forex Trader.
To determine if you will be a good trader, ask yourself the following questions...
a Person who has a good chance at being a successful trader has the following attributes.

 

  1. Is properly capitalized - enough money to trade and survive.
  2. Treats Trading as a Business.
  3. Has a low tolerance for risk.
  4. Trades only when the market provides an opportunity.
  5. Can control your emotions.
  6. Has a Trading Plan.
  7. Has a risk management plan.
  8. Is incredibly disciplined.
  9. Is focused.
  10. Has back tested his trading methodology.

a Person who has a good chance at failure has any of the the following attributes.

 

  1. Is undercapitalized.
  2. Lacks discipline.
  3. Overtrades.
  4. Does not understand the markets.
  5. Rushes into trades.
  6. Chases the market.
  7. Is afraid of missing a move.
  8. Is stubborn and marries a position or idea.
  9. Misinterprets the market news.
  10. Is always looking for home runs.
  11. Lets losers get too big.
  12. Takes winners prematurely.
  13. Takes trading too lightly.
  14. Takes large risks.
  15. Has little control of his emotions.

Suggested reading:
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade...[/quote]

  • #212,965
  • Apr 5, 2010 4:58am Apr 5, 2010 4:58am
Quoting kill56
again read with me


Are you a good Trader ?

...

Suggested reading:
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each...
  • #212,966
  • Apr 5, 2010 5:00am Apr 5, 2010 5:00am
Hi All

I am using fxcm trading platform and want to copy in some charts into my posts but can't seem to find a way to do it.

Can anybody point me in the right direction?

Thanks
  • #212,967
  • Apr 5, 2010 5:02am Apr 5, 2010 5:02am
Quoting OldReigatian
Hi All

I am using fxcm trading platform and want to copy in some charts into my posts but can't seem to find a way to do it.

Can anybody point me in the right direction?

Thanks
Got the same problem OR...

BTW, ET is dead to any south africans who live abroad, might be interesting to see what the far - right do now...
@pawpaw1000 on Twitter
  • #212,968
  • Apr 5, 2010 5:04am Apr 5, 2010 5:04am
Quoting OldReigatian
Hi All

I am using fxcm trading platform and want to copy in some charts into my posts but can't seem to find a way to do it.

Can anybody point me in the right direction?

Thanks
save the charts to a folder u know when posting click on attachments find where did put u chart then upload
  • #212,969
  • Apr 5, 2010 5:06am Apr 5, 2010 5:06am
How To Play the Gaps
There are many ways to take advantage of these gaps. Here are a few popular strategies:

 

  1. <LI itxtvisited="1">Some traders will buy when fundamental or technical factors favor a gap on the next trading day. For example, they'll buy a stock after-hours when a positive earnings report is released, hoping for a gap up on the following trading day. <LI itxtvisited="1">Traders might buy or sell into highly liquid or illiquid positions at the beginning of a price movement, hoping for a good fill and a continued trend. For example, they may buy a currency when it is gapping up very quickly on low liquidity and there is no significant resistance overhead. <LI itxtvisited="1">Some traders will fade gaps in the opposite direction once a high or low point has been determined (often through other forms of technical analysis). For example, if a stock gaps up on some speculative report, experienced traders may fade the gap by shorting the stock.
  2. Traders might buy when the price level reaches the prior support after the gap has been filled. An example of this strategy is outlined below.

Here are the key things you will want to remember when trading gaps:

 

  1. <LI itxtvisited="1">Once a stock has started to fill the gap, it will rarely stop, because there is often no immediate support or resistance. <LI itxtvisited="1">Exhaustion gaps and continuation gaps predict the price moving in two different directions - be sure that you correctly classify the gap you are going to play. <LI itxtvisited="1">Retail investors are the ones who usually exhibit irrational exuberance; however, institutional investors may play along to help their portfolios - so be careful when using this indicator, and make sure to wait for the price to start to break before taking a position.
  2. Be sure to watch the volume. High volume should be present in breakaway gaps, while low volume should occur in exhaustion gaps.

@pawpaw1000 on Twitter
  • #212,970
  • Apr 5, 2010 5:06am Apr 5, 2010 5:06am
Quoting Tsar
Hi goldenpips,

Did you saw GAP at MARKET Opened today (with Price 1.5280) ?? :nerd:

GU in FRIDAY (Last Week) Market was CLOSED in Price 1.5210.

If Today, Can NOT DOWN Closed (or More) in Price 1.5210 before USA Market's Open today !!
This mean PRICE 1.5225 = LAST Price GU Down.
Because GU will FLY...



Attention :

Be Carefully to TRADE if You Found GAP like This ...

hello master...
long time no see...
ok...
i wait for U.S open...
see what it bring us...
Revesal Trader
  • #212,971
  • Edited 6:48am Apr 5, 2010 5:08am | Edited 6:48am
Quoting kill56
good advice bro

how are u
Fine Bro...

I've got TROUBLE with my Connection

Today, Found GAP in :

Up .... in GBP/USD and GBP/AUS
Down ... in EUR/USD

Interested, because EUR/USD 'Defferent'
Always looking the GREAT, never left GOOD Point...
  • #212,972
  • Apr 5, 2010 5:10am Apr 5, 2010 5:10am
How many traders using stochastic oscillator here? and on which time frame you like using it?

Me I like using stoch and RSI on 15 minutes chart.
  • #212,973
  • Apr 5, 2010 5:12am Apr 5, 2010 5:12am
Quoting pawpaw1000
Got the same problem OR...

BTW, ET is dead to any south africans who live abroad, might be interesting to see what the far - right do now...

