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Cable Update (GBPUSD)

  • #236,541
  • Jul 8, 2010 11:30am Jul 8, 2010 11:30am
Quoting USD-Bear
ah, now I get it, in your way of thinking PA is dominant and only if a support (1.5080) is respected you are prepared to change direction, while I am more betting it will with tight SL (getting best price, but risking a faillure).
Prob. your way is better, its a question of what I lose in SL-distance versus what you lose to be certain of the case.....

By me waiting for a flow to be confirmed, my win loss ratio is far greater then yours, yes I miss out on a few pips here and there but I make up for it by increasing my lot sizes.

PA is king, everything else is secondary.
  • #236,542
  • Jul 8, 2010 11:30am Jul 8, 2010 11:30am
I was just hoping for around 12550..area to close down and sit and weep aside.......Iam just praying''for that ....

Quoting cloggie
I saw your post, but I can't really comment on that here, your MM needs some serious looking into, why run a trade 220 pips in the red?

Ah well, quickly, for your short to have any chance, you need 2588, 2505, 2412 to give way, those are major levels that have been around for years, in the short term I see no chance of those hitting here and I am looking at 2678 to give next bringing us to long term bull territory. My mid term view is 1.3130

You are at the point now that you can't even look for new setups because this one is dragging you down....
We cannot direct the winds but we can adjust our sail.
  • #236,543
  • Jul 8, 2010 11:33am Jul 8, 2010 11:33am
Pending order
Long @ 1.5085
SL @ 1.5035
TP @ 1.5200

Opinions/criticism welcome

Thanks in advance
  • #236,544
  • Jul 8, 2010 11:38am Jul 8, 2010 11:38am
Quoting cloggie
S1
How do you calculate your DPs, my DPs are of GMT 0 on IBFX are as follows:
G/U
R3 1.5377
R2 1.5298
R1 1.5239
PV 1.5160
S1 1.5101
S2 1.5022
S3 1.4963

Could this difference really be that much of a factor?

John
New Jersey, USA
  • #236,545
  • Jul 8, 2010 11:40am Jul 8, 2010 11:40am
Quoting need-help
Pending order
Long @ 1.5085
SL @ 1.5035
TP @ 1.5200

Opinions/criticism welcome

Thanks in advance
In theory that looks pretty good, but might want to see what price action does around that area to verify before entry...
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,546
  • Jul 8, 2010 11:41am Jul 8, 2010 11:41am
i see further room to the upside on the daily till at least 1.5325. could be right could be wrong. let time judge
  • #236,547
  • Jul 8, 2010 11:42am Jul 8, 2010 11:42am
Quoting cloggie
S1
man the dam weekly pivot is the line in the sand if we break it then we have a chance to go down 80's or 70's is a support once the weekly is taken i will look for the the next support but for 5 days the same play the same range, when we will break heck i wish i know
Attached Image (click to enlarge)
Click to Enlarge Name: 1h cable.gif Size: 23 KB
  • #236,548
  • Jul 8, 2010 11:44am Jul 8, 2010 11:44am
Quoting USD-Bear
ah, now I get it, in your way of thinking PA is dominant and only if a support (1.5080) is respected you are prepared to change direction, while I am more betting it will with tight SL (getting best price, but risking a faillure).
Prob. your way is better, its a question of what I lose in SL-distance versus what you lose to be certain of the case.....

There is nothing wrong with your strategy as long as your stops are sensible, you need to place your stop at the point where you would actually reverse your trade, so if you go long, at what point would you consider a short, so what failure of which level changes your bias. But your strategy will lead to a 50/50 success rate or at least close to it, so you need to make sure that overall your average winning amount is greater then your loss.

I look at things differently, I pick a level and once that goes I patiently wait for a test, a failure and a confirmed move away and then enter a trade, because the chance of the failure of the move has dropped to a tiny percentage. I then pick my next level and use that as guidance to either stay in or get out.
  • #236,549
  • Jul 8, 2010 11:44am Jul 8, 2010 11:44am
Quoting kill56
man the dam weekly pivot is the line in the sand if we break it then we have a chance to go down 80's or 70's is a support once the weekly is taken i will look for the the next support but for 5 days the same play the same range, when we will break heck i wish i know
Have not paid much attention to weekly pivots.. have to go find that indie again..
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,550
  • Jul 8, 2010 11:44am Jul 8, 2010 11:44am
Quoting cloggie
By me waiting for a flow to be confirmed, my win loss ratio is far greater then yours, yes I miss out on a few pips here and there but I make up for it by increasing my lot sizes.

