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Cable Update (GBPUSD)

  • #251,481
  • Sep 7, 2010 6:00pm Sep 7, 2010 6:00pm
Quoting posterboy
man i have 2 more fast till thursday here in pakistan..
yea same here, just that I'll be taking a week holiday beginning today & would like to wish you guys

Quoting posterboy
please if you may? i here guys speaking about 15269 level i can seem to adjust any tl to my charts and find any support at around 15269..i find tl coming to around deep..please if may post one of your kick arse charts please


Thank you in advance
269 mentioned is just another small support, you need not worry about that if you're trading from the htf, just pick the round number closest to it. Right now 5300 is the big one. Had always been
Any d1 close below this then cable will slide down bigtime, the closest tl I have if 5300 fails is ard 4900 level. Don't be buying yet before the D1 shows a reversal. I've had 2 losing trades yesterday trying to buy off this support without the d1 confirmation, the h4 bounce is not working for me. On the other hand I won't be selling before the support goes either tbh. Best thing to do is to stay flat and wait it out. I'm only saying this because you posted a htf chart & I am assuming you're trading from it. If you're trading from the ltf, then that's a different ball game

Have a good one.
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Thank You
  • #251,482
  • Sep 7, 2010 6:04pm Sep 7, 2010 6:04pm
posterboy,

another trader nailed it down to 5300 using the W1 posted on my thread.
Great charting if you're interested to see the levels mentioned earlier.

here's the charts:
1. http://www.forexfactory.com/showpost...postcount=8316

See you in a few days. Happy holidays
Thank You
  • #251,483
  • Sep 7, 2010 6:11pm Sep 7, 2010 6:11pm
anyone notice the weekly for last 3 weeks

it shows best on a bar chart with closes only

lower highs , lower lows and lower closes .... big moves could be brewing and it is not up 1.5440 is key this week as it is last week close for me on futures chart

selling all rallies for now , keeping counter trend trades tight stop
Blogging daily now at www.volume.zone
  • #251,484
  • Sep 7, 2010 6:13pm Sep 7, 2010 6:13pm
Quoting malcolmb14
anyone notice the weekly for last 3 weeks

it shows best on a bar chart with closes only

lower highs , lower lows and lower closes .... big moves could be brewing and it is not up 1.5440 is key this week as it is last week close for me on futures chart

selling all rallies for now , keeping counter trend trades tight stop
yep..am with you on the selling rallies thing.
  • #251,485
  • Sep 7, 2010 6:32pm Sep 7, 2010 6:32pm
Quoting malcolmb14
ah Mag .... good to see you have not changed ..I was worried about all those nice polite posts you were putting out there. I thought somehow someone had brain washed you ... but this post shows the old Mag is still there ... lol


Just picked up a couple longs for a few here...

Figured, really, why the eff not?

Daily closed in my positive zone, if I get head faked on this one, just out 20 on 2...no biggie.

Crazy ass trading weeks we have been witness to...areas not balancing the books, I know, sure looks short chart, but not making much sense to me to short here...Times they will be the tellers.

Uh...Here's the chart.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,486
  • Sep 7, 2010 6:43pm Sep 7, 2010 6:43pm
Quoting wormboy
] I'll be taking a week holiday beginning today...
nice. enjoy your holiday bro!
  • #251,487
  • Sep 7, 2010 6:47pm Sep 7, 2010 6:47pm
It's a simple matter of prediction based trading vs current direction based trading.

Okay you can see a direction on all TF's and it'll hold, but on high TF's although it might be worth 100's of pips so it looks great most of the time it's a gamble.

Where as short term you can see the direction is UP so you can jump on that at a sensible place and take it for a ride, it might go 1pip and turn or 40pips thats the gamble, but also the game is you get out when the direction turns so your risking 10pips max to make possibly much much more and as long as you don't get greedy you have a much higher win %.

And short term you can repeat above many times per day and better win ratio means higher leverage.

Downside is more screen time, but as it's the only realistic way to make proper money screen time it is.

