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Cable Update (GBPUSD)

  • #226,941
  • May 17, 2010 5:24am May 17, 2010 5:24am
Quoting Magix
Took an exit, seems we have a little support at pivot and I have faired well on the day.

Night guys.
I now there are multiple basis on which we can derive pivots points due to timezones etc, but mine are way different to yours- eg mine is at 1.4495, but this is a huge difference.

Can you tell me which indicator you are using - would like to compare directly on my TF and charts and then relay findings back.

Thanks
  • #226,942
  • May 17, 2010 5:26am May 17, 2010 5:26am
Quoting Bleek
I'm in short from 4400 for a scalp, 20 lots.
Out at +13 ($2,600).
"I made all my money by selling too soon"
  • #226,943
  • May 17, 2010 5:31am May 17, 2010 5:31am
Quoting Bleek
Out at +13 ($2,600).
Not bad for a few minute's work lol! I wasn't quick enough and got stopped at BE. Grr

edit: back in short at 405 for a scalp
  • #226,944
  • May 17, 2010 5:38am May 17, 2010 5:38am
Quoting Bleek
I use naked 5m charts, just bars, all one colour.

I'm in short from 4400 for a scalp, 20 lots.
Do you use trendlines? I have one chart that is just a line chart, nothing else, I check it on various timeframes .. sometimes it really helps to remove all the clutter. Often you can get good trades off 'batman' and 'w' formations depending on overall trend.
******************* I'd rather make money than be right.
  • #226,945
  • May 17, 2010 5:44am May 17, 2010 5:44am
Quoting The Magician
Not bad for a few minute's work lol! I wasn't quick enough and got stopped at BE. Grr

edit: back in short at 405 for a scalp
Exactly, I don't trade much, perhaps an hour over the day, sometimes it's a few minutes a day. Keep it simple, don't get greedy, take your profits sooner rather than later and come back tomorrow in the green.

B/E is perfectly ok, better than a loss. I often chase B/E before profit.
"I made all my money by selling too soon"
  • #226,946
  • May 17, 2010 5:45am May 17, 2010 5:45am
Quoting 4xStar
Do you use trendlines? I have one chart that is just a line chart, nothing else, I check it on various timeframes .. sometimes it really helps to remove all the clutter. Often you can get good trades off 'batman' and 'w' formations depending on overall trend.
Nope! I'm not a fan of trendlines, I don't use any traditional TA or PA.

My charts are just plain bars, in fact I can trade without charts but I'll be honest it's nicer (more comfortable) to trade with a graphical representation.
"I made all my money by selling too soon"
  • #226,947
  • May 17, 2010 6:06am May 17, 2010 6:06am
May or may not mean anything, just interesting to see how things move with trend lines.

London opening also looking like a sticking point.
Attached Image (click to enlarge)
Click to Enlarge Name: trends.jpg Size: 121 KB
Back to basics, it has to be for me!
  • #226,948
  • May 17, 2010 6:12am May 17, 2010 6:12am
Quoting Bleek
Out at +13 ($2,600).
want to ask some stupid question sir..
newbie here
for sclap usully how much SL u put..
Revesal Trader
  • #226,949
  • May 17, 2010 6:18am May 17, 2010 6:18am
Quoting Bleek
Nope! I'm not a fan of trendlines, I don't use any traditional TA or PA.

My charts are just plain bars, in fact I can trade without charts but I'll be honest it's nicer (more comfortable) to trade with a graphical representation.
No clues then? Opening prices, previous day, patterns, difference between prices at certain points, etc?
Back to basics, it has to be for me!
  • #226,950
  • May 17, 2010 6:33am May 17, 2010 6:33am
:nerd:2nd resistant ---> Daily S1 1.4475 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #226,951
  • May 17, 2010 6:35am May 17, 2010 6:35am
Quoting mygoldenpips
want to ask some stupid question sir..
newbie here
for sclap usully how much SL u put..
I'm quite tight on my stops, 10-15 points usually, so entry is key and taking profit off the table must be quick because Cable breaths 20-30 pips easily.
"I made all my money by selling too soon"
  • #226,952
  • May 17, 2010 6:36am May 17, 2010 6:36am
Quoting BadTradingFi
No clues then? Opening prices, previous day, patterns, difference between prices at certain points, etc?
Well kinda' all of the above really, as per this post:

Quoting Bleek
I have no access to order books level 2 information, I just use a bucket shop platform.

I do however keep a journal of prices from different market open/closes, key levels through the previous weeks/days and prices I've seen before, constipated price ranges are my favourite to keep note of. It's a bit 'old fashioned' writing prices down, but it works for me.
"I made all my money by selling too soon"
  • #226,953
  • May 17, 2010 6:39am May 17, 2010 6:39am
it good to short now?
coz now i flat...
long hit my tp 50pips..
Revesal Trader
  • #226,954
  • May 17, 2010 6:43am May 17, 2010 6:43am
Quoting mygoldenpips
it good to short now?
coz now i flat...
long hit my tp 50pips..
To be honest the way the market is trading right now I'd probably stay out, I don't like the lack of momentum.
"I made all my money by selling too soon"
  • #226,955
  • May 17, 2010 6:46am May 17, 2010 6:46am
Afternoon all, see a few differing views on here with bias to short side. Just lodged a short at 1.4459 as its about 200 pips above daily low. Reasonably confident there will be a dip even if we see daily close headed north, so I'm happy to take a 30 pip on this trade.

Who thinks we are likely to see consolidations between here and 1.50?

Keep lucky
  • #226,956
  • May 17, 2010 6:46am May 17, 2010 6:46am
Quoting mygoldenpips
it good to short now?
coz now i flat...
long hit my tp 50pips..
My view is still up at least to 1.4475 ( Daily S1 ) - 1.4556 ( DP 07.00 am GMT + 7 ). I still hold long 1.4419 ( follow Wormie chart and mine as well of course ! ) !
Attached Image (click to enlarge)
Click to Enlarge Name: 170510.gif Size: 79 KB
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #226,957
  • May 17, 2010 6:47am May 17, 2010 6:47am
Quoting Bleek
Well kinda' all of the above really, as per this post:
Ah OK, sort of makes sense, you just do it in your head rather than drawing the fibs/trends on a chart.

Suppose you're good at chess too!
Back to basics, it has to be for me!
  • #226,958
  • May 17, 2010 6:48am May 17, 2010 6:48am
Quoting manize
My view is still up at least to 1.4475 ( Daily S1 ) - 1.4556 ( DP 07.00 am GMT + 7 )
ok tq more help masta manize..
only ALLAH can repay it..
i hope u got more profit...
tq,for helping newbie like..
Revesal Trader
  • #226,959
  • May 17, 2010 6:53am May 17, 2010 6:53am
Quoting mygoldenpips
ok tq more help masta manize..
only ALLAH can repay it..
i hope u got more profit...
tq,for helping newbie like..
Ha ..... ha ..... damn , up to when still newbie !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #226,960
  • May 17, 2010 6:54am May 17, 2010 6:54am
Quoting BadTradingFi
Ah OK, sort of makes sense, you just do it in your head rather than drawing the fibs/trends on a chart.

Suppose you're good at chess too!
I don't like TA (and I never, ever, listen to PA) on my charts, personally I believe it clouds judgement.
"I made all my money by selling too soon"
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