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Cable Update (GBPUSD)

  • #252,321
  • Sep 10, 2010 10:14am Sep 10, 2010 10:14am
Quoting Delite
Okay, that's me out for the day. Its like watching paint dry!

Thanks again for everyone's terrific contributions and I hope you all have a great weekend.

There is nothing really driving it today, everything is slow and cumbersome.
  • #252,322
  • Sep 10, 2010 10:14am Sep 10, 2010 10:14am
which is the best financial course for forex? thanks
  • #252,323
  • Sep 10, 2010 10:14am Sep 10, 2010 10:14am
Quoting cloggie
I am still flat on both, waiting for a direction that has a proper confirmation. Let's see some profit taking on the LC for a quick 20-30 pips or so.
reckon we heading to the same range as earlier on fibre seeing as we just broke up...

That seems like a better trade than cable at the moment (better range)

let's see..
@pawpaw1000 on Twitter
  • #252,324
  • Sep 10, 2010 10:15am Sep 10, 2010 10:15am
[quote=cloggie;4014120]I use other means of anticipating ranges, most traders just wait for ranges to form, I try to anticipate them. It goes back to my morning's planning for each trading day, I tend to calculate and visually find areas of interest that could well form into consolidation areas, just a matter of loads of chart gazing to finetune them.

I was accused last week by several members here of not posting trade calls live, so I figured instead of posting calls, which is pretty useless in my book I would go one step further and actually call the entire move from the LO to the LC with areas of interest, at least that is useful information...

Many many thanks to you, cloggie.
This was another week full of very useful backgroodinformation.
Every single post is much appriciated.
Itīs a lot of time you (and all other seniors) offer to us newbies,
happy that you call it "killing time between trading".
I wish everybody a nice weekend.
  • #252,325
  • Sep 10, 2010 10:16am Sep 10, 2010 10:16am
Quoting fourxtrader
And I try to pay attention to content and contribution rather than
gross generalization and baseless assumptions regardless of the
numbers of posts.

Is this your contribution?

Dr. D.
Sorry for late reply - I am very irregular these days and may continue like this.
My ONLY contribution is to warn the Newbies that FX is risky - it is not easy to make money in this. Can be done but study,study, study. Keeping an A/C going on 50:1 leverage does not take brains but then how many can afford to trade with leverage of this sort ?

Everyone comes to make money, few do. I only wish people to be diligent in trading - not think that casual Forum-learning is enough.

I don't know if it would suit me so I do not try ( and mess up other people's "logic" ) but think it is my duty to warn others of the risks.
  • #252,326
  • Sep 10, 2010 10:17am Sep 10, 2010 10:17am
Quoting pawpaw1000
reckon we heading to the same range as earlier on fibre seeing as we just broke up...

That seems like a better trade than cable at the moment (better range)

let's see..

It is all a bit messy really, may just call it a day here. All the majors are just moving from range to range. I had my 2 trades on Cable and that's enough for me.
  • #252,327
  • Sep 10, 2010 10:19am Sep 10, 2010 10:19am
Quoting need-help
Hi bbakker,
Thanks for your response.

The entry at 53.6X area would be for 30 to 50 pips. If price touches the last last line of the upward moving channel, then I would be looking to hold it for about 2 days incase my SL isn't hit for a TP of 200+. But again that's how I see this and being a noob, I might be acting a little ridiculous

on the daily chart, my view is that the trend is up and this is move down is a retrace.

Thanks again for your time.

Have a great weekend
Nothing is ridiculous because anything can happen. I don't know where price will be going in the next 5 mins or the next 5 years. All we can do is base our trades on our own analysis and where we believe price has a good chance of going next using various TA components at our disposal.

From your post it seems that you have just one lot with two targets depending on whether it reaches the initial target first and then if it reaches it to hold on to it for the second target. Nothing wrong with that but if you have multiple lots open in the same position, it does give you more flexibility.

