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Cable Update (GBPUSD)

  • #240,961
  • Jul 26, 2010 11:47am Jul 26, 2010 11:47am
Still holding my shorts.. Chart is getting weaker so going to hold my position.. Placing a stop loss at 1.5522 above the day's high..

Quoting peach
Covered my previous short for small loss before the news.. Shorting again now for a scalp 1.5491 is the entry
  • #240,962
  • Jul 26, 2010 11:48am Jul 26, 2010 11:48am
Quoting xenu
I agree with that. It's second month on bulls, why should someone go short if nothing yet suppports it? Even months may pass until we'll see signal for bears.
Hi! I am just trying to grab some pips shorting but in a very short timeframe.
In particular, I just saw an opportunity where a reasonable SL (1.5505) is much closer then a reasonable TP (1.537) and makes a good ratio.
just a try! I already set the SL at BE so... prepared for longs as well

hope u have good trades!
  • #240,963
  • Jul 26, 2010 11:49am Jul 26, 2010 11:49am
Who has the agreement between the investor and account manager?
  • #240,964
  • Jul 26, 2010 11:58am Jul 26, 2010 11:58am
Quoting Martingale
Hi! I am just trying to grab some pips shorting but in a very short timeframe.
To be a scalper yoou need to be very aggressive. Most of people don't have such qualities, so trading on short timeframes are mostly useless.
  • #240,965
  • Jul 26, 2010 11:58am Jul 26, 2010 11:58am
Quoting AnonYmos
Hey, I thought I was the only one who dared pick the top!? You scared off all the other noobs from doing it!
Btw: I think you're right with being a little rough on the noobs every now and then. Otherwise there's so much bs posted that the thread becomes unbearable. Guess I'm just bored today as I'm not into scalping and therefore got nothing going. Sorry for that.
  • #240,966
  • Jul 26, 2010 12:00pm Jul 26, 2010 12:00pm
well...today cable has been trading within the intraday channel working out nicely at contacts of 1.5450, 1.5489...before being thrown off track breaking it at 1.5477 following better than expected home sales...

in the meantime upon hitting 1.5446 support she is retesting the uptrend channel at 1.5490s...
Attached Image (click to enlarge)
Click to Enlarge Name: M30.gif Size: 8 KB
Hear the music before the song is over ...
  • #240,967
  • Jul 26, 2010 12:18pm Jul 26, 2010 12:18pm
Quoting xenu
To be a scalper yoou need to be very aggressive. Most of people don't have such qualities, so trading on short timeframes are mostly useless.
There's nothing agressive in setting a SL and TP in the system.
no worries I know what you mean, but I strict to a method and the statistical historical success of certain patterns, added to an continuous improving money management. I love statistics! ;-) probably a remembrance from my engineering studies.
  • #240,968
  • Jul 26, 2010 12:23pm Jul 26, 2010 12:23pm
Quoting GlobalMacro
well...today cable has been trading within the intraday channel working out nicely at contacts of 1.5450, 1.5489...before being thrown off track breaking it at 1.5477 following better than expected home sales...

in the meantime upon hitting 1.5446 support she is retesting the uptrend channel at 1.5490s...
yep

cable has been stuck in a 50 pip range since London Open

http://img405.imageshack.us/img405/6003/15864746.gif
  • #240,969
  • Jul 26, 2010 12:31pm Jul 26, 2010 12:31pm
re calling tops: I do begin to like that doji on the 4h.
  • #240,970
  • Jul 26, 2010 12:43pm Jul 26, 2010 12:43pm
Quoting Martingale
no worries I know what you mean, but I strict to a method and the statistical historical success of certain patterns, added to an continuous improving money management. I love statistics! ;-) probably a remembrance from my engineering studies.
Yeah, statistics are interesting stuff, playing with market also. The problem is that market (or life itself) doesn't fit into any reality tunnels.

Like euro or pound does not start from 0 and does not end in 100, so why, for example, stochastics (deviations, fibonacci, etc., etc., etc.) would show any reliable signals that are closed into reality frames?

