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Cable Update (GBPUSD)

  • #251,281
  • Sep 6, 2010 1:25pm Sep 6, 2010 1:25pm
Quoting Gbp/usd
Not really happy about my day pip profit of 54pips. Should have got'en up early 7:00 am (GMT) to catch that 100 pip drop today. I am kicking my self as my week could have started with an easy trade.


Currently just watching the market...
there no such thing as an easy trade
  • #251,282
  • Sep 6, 2010 1:38pm Sep 6, 2010 1:38pm
Don't like hanging with my positions for days with No real move but ok
I'm Patience with Plan ... Dear GBP
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  • #251,283
  • Sep 6, 2010 2:05pm Sep 6, 2010 2:05pm
price is in no mans land right now in the middle of a range.

I don't wanna hear anybody talk bout direction, cause that's just stupidity!

Lets see price breakout of range first them we can talk about direction and short term trends.
  • #251,284
  • Sep 6, 2010 2:20pm Sep 6, 2010 2:20pm
Quoting Magix
We have spent 6 days bouncing in the same area, committing to any one direction before we break out of this range doesn't seem altogether rational to me...

We have support on the daily, chart posted previously, and have a fairly defined top on the H4...

I really see no issue with trading off the lower time frames, these are where the plays are made...Watching support and resistance on the other time frames can help you from buying tops and selling bottoms and take a few sheckles along the way both ways...but again, this is where we define ourselves...

Magix, you said you dont like the sideways crap, but do you trade the ranges or just the trends?

Also is a risk reward ration of 1:2 or 1:3 good?
  • #251,285
  • Sep 6, 2010 2:41pm Sep 6, 2010 2:41pm
1H Chart , Looks nice Pattern
Attached Image

Time will Tell
Catch u tomorrow
  • #251,286
  • Sep 6, 2010 2:42pm Sep 6, 2010 2:42pm
Quoting alex1976
Magix, you said you dont like the sideways crap, but do you trade the ranges or just the trends?

Also is a risk reward ration of 1:2 or 1:3 good?
I do trade the sideways crap, my preference for trade time frames is off the 5m and counter triggers off the 1m. It would just be nice to capture a few more yips on a second day of direction, but as long as we maintain a decent daily range, there is enough room for me to find what I am looking for.

R2R is trader dependent. When I hop into a swing position, I look for direction at daily roll. From there, I can typically set a stop loss with relatively tight if not into profit...IF we carry from London into NY in the same direction, I will hold for more and adjust my SL accordingly.

This last week I have played a little tighter, but have been posting my daily chart of support and resistance so have been taking what I can where I can. Until the day breaks down or the H4 breaks up, playing tight means a better chance at me holding onto my gains.

There are a quite a few that will trade the daily charts, but with the tools we have available to us, and the range of daily movement, trading of the short charts with a tight stop loss makes the most sense to me.

Alex, rules for money management really are dependent on you as a trader and where you feel most comfortable. I have learned my lessons on holding what I consider, "Shit", trades and have adapted a style that works best for me, so really, all I can offer is a little of how I play, what I see and the tools that I use.

From here, if you find anything of value or use, awesome, if not, there are plenty of other fine traders here offering their ideas on the markets.

Long story short, I prefer to play direction and keep my ass covered, there is no ratio for that.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,287
  • Sep 6, 2010 3:21pm Sep 6, 2010 3:21pm
hi all

still doing the same shitt hit and run with diaper on hand love the 200 kisses u cant live with out it
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  • #251,288
  • Sep 6, 2010 5:29pm Sep 6, 2010 5:29pm
Daily pivot here...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,289
  • Sep 6, 2010 5:34pm Sep 6, 2010 5:34pm
Good to see my 200ema being exploited still

M1 chart, 33ema is very good and 100ema.

I've went faster and scalper though.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #251,290
  • Sep 6, 2010 5:42pm Sep 6, 2010 5:42pm
Quoting Turveyd
Good to see my 200ema being exploited still

M1 chart, 33ema is very good and 100ema.

I've went faster and scalper though.

sure its the 200 is the center of all trades

nice to see u here

keep it up
  • #251,291
  • Sep 6, 2010 5:50pm Sep 6, 2010 5:50pm
Quoting kill56
sure its the 200 is the center of all trades

nice to see u here

keep it up

Still the best directional indicator going isn't it.


Really and Really LOL

I trade down to S10 21EMA these days gets me in faster on the turns and out faster when required to keep my losses as small as possible.

Interesting S10 200ema which is the same as M1 33ema is also very strong.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #251,292
  • Sep 6, 2010 6:03pm Sep 6, 2010 6:03pm
Quoting Turveyd
Still the best directional indicator going isn't it.


