Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#218,141
Apr 15, 2010 10:17am Apr 15, 2010 10:17am

cloggie
Joined Oct 2009 | Status: Trader | 15,211 Posts

Quoting pawpaw1000

Disliked

meaning? looking for the london close rally? which way you looking for that???

Ignored

Just correcting that poster, he entered a short because london was closed, which wasn't, me I am still looking further North before I will enterain a short, will need to see the PA around 55, especially 5516

#218,142
Apr 15, 2010 10:21am Apr 15, 2010 10:21am

pawpaw1000
Joined Jan 2010 | Status: No Hope for FF | 3,772 Posts

Quoting Ctic

Disliked

Pawpaw,

It appears you are trying to be a long term trader on a short term basis. What I mean by that if you buy @ a resistance point, you have to be willing to let drop to the support, go back to the resistance, and then surpass to the next resistance point.

Why not do this, once it drops to supports, buy to ride up to resistances (in uptrend) reverse for downtrend. London open was right at resistance point, so buying there was suicide for short term traders.

Ignored

Ok, this what I normally do...

I wait for a break of s/r and buy/sell with s/l 15pips below the broken resistance. I then look for the next s/r.

This morning I felt confident to buy as we had closed above 5480 and 5500 psyc level...

Why it went down, I dont know. I was hoping to reach 5500 at least before dropping.

That said, my trades RR have become crappy. I now enter 1:1 trades and obviously lose out. My s/l are maybe too tight? I am trading with good mm as I have after 6 weeks still got more than I started with but that is starting to look less and less likely next week!!!

@pawpaw1000 on Twitter

#218,143
Apr 15, 2010 10:22am Apr 15, 2010 10:22am

cloggie
Joined Oct 2009 | Status: Trader | 15,211 Posts

Quoting pawpaw1000

Disliked

Ok, this what I normally do...

I wait for a break of s/r and buy/sell with s/l 15pips below the broken resistance. I then look for the next s/r.

This morning I felt confident to buy as we had closed above 5480 and 5500 psyc level...

Why it went down, I dont know. I was hoping to reach 5500 at least before dropping.

That said, my trades RR have become crappy. I now enter 1:1 trades and obviously lose out. My s/l are maybe too tight? I am trading with good mm as I have after 6 weeks still got more than I started with but that is starting to...

Ignored

15 pips is tight, try looking for your next SR and set your stops just on the other side of it, preventing your trade being stopped by fakeouts and spikes. If you use a SR system to trade you need to look at SR's for your TP's and SL's. Don't mix a longer term trade setup with scalping/short term stops and targets. You can also use your fibs and ma's for stops and targets. I went short last night while everybody here ridiculed me and used stops and targets at points that were supported and technically made sense and I walked away with good profits. You need to allow your trade to mature once you entered it and not close it as soon as you are 10 pips in the red, keep looking at your SR's and chosen stops to make sure they are still valid and let the trade run. Also keep in mind once a support is broken it generally tends to turn into a resistance and will get tested from the other side before price continues.

#218,144
Apr 15, 2010 10:23am Apr 15, 2010 10:23am

malcolmb14
Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts

Magix .. that is just voodoo boodoo baby!

Quoting Magix

Disliked

Finally, cleared for take off.

We now have a proper retrace to the m30, 200EMA, and have built back up above support on the H1 1440EMA.

We should see a bit of a pullback to the 200ema on the 5m and really see things start to move.

http://www.forexfactory.com/showpost...stcount=217043

Chart 1 - Forecasted retrace
Chart 2 - Retrace complete
Chart 3 - Hourly support range
Chart 4 - Guestimated draw back for continuation of trend

Keep smiling!

Ignored

Blogging daily now at www.volume.zone

#218,145
Apr 15, 2010 10:24am Apr 15, 2010 10:24am

hhitch
| Joined Jun 2006 | Status: Trader | 451 Posts

Magix, this is really interesting. I remember reading your post yesterday and I said to myself at the time, how in the heck is that ever going to happen? Because it seemed so far away when price seemed so bullish. But by golly, it sure did happen, right out of the blue. very interesting. thanks for the continued insight.

Quoting Magix

Disliked

Finally, cleared for take off.

We now have a proper retrace to the m30, 200EMA, and have built back up above support on the H1 1440EMA.

We should see a bit of a pullback to the 200ema on the 5m and really see things start to move.

http://www.forexfactory.com/showpost...stcount=217043

Chart 1 - Forecasted retrace
Chart 2 - Retrace complete
Chart 3 - Hourly support range
Chart 4 - Guestimated draw back for continuation of trend

Keep smiling!

Ignored

"The real genius is knowing when to stop." - Marc Faber

#218,146
Apr 15, 2010 10:26am Apr 15, 2010 10:26am

maxss280
| Joined Oct 2008 | Status: PIP Slayer...Wish I could keep em' | 275 Posts

I think we may see some consolidation here with some more movement up. I went long looking for may 20-30 pips on this play.

