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Cable Update (GBPUSD)

  • #240,061
  • Jul 21, 2010 12:01pm Jul 21, 2010 12:01pm
Quoting cloggie
There are some really good strategy threads on FF, just find one that compliments your style now and read it through over the weekend.
Thanks for the advice mate...I already did that. My strategy is based on S/R levels on daily line chart, but I have problems with timing my entries. I usually manage to predict the direction, TIMING is my biggest problems, and I am searching the way to overcame that problem.

However, thanks again for the advice.
  • #240,062
  • Jul 21, 2010 12:07pm Jul 21, 2010 12:07pm
Quoting gotpips92
Does anyone see a possible long?
i don't see much long here....
possibbly further short..
my RSI for daily chart shows down....
anyway let's wait n see....
happt trading
  • #240,063
  • Jul 21, 2010 12:09pm Jul 21, 2010 12:09pm
damn x800!! stuck on s1... and this big trendline!
  • #240,064
  • Jul 21, 2010 12:14pm Jul 21, 2010 12:14pm
Quoting Purple
I think it would continue to trade in the downward sloping 5 minute channel its been locked in since eu open.. and end up like a shooting star pattern on daily today.
exited my short gbp from 152.10 area at like some 30 pip profit... switched to euro short for some longer hours into the market.
  • #240,065
  • Jul 21, 2010 12:21pm Jul 21, 2010 12:21pm
Quoting zoreli
Thanks for the advice mate...I already did that. My strategy is based on S/R levels on daily line chart, but I have problems with timing my entries. I usually manage to predict the direction, TIMING is my biggest problems, and I am searching the way to overcame that problem.

However, thanks again for the advice.
Have you tried or are you able to click to shorter time frames with correlated S/R ? I work the 5min. but am able to click through 1,2.3.4 hr. +daily and weekly etc. I would be totally lost for entries without this facility. Isee movement on the 5 min. ,check through my T.L. on the longer time frames and so see my entry and exit. My entries are slower than a lot of the guys on here ,but they work for me and my m.m. Exits ...i look to my T.L. and constantly look to F.F. for confirmation(as opposed to direction) on my exits.
Hope this helps . All the best
All systems of divination, like music itself,work through patterns.
  • #240,066
  • Jul 21, 2010 12:22pm Jul 21, 2010 12:22pm
Hi guys...
i tried ussing the inside candle technique on my 1h chart...
it worked....
The sad thing was i did not place aany order..was just looking to see whether it's applicable in future or not,.
will try another one but time wirh a smaller order at first....

p/s
the chat attached is not mine but i took this as a sample.
got this from FF news sometimeback.

happy trading to all.
Attached Image
  • #240,067
  • Jul 21, 2010 12:24pm Jul 21, 2010 12:24pm
Quoting forexlion
http://www.youtube.com/watch?v=KJczB7tx3ac
Funny stuff.
  • #240,068
  • Jul 21, 2010 12:26pm Jul 21, 2010 12:26pm
Quoting cloggie
Some algo's picking up the stuff they dropped earlier today. It took all of us collectively 9 hours to get where 4 yards got in 30 seconds.
i read that the mishit was as much as 1 yard...but regardless here's the math for our today's star trader:

-131 pips X (1 Yard GBP short exposure) = negative $13'100'000 |
|- in 30sec.
-131 pips X (4 Yards GBP short exposure) = negative $52'400'000|

I wonder where that trader is right now...and more importantly what the name of that bank is and how their stock reacted to this...
Hear the music before the song is over ...
  • #240,069
  • Jul 21, 2010 12:27pm Jul 21, 2010 12:27pm
Jagdev, this is only one picture with good examples.

But market may be against of you.

so, even if you want to use such a method, you must deside for yourself a couple of questions:
1. your risk per trade
2. what is your aim ( when you close your trade)

believe me, these are the most difficult questions for most traders.

good luck.
  • #240,070
  • Jul 21, 2010 12:32pm Jul 21, 2010 12:32pm
Back to the bigger picture.
See below D1

Positives:
1. Break of major daily UTL
2. Realized pullback to major daily UTL
3. Last bar higher high and higher low
4. PA near broken major daily UTL and near minor rising LTL Interception around 1.5140

Negatives:
1. Price hanging at low end of last bar (not a good sign for longs)
2. Price below 200 EMA
3. PA after pullback (point 2 of positives) should perform better then it did today

Overall based on above my bias is positive although I must confess I'm a bit flabbergasted by today's PA

Going on holiday for a few weeks, so no positions anymore for me but would considering longs around 1.5140 if PA shows support there.

