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Cable Update (GBPUSD)

  • #237,601
  • Jul 13, 2010 7:43am Jul 13, 2010 7:43am
Quoting forexliar
Agree..... simplicity makes profit....

here was my gu entry the other day (Sunday night to be exact, I also noticed that gap closed rather quickly) I waited all week last week for this setup... super simple no lag, no question needed.

That was a 4 hr tf however it looked much better on 1hr tf But ya get the idea
Attached Image (click to enlarge)
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Know when to hold em, Know when to fold em!
  • #237,602
  • Jul 13, 2010 7:49am Jul 13, 2010 7:49am
Quoting forexliar
wow......we should listen to paul, the octopus. Paul said spain ..matador .....bull.........
yes that octopus is no ordinary octopus
this one will live a long time..at least till it get it wrong..
  • #237,603
  • Jul 13, 2010 7:49am Jul 13, 2010 7:49am
Quoting goods
here was my gu entry the other day (Sunday night to be exact, I also noticed that gap closed rather quickly) I waited all week last week for this setup... super simple no lag, no question needed.

That was a 4 hr tf however it looked much better on 1hr tf But ya get the idea
Here is my chart .... few hours ago before flying .....
Attached Image
  • #237,604
  • Jul 13, 2010 7:52am Jul 13, 2010 7:52am
Facing resistance at this level...
Don't be emo... don't be emo....
  • #237,605
  • Jul 13, 2010 7:54am Jul 13, 2010 7:54am
Possible H+S scenario??
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  • #237,606
  • Jul 13, 2010 7:54am Jul 13, 2010 7:54am
Quoting goods
How much is divergence on a 5 min chart really worth but a scalp? Wouldn't you be better off looking for a bigger tf divergence in trend change?

I wonder why people put so many Indicators on their chart. It confuses the hell out of me. Too many confirmations needed plus lag.
It depends on a trader's strategy. I use divergences on both htf & ltf trading & profitability is not relative to the pips gained, it's the pip size on the ones gained that counts. A scalp of the m5 divergence yielding say 30 pips might not seem much to some, but a 30 pip scalp gained from a million units will give away mucho dinero. It would take someone who trade 10 thousand units ages to gain the same amount the m5 scalp would have. Having one working strategy to trade off does not necessarily mean it's the only strategy that will work.
Thank You
  • #237,607
  • Jul 13, 2010 7:56am Jul 13, 2010 7:56am
Quoting nAVIN2007
yes that octopus is no ordinary octopus
this one will live a long time..at least till it get it wrong..
what is its nick in FF bro ?
  • #237,608
  • Jul 13, 2010 7:58am Jul 13, 2010 7:58am
Quoting wormboy
It depends on a trader's strategy. I use divergences on both htf & ltf trading & profitability is not relative to the pips gained, it's the pip size on the ones gained that counts. A scalp of the m5 divergence yielding say 30 pips might not seem much to some, but a 30 pip scalp gained from a million units will give away mucho dinero. It would take someone who trade 10 thousand units ages to gain the same amount the m5 scalp would have. Having one working strategy to trade off does not necessarily mean it's the only strategy that will work.

Thanks for your update and well respected. I didnt know how well a 5 min chart holds divergence I never tested it. I have traded divergence using rsi and trendlines on the 1 hr plus.

Do you have alot of success on 5 min divergence scalping? Is there alot of value heald in it?
Know when to hold em, Know when to fold em!
  • #237,609
  • Jul 13, 2010 8:00am Jul 13, 2010 8:00am
Quoting forexliar
Here is my chart .... few hours ago before flying .....

Yea I saw that this am I am glad I had a tight tralingin stop on my short haha, I will be looking for rentry on short setup tonight if market conditions provide it, I wonder how high it will rally this day.
Know when to hold em, Know when to fold em!
  • #237,610
  • Jul 13, 2010 8:01am Jul 13, 2010 8:01am
could i ask you for how divergence is traded wormboy pls, never used it sorry, your reasoning is very true too as smaller pips and large amounts would gain more money ultimately

Quoting wormboy
It depends on a trader's strategy. I use divergences on both htf & ltf trading & profitability is not relative to the pips gained, it's the pip size on the ones gained that counts. A scalp of the m5 divergence yielding say 30 pips might not seem much to some, but a 30 pip scalp gained from a million units will give away mucho dinero. It would take someone who trade 10 thousand units ages to gain the same amount the m5 scalp would have. Having one working strategy to trade off does not necessarily mean it's the only strategy that will work.
  • #237,611
  • Jul 13, 2010 8:02am Jul 13, 2010 8:02am
Quoting goods
Yea I saw that this am I am glad I had a tight tralingin stop on my short haha, I will be looking for rentry on short setup tonight if market conditions provide it, I wonder how high it will rally this day.

just broken last month high......
  • #237,612
  • Jul 13, 2010 8:02am Jul 13, 2010 8:02am
Quoting forexliar
what is its nick in FF bro ?
  • #237,613
  • Jul 13, 2010 8:05am Jul 13, 2010 8:05am
Quoting forexliar
just broken last month high......
Who would have thunk..... I could have sworn 1.46 by end of next week bwahahahahahah....