What I have learned is that Trade Management is a very important factor in order to become a successful trader. Rather than just using 1 lot when opening a position, I now have a minimum of 3 lots which allows me to set intermediatery targets based on my analysis. It also allows more flexibility with your Trade Management.

Therefore, using your example I would cash in 1st lot at 30 pips, 2nd lot at another logical target of around 100 pips (~1.5450) and then put a trailing stop to your final target of 200 pips.

Trade Management is a very individual thing and there is no right or wrong as there are many ways of doing it.

I had a list of techniques but I cannot find it at the moment. Search Google for trailing stop methods or techniques. Here is my quick link to some techniques -

http://www.investopedia.com/articles.../03/080603.asp
http://www.tradingmarkets.com/.site/...2003-31971.cfm

If you already know about trade management then apologies for trying to show you how to suck eggs and maybe others will find this useful. I am just trying to impart the knowledge that I have learned myself.
  • #252,328
  • Sep 10, 2010 10:19am Sep 10, 2010 10:19am
Quoting cloggie
It is all a bit messy really, may just call it a day here. All the majors are just moving from range to range. I had my 2 trades on Cable and that's enough for me.
need another 11 pips and I'm done...

gonna short fibre from the top of last range.

let's see... VERY MESSY IS RIGHT!
@pawpaw1000 on Twitter
  • #252,329
  • Sep 10, 2010 10:20am Sep 10, 2010 10:20am
Actually, one last question, and yes, Cloggie, I'm afraid its another one for you!

Your description of a normal day here in Cable land - is it valid even with news driving the price? I don't mean earth shattering news which will obviously drive her one way or the other, I mean some run of the mill data which may be positive or negative and will have an impact during the session of the release. Will those range fills still occur afterwards?

Sorry if that sound rather idiotic...
  • #252,330
  • Sep 10, 2010 10:21am Sep 10, 2010 10:21am
Quoting cloggie
I am still flat on both, waiting for a direction that has a proper confirmation. Let's see some profit taking on the LC for a quick 20-30 pips or so.
I went short on the 14.15 candle on the 15 min chart and been stuck in the trade until the 16.00 candle when I sold out +4.

I got the jitters and thought it was going to turn and head north!...lol

CLOGGIE- I always read your posts with interest. What is a valid confirmation of direction. I generally wait for a candle with more momentum. But I often miss a lot of pips, by the time I'm ready to enter.

I only use candles - look for patterns - I don't use indicators as they only seem to say what candles are saying - no need for clutter...lol
  • #252,331
  • Sep 10, 2010 10:22am Sep 10, 2010 10:22am
Quoting Delite
Actually, one last question, and yes, Cloggie, I'm afraid its another one for you!

Your description of a normal day here in Cable land - is it valid even with news driving the price? I don't mean earth shattering news which will obviously drive her one way or the other, I mean some run of the mill data which may be positive or negative and will have an impact during the session of the release. Will those range fills still occur afterwards?

Sorry if that sound rather idiotic...

If on the consolidation phase after the LO, news drives her in the same direction it will be too much to get filled in its entirety if the London closes on a high with no filling. So it is fair to say that if we have a unidirectional day of 150 pips or so, we are not likely going to see the LO again during the London session.

That's me for the day, am bored with this PA. Am going to have a teabreak. Pawpaw this would be a good scalp on your short fibre here at 2743, just be careful with the R1 right above it. Just give it a bit of time, don't jump on the first M1 bar you like. Watch uCAD for the correlation.
  • #252,332
  • Sep 10, 2010 10:32am Sep 10, 2010 10:32am
Quoting cloggie
If on the consolidation phase after the LO, news drives her in the same direction it will be too much to get filled in its entirety if the London closes on a high with no filling. So it is fair to say that if we have a unidirectional day of 150 pips or so, we are not likely going to see the LO again during the London session.

