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Cable Update (GBPUSD)

  • #248,901
  • Aug 26, 2010 4:36am Aug 26, 2010 4:36am
Quoting pawpaw1000
we are actually in a bit of a fix here... Above us we have weekly pivot and also R3...

Below us we have the low of the range (last week) and 38.2 retrace of this up move...

Maybe trad this as a break out... ???
which way haha.
  • #248,902
  • Aug 26, 2010 4:38am Aug 26, 2010 4:38am
Quoting Piotr1
What do you sniff man ? laughing gas?
Only When it's a good day,
Obviously...

Here's a basic candle showing 'short's' back
into play. The MendocinO sunset is better to look at though,
-Yes, than my child school pip chart!

Let's see how London Drives her In 25 min's w/news,
Best of Pipping,
Not that you care... Here you go:

Jeff
Attached Image (click to enlarge)
Click to Enlarge Name: 8_26_2010 POUND SELL SIGNAL.jpg Size: 167 KB
I will work to Objectively Identify my Edges
  • #248,903
  • Aug 26, 2010 4:43am Aug 26, 2010 4:43am
Quoting bbmac
I agree that the calculation method of oscillators lags by their nature, but their divergence from price can be a leading indicator that can tell you something about price/market sentiment...similarly re you further post about supp/res ....potential support/resistance factors like previous fractal price swing hi/lo's to determine previous near-term imbalances of supply/demand and demand/supply respectively are price based but fibs and trend lines are calculated from price and may not be at such previous swing hi/lo's...

It is too simplistic to...
Nicely put! For that you have my vouch. You are right, it is simplistic to say to say that ALL indicators lag.

I use Bigger Picture Analysis, Weekly Curve analysis, MAs, fibs, trendlines, candlestick patterns, CCI, BB and ATR for my confluences or odds enhancers. I build a picture that determines whether the odds are stacked in my favour before I make the decision to go either long or short. Sometimes I get it wrong, but like Pawpaw says, this is where my MM comes in to save my ar$e!

It is a lot to work through, but I have a worksheet that allows me to tick off the boxes because I only need one or two confluences.

The odds enhancer on my trade this morning which just fell short was the 38.2 fib.

I also use the aformentioned indicators during my Trade Management.

Don't get me wrong... I am still a long way off from the polished article, but things are slowly coming together and putting it all on paper in my Trading Plan is the best thing I have done since I started trading.
  • #248,904
  • Aug 26, 2010 4:49am Aug 26, 2010 4:49am
Ive been trying to put PA and S&R first, and ignore my indicators, but i have a hard time determining when S&R will hold or break? I feel so many times im trading off these level and they just break. how can u tell when your trading the reversal off these levels?

thanks.

Quoting bbakker
Rome wasn't built in a day!

Price is back up to previous support @1.5540 which will hopefully provide resistance now. You also have the 200ma on h1 there. Love them MAs for my confluences to support my argument for price action.
  • #248,905
  • Aug 26, 2010 4:49am Aug 26, 2010 4:49am
Quoting Piotr1
http://www.google.com/imgres?imgurl=...iw=966&bih=682...
Thanks for the info. I will read up on it and see if I can use it anywhere in my trading.

Remember, I am a swing trader on the higher timeframes, so I am looking for the extremes. It gives me the highest risk/reward ratio. My hit rate might be lower than most, but then the rewards are much higher when it does work. That is part and parcel of being a swing trader.
  • #248,906
  • Aug 26, 2010 4:51am Aug 26, 2010 4:51am
closed my short here. 15519. let's see where this is going.

didn't breach the 1H TL so far.
Attached Image (click to enlarge)
Click to Enlarge Name: pp5.gif Size: 19 KB
  • #248,907
  • Aug 26, 2010 4:57am Aug 26, 2010 4:57am
Here's 'Simple Pivot-Pt,

Calculator off the 1hr' London Open Values,
Looking at the 2nd Row.

Notice the 200 ema right @S_2 Level,
Let's see if she @least hit's (my desire),
-or Bounces, from there for all you who
are long.
News in 3,
Here you go,

Jeff
Attached Image (click to enlarge)
Click to Enlarge Name: 8_26_2010 GBP 4hr_ 200 Ema to be hit at S2.jpg Size: 193 KB
I will work to Objectively Identify my Edges
  • #248,908
  • Aug 26, 2010 4:58am Aug 26, 2010 4:58am
Quoting Uncharted
Ive been trying to put PA and S&R first, and ignore my indicators, but i have a hard time determining when S&R will hold or break? I feel so many times im trading off these level and they just break. how can u tell when your trading the reversal off these levels?

thanks.
I can't tell whether price will reverse or not, but I look to the left of the chart and then left again which allows me to determine what PA had done previously at these levels. As bbmac stated I am looking to determine previous near-term imbalances of supply/demand and demand/supply respectively.

