blimey, getting crowded on this train.
Cable Update (GBPUSD)
- #214,102
- Apr 7, 2010 12:37pm Apr 7, 2010 12:37pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
mal let the cable off u are holden it 
- #214,103
- Apr 7, 2010 12:38pm Apr 7, 2010 12:38pm
- | Joined Apr 2010 | Status: In the red, aiming for the green! | 285 Posts
Yes! Trailing SL can work very well, but don't keep it too tight, or you might get stopped out and the run continues on without you!
Without wishing to sound all gushy too, really must thank you guys again, I've learned an incredible amount over the past couple of days and am actually feeling pretty good and positive again. May be down quite a few quid, but I genuinely feel that I MAY manage to get it back again with some patience, luck, and a bit of help obviously
Back to basics, it has to be for me!
- #214,105
- Apr 7, 2010 12:44pm Apr 7, 2010 12:44pm
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
Sounds painful
Short now at first close below the 5 m 24ma.
*******************
I'd rather make money than be right.
- #214,106
- Apr 7, 2010 12:46pm Apr 7, 2010 12:46pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
- #214,112
- Apr 7, 2010 1:09pm Apr 7, 2010 1:09pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Hi Mal,
Well timed entry...
I was lucky enough to also get on hoping to get to 15150
what is your view?
Thanks,
Temps.
well gu has been a little insane ... last weeks close was 1.5190. I think I am aiming for that in asia / frankie and then take it form there
There is nothing stopping gu going either way and i would love to see London reaction to US indes dropping today.
Based on us markets today could be engulfing on both s&p and dj could be reversal , but there have been so many fake outs and recently all bad news has been bought into
I think for now I am looking for a small move down to 1.5220 to 1.5180 test in Asia
Blogging daily now at www.volume.zone
- #214,115
- Apr 7, 2010 1:18pm Apr 7, 2010 1:18pm
- | Joined Apr 2010 | Status: In the red, aiming for the green! | 285 Posts
Price never moves in a straight line, it will ebb and flow, over and over again until it reaches a solid resistance. If you get out now, you never gave the trade a chance, that is scalping. If you day trade you make a decision wether this retrace is for real or just a place to take a breather. If you look at the M5 a resistance has formed at 5249 and a support at 5239, keep an eye on both of those and see what happens to them, once it takes a step in place again, find a SR and watch those, untill the resistance goes and the chance is that the rally...
That trend line I drew, it's bouncing against it now, slowly going down.
I'm still feeling good about it, and if it does go up again, I'll still be +ve now, I'm a lot wiser now.
Back to basics, it has to be for me!
- #214,116
- Apr 7, 2010 1:48pm Apr 7, 2010 1:48pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
"FC Bayern, wir fahren nach Athen.
Schalalal lala lala..."
Schalalal lala lala..."
Thank You 
- #214,117
- Edited 2:22pm Apr 7, 2010 1:48pm | Edited 2:22pm
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Hi bbakkerOnce the position is open only look at m15 and check it once every 15 minutes when a candle closes to see if it is still going according to plan. Once you get close to TP, or the PA turns around, go to m5 for exit and if it lines up with your 24 MA, out you get! You can set the TP on the position at any time.
Another noob question for you... what do you mean by 'lines up with 24ma?'
Thanx in advance
This is the m5 chart with the 25ma (Some use 24ma) of GU since just after NY opening. As an example, if you were long, you can see that this line is below the price.
Whenever it touches (or lines up with) the price, there is a possibility of a turnaround or you can use it as further entry points as explained by cloggie in this post -
http://www.forexfactory.com/showthre...99#post3615999
As you can see in the cream oval around 17:20 the candles touch the MA, but critically at this stage there was no candle that had a solid close below the line. The candle at 18:00 was a real good candidate, so that was a possible turnaround, but it didn't! Experienced traders would see this as an opportunity to ADD to their position at this time, knowing that the PA will reach that yellow trendline.
If you look at the candle at 22:00, that went straight through it and with such a force that it also turned the MA around. You can't get any clearer sign to get out of your long that you held since NY opening and bag your profit.
This is a crude method of starting entry and exit points. Others prefer to use the S/R (none in chart) and trend lines (one in yellow) for their indication as to when to buy and sell and obviously gives you a better entry/exit point. Many prefer to use different indicators, there are billions (ok, I stretch the truth a little!) millions of them
and each person is different on how they use them to give them their signal to enter, add/close positions, or exit the market.You were right to pull me on this one, because lining up doesn't explain it very well, as lining up doesn't necessarily mean to get out! Just get ready to keep an eye on PA and the MA to see what is happening. You might want to add to your position, or it might be time soon to get out! I hope that explains it better as what I mean by lining up.
(Yes, I still haven't removed my grid, before anyone points it out! Doing it right now!)
- #214,118
- Apr 7, 2010 1:50pm Apr 7, 2010 1:50pm
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
"FC Bayern, wir fahren nach Athen.
Schalalal lala lala..."
Dass kann ich nicht glauben! Aber du has recht!
- #214,119
- Apr 7, 2010 1:50pm Apr 7, 2010 1:50pm
- Joined Oct 2009 | Status: Trader | 15,211 Posts
"FC Bayern, wir fahren nach Athen.
Schalalal lala lala..."
Inter-Barca is going to be great.