Really and Really LOL

I trade down to S10 21EMA these days gets me in faster on the turns and out faster when required to keep my losses as small as possible.

Interesting S10 200ema which is the same as M1 33ema is also very strong.

darn we do learn every day i will go through the S10 thanks , u might as will try the tcci try the lower length from 5-10 on lower TF's', its for hit and run
Attached File(s)
File Type: ex4 TCCI.ex4   7 KB | 302 downloads
  • #251,293
  • Sep 6, 2010 6:09pm Sep 6, 2010 6:09pm
Quoting kill56
darn we do learn every day i will go through the S10 thanks , u might as will try the tcci try the lower length from 5-10 on lower TF's', its for hit and run

Very fast looking SMA there, is it redrawing though ??

You'll need OANDA FXGAME for S10, it's free and okay when you get used to it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #251,294
  • Sep 6, 2010 7:55pm Sep 6, 2010 7:55pm
will be a double bottom? lets see how it going.willset my sl below yesterday low..hmmm...any idea?
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  • #251,295
  • Sep 6, 2010 8:02pm Sep 6, 2010 8:02pm
Quoting clientfx
will be a double bottom? lets see how it going.willset my sl below yesterday low..hmmm...any idea?

tp hit..step a side for now
  • #251,296
  • Sep 6, 2010 8:13pm Sep 6, 2010 8:13pm
Quoting Turveyd
Good to see my 200ema being exploited still

M1 chart, 33ema is very good and 100ema.

I've went faster and scalper though.
Welcome back to the Cable thread my friend.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,297
  • Sep 6, 2010 8:47pm Sep 6, 2010 8:47pm
Quoting pawpaw1000
Mine is just as propable mate, seeing as I have witnessed it almost 1000 times and I can now almost bank on it...

Looks like we have almost reached my TP, another 10 pips to 5420...

Just for interest sake, to each his own and all that but your entry on your trade was not very good. You could've easily gotten in higher and had a better RR and Higher Propability trade. It's easy when we are in a downtrend to sell anyplace and then to set s/l 100pips and t/p 200 pips but you don't account for the ranges and therefore lose out on...
Not evey trade I make is perfect. Not every trade is at the top to sell and at the bottom to buy. With this trade the entry was made from trade decisions last week, however I have a trading strategy and plan which sets out my threshold for still holding my trade. I'm not a range trader, I set my trades strategically with my tecnicals and thresholds, both SL's and TP's.

Let me set out a step by step as to why I held the trade, hopefully you can get some value.

I entered my trade last thursday at
Quoting Bull_Bear
Here's the first trade..

sell 1.5395.. SL 1.5500.. TP 1.5190
Yes the trade went against me, why did i not close it off when it did? This is why, cos my SL is set at 1.5500, why 1.5500?? Above the previous high swing and above MY LAST line of defence (top yellow line on chart). There are 3 levels of defence BLUE, RED & TOP yellow line. This is what a trader refers to mapping out his trading plan and sticking to a specific plan. Only make decsions once your technical rules are breached, which in my case my rules were not breached. If my last line of defence was breached, than I will look to plan a different trading plan for the next trade. No one is 100% perfect in this market, but if you trade to rules and stick to them you will stop yourself from trading emotionally.

Comments from MAGIX, he lets his trade run nearly 100pips against him, I laugh at cos I have proven this guy WRONG time and time again. It's very easy to pick on a trade that went wrong, once he post he's trades live with tp and sl, than we're on even plains but until than he's just a poster than post details after the event has happened.

I hope that gives you some value.
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #251,298
  • Sep 6, 2010 9:06pm Sep 6, 2010 9:06pm
Quoting Bull_Bear
Not evey trade I make is perfect. Not every trade is at the top to sell and at the bottom to buy. With this trade the entry was made from trade decisions last week, however I have a trading strategy and plan which sets out my threshold for still holding my trade. I'm not a range trader, I set my trades strategically with my tecnicals and thresholds, both SL's and TP's.

Let me set out a step by step as to why I held the trade, hopefully you can get some value.

I entered my trade last thursday at


Yes the trade went against me, why...
how are you bro ....your target is still same?what are your views about GJ?

Ub
  • #251,299
  • Sep 6, 2010 10:46pm Sep 6, 2010 10:46pm
usd/chf scalp on the m5, stop just on the other side of 200, never need a stop loss more than 20. has saved my ass so to speak.
  • #251,300
  • Sep 6, 2010 10:58pm Sep 6, 2010 10:58pm
Quoting tfour3
usd/chf scalp on the m5, stop just on the other side of 200, never need a stop loss more than 20. has saved my ass so to speak.
You might want to check out the rest of Turveys work. Like brother Clogs says, never hurts to have another tool in your toolbox.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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