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Cable Update (GBPUSD)

  • #248,361
  • Aug 24, 2010 10:42am Aug 24, 2010 10:42am
Quoting fourxtrader
Might save a few from walking into forbidden paths.

Dr. D.
Okay doc , here goes , system versus method , systems are designed to work in a controlled enviroment. Markets for us mere mortals are far from a controlled enviroment . Systems made for ranging markets fail in trending markets and vice versa , . A method of trading adjusts for what happens in a day or whatever time period you are trading , something may have a little momentum behind it going one way or the other and seemingly against what has been happening etc , a system does something no matter what ie selling a mkt that is suddenly being bought or buying a mkt that is suddenly being sold and it has no way to adjust before it gives back everything it has made you and then some. Thats why everyday there is countless new and improved trading robots out there that will make you rich for the bargain basement price of what 97 to 150 dollars apiece seems to be the general price area . Now this is just my opinion but trading is no different than any other business , you want to make it and be competitive then pick your time frame roll up your sleeves and go to work start making your trading business competitive , then make it better than the competetion , find a method that works for you and perfect it, use it and learn the little things that keep you on top no matter what the competition is doing . Any how doc a chart with the patterns mention earlier , just a zoomed out 2 minute chart with 4 hour bars as the lighter colored background
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  • #248,362
  • Aug 24, 2010 10:53am Aug 24, 2010 10:53am
short at 5468 with s/l at 5490 and t/p at 5401....

Reason: Still believe us to be in downtrend and we have now had a good retrace. triple top on m15 and sold on the rejection of third top...
Put s/l above previous swing low and current high...

Am risking 2.2% for 6.75%. Believe this to be high propability trade. Please let me know what you guys think. Always good to see other views...
@pawpaw1000 on Twitter
  • #248,363
  • Aug 24, 2010 11:08am Aug 24, 2010 11:08am
Quoting pawpaw1000
short at 5468 with s/l at 5490 and t/p at 5401....

Reason: Still believe us to be in downtrend and we have now had a good retrace. triple top on m15 and sold on the rejection of third top...
Put s/l above previous swing low and current high...

Am risking 2.2% for 6.75%. Believe this to be high propability trade. Please let me know what you guys think. Always good to see other views...
most liekly move over time. August can be whipsaw market but sept 90% of time has trend , as long as price remains under hulls on the daily I am selling all rallies down into 50 % or lower retrace of up move. 1.5500 then 1,5625 are key area on my daily charts

today es tested 1043 . that was low of may fat finger day.... breaks that we see another 5 to 10% correction in us markets .... puts have been awesome.

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Blogging daily now at www.volume.zone
  • #248,364
  • Aug 24, 2010 11:08am Aug 24, 2010 11:08am
Quoting pawpaw1000
short at 5468 with s/l at 5490 and t/p at 5401....

Reason: Still believe us to be in downtrend and we have now had a good retrace. triple top on m15 and sold on the rejection of third top...
Put s/l above previous swing low and current high...

Am risking 2.2% for 6.75%. Believe this to be high propability trade. Please let me know what you guys think. Always good to see other views...
Good day to you,

I do not think price will go anywhere for the next while (few hours) - as per price action angle, we are sitting at the projected weekly closing price of 1.5465 - with the projected daily close just 20 pips above @ 1.5487.

We are also right on the spot of Friday's low @ 1.5462. I may be wrong, but float we will for a while to come,(few hours) or go 20 up before close.

Just opinion - since you asked...

Trade well!

Regards
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  • #248,365
  • Aug 24, 2010 11:15am Aug 24, 2010 11:15am
Quoting TauTrader
Good day to you,

I do not think price will go anywhere for the next while (few hours) - as per price action angle, we are sitting at the projected weekly closing price of 1.5465 - with the projected daily close just 20 pips above @ 1.5487.

We are also right on the spot of Friday's low @ 1.5462. I may be wrong, but float we will for a while to come,(few hours) or go 20 up before close.

Just opinion - since you asked...

Trade well!

Regards
Thanks Tau,

Must admit that I have NO idea what the Projected close is??? how do you project the close? anyways, thanks for the point of view, didn't notice we were at fridays close which means this could be a decision area.

Thanks tau and good luck!
@pawpaw1000 on Twitter
  • #248,366
  • Aug 24, 2010 11:21am Aug 24, 2010 11:21am
Quoting LostMyShirt
Took the first half off for + 20 pip
I should have played EURUSD today instead of this stupid pair....Keeping the other position i added at 1.5413 open
Closing the other half for +45 pip profit.. flat now..
  • #248,367
  • Aug 24, 2010 11:25am Aug 24, 2010 11:25am
Quoting TauTrader
Good day to you,

I do not think price will go anywhere for the next while (few hours) - as per price action angle, we are sitting at the projected weekly closing price of 1.5465 - with the projected daily close just 20 pips above @ 1.5487.

We are also right on the spot of Friday's low @ 1.5462. I may be wrong, but float we will for a while to come,(few hours) or go 20 up before close.

