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Cable Update (GBPUSD)

  • #213,341
  • Apr 6, 2010 6:29am Apr 6, 2010 6:29am
Add another short 1.5187 ! If failed all shorts to be set got loss at 1.5255. Hope spikes down from here !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #213,342
  • Apr 6, 2010 6:32am Apr 6, 2010 6:32am
according to james 16 thread the last candle points to bearish move...

my fibo didnt work bbakker, moved just above!

NOW YOU CAN ALL SEE HOW CRAPPY MY CHARTS ARE

EDIT: m15 candles looking VERY bearish...

maybe start down again from here?
Attached Image (click to enlarge)
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@pawpaw1000 on Twitter
  • #213,343
  • Apr 6, 2010 6:33am Apr 6, 2010 6:33am
Quoting pawpaw1000
HAHAHA...

think it works. For old regaitian, use print screen and then paste to paint

Cheers.

As the cowboys would say "you're my Paw"
  • #213,344
  • Apr 6, 2010 6:45am Apr 6, 2010 6:45am
Quoting cloggie
Look at your 25ma on M5 and M15, why be stubborn? A 100 pips is a 100 pips, find em 2-3 times a day and retire.

Hi cloggie i dont know how to pm you so i do it this way i am bit intrested in your trading strategy maybe you could pm and tell me a bit about if you want.

You look for breakouts with 25 ma or something i am intresting hope to hear from you thanks!!
  • #213,345
  • Apr 6, 2010 6:45am Apr 6, 2010 6:45am
Quoting cloggie
You are up a 100 pips, put your SL at BE and watch it all flush down the drain, have a peak at M5,15,30 and H1, you cannot get more confirmation of a retrace then that, we just closed back above 518 on the M15, it took a week to get below it last time.

Once PA broke above the support at 5158 at the latest you should have safeguarded your profits.

I just don't get the reason for pissing away 100 pips so you can prove a point. Do that on demo and guard your profits tightly on your live account.
It has been noted.

100 pips is not to be sniffed at and maybe I should have cashed my first runner there and then, rather than my TP @15110.

I am still confident that my other runners will be kept in play by end of day, time will tell.

I am lucky for the moment that I can focus on this while working, but I don't think that it will last for much longer, as I get paid a nice salary that keeps a roof over my family's head. So I should not focus on day trading, but longer term trading which does require different strategies. I am still finding my feet with regards to different strategies and trading plans, which I hope to have sorted by mid June, hence microtrading at this stage and I WILL have written it down so that I can follow it to the letter.

Thanks for the advice.
  • #213,346
  • Apr 6, 2010 6:50am Apr 6, 2010 6:50am
just added another short at 75 with tp at 35...

still have my other 2 shorts running, they getting pretty tired with all this up and down!!!
@pawpaw1000 on Twitter
  • #213,347
  • Apr 6, 2010 6:51am Apr 6, 2010 6:51am
Quoting bbakker
It has been noted.

100 pips is not to be sniffed at and maybe I should have cashed my first runner there and then, rather than my TP @15110.

I am still confident that my other runners will be kept in play by end of day, time will tell.

I am lucky for the moment that I can focus on this while working, but I don't think that it will last for much longer, as I get paid a nice salary that keeps a roof over my family's head. So I should not focus on day trading, but longer term trading which does require different strategies. I am still finding...
I'm in the same situation. Have been learning the hard way by losing a bit more than I've made but now I've found you guys I'm hoping that will stop! I was long on some GBP/USD a few weeks ago, and had I either put a SL on properly (was in a rush, did it wrong!), or just stuck with it, I would have been fine (i.e. it's recovered well past where I bought), however am a fair bit down at the moment and trying to BE now. Slow and steady wins the race, I hope!
Back to basics, it has to be for me!
  • #213,348
  • Apr 6, 2010 6:52am Apr 6, 2010 6:52am
From ActionForex(Usually pretty reliable source of information and usually quite consistently good with their trade ideas) GBP/USD's break of 1.5181 minor support suggests that rise from 1.4798 is completed at 1.5318 already. Also, the three wave consolidation from 1.4783 might have finished too. Intraday bias is flipped back to the downside for a retest on 1.4783 low first. Break will confirm that whole decline from 1.6456 has resumed and should target 200% projection of 1.6875 to 1.5829 from 1.6456 at 1.4364. On the upside, above 1.5381 will delay the bearish case again and bring another rise. But after all, we'd expect upside to be limited by 38.2% retracement of 1.6456 to 1.4783 at 1.5422 to conclude the consolidation and bring down trend resumption.
  • #213,349
  • Apr 6, 2010 6:53am Apr 6, 2010 6:53am
Quoting bbakker
It has been noted.