No one has crystal ball No one.

Spoke to someone who traded with banks for 15 + years in forex he said that the big dogs are setting up the market for longs and shorts to lose. They have their own agenda this summer.

by the way I dont short eu till 1.3
Know when to hold em, Know when to fold em!
  • #237,614
  • Jul 13, 2010 8:08am Jul 13, 2010 8:08am
Entered short at 1.5140 .
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  • #237,615
  • Jul 13, 2010 8:09am Jul 13, 2010 8:09am
Quoting goods
Who would have thunk..... I could have sworn 1.46 by end of next week bwahahahahahah....

No one has crystal ball No one.

Spoke to someone who traded with banks for 15 + years in forex he said that the big dogs are setting up the market for longs and shorts to lose. They have their own agenda this summer.

by the way I dont short eu till 1.3
no crystal ball needed..everything that has happenned is what and the way it should be..just technical analysis needs brushing up..if im to be completely honest
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  • #237,616
  • Jul 13, 2010 8:10am Jul 13, 2010 8:10am
Quoting goods
How much is divergence on a 5 min chart really worth but a scalp? Wouldn't you be better off looking for a bigger tf divergence in trend change?

I wonder why people put so many Indicators on their chart. It confuses the hell out of me. Too many confirmations needed plus lag.
each to their own...I have identified certain set-ups comprised of certain repeating patterns of oscillator divergence (bothn regular and hidden) and band deviation that when develop at potential supp/res/sbr/rbs and confirmed by a price action trigger produce very high probability outomes and therefore very high strike rate...these work on any t/f but i prefer to trade intraday and my preference is for the 1min trigger with a 5min interemdiate t/f and the 30min/1hr trend t/f...Recently i have increased the strike rate further by collabertaing with another trader who uses certain proprietary patterns of fractal geomoetry and when these develop with my won set-ups we get a maximum confidence set-up at whcih leverage can be increased beyond that typically used.

As for operating on the smaller t/f's my preference is to spend as little time in the market as possible and only when these high probability set-ups develop, this allows a good but safe use of leverage so that I can maximise returns from the least number of pips. The confluence of these tech factors is what the methodology is all about and in tech trading, confluence is king !!

As for indicators lagging I agree by nature they do but you can sensibly use divergennce in particular and any repeating pattern as a potentially leading signal...I refer you to the 5min hidden divergence set-up earlier,...an exact entry point being the price action trigger (5min bullish engulfing hammer) at the set-up and pre-identified potential rbs , ie a Re-entry to the nest higher t/f (30min) uptrend timed on the ty/f below with hidden divergence set-up and PA trigger, after the pullback,...a classic 'buy the dip' (or conversel;y sell the rally) strategy but accurately timed to mimimise stop and therefore potential r:r ratios....

We all do it differently, but it is important to clarify that the use of indicators does not have to mean a lagging signal !!
ex member
  • #237,617
  • Jul 13, 2010 8:13am Jul 13, 2010 8:13am
Quoting honeybhi
Entered short at 1.5140 .
the lines in red are the only lines on yur chart that have any technical significance..the rest is seeing what u wanna see
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  • #237,618
  • Jul 13, 2010 8:13am Jul 13, 2010 8:13am
Quoting honeybhi
Entered short at 1.5140 .
Instead of trying to predict the retrace, would it not be alot easier and safer to wait for a confirmation? Trying to anticipate tops midstream as a strategy has cost traders more money then anything else I can think of.
  • #237,619
  • Jul 13, 2010 8:14am Jul 13, 2010 8:14am
Quoting nAVIN2007
no crystal ball needed..everything that has happenned is what and the way it should be..just technical analysis needs brushing up..if im to be completely honest

My TA is fine, I know it is bullish and I change my Trend lines based on conditions of the market. I dont need to correct my TA . As I said earlier I didnt trade gu this am so I didnt look at chart. That was a previous trade.

I dont guess, I was being sarcastic earlier! Bears tried to hold it down but they couldnt, simple as that.

Disclaimer I was showing why I traded on Sunday, that is an old chart so obviously I dont have the current setup on that chart
Know when to hold em, Know when to fold em!
  • #237,620
  • Jul 13, 2010 8:15am Jul 13, 2010 8:15am
Quoting goods
Thanks for your update and well respected. I didnt know how well a 5 min chart holds divergence I never tested it. I have traded divergence using rsi and trendlines on the 1 hr plus.

Do you have alot of success on 5 min divergence scalping? Is there alot of value heald in it?
you're welcome.

I have a fair share of success trading the divergences off the ltf, more winners than the losers if that is what you're asking. Value wise depends on the particular trade I am taking. If it's a high probability trade I usually will risk more & vice versa.
Thank You
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