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Cable Update (GBPUSD)

  • #240,981
  • Jul 26, 2010 1:46pm Jul 26, 2010 1:46pm
Well, definitions... Trading in lower TFs requires more tension (or attention) to details, etc. (what I call "aggressiveness", impulsiveness). So, what we call "scalping". M5 or 100 ticks charts... Fast TFs require more attention and distractions are treated more aggressively than trading in slower TFs. So, if scalping fits your style, that's ok, I'm not saying something is bad.

I have IB business and can tell you that 99,99% of all traders are obsessed with trading in lower TFs without even noticing big trends. And guess what, all of them fail. People lose hundreds of thousands of dollars because of those "real" situations.
  • #240,982
  • Jul 26, 2010 1:53pm Jul 26, 2010 1:53pm
Well, this will be the first dip I am not going to buy today, this one has some signs of a reversal developing on the M30. Not going to short it yet either, just watching it on the hourly to see where it takes us on the next bar.
  • #240,983
  • Jul 26, 2010 2:08pm Jul 26, 2010 2:08pm
Many definitions to scalping , wether you are scalping off a short time frame or a longer time frame the areas for entries remain the same , if something is trending why would you scalp counter trend when the bigger moves are going with the trend so scalp trades become finding the reentry spots , or add on spots . The key thing is knowing if there is a trend or if something is rangeing or what is happening when you decide to start hitting the buy sell tabs . If you are using a short time frame chart you better get used to the price scaling looking different . Here is a 15 min chart and a 30 second chart showing the same time period in the yellow box . Same average band same everything . The only difference is the short time frame may have made you get into trades inbetween the good scalping entries on the 15 min chart. The prime entry areas are the same on either chart , may have got a quickie here and there off of the 30 second chart but the good entries remain the same
Attached Image (click to enlarge)
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  • #240,984
  • Jul 26, 2010 2:16pm Jul 26, 2010 2:16pm
Quoting xenu
Well, definitions... Trading in lower TFs requires more tension (or attention) to details, etc. (what I call "aggressiveness", impulsiveness). So, what we call "scalping". M5 or 100 ticks charts... Fast TFs require more attention and distractions are treated more aggressively than trading in slower TFs. So, if scalping fits your style, that's ok, I'm not saying something is bad.

I have IB business and can tell you that 99,99% of all traders are obsessed with trading in lower...
Whats an IB business? I am really not obsessed just vey careful of PA as i would be anyway without what was drummed into me. "Reality" is a fact of life. Scalping is good,untill a "Real" trend developes. The 99.99% that you mention have possibly never visited F.F. or perhaps they went through training with dodgy companies and decided to call it a day..Only commenting because you stated that scalping is useless. I really think you should broaden your outlook... or perhaps get out a bit more
All systems of divination, like music itself,work through patterns.
  • #240,985
  • Jul 26, 2010 2:26pm Jul 26, 2010 2:26pm
Tic charts just take time out of the equation , makes them appear to move faster when they move , the reality is no timframe moves faster than any other , what does change is a persons thoughts on how fast something is moving how far and how fast they have to make a desicion , here is a 10 tic chart of roughly the same area , compare the time stamps no moves on this chart happened at different times than the other 2 charts lol, its all in the mind and the sight of the beholder and it all comes down to levels and wether something is being bought or sold
Attached Image (click to enlarge)
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  • #240,986
  • Jul 26, 2010 2:28pm Jul 26, 2010 2:28pm
I think GBP/USD will go down from here , while it might go no more 1.5569 , we can see 1.5320 - 15160 by the end of this week
and 1.4800-14750 next week

everything is possible
  • #240,987
  • Jul 26, 2010 2:30pm Jul 26, 2010 2:30pm
Quoting kaspopsicle
Whats an IB business?
You don't know what's an IB is? Introducing broker.

Quoting kaspopsicle
you stated that scalping is useless. I really think you should broaden your outlook... or perhaps get out a bit more
Yeah, stated that scalping is useless for most people. Don't generalize into "for all". Have you scalped in 144 ticks charts ES futures, for example? Does it fit your personality?

BTW, I don't talk about entries. If I see a trend I may use M1 TF to enter the trade, but that's not scalping.
  • #240,988
  • Jul 26, 2010 2:39pm Jul 26, 2010 2:39pm
Quoting xenu
You don't know what's an IB is? Introducing broker.