That's me for the day, am bored with this PA. Am going to have a teabreak. Pawpaw this would be a good scalp on your short fibre here at 2743, just be careful with the R1 right above it. Just give it a bit of time, don't...
Thanks cloggs,

must say i got in at 40 already

up 3 but how would you reckon is better, 1st wait for range to form and short on the second test?
@pawpaw1000 on Twitter
  • #252,333
  • Sep 10, 2010 10:32am Sep 10, 2010 10:32am
Quoting cloggie
Sorry to hear about the GF, instead of monkeying with your lotsize and SL, just keep doing what you are doing and increase the lotsize naturally once the balance increases, no point trying to fix something that isn't broke.
A very fair and good point. If your technique is already working and you are making some really nice pips why try to narrow the SL so that you can increase the lot size even more in order to gain more.

Like I said, the smaller the SL you have, the better you have to get at nailing those entry points and nailing entry points I think only comes with time and experience, two things I distinctly lack at this moment in time.
  • #252,334
  • Sep 10, 2010 10:37am Sep 10, 2010 10:37am
Quoting pawpaw1000
jip BB...

Thats what I reckon I'm gonna start doing...

Loving life mate, just had the depressing experience of having to escort my ex from my flat

but hey, I've always got forex
Sorry to hear about your ex. Maybe an escort to your flat will cheer you up

Keep them pips coming!
  • #252,335
  • Sep 10, 2010 10:40am Sep 10, 2010 10:40am
Quoting bbakker
A very fair and good point. If your technique is already working and you are making some really nice pips why try to narrow the SL so that you can increase the lot size even more in order to gain more.

Like I said, the smaller the SL you have, the better you have to get at nailing those entry points and nailing entry points I think only comes with time and experience, two things I distinctly lack at this moment in time.
HEHE... yeah, with my spread being like 2 i need about 10 pips space to allow my trade to breath...
@pawpaw1000 on Twitter
  • #252,336
  • Sep 10, 2010 10:42am Sep 10, 2010 10:42am
Quoting need-help
Hi,
Hope everyone is doing great.

Well here is my analysis. I want start by letting you know (if you haven't already guessed it) that I am new. I see improvement in myself as time goes by. With that said, criticism is very welcome.

ok so I had a position on cable at 5446. But price was really struggling at that area which got me nervous so I closed at break even.

Now I am looking to buy. I want to place a buy order around the area I have 'circled'. In my opinion, that is a risky buy so I don't really intend to hold it for long. If price makes...
Are you influenced by the small pitchfork? If so, its pointing down, so longs would be odd. Also, the start pivot on that pf does not seem right, unless you are attemping a mod-schiff where the start pivot should be 50% of that swing line.

My 2p worth says by all means stick to a plan if you think it is constructive, but if anything appears risky (as you state) don't do it! Why not wait and see if price drops to that level first and monitor PA there first?

BTw, I'm a relative newbie too....so don't take my comments as gospel. GL.
  • #252,337
  • Sep 10, 2010 10:43am Sep 10, 2010 10:43am
Quoting bbakker
Sorry to hear about your ex. Maybe an escort to your flat will cheer you up

Keep them pips coming!
No problem, told her I'm too young for all this commitment and have too much I still want to do!

Darn, rugby player in france at the age of 23, NOT ALLOWED TO HAVE A GF!

anyways, wanna be a Rand Millionaire by 25 and Euro by 30... Gonna be hard work but got a plan in place and reckon it's possible
@pawpaw1000 on Twitter
  • #252,338
  • Sep 10, 2010 10:45am Sep 10, 2010 10:45am
boy, this range dont end
  • #252,339
  • Sep 10, 2010 10:46am Sep 10, 2010 10:46am
Quoting alex1976
boy, this range dont end
Play it
@pawpaw1000 on Twitter
  • #252,340
  • Sep 10, 2010 10:57am Sep 10, 2010 10:57am
Quoting pawpaw1000
Play it

Just got another 9.5 pips (3%) and am maybe gonna look for 1 more as i got stopped twice today for total 14 pips so wanna make that up with this range...

up 11% now and wanna get to 15% if I can for the day...

Anyone else scalping the ranges? unbelivably profitable!
@pawpaw1000 on Twitter
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