The market is impossible to predict, so anyone which tries to do so is doomed to fail sadly or atleast make very small profits.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #251,488
  • Sep 7, 2010 6:52pm Sep 7, 2010 6:52pm
Quoting Magix


Just picked up a couple longs for a few here...

Figured, really, why the eff not?

Daily closed in my positive zone, if I get head faked on this one, just out 20 on 2...no biggie.

Crazy ass trading weeks we have been witness to...areas not balancing the books, I know, sure looks short chart, but not making much sense to me to short here...Times they will be the tellers.

Uh...Here's the chart.
Direction is still down, not enough momentum for me to bother though.

Betting on a change of direction is generally a bad bet, although it might work out long term doing so won't be profitable, but next trade impossible to predict.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #251,489
  • Sep 7, 2010 6:57pm Sep 7, 2010 6:57pm
Quoting Turveyd
Direction is still down, not enough momentum for me to bother though.

Betting on a change of direction is generally a bad bet, although it might work out long term doing so won't be profitable, but next trade impossible to predict.
I just go with what I see on my charts mango...I see a trade set up, I take it...

I don't gotta win them all, just need enough to make it worth my while and play with enough to keep things interesting.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,490
  • Sep 7, 2010 7:02pm Sep 7, 2010 7:02pm
so you basically saying this area from 5300 to 54 is like no mads land for now another test and failed attempt of 5420 should resume short and close below d1 5300 continue rock fall on htf..

honestly Wormy ..iam making a kill every day with river box trading of cloggie style..no issue greatful i havent really had a trade that made four figures i wana trade htf its nt worth sitting infront of lap top all the time wana give time to family kids


Quoting wormboy
posterboy,

another trader nailed it down to 5300 using the W1 posted on my thread.
Great charting if you're interested to see the levels mentioned earlier.

here's the charts:
1. http://www.forexfactory.com/showpost...postcount=8316

See you in a few days. Happy holidays
We cannot direct the winds but we can adjust our sail.
  • #251,491
  • Sep 7, 2010 7:06pm Sep 7, 2010 7:06pm
Quoting Magix
I just go with what I see on my charts mango...I see a trade set up, I take it...

I don't gotta win them all, just need enough to make it worth my while and play with enough to keep things interesting.
Well it's turned up, looks great on the chart until you realise it's up maybe 6pips


I'm running on a 40% lose upto 10pips, 30% make upto 10pips which cancel each other out pretty much and the remaining 30% make 10 - 40pips which is where the profit comes in.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #251,492
  • Sep 7, 2010 7:25pm Sep 7, 2010 7:25pm
switched to 80% options trades and 20% day trading es...

options way less stress and give me a life as I use daily charts only ... banged out a couple last week with 300 % returns,,,, also can trade them in the old tfsa and I lvoe the way you can get ito an options trade with a credit to your account using spreads





Quoting Magix


Just picked up a couple longs for a few here...

Figured, really, why the eff not?

Daily closed in my positive zone, if I get head faked on this one, just out 20 on 2...no biggie.

Crazy ass trading weeks we have been witness to...areas not balancing the books, I know, sure looks short chart, but not making much sense to me to short here...Times they will be the tellers.

Uh...Here's the chart.
Blogging daily now at www.volume.zone
  • #251,493
  • Sep 7, 2010 7:30pm Sep 7, 2010 7:30pm
I went short at 1,5368... short just below the little H1 swing high from yesterday....hopefully it won't clear this high
Stop for 30 pips, target is 1,5285...wait & see now!
COT: The precious data ignored
  • #251,494
  • Sep 7, 2010 8:43pm Sep 7, 2010 8:43pm
Quoting malcolmb14
switched to 80% options trades and 20% day trading es...

options way less stress and give me a life as I use daily charts only ... banged out a couple last week with 300 % returns,,,, also can trade them in the old tfsa and I lvoe the way you can get ito an options trade with a credit to your account using spreads
I'm hitting the hockey sticks here mal...

