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Cable Update (GBPUSD)

  • #242,001
  • Jul 30, 2010 8:18am Jul 30, 2010 8:18am
Quoting 4xStar
The blue area below would be the 'box' right? So you wait through all the jumping around, should consolidate inside the box, then wait for a breakout with a test .. ?

You got it. Make the box a bit taller, include the DP and add a TL from the low to give you another indicator. That gives you a nice triangle to use as breakout. And be mindful of that bullish engulfing on the M5, the low is still supported so it is still valid.
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  • #242,002
  • Jul 30, 2010 8:23am Jul 30, 2010 8:23am
Good day to you,

Early warning (only long term view) - that we may now be heading for a decent retrace. Ideally, a second warning would add strength to the suggestion.

Just a heads-up.

Regards
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  • #242,003
  • Jul 30, 2010 8:28am Jul 30, 2010 8:28am
Quoting cloggie
You got it. Make the box a bit taller, include the DP and add a TL from the low to give you another indicator. That gives you a nice triangle to use as breakout. And be mindful of that bullish engulfing on the M5, the low is still supported so it is still valid.
Nice
******************* I'd rather make money than be right.
  • #242,004
  • Jul 30, 2010 8:29am Jul 30, 2010 8:29am
Quoting 4xStar
Nice

Easy money, just don't jump the gun and once the break occurs and resistance becomes support or vice versa that is where your stop goes. There are 2 ways of trading setups like this, the high risk one is the TL, the low risk is the break of the range. All depends on your strategy. If you trade the TL, your first target is the top of the range and stops just below the TL, once the range goes, stops to the break. Opens that forms ranges are scalpers paradise, just keep trading the box.

One thing is for sure though, don't go shorting this support, not yet, the TL and box both need to go for a short to have any chance. The safest trade is always to wait for a river to flow and join the ride, anticipating breaks is just stressful and leads to unnecessary stopped out trades, both because of stops being hit and because a trader will sit there staring at his screen while the insecurity mounts and ends up closing it manually only for his trade to go in his direction after all once the break does happen.
  • #242,005
  • Jul 30, 2010 8:38am Jul 30, 2010 8:38am
Quoting bbmac
as chart below....2nd and highest bubble should say '...preferably within the body of that bullish thrust candle'

....had to wait a bit but eventually some gain...has seen +10 at best from my 5591 ask entry...correct at time of writing
Attached Images
ex member
  • #242,006
  • Jul 30, 2010 8:44am Jul 30, 2010 8:44am
Quoting cloggie
Scaling into losers is a noob strategy. Look up 3 guys who scaled into losers and see their results: LTCM, Barings Brothers and Sumitomo Copper.

If you get caught scaling into a loser on any trading floor in the world you will not only lose money, you will lose your job.

Take your loss and move on.
Completely dissagree.

The key is in the method used. Even a bad trade can be exited at BE if you scale in properly.

In the past 12 months I have taken about 80 positions with about 10 losers. Had I simply taken loses and moved on I would be less advanced than I am today.

My longest trade lasted 4 weeks and because of scalling I was able get out of a bad trade with a profit.

MM is everything in scalling. I leave my self a 1000 pips of breathing room. This takes the emotion completely out of the game.

Your right in thinking that I won't get rich quick. Just keep in mind that other people thought they would get rich quick ultimately to discovered how to get poor fast.

Bottom line, I added this to my trading style because I wanted to spend more time away from the screen. Started with 1k in August 2009. Today I have 35K with one trade long USDJPY down 100 pips (Equity 34K).

I still read the forum from time to time but have posted very litlle in the last year. Too many KIA PITA's in here. (Know It All Pain In The A**)
  • #242,007
  • Jul 30, 2010 8:46am Jul 30, 2010 8:46am
Quoting TauTrader
Good day to you,

Early warning (only long term view) - that we may now be heading for a decent retrace. Ideally, a second warning would add strength to the suggestion.

Just a heads-up.

Regards
i am sorry .but i dont understand how can you see it is the heading.i cannot see anything in your chart .can you explain it more clearly. thank you
A chart helps those who can read it.
  • #242,008
  • Jul 30, 2010 8:49am Jul 30, 2010 8:49am
Hi Bablo,

Would you care to explain your MM rules?


Thanks
PJ
  • #242,009
  • Jul 30, 2010 8:49am Jul 30, 2010 8:49am
Quoting bablo
Completely dissagree.

The key is in the method used....
I am not going to start an argument about this one here, it is as old as FX trading itself (600 years), but you may want to have a closer look at your trendspotting, if you need to scale in to absorb a 1000 pip loss only to come out of a trade at BE, you may want to look at how you could have identified that 1000 pip move, closed your wrong trade for 50 pips or so and would have been 950 pips better of, I know what I like and most traders will wholeheartedly agree with that. Scaling into a losing trade only means that you are too scared to admit that you are wrong.
  • #242,010
  • Jul 30, 2010 8:51am Jul 30, 2010 8:51am
hi all


hope u are well and in green last night was great still friday and crazy

digg it was L4 bro was really sweet flat let go to hell daily close here will take us further north i might be wrong dont like smelly fingers best of luck to all
  • #242,011
  • Jul 30, 2010 8:53am Jul 30, 2010 8:53am
Quoting Magix
Support would seem to be on the M30 chart, current area would seem to be 15m resistance...