Maybe I'll give techsupp a call to find out how we can do it.

The problem is I want you guys to take my posts seriously, but reading back through some of the threads most of the posters like to see some of the theories backed up by charts else they just regard them as numbers plucked out of the air (understandably)

I must admit though that although I use charts to review trends within the day, I usually just use a daily maximum movement between high and low for the day to base my trade (ie g/u usually moves a minimum of 125 pips in a day.) when the daily gap hits that level I'll book a buy or sell based on the current trend (buy if trend has been down, sell if trend is upwards) I'll then book further buy / sell positions every 50 pips thereafter. Do the same with g/y but only enter when gap is 180 pips in day and then book additionals every 80 pips.

You have to start with low volume lots and increase your lot size every third entry, so you have to have a good "buffer" in the kitty but it's been quite successful so far (average 1.15% profit per day on account balance at end of each day) where I was hoping for 1%.
  • #212,974
  • Apr 5, 2010 5:12am Apr 5, 2010 5:12am
Quoting pawpaw1000
Quick question seeing as there is no PA...

Did google gap trading but struggling to find anything concrete..

If, like today we have a huge upward gap, what does that potentially tell us about the day ahead? I assume it is telling us that there is buying pressure or that the big boys are wanting a better short position?

Already heard how profitable some guys find trading the gap, now I'm just wandering if I can draw any significant info from the gap??
"Now don’t just take the gap trade before you do a little bit of research. Determine if there is a logical reason for the gap. Check the other "Majors" to see if they are all gaping. If they are then check the news quickly to find out what may be the cause. You may want to go with the Gap. if everything basically looks the same as Friday afternoon fundamentally, and there’s no real surprises, then you can probably expect that this gap will be filled within a short/reasonable amount of time."

http://blogs.fxstreet.com/1stonforex...ey-can-happen/

I think the gap opened fundamentally because of the increased lead in the polls for the Conservatives, and possibly for other technical reasons already mentioned on here. Otherwise nothing has changed and with EU having a tiny gap and with the good NFP numbers for the $, I think the gap will close. Apparently I am right 9 times out of 10
  • #212,975
  • Apr 5, 2010 5:17am Apr 5, 2010 5:17am
Quoting OldReigatian
Maybe I'll give techsupp a call to find out how we can do it.

The problem is I want you guys to take my posts seriously, but reading back through some of the threads most of the posters like to see some of the theories backed up by charts else they just regard them as numbers plucked out of the air (understandably)

I must admit though that although I use charts to review trends within the day, I usually just use a daily maximum movement between high and low for the day to base my trade (ie g/u usually moves a minimum of 125 pips in a day.) when...
that seems kinda risky doesnt it? for example, gu moved 500 pips up a while back so you would start selling after 150 and then just keep selling every 50 pips? what if it keeps going all the way with small retraces in between? you could blow your account in a week!
@pawpaw1000 on Twitter
  • #212,976
  • Apr 5, 2010 5:27am Apr 5, 2010 5:27am
Boring day so..........Something for Fun
Personally i like
Inserted Video
  • #212,977
  • Apr 5, 2010 5:27am Apr 5, 2010 5:27am
Quoting OldReigatian
Maybe I'll give techsupp a call to find out how we can do it.

The problem is I want you guys to take my posts seriously, but reading back through some of the threads most of the posters like to see some of the theories backed up by charts else they just regard them as numbers plucked out of the air (understandably)

I must admit though that although I use charts to review trends within the day, I usually just use a daily maximum movement between high and low for the day to base my trade (ie g/u usually moves a minimum of 125 pips in a day.) when...

do u have a $100.000 acount then do it other wise its a lossing path u are in and to add at least 100pis on cable

take u time 1 position at time u can add if u are on green
  • #212,978
  • Apr 5, 2010 5:27am Apr 5, 2010 5:27am
pawpaw

It is a risky strategy, granted. But I do have a "get out" mechanism but I would need to write a book equivalent to war and peace to put it in a form of words on here.

In short I book trades on pairs that trend in opp direction to the g/u and g/y (eg eur/gbp) the gains on the opposites help to absorb the losses on wild movements on the others.

As an example there have been a couple of occasions where g/y moved 300 ips on a Friday and then a further 300 pips when asia opened Sunday night.

Based on my lot sizes and account balance, I can afford to absorb a 1500 pip adverse movement on any pair, but my safety mechanism would kick in long before we got anywhere near this point.

My exit strategy slows down my losses on the original trade set up. When the momentum turns you clean up big style.
  • #212,979
  • Apr 5, 2010 5:29am Apr 5, 2010 5:29am
Quoting egkid
Boring day so..........Something for Fun
Personally i like
http://www.youtube.com/watch?v=LNy8r-ZgKgQ&feature=fvw

man we need om kolthoom whatz up bro
  • #212,980
  • Apr 5, 2010 5:31am Apr 5, 2010 5:31am
Quoting OldReigatian
Maybe I'll give techsupp a call to find out how we can do it.

The problem is I want you guys to take my posts seriously, but reading back through some of the threads most of the posters like to see some of the theories backed up by charts else they just regard them as numbers plucked out of the air (understandably)

I must admit though that although I use charts to review trends within the day, I usually just use a daily maximum movement between high and low for the day to base my trade (ie g/u usually moves a minimum of 125 pips in a day.) when...
I'm not too sure about increasing your lot size every third entry, In matter of fact, I'm quite the opposite. I am now trying to keep to one daily entry that can be split into 3 and if it goes in the right direction, close them with the 1st one to cover position and a little profit, 2nd to pay the bills and let the 3rd one hopefully do all the running
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