100 pips is not to be sniffed at and maybe I should have cashed my first runner there and then, rather than my TP @15110.

I am still confident that my other runners will be kept in play by end of day, time will tell.

I am lucky for the moment that I can focus on this while working, but I don't think that it will last for much longer, as I get paid a nice salary that keeps a roof over my family's head. So I should not focus on day trading, but longer term trading which does require different strategies. I am still finding...
Apologies for rattling the cage here, but one cannot mix strategies and trading styles, if one is a day trader, one will safeguard your 100 pips, put a SL at BE+85 or anything along those lines and a TS for the rest of the run, if you are a longer term trader and enter on the H4, you need to honor H4 SR's and TL's and a 100 pip run as a long term trader is no reason to set SL to BE, I run a long term account where I keep trades for days and weeks on end, alongside my day trading, both require different approaches and trade management.
  • #213,350
  • Apr 6, 2010 6:53am Apr 6, 2010 6:53am
Quoting OldReigatian
From ActionForex(Usually pretty reliable source of information and usually quite consistently good with their trade ideas) GBP/USD's break of 1.5181 minor support suggests that rise from 1.4798 is completed at 1.5318 already. Also, the three wave consolidation from 1.4783 might have finished too. Intraday bias is flipped back to the downside for a retest on 1.4783 low first. Break will confirm that whole decline from 1.6456 has resumed and should target 200% projection of 1.6875 to 1.5829 from 1.6456 at 1.4364. On the upside, above 1.5381 will delay...
posted earlier OR, I also read af and find they are reliable but longer term and sometimes too broad for my liking..
@pawpaw1000 on Twitter
  • #213,351
  • Apr 6, 2010 6:57am Apr 6, 2010 6:57am
Quoting pawpaw1000
just added another short at 75 with tp at 35...
Of course that was a good entry because the M5 dropped below the 25sma and there is no room left for the retrace to develop further and we had a momentum change on M30 and the H1 dropped back below 150ma?
  • #213,352
  • Apr 6, 2010 7:02am Apr 6, 2010 7:02am
Quoting pawpaw1000
posted earlier OR, I also read af and find they are reliable but longer term and sometimes too broad for my liking..
Hi Paw

Sorry, been a busy day at work (day job) so haven't been keeping up to date with the threads like I would normally.

How's your day going, I'm up about 240 pips between asia open and now, so most happy. If we see the g/u bouncing around between 1.51 and 1.52 for rest of the day I'll be a very happy man. Have a feeling we're going to see 250 pips down from 1.5310 to 1.5050 today. If hits 1.5050 I'm going to start buying up to 1.5125 for day close at GMT 5.00.
  • #213,353
  • Apr 6, 2010 7:02am Apr 6, 2010 7:02am
no, we dropped below 80, couple of bear candles on m5 and m15 like I alluded to in my previous post

Now that you mention, should've maybe waited for 25ma before entering...
@pawpaw1000 on Twitter
  • #213,354
  • Apr 6, 2010 7:04am Apr 6, 2010 7:04am
Quoting pawpaw1000
no, we dropped below 80, couple of bear candles on m5 and m15 like I alluded to in my previous post

Now that you mention, should've maybe waited for 25ma before entering...
I am just trying to make you think and keep you from entering a trade because your old plan for the earlier trade is still in your mind. The landscape has moved on, you need to formulate a new plan for the current PA.