Just opinion - since you asked...

Trade well!

Regards
so you saying we going sideways for next 3 days ?

this is a daily s/r level ... we broke it last night and came back up to test it. We have seen sellers halt the move for now. I will be looking for further weakness in London

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Blogging daily now at www.volume.zone
  • #248,368
  • Aug 24, 2010 11:28am Aug 24, 2010 11:28am
Quoting malcolmb14
so you saying we going sideways for next 3 days ?

this is a daily s/r level ... we broke it last night and came back up to test it. We have seen sellers halt the move for now. I will be looking for further weakness in London

Attachment
Agree
My trade still in Play
http://www.forexfactory.com/showpost...stcount=247995
  • #248,369
  • Aug 24, 2010 11:29am Aug 24, 2010 11:29am
Quoting pawpaw1000
Thanks Tau,

Must admit that I have NO idea what the Projected close is??? how do you project the close? anyways, thanks for the point of view, didn't notice we were at fridays close which means this could be a decision area.

Thanks tau and good luck!
Good day to you,

Projected closes are just what they say - just a little tool I use - taking into consideration the angle at what price is moving, and adding time to that. Nothing serious... Gann principle.

BTW - your analysis is a good one, as we are in sell territory. Anything below 1.5511. Above 1.5511 up to 1.5530, ping pong. Above 1.5530 - buys can be considered.

I see you are coming along nicely - sound analysis. Keep it up!

PS - all the above just my humple opinion - if you quote me, i'll call you a lair..http://a.imageshack.us/img827/9717/itwasntme.gif

Wish you all success - and come home, the Bokke needs you!http://a.imageshack.us/img809/6092/35967929.gif

Regards
  • #248,370
  • Aug 24, 2010 11:31am Aug 24, 2010 11:31am
Quoting malcolmb14
so you saying we going sideways for next 3 days ?

this is a daily s/r level ... we broke it last night and came back up to test it. We have seen sellers halt the move for now. I will be looking for further weakness in London

Attachment
Good day to you,

No - never said that. Said we might range for a few hours

Regards
  • #248,371
  • Aug 24, 2010 11:37am Aug 24, 2010 11:37am
Quoting TauTrader
Good day to you,

No - never said that. Said we might range for a few hours

Regards
Jammer, het nie gesien jy is Suid Afrikaans nie! ja, is besig om vinnig te verbeter maar ek hou duim vas dit hou soo aan! will oor 2 - 5 jaar professioneel trade. Ruggas is ook nie vir altyd nie
@pawpaw1000 on Twitter
  • #248,372
  • Aug 24, 2010 11:39am Aug 24, 2010 11:39am
Quoting TauTrader
Good day to you,

No - never said that. Said we might range for a few hours

Regards
lol ... as you said I call you on it you will deny it ...

I agree .. the next major move will be asia or London .

In reality if you look at fx there are only a few moves on a 30 min chart ..

London open for 1 hr , libor fixing for 30 min , US market open for 1 hr (inot london close), other than that markets kind of dead.
Blogging daily now at www.volume.zone
  • #248,373
  • Aug 24, 2010 11:42am Aug 24, 2010 11:42am
Quoting malcolmb14
lol ... as you said I call you on it you will deny it ...

I agree .. the next major move will be asia or London .

In reality if you look at fx there are only a few moves on a 30 min chart ..

London open for 1 hr , libor fixing for 30 min , US market open for 1 hr (inot london close), other than that markets kind of dead.
BTW, Fibre is also looking VERY tempting but don't think it is as good a trade as cable at this point...

Looks like h4 might close as a pinbar! JIPEE! up 16, might move s/l to be soon...
@pawpaw1000 on Twitter
  • #248,374
  • Aug 24, 2010 11:47am Aug 24, 2010 11:47am
Quoting malcolmb14
lol ... as you said I call you on it you will deny it ...

I agree .. the next major move will be asia or London .

In reality if you look at fx there are only a few moves on a 30 min chart ..

London open for 1 hr , libor fixing for 30 min , US market open for 1 hr (inot london close), other than that markets kind of dead.
Good day to you,

Yip - I stay on that big river in Egypt -denial..

Good luck for tomorrow! Wish you all success http://a.imageshack.us/img541/2809/twothumbsup.gif

Regards
  • #248,375
  • Aug 24, 2010 11:49am Aug 24, 2010 11:49am
Quoting pawpaw1000
same here but reckon we might range here a bit and then move down in Asia session!

50% retrace of the move down is at 5494 but I doubt we will reach there!

BTW, I have realised that I need one good trade per week to get good growth, thats saying risk 2% of account and RR of 3 gives me 6% per week. One would obviously trade more than once a week on the m15 tf but I have found I'm alot more relaxed than I was when I started...