PA is king, everything else is secondary.
Well, I am not complaining about my results over the years, but I must confess that I have more failures then successes, but the winners are mostly tenfold of the loosers....
Don't be a hero. Don't have an ego. Always question yourself
  • #236,551
  • Jul 8, 2010 11:47am Jul 8, 2010 11:47am
Quoting damonl
Have not paid much attention to weekly pivots.. have to go find that indie again..

here u go
Attached File(s)
File Type: mq4 Camarilla Weekly Levels.mq4   12 KB | 207 downloads
  • #236,552
  • Jul 8, 2010 11:47am Jul 8, 2010 11:47am
Quoting kill56
man the dam weekly pivot is the line in the sand
Hi Kill ... can you share your weekly pivot indi?

Thanks in advance.
  • #236,553
  • Jul 8, 2010 11:48am Jul 8, 2010 11:48am
Quoting USD-Bear
Well, I am not complaining about my results over the years, but I must confess that I have more failures then successes, but the winners are mostly tenfold of the loosers....

Start a demo and start trading when the PA confirms direction and see what that does to your ratios. IF it makes a significant difference then all you have to do is increase the size of your lots to make your system lots more profitable. So I am not telling to change your system, I am just trying to highlight how you could alter it only slightly to vastly improve your odds.

So don't change a thing, just delay your entries slightly. But do research where to put your stops though, that part of your strategy needs some serious work.
  • #236,554
  • Jul 8, 2010 11:48am Jul 8, 2010 11:48am
Quoting need-help
Pending order
Long @ 1.5085
SL @ 1.5035
TP @ 1.5200

Opinions/criticism welcome

Thanks in advance
Doesn't look like you "need-help"
Just let PA confirm your level like cloggie told us
Don't be a hero. Don't have an ego. Always question yourself
  • #236,555
  • Jul 8, 2010 11:48am Jul 8, 2010 11:48am
Hello everyone.

The picture for Britain grows bleaker by the day.
  • #236,556
  • Jul 8, 2010 11:49am Jul 8, 2010 11:49am
Quoting kill56
here u go

thanks
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,557
  • Jul 8, 2010 11:52am Jul 8, 2010 11:52am
Quoting need-help
Pending order
Long @ 1.5085
SL @ 1.5035
TP @ 1.5200

Opinions/criticism welcome

Thanks in advance

Several of us here have posted levels in that area that once positively broken would signify a further move down, why then would you put a PB there?

Look at the last 3-4 pages and take every level mentioned here, average them out and you get close to your PB? Why? Unless you are a CT?
  • #236,558
  • Jul 8, 2010 11:54am Jul 8, 2010 11:54am
Quoting kill56
here u go
Our post crossed in the sending ... Thanks!
  • #236,559
  • Jul 8, 2010 11:55am Jul 8, 2010 11:55am
Quoting gotpips92
Hello everyone.

The picture for Britain grows bleaker by the day.
and why that is?
Don't be a hero. Don't have an ego. Always question yourself
  • #236,560
  • Jul 8, 2010 12:07pm Jul 8, 2010 12:07pm
Quoting posterboy
I was just hoping for around 12550..area to close down and sit and weep aside.......Iam just praying''for that ....

No hope required. I just sold eu myself (entry @2659, stop @2710)
The right thing for me to tell you is to close your current trade, but if you'd want to take one last try at this, first thing you need to do now is to enforce an emergency stop. One that recommended is probably about 10-15 pips above the W1 resistance.
Reason is that the eu had formed a pb off the W1 res level & there is also a divergence formed that might trigger.
But as I said, you need to enforce that stop right now, because although the H4 is looking like it's ready to fall, the D1 is not. Matter of fact if price close anywhere near here or higher later, the eu inverse H&S will have a neckline break, the desc utl break & the 23.6% fib break. All which will signal a continuation.
So again, take nothing for granted.

Good luck.


p/s : cloggs I hope you don't mind me answering mate
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 24 KB
Click to Enlarge Name: eud.gif Size: 19 KB
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