Good pipping all, see you in a few weeks....

D1:
Attached Image (click to enlarge)
Click to Enlarge Name: Picture0092.png Size: 31 KB
Don't be a hero. Don't have an ego. Always question yourself
  • #240,071
  • Jul 21, 2010 12:33pm Jul 21, 2010 12:33pm
Quoting GlobalMacro
i read that the mishit was as much as 1 yard...but regardless here's the math for our today's star trader:

-131 pips X (1 Yard GBP short exposure) = negative $13'100'000 |
|- in 30sec.
-131 pips X (4 Yards GBP short exposure) = negative $52'400'000|

I wonder where that trader is right now...and more importantly what the name of that bank is and how their stock reacted to this...

The word on the street is that it was Rabobank at 4 1/2 yards. Order got pulled after 400M went through. So even at those numbers he was looking at 5M in the red.
  • #240,072
  • Jul 21, 2010 12:36pm Jul 21, 2010 12:36pm
Thanks for the advice......
i do agree wwith u..
will consider tha questions .....
i guess this method may not be good for long term trading.
short term take profit might do...

well...i m glad u gave me some tips to ponder now hahah.thanks buddy.



Quoting mouse09
Jagdev, this is only one picture with good examples.

But market may be against of you.

so, even if you want to use such a method, you must deside for yourself a couple of questions:
1. your risk per trade
2. what is your aim ( when you close your trade)

believe me, these are the most difficult questions for most traders.

good luck.
  • #240,073
  • Jul 21, 2010 12:41pm Jul 21, 2010 12:41pm
Quoting cloggie
The word on the street is that it was Rabobank at 4 1/2 yards. Order got pulled after 400M went through. So even at those numbers he was looking at 5M in the red.

on a second thought...
of course they could equally have been executing that order on behalf of a client and not for their own books...
Hear the music before the song is over ...
  • #240,074
  • Jul 21, 2010 12:43pm Jul 21, 2010 12:43pm
Quoting GlobalMacro
on a second thought...
of course they could equally have been executing that order on behalf of a client and not for their own books...
Was supposedly an algo at the open. Garbage in, garbage out, I guess.

Lishen Jaap, I have thish great new algo model for ze open, letsh try it..... schall we waid for ze tradersh to get here? No, itsh fine truscht me......
  • #240,075
  • Jul 21, 2010 12:45pm Jul 21, 2010 12:45pm
Quoting GlobalMacro
on a second thought...
of course they could equally have been executing that order on behalf of a client and not for their own books...
Exactly
  • #240,076
  • Jul 21, 2010 12:46pm Jul 21, 2010 12:46pm
Quoting cloggie
Was supposedly an algo at the open. Garbage in, garbage out, I guess. Lishen Jaap, I have thish great new algo model for ze open, letsh try it.....
LOL...they just forgot to program in the right data type and it had a buffer overflow I guess...
Hear the music before the song is over ...
  • #240,077
  • Jul 21, 2010 12:48pm Jul 21, 2010 12:48pm
ok, seen the solidity of the S1, I think i will try a long with double the lots in short below 1.8
  • #240,078
  • Jul 21, 2010 12:51pm Jul 21, 2010 12:51pm
Quoting OldReigatian
Exactly
if that's the case...the question becomes who is that dumb or that vicious
to enact such a horrendous "error"...
Hear the music before the song is over ...
  • #240,079
  • Jul 21, 2010 12:53pm Jul 21, 2010 12:53pm
Quoting cloggie
Was supposedly an algo at the open. Garbage in, garbage out, I guess.

Lishen Jaap, I have thish great new algo model for ze open, letsh try it..... schall we waid for ze tradersh to get here? No, itsh fine truscht me......

Now how do I spell check that one?

Dr. D.

I PM'd you.
  • #240,080
  • Jul 21, 2010 1:05pm Jul 21, 2010 1:05pm
Now here we have further development occuring on
the 30m and 1h charts as the ema's have gathered to
within 2 and 10 pips respectively*. That's a tight one
and isn't likely to fizzle. (*disregarding the 6ema)

When and where is the question.

Dr. D.
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