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Cable Update (GBPUSD)

  • #213,981
  • Apr 7, 2010 9:44am Apr 7, 2010 9:44am
okay. for me lower TF has helped to reduce $$ risk. I mean lowest I go is 15 minutes. that allows me to put smaller stop orders.

ps # 50 pip sl on 15 min candle is giving away a bit too much. 25-30 points max for some thing like cable. Have you used heiken ashi on 15 MIn? see what I am talking about

Quoting cloggie
Correct you will hit junk but trading the daily or H4, your progress is more assured and the junk will have less effect on your target as your target is generally farther away and your trading style will change dramatically allowing for longer swings in your PA. Also you won't notice the junk as much as you only check on your trades once or twice during each candle formation.

If you enter on the daily and your trade goes 50 or 100 pips against you during your trip to your intended target you are not too worried about it, entering on the M15,...
Its all in the mind.
  • #213,982
  • Apr 7, 2010 9:45am Apr 7, 2010 9:45am
Quoting 5abi
okay. for me lower TF has helped to reduce $$ risk. I mean lowest I go is 15 minutes. that allows me to put smaller stop orders.

ps # 50 pip sl on 15 min candle is giving away a bit too much. 25-30 points max for some thing like cable. Have you used heiken ashi on 15 MIn? see what I am talking about

That is exactly the point I was trying to make. I use ASC candles, never got used to the chinese ones when they were introduced way back when.
  • #213,983
  • Apr 7, 2010 9:47am Apr 7, 2010 9:47am
u mean japanese rite? or are there chinese candles too NOW?

Quoting cloggie
That is exactly the point I was trying to make. I use ASC candles, never got used to the chinese ones when they were introduced way back when.
Its all in the mind.
  • #213,984
  • Apr 7, 2010 9:48am Apr 7, 2010 9:48am
Quoting kingfisher
What a sell off in dow !
Price action is just the best trading way
Now let's wait a pullback then another downmove ...or just a downmove
Currencies are not really following equities though
COT: The precious data ignored
  • #213,985
  • Apr 7, 2010 9:49am Apr 7, 2010 9:49am
Quoting 5abi
u mean japanese rite? or are there chinese candles too NOW?

I use bars, can't focus on candles, don't even know the difference between japanese, taiwanese or chinese, all chinese to me. ASC(T) is an old trend system.
  • #213,986
  • Apr 7, 2010 9:50am Apr 7, 2010 9:50am
10,902 is S 2 in dow,

Some temporary support here for dow, e/u, FTSE, G/U.
  • #213,987
  • Apr 7, 2010 9:52am Apr 7, 2010 9:52am
5ABI, here is what ASC bars look like, you can see trend direction a bit easier I think.
Attached Image (click to enlarge)
Click to Enlarge Name: asc bars.gif Size: 20 KB
  • #213,988
  • Apr 7, 2010 9:54am Apr 7, 2010 9:54am
Quote
Price action is just the best trading way
Now let's wait a pullback then another downmove ...or just a downmove
Currencies are not really following equities though

Clear cut, currencies are following equity.

Dow PA is affecting E/U- Dow falls, risk aversion, US $ strength, E/U falls

FTSE is following dow. G/U is following FTSE. FTSE falls- G/U falls.

I have live streaming tick chart opened for dow, FTSE, G/U and E/U.
  • #213,989
  • Apr 7, 2010 9:57am Apr 7, 2010 9:57am
Heiken Ashi 4 hour GU. Enter with the daily close...trend/momentum cannnot be visualized clearer

PS # Flatter the bottom/top, stronger the momentum

Quoting cloggie
5ABI, here is what ASC bars look like, you can see trend direction a bit easier I think.
Attached Image (click to enlarge)
Click to Enlarge Name: ha.gif Size: 21 KB
Its all in the mind.
  • #213,990
  • Apr 7, 2010 9:57am Apr 7, 2010 9:57am
Quote
Price action is just the best trading way
Now let's wait a pullback then another downmove ...or just a downmove
Currencies are not really following equities though

You can have a look at the current 15 Min candle in E/U. Dow recovered from 10896 to current 10,907 and observe large bullish green 15 Min candle currently in E/U.

Once dow recovered FTSE has recovered 8 points and observe the current 15 Min G/U candle- it has recovered few pips.
  • #213,991
  • Apr 7, 2010 9:57am Apr 7, 2010 9:57am
Set short last night before sleep, woke up for it to be on course, out to work and upon return discover I missed my tp by .01000 and was ascending, damn, need some beer money so took the gain..... but where is it going now or are we just gonna be watching it bounce back and forth like a slow game of ping pong!!!

Sitting tight waiting for a break out of monotomy..... thoughts n e one else?
  • #213,992
  • Apr 7, 2010 9:57am Apr 7, 2010 9:57am
london close in 30m
  • #213,993
  • Apr 7, 2010 9:59am Apr 7, 2010 9:59am
Quoting cloggie
5ABI, here is what ASC bars look like, you can see trend direction a bit easier I think.
I've always known that as a Bar Chart
Nil Desperandum Illegitimi Carborundum
  • #213,994
  • Apr 7, 2010 10:00am Apr 7, 2010 10:00am
Quoting 5abi
Heiken Ashi 4 hour GU. Enter with the daily close...trend/momentum cannnot be visualized clearer

PS # Flatter the bottom/top, stronger the momentum

Here is the ASC H4
Attached Image (click to enlarge)
Click to Enlarge Name: h4 asc.gif Size: 22 KB
  • #213,995
  • Apr 7, 2010 10:00am Apr 7, 2010 10:00am
Quoting kill56
london close in 30m
Same time as Bernanke speech ....should be interesting
COT: The precious data ignored
  • #213,996
  • Apr 7, 2010 10:00am Apr 7, 2010 10:00am
Quoting kingfisher

I have live streaming tick chart opened for dow, FTSE, G/U and E/U.
Thank You
  • #213,997
  • Apr 7, 2010 10:01am Apr 7, 2010 10:01am
Quoting rasc00
I've always known that as a Bar Chart

It is a bar chart with ASC trend bars, was introduced about 15 years ago, used it on equities and commodities.
  • #213,998
  • Apr 7, 2010 10:02am Apr 7, 2010 10:02am
Quoting cloggie
It is a bar chart with ASC trend bars, was introduced about 15 years ago, used it on equities and commodities.

Here is the base bar chart for comparison.
Attached Image (click to enlarge)
Click to Enlarge Name: h4 bar.gif Size: 22 KB
  • #213,999
  • Apr 7, 2010 10:05am Apr 7, 2010 10:05am
Looks to my untrained eye like it may be setting here for a bit, maybe a slight downward movement, 15/30m charts are not that bad, 1h seemed like it was forming a shooting star (get me, reading my forex PDF's) but didnt take.

Again, I'm just reading what I see while I'm learning!

If I'm reading it wrong, jump on me and tell me why!
Back to basics, it has to be for me!
  • #214,000
  • Apr 7, 2010 10:05am Apr 7, 2010 10:05am
Pound doesn't really want to go ....don't know what's happening....Brown wants a strong pound before election ?
COT: The precious data ignored
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