Once you enter a trade, turn your monitor upside down and look for the same entry conditions to exit. Once you have exited a trade or moved your SL to anything other then the entry you need to think about a new plan either as an exit strategy or as scaling in/out. Each of these conditions requires a new entry point, ie a new look at the PA, the landscape around you. Just entering a trade because it was right 20 bars ago does not work.
  • #213,355
  • Apr 6, 2010 7:08am Apr 6, 2010 7:08am
Quoting cloggie
Apologies for rattling the cage here, but one cannot mix strategies and trading styles, if one is a day trader, one will safeguard your 100 pips, put a SL at BE+85 or anything along those lines and a TS for the rest of the run, if you are a longer term trader and enter on the H4, you need to honor H4 SR's and TL's and a 100 pip run as a long term trader is no reason to set SL to BE, I run a long term account where I keep trades for days and weeks on end, alongside my day trading, both require different approaches and trade management.
Nail on head. I am getting my strategies mixed up at the moment which is not good. A separate account seems like a good idea to differentiate between the two. I would love to daytrade, but feel that my work will suffer for it which is not good, so yes I am at that 'I'm not sure exactly which strategy will be best for me' stage, but at least I should make a clear distinction between day trading and long-term, as at the moment I'm day trading long-term or is it long-term trading on a day-to-day basis.

In a nutshell, I should use my 3 runners theory for my long-term trades and use a tightish trailing SL using DPs and daily S/R for my day-to-day trades.

I'll get there.... eventually
  • #213,356
  • Apr 6, 2010 7:08am Apr 6, 2010 7:08am
Quoting cloggie
I am just trying to make you think and keep you from entering a trade because your old plan for the earlier trade is still in your mind.
el
that might be true...

I still reckon we need to drop to 5100 but maybe I'm biased as I missed asia drop and havent reckoned that into the daily movement...

on the way up we kept going without significant pullbacks all the way for 500 pips.

This all makes me believe that we are going south alot more. But I must admit you are right and I should have waited for drop below 25ma but then I would've almost been at th 30 level which I'm not sure about...

guess this all means I should wait for break of 30 level?
@pawpaw1000 on Twitter
  • #213,357
  • Apr 6, 2010 7:15am Apr 6, 2010 7:15am
Quoting pawpaw1000
el
that might be true...

I still reckon we need to drop to 5100 but maybe I'm biased as I missed asia drop and havent reckoned that into the daily movement...

on the way up we kept going without significant pullbacks all the way for 500 pips.

This all makes me believe that we are going south alot more. But I must admit you are right and I should have waited for drop below 25ma but then I would've almost been at th 30 level which I'm not sure about...

guess this all means I should wait for break of 30 level?

You can still use a break of the 518 level as another setup for a short, but not on the first candle you see that dips its toe below the line, look around you at other TF's, MA's, SR's etc. does it warrant a further move or is it just doing it to tantalise you in trading and giving your money to the market? Right now we have a support forming below the 518 at 5168 on the M5 and M15, that is one more obstacle that wasn't there the last time she went below 518.

If one were a breakout trader one would look at 5195 and 5168 and see how the PA interacts with either or both.....
  • #213,358
  • Apr 6, 2010 7:18am Apr 6, 2010 7:18am
Bear Flag???
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@pawpaw1000 on Twitter
  • #213,359
  • Apr 6, 2010 7:21am Apr 6, 2010 7:21am
best of luck to u all greeny all the way

will be busy with the wife hope she will tonight
  • #213,360
  • Apr 6, 2010 7:24am Apr 6, 2010 7:24am
Quoting pawpaw1000
Bear Flag???

No, this is a bear flag
Attached Image
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