A couple trades per day, trip with direction on Rollover, London and NY and watch the money grow. A little more by way of swings then the rapid fires...

Meh, grinding them out as they come.

Last month the account grew just a touch over 30%...A lot less work for a few less sheckles, all in all, I not gunna bitch.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,495
  • Sep 7, 2010 8:51pm Sep 7, 2010 8:51pm
Quoting malcolmb14
switched to 80% options trades and 20% day trading es...

options way less stress and give me a life as I use daily charts only ... banged out a couple last week with 300 % returns,,,, also can trade them in the old tfsa and I lvoe the way you can get ito an options trade with a credit to your account using spreads
Hey Mal,

PM me I gotta good options strategy I came up with. With your analysis it can fly.
  • #251,496
  • Sep 7, 2010 9:03pm Sep 7, 2010 9:03pm
Quoting Turveyd
Well it's turned up, looks great on the chart until you realise it's up maybe 6pips


I'm running on a 40% lose upto 10pips, 30% make upto 10pips which cancel each other out pretty much and the remaining 30% make 10 - 40pips which is where the profit comes in.
S/L moved into +5 for now, will see how this plays out, worst I am gunna down right now is churn a brownie. Not bad for a quick look at the charts and happening to be here as opportunity knocks.

Rock on Brother, Rock on!


Scratch that, took 21x2 on this one, will wait until we clear the 15m 200EMA for continuation.

Hey, where was that wanker Bull_Bear short from? What kinda profit is he sitting with...Oh yeah, about 16 pips...lol

Way to go Grape Smuggler!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,497
  • Sep 8, 2010 1:32am Sep 8, 2010 1:32am
Quoting cloggie
Just to come back on the subject here at the LC, and sorry for picking on you, but how could the Swissy correlation have helped you here, for the first part of the day it was inversely correlated then correlated and for the last part it was inversely correlated.

There is a lot more to correlation trading then just comparing Cable to the swissy. Using the swissy as correlation you would have been on the wrong side of the market for about 70% of the day.
Cloggie.

I respect the fact that you have been here on the forum a longer time than I have and that you are more versed in the various different methods and ways in which people can trade. But please do not continue this ranting of yours towards those who either do not wish too or maybe even want to trade your way. Suggesting that the way in which I trade will leave me without a pot too piss in, is too say the least non professional especially as you don't actually know the methods or the circumstances in which I find the criteria too place my trades.

You trade your way and I'll trade my way and I'm sure that we will both be profitable. There is after all no one set way that works any better than another.

I will however continue too learn and develop my own, as per everyone else 'unique way of trading' which will be successful enough for me both now and in the future too.

Good piping always to all. Whichever way the price goes on the market
  • #251,498
  • Sep 8, 2010 1:40am Sep 8, 2010 1:40am
GBPUSD INDUSTRIAL NEWS PLAY?

very tricky to go long or short at the moment, unless one uses microlots... :nerd:
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  • #251,499
  • Sep 8, 2010 1:44am Sep 8, 2010 1:44am
Quoting pawpaw1000
Well boys and girls,

Lower low today on H4, after a LOOOOONG struggle. Calls for celebration? Might look to short from the 5380 level here for a overnight trade targeting the lows just before LO 2moro. Will be watching for a signal to short but so far it seems we still have some momentum to the upside...

Will be very interesting to see where we go from here? Could this have been a fake out to get some stops just below the 5300 level?

Time will tell but with the HUGE drop In Fibre, although it is linked to sovereign debt issues, we could see...
Time for the shorts now... Wondering whether I should wait for LO... Very nice RR from here!
@pawpaw1000 on Twitter
  • #251,500
  • Sep 8, 2010 1:50am Sep 8, 2010 1:50am
Quoting pawpaw1000
Time for the shorts now... Wondering whether I should wait for LO... Very nice RR from here!
8:00am GBP Halifax HPI m/m

I agree but am waiting to get past the news first, who knows which way that might take us.
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