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#218,147
Apr 15, 2010 10:26am Apr 15, 2010 10:26am

ba1ker
Joined Feb 2010 | Status: Inactive | 6,482 Posts

Quoting kill56

Disliked

bro what is the big picture ist to be long now or u are a fool or when the market gos u way u are fool too what ist its crackforex and the day is not over yet we are like kids with candy

Ignored

All of the above!

When I first started trading in Forex back at the end of February, I wanted to get into the thick of the action straight away, just like your style of trading, but I am slowly realising that this is not for me.

I started moving to the other end of the spectrum to position/swing trading this week and I have finally found peace within the Forex. I am already liking this style of trading and I have only been doing it for a few days and it really suits me and my lifestyle.

Each person is different of course, but at least I have now tried all of the different trading styles and I have already come to the conclusion in my head as to my preference and that is not being at the sharp end of the stick.

Now it is time to hone my skills as a position/swing trader.

Crackforex will always be the crackforex, but I want slow smooth tokes on the pipe rather than hectic instant blasts from the pipe.

#218,148
Apr 15, 2010 10:29am Apr 15, 2010 10:29am

Ctic
Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts

Quoting malcolmb14

Disliked

Magix .. that is just voodoo boodoo baby!

Ignored

Absolutely..agreed.

#218,149
Apr 15, 2010 10:29am Apr 15, 2010 10:29am

A-speculator
Joined May 2009 | Status: Trader | 4,895 Posts

Quoting pawpaw1000

Disliked

Ok, this what I normally do...

I wait for a break of s/r and buy/sell with s/l 15pips below the broken resistance. I then look for the next s/r.

This morning I felt confident to buy as we had closed above 5480 and 5500 psyc level...

Why it went down, I dont know. I was hoping to reach 5500 at least before dropping.

That said, my trades RR have become crappy. I now enter 1:1 trades and obviously lose out. My s/l are maybe too tight? I am trading with good mm as I have after 6 weeks still got more than I started with but that is starting to...

Ignored

Normally, after breakout the price will retest the breakout point, that's what they called it breakout pullback formation. Looking at my graph, where do you think our breakout point was? Please bear with me as I am using 4h as an example. As you can see, there were actually 2 support level:

1) 5350 which is the 50% fibo from daily,
2) the fractal breakout point.

It's is acually hard to determine where the price will be testing the support, but we can roughly figure out where is the cluster support level.

Furthermore, price make higher high, so it less likely it will directly go down. Despite all the indicators that you're using, pay attention to how the candle formation.

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#218,150
Apr 15, 2010 10:30am Apr 15, 2010 10:30am

Ctic
Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts

Quoting fendi

Disliked

Short G/U target 1.5360 anyone doubt let me know why.........

Ignored

http://www.forexfactory.com/showpost...stcount=218067

As I said... hard pressed to that level.

#218,151
Apr 15, 2010 10:32am Apr 15, 2010 10:32am

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

the whole voodoo boodoo here

#218,152
Apr 15, 2010 10:33am Apr 15, 2010 10:33am

ba1ker
Joined Feb 2010 | Status: Inactive | 6,482 Posts

Quoting malcolmb14

Disliked

Magix .. that is just voodoo boodoo baby!

Ignored

That is voodoo boodoo!

#218,153
Apr 15, 2010 10:34am Apr 15, 2010 10:34am

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

Quoting bbakker

Disliked

All of the above!

When I first started trading in Forex back at the end of February, I wanted to get into the thick of the action straight away, just like your style of trading, but I am slowly realising that this is not for me.

I started moving to the other end of the spectrum to position/swing trading this week and I have finally found peace within the Forex. I am already liking this style of trading and I have only been doing it for a few days and it really suits me and my lifestyle.

Each person is different of course, but at least...

Ignored

like that bro

#218,154
Apr 15, 2010 10:34am Apr 15, 2010 10:34am

Cowboy11
| Joined Oct 2009 | Status: Choose a good PROJECTOR model | 717 Posts

Short on EU.

Face both Win and Lose bravely

#218,155
Apr 15, 2010 10:35am Apr 15, 2010 10:35am

pawpaw1000
Joined Jan 2010 | Status: No Hope for FF | 3,772 Posts

Quoting A-speculator

Disliked

Normally, after breakout the price will retest the breakout point, that's what they called it breakout pullback formation. Looking at my graph, where do you think our breakout point was? Please bear with me as I am using 4h as an example. As you can see, there were actually 2 support level:

1) 5350 which is the 50% fibo from daily,
2) the fractal breakout point.

It's is acually hard to determine where the price will be testing the support, but we can roughly figure out where is the cluster support level.

Furthermore, price make higher high,...

Ignored

thanks brother, will definately keep that in mind... Think my biggest problem is I get nervous when price turns against me... My position sizing is small but I will make them even smaller as I never want to blow this account...