don't try to predict price for the long term, or even days out.
That's a fools game.
Trade the trend till it ends, then you will find you found a new friend.
Don't be a hero. Don't have an ego. Always question yourself
Cable Update (GBPUSD)
- #253,021
- Sep 14, 2010 1:02pm Sep 14, 2010 1:02pm
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
- #253,025
- Sep 14, 2010 1:35pm Sep 14, 2010 1:35pm
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
ok, thanks for the explanation, it really helps.
As I see it, it all depends on which TF you are making what trades.
If you look at daily or weekly, it's ridicule to to trade little trends you see on M5.
Look at daily below, it's clear basebuilding at 38%, nice symmetry and the way PA develops does me think upwards. Trying to catch little intra day trends is beautiful but you are risking missing the large boats because they often develop at moments least expected like today.
Of course on longer TF's its also a trend story but it will take days/weeks to mature and gives you the peace of not constantly tracking the intraday moves with all risks attached.
D1:
Don't be a hero. Don't have an ego. Always question yourself
- #253,028
- Sep 14, 2010 2:21pm Sep 14, 2010 2:21pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
I have intresting Daily chart for you
Blogging daily now at www.volume.zone
- #253,029
- Sep 14, 2010 2:25pm Sep 14, 2010 2:25pm
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Nice move today hope plenty of green pips for all....
A lot of volume on the last couple of hour bars and was going to chance a short for a retest of previous resistance that may well turn into support, 100 pips away but this rally seems to be getting tired.
Stop out on swing trades on EU and AU today as well as a stop out on GU from an order I had placed a couple of days back. I did not take another trade after the GU stop out... today was not meant to be my day!
Saying that today was a good lesson for the following reasons -
1. Remove old orders if they are not relevant. Sure at the time it looked like a good order for a day trade, but it never filled and I should have removed it. Instead it filled into the rally and then I was hoping it would turn... at one point it was testing Cloggie's 5503, but in reality it never stood a chance!
2. Swing trading is good, but sometimes I need to get swing out of my bloody head and trend trade. Once it breaks demand/supply levels on higher timeframes, I should not even think of a swing trade until it comes close to the next demand/supply level on the same timeframe and start looking at trend trades. How many times does Cloggie have to keep telling us to stop picking bottoms or tops for that matter
3. Saying that GU does have quite a few supply levels on h4 and it broke through 2 of them and now seems to have turned around on the 3rd, but I was done for the day a while ago. Tomorrow is another day!
4. Final lesson is to always keep an open mind and be prepared to change stance. I actually tried to pull the AU swing trade after I saw the DIX demand area break down, but it was too close to the price and it wouldn't let me. I should have closed it immediately on open, but instead I just watched it go all the way to my SL. LOL
I am bearish on the $ now! I see a DIX target of $80.50. AU broke through a supply area that held for the last 12 months and the next one up is from 2 years ago. EU has the possibility of reaching 1.32 now and GU can have some more upside although it has to work its way through some supply levels 1st. Time for some trend trading, but I will wait for some serious pullbacks first. I am not going to jump in now after today's rally that is for sure. Patience is a virtue!
Nice work Temps on getting those green pips! Even a blind man could have seen this rally
So even though it wasn't the best of days, I am still smiling because I have learned some invaluable lessons today and that was a price worth paying. The secret is not to repeat those mistakes...
Have a great evening and see you soon buddy!
- #253,030
- Sep 14, 2010 2:33pm Sep 14, 2010 2:33pm
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
don't try to predict price for the long term, or even days out.
That's a fools game.
Trade the trend till it ends, then you will find you found a new friend.
- #253,034
- Sep 14, 2010 3:32pm Sep 14, 2010 3:32pm
- Joined Jan 2010 | Status: No Hope for FF | 3,772 Posts
@pawpaw1000 on Twitter
- #253,036
- Sep 14, 2010 3:44pm Sep 14, 2010 3:44pm
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
Aiaiai... have been waiting for this break for soooooo long and then I go and miss it! 180 pips! AIAIAI!
Anyone got some anti-depressants?
BTW got in short at 70 level... gonna ride her down as far as possible...
Don't be a hero. Don't have an ego. Always question yourself
- #253,037
- Sep 14, 2010 3:45pm Sep 14, 2010 3:45pm
- Joined Jan 2010 | Status: No Hope for FF | 3,772 Posts
we can go there after i take profit at 1.5515
Got s/l to BE... Let's see...
STILL CANT BELIEVE I MISSED THIS MOVE!
@pawpaw1000 on Twitter
- #253,039
- Sep 14, 2010 3:48pm Sep 14, 2010 3:48pm
- Joined Jan 2010 | Status: No Hope for FF | 3,772 Posts
@pawpaw1000 on Twitter
- #253,040
- Sep 14, 2010 3:52pm Sep 14, 2010 3:52pm
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
Don't be a hero. Don't have an ego. Always question yourself