Yeah, stated that scalping is useless for most people. Don't generalize into "for all". Have you scalped in 144 ticks charts ES futures, for example? Does it fit your personality?

BTW, I don't talk about entries. If I see a trend I may use M1 TF to enter the trade, but that's not scalping.
lol for me I dont even generlize it tht much , its trading to me you are either buying or selling I have made as much in some 2 minute trades (and lost) as I have made in trades I held for 3 days . I dont care if they go up or go down I just need thm to move thats all. Tick chart , time based chrt as long as it moves lol
  • #240,989
  • Jul 26, 2010 2:43pm Jul 26, 2010 2:43pm
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
100 % , unless you want to stay all day buy and sell depending on 30M , 1H , 4H
  • #240,990
  • Jul 26, 2010 2:49pm Jul 26, 2010 2:49pm
Quoting cloggie
Well, this will be the first dip I am not going to buy today, this one has some signs of a reversal developing on the M30. Not going to short it yet either, just watching it on the hourly to see where it takes us on the next bar.
it would appear its had enough for the time being . We are getting up to last quarters high so could be some profit taking from the last 3 days .
  • #240,991
  • Jul 26, 2010 2:51pm Jul 26, 2010 2:51pm
Quoting digger1
lol for me I dont even generlize it tht much , its trading to me you are either buying or selling I have made as much in some 2 minute trades (and lost) as I have made in trades I held for 3 days . I dont care if they go up or go down I just need thm to move thats all. Tick chart , time based chrt as long as it moves lol
Have you read something about trading psychology?
  • #240,992
  • Jul 26, 2010 2:54pm Jul 26, 2010 2:54pm
Quoting xenu
Have you read something about trading psychology?
No, but I have been thru enough to write a book
  • #240,993
  • Jul 26, 2010 2:55pm Jul 26, 2010 2:55pm
Quoting digger1
lol for me I dont even generlize it tht much , its trading to me you are either buying or selling I have made as much in some 2 minute trades (and lost) as I have made in trades I held for 3 days . I dont care if they go up or go down I just need thm to move thats all. Tick chart , time based chrt as long as it moves lol
Hopefully in the Direction you put your Trade in!
  • #240,994
  • Jul 26, 2010 2:57pm Jul 26, 2010 2:57pm
Quoting digger1
No, but I have been thru enough to write a book
That's cool. Where I can find it ?
  • #240,995
  • Jul 26, 2010 2:59pm Jul 26, 2010 2:59pm
Quoting Allseeingeye
Hopefully in the Direction you put your Trade in!
lol like every one in my early days I was a good indicater, just do the oppisite lol. Nowadays well I will squeak by lol
  • #240,996
  • Jul 26, 2010 3:01pm Jul 26, 2010 3:01pm
Quoting xenu
That's cool. Where I can find it ?
You will get the 1st copy when its published
  • #240,997
  • Jul 26, 2010 3:05pm Jul 26, 2010 3:05pm
Quoting digger1
it would appear its had enough for the time being . We are getting up to last quarters high so could be some profit taking from the last 3 days .

major r overhead , they have to absorb the selling before they break it out , all dips being bought at the moment on 30 and 15... sure looks liek we drift sideways in this channel till London

I am pretty bullish gu into 1.6500 due to low volume test I saw on weekly 2 weeks back , this should be our third up week this week , then maybe a rest week next week / slightly down
Blogging daily now at www.volume.zone
  • #240,998
  • Jul 26, 2010 3:07pm Jul 26, 2010 3:07pm
Quoting digger1
No, but I have been thru enough to write a book
with you there.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #240,999
  • Jul 26, 2010 3:08pm Jul 26, 2010 3:08pm
Quoting malcolmb14
majopr r overhead , they have to abosrob the selling before they break it out , all dips being bought at the moment on 30 and 15... sure looks liek we drift sideways in this channel till London

I am pretty bullish gu into 1.6500 due to low volume test I saw on weekly 2 weeks back , this should be our third up week this week , then maybe a rest week next week / slightly down
I still have longs from farther down just taking some profit from the later ones , I am not looking tht far yet tho lol
  • #241,000
  • Jul 26, 2010 3:13pm Jul 26, 2010 3:13pm
Quoting 45Condor
with you there.
lol, its a heck of a journey for sure .
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