I used to chase every single move and it has FINALLY dawned on me that I only need 1 good setup per week to make my...
Hi pawpaw1000 I agree that knowing you only need one good trade a week to make a living is relaxing. Like you I used to hate missing moves and was always looking for a trade but I think waiting for the best setups is good.
one 100pip move with a 15pip stop loss and risk of 1.5% can add 10% to your account so you make a good living on an average of 20pips a day I think I would rather a consistent 20 a day working out to 10% a week then a 150pip run every once in a while and with the more experience I get that 20pips a day can keep growing.

Good luck in your short trade I was looking at the same area but wasn't sure about it because of time of day I'm used to trading London open.

I see you are young aswell how long have you been trading not just forex but trading in genral?
I think I am just getting to the consistent stage but I have thought this alot in the last 8 months haha.
To average 20pips a day is alot harder than I thought it was going to be 8months ago but am getting there.

cheers
  • #248,376
  • Aug 24, 2010 11:59am Aug 24, 2010 11:59am
Quoting reflex
Hi pawpaw1000 I agree that knowing you only need one good trade a week to make a living is relaxing. Like you I used to hate missing moves and was always looking for a trade but I think waiting for the best setups is good.
one 100pip move with a 15pip stop loss and risk of 1.5% can add 10% to your account so you make a good living on an average of 20pips a day I think I would rather a consistent 20 a day working out to 10% a week then a 150pip run every once in a while and with the more experience I get that 20pips a day can keep growing....
Hey Reflex!

Yeah, being young and learning forex is great as we have no responsibilities and normally some extra cash

I traded shares for 4 years from 16 to 20 with great success until we had this crash, closed down my trading and gave everyone their money back. Was kinda bummed and thought shares were just a farce as you could lose all your gains of 3 years in 3 months! Anyways, I then started a investment company which invested in Property developments and travelled the country looking for investors. Seeing as I was barely 21, not many people were keen but I managed to raise around 50k. That went alright but have given everyone share certificates in a large business and am now waiting for them to cash in and collect my 10%

I started with forex at the end of last year, say december and was really struggling. Someone then offered to mentor me for a while and that helped TREMENDOUSLY! I have learnt in 6 months what most learn in 3 years. I see myself as an entrepeneur and a business man hehe. And i'm not gonna let FX get me down. I will keep going! I still have like another 10 years left in rugby with good earning potential so using that to build up capital. Hoping I'm good enough to start Pro in around 3 - 5 years...

Will start adding to my live account as soon as I trade 3 months profitable in a row... so far 2 weeks, CHECK!

You?

EDIT: just checked your profile and see u are 19! Lucky you to find forex at such a young age, gives you alot of time to learn! up 20 on my current trade, s/l to BE as we have proken S1!!!
@pawpaw1000 on Twitter
  • #248,377
  • Aug 24, 2010 12:08pm Aug 24, 2010 12:08pm
i found fx at 41 made 10 mill in 2 years form just 5 k ... then the alarm clock went off and i had to wake up and get showered lol ....

Stocks are tough , but options on stocks are a ton easier (and a ton cheaper) and have limited risk. I have swtiched a bit form fx to options recently and only puts as markets drops 10 times faster than they go up .

for example dxd oct 26 calls were only 1,75 not to long ago , they are up almost 200% in 3 short weeks , if dxd hits 31 target the options trade would be have 400% profit. ...but risk was limited to what i bought the option for ... nothing else.

Quoting pawpaw1000
Hey Reflex!

Yeah, being young and learning forex is great as we have no responsibilities and normally some extra cash

I traded shares for 4 years from 16 to 20 with great success until we had this crash, closed down my trading and gave everyone their money back. Was kinda bummed and thought shares were just a farce as you could lose all your gains of 3 years in 3 months! Anyways, I then started a investment company which invested in Property developments and travelled the country looking for investors. Seeing as I was barely 21, not many...
Blogging daily now at www.volume.zone
  • #248,378
  • Aug 24, 2010 12:11pm Aug 24, 2010 12:11pm
Quoting Magix
Ahhhh Doc....

It was you who appropriately nicked the cable thread as the Asylum. We are truly a bag of mixed nuts.

Why throw down to a who belongs more when the best part of this place is that it offers something for all.

You know my nature and my ability to be, oh, shall we say, not walking with much of a soft shoe....doesn't say much to my intent here. I make no apologies for who I am, but expect no kudos either.

Figuring out where you are in the scope of things can be to all of our own best benefit. Here to lead, here to follow. Here...
Quality! Gotta love the Magix
  • #248,379
  • Aug 24, 2010 12:13pm Aug 24, 2010 12:13pm
salam hi all its ramadan and was great

nice range last week and we still in it no bottom yet the ride was great hope all in green and doing well still busy with the family hope i will be back soon mal a great day foe es

lets see where the market close today best of luck
  • #248,380
  • Aug 24, 2010 12:16pm Aug 24, 2010 12:16pm
Quoting kill56
salam hi all its ramadan and was great

nice range last week and we still in it no bottom yet the ride was great hope all in green and doing well still busy with the family hope i will be back soon mal a great day foe es

lets see where the market close today best of luck
kill my good friend ,hope all is well , good day to you man
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