I would post a topic about that someday
  • #240,971
  • Jul 26, 2010 12:43pm Jul 26, 2010 12:43pm
decision time

1.60 or 1.50

cast your votes

http://img840.imageshack.us/img840/5937/94346461.gif
  • #240,972
  • Jul 26, 2010 12:47pm Jul 26, 2010 12:47pm
Quoting xenu
To be a scalper yoou need to be very aggressive. Most of people don't have such qualities, so trading on short timeframes are mostly useless.
Nothing aggressive about scalping, you just have to be possess one load of discipline. Short time frames are the most accurate in terms of entry and exit as long as you are coversant and able to read longer time frames, and can apply the correlation from former to latter and vice verce. Please dont trash a form of trading that is a brilliant learning curve and an ongoing education , patiicularly when you are bored and itching to trade. Methods on scalping have been brilliantly displayed by Cloggie, Wormboy and others today. You can not fault thier style.
All systems of divination, like music itself,work through patterns.
  • #240,973
  • Jul 26, 2010 12:48pm Jul 26, 2010 12:48pm
Quoting forexlion
decision time

1.60 or 1.50

cast your votes
Do we have 3rd Choice?
  • #240,974
  • Jul 26, 2010 12:57pm Jul 26, 2010 12:57pm
Quoting kaspopsicle
Nothing aggressive about scalping, you just have to be possess one load of discipline....
Not for noobs / newbies however I'd say. J16 e.g. requests his "followers" to trade the d1 and 4h for a couple of months before moving down to lower tf's. Wouldn't go that far but. Anyways, everybody feel free to make their own experience and e'body need to find their own style.
  • #240,975
  • Jul 26, 2010 12:59pm Jul 26, 2010 12:59pm
guys,

can anyone explain how a currency can only manage a 50 pip range when these banks have so much capital to trade with, surely either bears or bulls can force the other side to exit their positions.

Also I had a look back in the past and the london session range used to be a lot larger back then, have these banks got less to trade with than before??

Cheers Slim
  • #240,976
  • Jul 26, 2010 1:00pm Jul 26, 2010 1:00pm
Quoting AnonYmos
Not for noobs / newbies however I'd say. J16 e.g. requests his "followers" to trade the d1 and 4h for a couple of months before moving down to lower tf's. Wouldn't go that far but. Anyways, everybody feel free to make their own experience and e'body need to find their own style.
Pardon?
All systems of divination, like music itself,work through patterns.
  • #240,977
  • Jul 26, 2010 1:03pm Jul 26, 2010 1:03pm
Quoting kaspopsicle
Nothing aggressive about scalping
Hm... Our definitions may vary

I've noted discrepancy in logics (lower TFs and statistical analysis) and here's source of my observation:

"Very short-term trading is more about pattern recognition than historical research. Conversely, longer-term trades often benefit from modeling and statistical analysis that inform traders where the edge might lie." Brett Steenbarger
  • #240,978
  • Jul 26, 2010 1:13pm Jul 26, 2010 1:13pm
Quoting slimcat
guys,

can anyone explain how a currency can only manage a 50 pip range when these banks have so much capital to trade with, surely either bears or bulls can force the other side to exit their positions.

Also I had a look back in the past and the london session range used to be a lot larger back then, have these banks got less to trade with than before??

Cheers Slim
they're scalping!
  • #240,979
  • Jul 26, 2010 1:25pm Jul 26, 2010 1:25pm
Quoting xenu
Hm... Our definitions may vary

I've noted discrepancy in logics (lower TFs and statistical analysis) and here's source of my observation:

"Very short-term trading is more about pattern recognition than historical research. Conversely, longer-term trades often benefit from modeling and statistical analysis that inform traders where the edge might lie." Brett Steenbarger
I don't think it's a question of "aggressiveness". But you got to have your thing together real tight on the lower tf's. A 4 hour candle takes 4 hours to print and contains 4 1h candels. A 5m candle contains 5 1m candles but prints within 5 mins. Less error margin from atiming point of view. Gotta be very focused and accurate.
  • #240,980
  • Jul 26, 2010 1:28pm Jul 26, 2010 1:28pm
Quoting xenu
Hm... Our definitions may vary
best to be clear in a forum, what definitions?
My initial training into trading FX was through scalping on 5 min. having been through academic training of trading longer time frames. At every step it was impressed on us not to enter a trade on a long time frame unless i had the m.m. in place according to my finances. I found ,and still find, this a very sound form of training people who wish to trade FX.
On shorter time frames you do not require large amounts of capital and yet you are able to trade in a "real" situation, with "real" money.The learning curve for most people is more effective in a "real" situation.
I sincerely hope that i have clarified this issue of scalping.
Paper trade it a while over the summer while things are slow, i'm sure you'll learn to love it
All systems of divination, like music itself,work through patterns.
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