If you really want to learn more about supply and demand I suggest you review Sam Seiden's Live Session Archives at http://www.fxstreet.com/search/contr...1-e9bf77216d2f

Enough of me for today, I don't want to hog this thread, especially since my trade didn't even trigger this morning

I am at work and I actually have some work to do for a change!

So I wish you all success with your trading and may the pips be with you!
  • #248,909
  • Aug 26, 2010 5:00am Aug 26, 2010 5:00am
Fibre setting up for a nice Long if we break 1.2722...
@pawpaw1000 on Twitter
  • #248,910
  • Aug 26, 2010 5:01am Aug 26, 2010 5:01am
thanks!

Quoting bbakker
I can't tell whether price will reverse or not, but I look to the left of the chart and then left again which allows me to determine what PA had done previously at these levels. As bbmac stated I am looking to determine previous near-term imbalances of supply/demand and demand/supply respectively.

If you really want to learn more about supply and demand I suggest you review Sam Seiden's Live Session Archives at http://www.fxstreet.com/search/contr...1-e9bf77216d2f

Enough of me for today,...
  • #248,911
  • Aug 26, 2010 5:02am Aug 26, 2010 5:02am
Quoting TerpFan2
Only When it's a good day,
Obviously...

Here's a basic candle showing 'short's' back
into play. The MendocinO sunset is better to look at though,
-Yes, than my child school pip chart!

Let's see how London Drives her In 25 min's w/news,
Best of Pipping,
Not that you care... Here you go:

Jeff
Sunset on your wallpaper... It is very beautiful. I was once on highway 1 during sunset. It was amazing view.
  • #248,912
  • Aug 26, 2010 5:03am Aug 26, 2010 5:03am
Are we going to see a bit of a move to the upside now?
  • #248,913
  • Aug 26, 2010 5:05am Aug 26, 2010 5:05am
Is Un-Believeable...

But I'll take it,

-All you Long-er's...
here's the chance to send it up, North!

Let's see what she does...!
This is "Dismal" off that number,
But she can get cranking...

Jeff
I will work to Objectively Identify my Edges
  • #248,914
  • Aug 26, 2010 5:05am Aug 26, 2010 5:05am
Quoting Astroman
Are we going to see a bit of a move to the upside now?
well, reckon we might test todays high but no one really knows...

except maybe cloggy! But he's been trading for decades
@pawpaw1000 on Twitter
  • #248,915
  • Aug 26, 2010 5:09am Aug 26, 2010 5:09am
Long 5544 - just testing the bounce from this level off the 5min 123. Mindful we're still below London Open...
Attached Image (click to enlarge)
Click to Enlarge Name: 26th Aug GU 5min Entry (1).PNG Size: 44 KB
  • #248,916
  • Aug 26, 2010 5:09am Aug 26, 2010 5:09am
I was just basing it on the News release. Snagged a whole 5 Pips.

  • #248,917
  • Aug 26, 2010 5:10am Aug 26, 2010 5:10am
Quoting Piotr1
Sunset on your wallpaper... It is very beautiful. I was once on highway 1 during sunset. It was amazing view.
Why thank you,

Well... it's more of a Thank GOD, i outta say -for that kind of a view... !

'Back up from here...? Don't know,
Looking at that 5min dismal pin makes me wanna jump back in "short" again,
We'll See...
Best of Pippin,

Jeff
I will work to Objectively Identify my Edges
  • #248,918
  • Aug 26, 2010 5:16am Aug 26, 2010 5:16am
Long from 1.5541 hope to get my 20 pips on this trade
  • #248,919
  • Aug 26, 2010 5:18am Aug 26, 2010 5:18am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
I am hoping, targetting atleast 5620 for today if we don't retest 546xx, let see.. Break of 552xx will lead the way.



ta
ams


Quoting ams
Well done for showing the patience and skills to hold the trade.
You are vouched

I myself was not convinced of PA from day before yesterday. I knew that it'll come off monthly pivot once collected enough short orders.
All posts mentioning the very same.

However, be vary of another short day today and take your profit while you can. When price starts to take it original course, it usualy is hit by another down leg before it starts moving in it's true direction.



...
  • #248,920
  • Aug 26, 2010 5:33am Aug 26, 2010 5:33am
Quoting chano12
BTW, trading sessions breakouts treated me well, risking only 2% per trade; 1 loss, 3 wins... Too bad it was only demo

Greetings to all from Mexico!

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