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Cable Update (GBPUSD)

  • #234,721
  • Jun 30, 2010 10:08am Jun 30, 2010 10:08am
Quoting trade price
we are all traders.like a family.
well come everyone and make this place one of the best place to learn and teach.!!!
like your work here.
Best Regards
sho
very wise bro u are an asset to the room

keep it simple and deadly
  • #234,722
  • Jun 30, 2010 10:11am Jun 30, 2010 10:11am
Quoting kill56
sorry mam i am the profit taker how u been sweet lady
Great, I am on a mini-holiday visiting son & family in Nashville .. so dropping by occasionally which is why I havn't caught all your pearls of wisdom lately. I know you, Wormie, trade price & others are also super-profit-stars
******************* I'd rather make money than be right.
  • #234,723
  • Jun 30, 2010 10:15am Jun 30, 2010 10:15am
Still no new setup, just surfing the waves on the M5 for now.

.
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  • #234,724
  • Jun 30, 2010 10:16am Jun 30, 2010 10:16am
Quoting cloggie
Just playing surfer boy now.
I'm with ya kid, I'm on the blue board right behind you
******************* I'd rather make money than be right.
  • #234,725
  • Jun 30, 2010 10:16am Jun 30, 2010 10:16am
Quoting cloggie
I just keep it real and simple, that's how trading always has been. But so do lots of others in here. It is just a matter of figuring out what the big boys are looking at and follow in their footsteps. Like you always say, hit and run, find the obvious trade setups that make technically sense, wait for the confirmation of the direction and jump in. Once she slows down, cover your trade and look for the next one.

well said

once a man told me if u wanna be a forex trader think like a broker
  • #234,726
  • Jun 30, 2010 10:18am Jun 30, 2010 10:18am
Quoting kill56
well said

once a man told me if u wanna be a forex trader think like a broker

Yup and draw you SR's on with a crayon, not a pencil. Or use a line chart, keeps the noise out. And when you do your planning in the morning drawing all your lovely channels and TL's; safe it as a template for the day so you can refer to your original plan, and write down your targets for the day on a piece of paper. Can't go wrong with the basics. And lastly, keep your fingers clean.
  • #234,727
  • Jun 30, 2010 10:25am Jun 30, 2010 10:25am
Quoting cloggie
Yup and draw you SR's on with a crayon, not a pencil. Or use a line chart, keeps the noise out. And when you do your planning in the morning drawing all your lovely channels and TL's; safe it as a template for the day so you can refer to your original plan, and write down your targets for the day on a piece of paper. Can't go wrong with the basics. And lastly, keep your fingers clean.


and keep the cat off your keyboard... especially when you are closed into the 30 second chart and have set up the buy button to click once

I have gone through 3 cats by not watching them closely
  • #234,728
  • Jun 30, 2010 10:27am Jun 30, 2010 10:27am
Quoting allserene
and keep the cat off your keyboard... especially when you are closed into the 30 second chart and have set up the buy button to click once

I have gone through 3 cats by not watching them closely

I need a new bloody keyboard now, spilled the coffee all over it. Best post of the day.
  • #234,729
  • Jun 30, 2010 10:28am Jun 30, 2010 10:28am
what a nice chart boy?? don't say like that, make me greedy , when i'm back my SL already gone,..


btw, last low just same she stop at daily OC again. i enter one more time, this one i move SL to BE, i don't want to take risk twice.
I will be the number one Manager.
  • #234,730
  • Jun 30, 2010 10:30am Jun 30, 2010 10:30am
Quoting javapips
what a nice chart boy?? don't say like that, make me greedy , when i'm back my SL already gone,..


btw, last low just same she stop at daily OC again. i enter one more time, this one i move SL to BE, i don't want to take risk twice.

Wouldn't it be easier to ride the waves towards the beach instead of the undertow out?
  • #234,731
  • Jun 30, 2010 10:33am Jun 30, 2010 10:33am
Quoting cloggie
Wouldn't it be easier to ride the waves towards the beach instead of the undertow out?
that would be the case ... but have to learn how to ride the waves first .... there are always those that get too far in front of the wave to catch and those that try to run after it
  • #234,732
  • Jun 30, 2010 10:35am Jun 30, 2010 10:35am
Cloggie

Thankyou. I like simple as I can understand it deeply and learn to apply it correctly with practice. I have learned the most from the kind of simple charts like you have posted today. As I think what is drawn on the chart is significant and that is all that is necessary.

Here is a chart looking like yours on my MT4 now.
Awesome I can follow price by it and learn some more.

May I ask you how I can go about making the channel on M30 or M15 ?