IMO...
Hi Magix - I take it you see this going down? I'm flat at the moment.

Good Luck all
  • #242,012
  • Jul 30, 2010 8:55am Jul 30, 2010 8:55am
Quoting bablo
Completely dissagree.

The key is in the method used. Even a bad trade can be exited at BE if you scale in properly.

In the past 12 months I have taken about 80 positions with about 10 losers. Had I simply taken loses and moved on I would be less advanced than I am today.

My longest trade lasted 4 weeks and because of scalling I was able get out of a bad trade with a profit.

MM is everything in scalling. I leave my self a 1000 pips of breathing room. This takes the emotion completely out of the game.

Your right in thinking that I won't...
oh,good ,man .i like you style of trade the more trades you do ,the more chances you make mistake
A chart helps those who can read it.
  • #242,013
  • Jul 30, 2010 8:55am Jul 30, 2010 8:55am
Quoting cloggie
. If you trade the TL, your first target is the top of the range and stops just below the TL, once the range goes, stops to the break.

Waiting for the DP to go next and I will move my stop. Eyes next on 5632, once that goes, the stop goes there. Testing the DP now, stop halfway in the box (+18), trade is in profit and can run free now. The break of the box is textbook, we had a fake and are back in the box for another try. Key level here is 5609, the top of the earlier bullish engulfing.
  • #242,014
  • Jul 30, 2010 9:04am Jul 30, 2010 9:04am
Quoting AllyB
Hi Magix - I take it you see this going down? I'm flat at the moment.

Good Luck all
It's kind of a wishy washy day...End of Month, Friday...bla bla bla bla bla...

I see a negative cross on the day indicating that we will see a little more of a drop. The daily has a positive cross but now needs confirmation before I am ready to go longer into my longs, so...for now, I am taking trades off the ltf in relation to my hourly.

Here's what I see.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #242,015
  • Jul 30, 2010 9:04am Jul 30, 2010 9:04am
GDP still more disappointing than the good PMI

Long at 1.5610
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Hear the music before the song is over ...
  • #242,016
  • Jul 30, 2010 9:08am Jul 30, 2010 9:08am
Quoting GlobalMacro
GDP still more disappointing than the good PMI

Long at 1.5610


good stuff buddy this is so long..
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  • #242,017
  • Jul 30, 2010 9:11am Jul 30, 2010 9:11am
Quoting cloggie
Waiting for the DP to go next and I will move my stop. Eyes next on 5632, once that goes, the stop goes there. Testing the DP now, stop halfway in the box (+18), trade is in profit and can run free now. The break of the box is textbook, we had a fake and are back in the box for another try. Key level here is 5609, the top of the earlier bullish engulfing.

Stop moved to just below the DP 30 locked in, looking at 5632 next, top of the LO range.
  • #242,018
  • Jul 30, 2010 9:12am Jul 30, 2010 9:12am
price is in consolidation..forming a diamond type pattern..

not quite a broadening traingle but u get the picture

if today break yesterday high shorters better be carefull
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  • #242,019
  • Jul 30, 2010 9:16am Jul 30, 2010 9:16am
Quoting Magix
It's kind of a wishy washy day...End of Month, Friday...bla bla bla bla bla...

I see a negative cross on the day indicating that we will see a little more of a drop. The daily has a positive cross but now needs confirmation before I am ready to go longer into my longs, so...for now, I am taking trades off the ltf in relation to my hourly.

Here's what I see.
Thanks! That chart sure looks familiar
  • #242,020
  • Jul 30, 2010 9:16am Jul 30, 2010 9:16am
Quoting cloggie
I am not going to start an argument about this one here, it is as old as FX trading itself (600 years), but you may want to have a closer look at your trendspotting, if you need to scale in to absorb a 1000 pip loss only to come out of a trade at BE, you may want to look at how you could have identified that 1000 pip move, closed your wrong trade for 50 pips or so and would have been 950 pips better of, I know what I like and most traders will wholeheartedly agree with that. Scaling into a losing trade only means that you are too scared to admit...
Sorry that you missed my point while trying to prove your trading ability.

Key takeaway:

Money Management: I never have contracts in excess of 10% of my balance.

Look for only very high probability trades: Wait for the trade to come to me and don't chase the trade.

Don't dump all your eggs into one position: Scale into a trade. Sometimes the trade goes a little negative and that's OK. Just don't panic and evaluate the trade. If your down 100 pips and the trade still looks good to you then scale in some more.

More often than not my scaling into a position happens in a positive fashion. ie first trade is positive before adding to the winning position.

Never had the 1000 pip drawdown you elude too.

As for not admitting that I took a bad position I'll bring your attention to the 10 losing trades.

I guess what can be learned from your reply to me is that you read what you wan't into a post.

A little advice to you and other KIA PITA's in here. Read the lines of text and not what you think is in between them.

Scaling into positions does not mean only adding to a losing position.
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