All the best
Ian
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  • #234,733
  • Jun 30, 2010 10:35am Jun 30, 2010 10:35am
Quoting allserene
and keep the cat off your keyboard... especially when you are closed into the 30 second chart and have set up the buy button to click once

I have gone through 3 cats by not watching them closely
man what u are talking about mine are taking care of business i am in safe hands
Attached Images
  • #234,734
  • Jun 30, 2010 10:37am Jun 30, 2010 10:37am
Quoting kasper
that would be the case ... but have to learn how to ride the waves first .... there are always those that get too far in front of the wave to catch and those that try to run after it

There are different ways of approaching this, there are brilliant threads on EW you could look into, good Elliott traders can make a killing. There are simpler ways to start of with, put up a RVI and 25ma look at your M30 and hourly for the trend direction and play the M5 in the same direction on each rejection of the 25 and reversal of the RVI. You could use momentum indicators in the same way, you could use TL's of the 15 and 30 for direction and channels on the m5 as triggers as to the entry.

You need to play around with different setups on demo for a while with the one you like the best, just keep it simple and don't countertrend, if the M5 retraces against the direction of the M30/H1 just wait for it to top out and ride it back down. A pretty profitble way of trading while you wait for the larger runs to materialise. Keeps you occupied and out of trouble.
  • #234,735
  • Jun 30, 2010 10:39am Jun 30, 2010 10:39am
Quoting cloggie
There are different ways of approaching this, there are brilliant threads on EW you could look into, good Elliott traders can make a killing. There are simpler ways to start of with, put up a RVI and 25ma look at your M30 and hourly for the trend direction and play the M5 in the same direction on each rejection of the 25 and reversal of the RVI. You could use momentum indicators in the same way, you could use TL's of the 15 and 30 for direction and channels on the m5 as triggers as to the entry.

You need to play around with different setups on...
RVI?
  • #234,736
  • Jun 30, 2010 10:41am Jun 30, 2010 10:41am
Quoting allserene

I have gone through 3 cats by not watching them closely
Try having a little pup rest her nose on your laptop touchpad while your trying to close a trade using an external mouse. She is very luck to still be in my lap and that is only because i made 3 more pips before i figured out what was going on.
  • #234,737
  • Jun 30, 2010 10:41am Jun 30, 2010 10:41am
Quoting ianlikesgolf
Cloggie

Thankyou. I like simple as I can understand it deeply and learn to apply it correctly with practice. I have learned the most from the kind of simple charts like you have posted today. As I think what is drawn on the chart is significant and that is all that is necessary.

Here is a chart looking like yours on my MT4 now.
Awesome I can follow price by it and learn some more.

May I ask you how I can go about making the channel on M30 or M15 ?

All the best
Ian

That's it, keep it simple. When you draw your SR's zoom out the H4 as far as it goes and just highlight the big ones, they are the important ones. MT4 has a little channel drawing tool build into it it is marked with an "E". Drawing channels correctly is not as easy as it looks though and you need to play around with it every day for a while until you get the hang of it. There are days when my channel is so wacked that it makes no sense at all until I allow the pa to settle down a bit before drawing the correct one.
  • #234,738
  • Jun 30, 2010 10:47am Jun 30, 2010 10:47am
Quoting kasper
RVI?

RVI is like an RSI but without using the daily price fluctuations as its basis. So I like it better then the older type RSI. It is all personal really, I don't use Stochs and MACD's at all, or any other momentum indicators because it has no bearing on the price, just the momentum.

Just find your favourite indicator that you need to learn inside and out for its intricacies, its strengths and its weaknesses. Just anything that tells you that the price is about to reverse.

Couple this with the proper use of SR's and you will build yourself a little wave riding strategy. Once you get used to that you can incorporate it into a wider strategy.

Just find something that works for you. There is no point to take over an exact system or strategy from someone else, each and every one needs to build their own, part of a good strategy is the trader itself and you can't build that into a strategy or system that you poach.

The biggest part of learning how to trade is learning about yourself.
  • #234,739
  • Jun 30, 2010 10:50am Jun 30, 2010 10:50am
Quoting cloggie
Don't forget Wormy, Kill and others, plenty of us here playing the same tune.

A close below the channel on the hourly and we are looking at 4895
cloggie... did this happen or not ? please help me with the channel utl/ltl ?
  • #234,740
  • Jun 30, 2010 10:51am Jun 30, 2010 10:51am
Quoting Honored
cloggie... did this happen or not ? please help me with the channel utl/ltl ?

No not yet. She is corkscrewing along the lTL right now. So still plenty of waves to ride to the short side on M5 on the retraces.
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