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Cable Update (GBPUSD)

  • #253,941
  • Sep 17, 2010 5:35am Sep 17, 2010 5:35am
Quoting MisterTrader
Another Einstein classic :

"Only two things are infinite, the universe and human stupidity, and I'm not sure about the former..."


There are only 2 types of traders that are succesful at this, the one who is as dumb as a box of rocks and just follows the crowd and the MPhD that uses modelling to find an edge.

The only intelligent bit you need to trade is figuring out where the crowd is going, once you got that figured trading is a pretty boring enterprise.
  • #253,942
  • Sep 17, 2010 5:39am Sep 17, 2010 5:39am
TP2 hit!, now touching uppersloping trendline, looking at 15M TF to go long


Quoting scurt
short 5698 on breakout 5M TL, TP1-38.2fibo TP2-50%fibo, SL daily high

will add more bullets at 5685
  • #253,943
  • Sep 17, 2010 5:40am Sep 17, 2010 5:40am
but the others can work for 1 day a week for one trade. and spent 6 day a week for fun and living ....

Quoting cloggie
I can work for 12 hours a day, just for a couple of trades. The hardest thing a daytrader needs to learn is not to always be in the market. Not being in a trade is capital preservation, only take the trades where everything lines up just perfectly.
not euphoria follower
  • #253,944
  • Sep 17, 2010 5:40am Sep 17, 2010 5:40am
came within 1 pip of my TP at 59...but trailing it got 18 pips locked in.
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  • #253,945
  • Sep 17, 2010 5:41am Sep 17, 2010 5:41am
Hi Cloggie,

I took a short from 5689 down to 5664 at the 50% fib. I did wait for the range/H1 IB to break first. Is this the kind of trade you're recommending?

Just trying to learn to be more picky with my setups. I didn't wait for the retest of the break line as it seemed such a strong level and I expected the H1 IB to give a bit of a boost. Was it the right thing to do?

Cheers
  • #253,946
  • Sep 17, 2010 5:46am Sep 17, 2010 5:46am
Quoting MisterTrader
Another Einstein classic :

"Only two things are infinite, the universe and human stupidity, and I'm not sure about the former..."

i love that sayin..shows he was comical as well

lets see what happenes at 61.8 fibo ..there some confluence..what will PA do???
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  • #253,947
  • Sep 17, 2010 5:46am Sep 17, 2010 5:46am
Quoting cloggie
First sensible post of the day, wait for the range to go instead of chasing the M1/M5 like most others do here today with disastrous consequences.
I know its sensible to wait for the break of the range but its not the one and only way of trading.
Theres pretty clear PA to get you in about 20pips sooner.
No.1 failed to breakout long so short with target of low of range as no bull TL broken yet so wouldn't wait for a breakout.
No.2 price failed to go any higher again after the TL break on the 5min showing weakness so you can hold this one for the breakout.
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  • #253,948
  • Sep 17, 2010 5:47am Sep 17, 2010 5:47am
Quoting cloggie
I can work for 12 hours a day, just for a couple of trades. The hardest thing a daytrader needs to learn is not to always be in the market. Not being in a trade is capital preservation, only take the trades where everything lines up just perfectly.
gold words i'm doing that , from early 6 morning to 1hour of night... just searching for those perfect trades
  • #253,949
  • Sep 17, 2010 5:50am Sep 17, 2010 5:50am
Quoting dil
gold words i'm doing that , from early 6 morning to 1hour of night... just searching for those perfect trades

patience leads to discipline..without both along with mm theres no chance of survival
  • #253,950
  • Sep 17, 2010 5:51am Sep 17, 2010 5:51am
For me is breakout at least 5pips and candle has to close below 5pips, here was bottom of range 1,56898 so if I will trade on 5M TF have to wait till 5min candle closes bellow 1,5685


Quoting Sutts
Hi Cloggie,

I took a short from 5689 down to 5664 at the 50% fib. I did wait for the range/H1 IB to break first. Is this the kind of trade you're recommending?

Just trying to learn to be more picky with my setups. I didn't wait for the retest of the break line as it seemed such a strong level and I expected the H1 IB to give a bit of a boost. Was it the right thing to do?

Cheers
  • #253,951
  • Sep 17, 2010 5:51am Sep 17, 2010 5:51am
Quoting dil
gold words i'm doing that , from early 6 morning to 1hour of night... just searching for those perfect trades

I am the same way, I usually start right before Franky and finish at the NY close, 5 days a week. Once the noobs here figure out that you don't have to anticipate each and every move and just trade the obvious and easy ones, this business becomes extremely profitable.

Trying to pick the tops and bottoms is far from clever, it is risky and the succesrate over a longer period is not good enough to last in this business.

Just trade the few easy trades a day and keep increasing your lotsize and Bob's your uncle.
  • #253,952
  • Sep 17, 2010 5:52am Sep 17, 2010 5:52am
Quoting cloggie
Why risk anticipating trying to figure out what 1,000's of others think and want when you can just sit back and wait for everyone else to make up their mind and follow them, I know there is nothing clever about doing that, but at least you won't get stopped out as often, so I'd rather give up a handful of pips trying to be clever and just wait for a direction to be confirmed and join the ride, thereby hardly risking anything.

Trading is actually a pretty "dumb" business, just follow the crowd.
This sentence of yours is the ultimate truth! But the problem with it is that it sounds to simple as it is in the reality.

I've been trying to trade this way for a long time, but the timing of "boarding the train" is still a big mistery to me. I would be glad to hear some details about your strategy.

Good luck,

M
  • #253,953
  • Sep 17, 2010 5:53am Sep 17, 2010 5:53am
Support is at 1.5650. Looking for reversal there and opportunity to buy.
  • #253,954
  • Sep 17, 2010 5:55am Sep 17, 2010 5:55am
Hit TP at +38 pips, looks like it should have about 15 to 20 more to give, but I'm good.
  • #253,955
  • Sep 17, 2010 5:55am Sep 17, 2010 5:55am
how u know ? any confirmation already ? why u not say 1.5649 is the support...

Quoting fxghost
Support is at 1.5650. Looking for reversal there and opportunity to buy.
not euphoria follower
  • #253,956
  • Sep 17, 2010 5:58am Sep 17, 2010 5:58am
Quoting nAVIN2007
good to see u back!!

I never left, just got fed up with the fraudsters and scammers here this week and focused on my trading instead.
  • #253,957
  • Sep 17, 2010 5:59am Sep 17, 2010 5:59am
Quoting cloggie
I am the same way, I usually start right before Franky and finish at the NY close, 5 days a week. Once the noobs here figure out that you don't have to anticipate each and every move and just trade the obvious and easy ones, this business becomes extremely profitable.

Trying to pick the tops and bottoms is far from clever, it is risky and the succesrate over a longer period is not good enough to last in this business.

Just trade the few easy trades a day and keep increasing your lotsize and Bob's your uncle.

Yeah if ,you want want to be profitable invest your time ,,, theres a newbies who think 30 minutes for forex and they're a milionaire...
  • #253,958
  • Sep 17, 2010 5:59am Sep 17, 2010 5:59am
Quoting cloggie
I am the same way, I usually start right before Franky and finish at the NY close, 5 days a week. Once the noobs here figure out that you don't have to anticipate each and every move and just trade the obvious and easy ones, this business becomes extremely profitable.

Trying to pick the tops and bottoms is far from clever, it is risky and the succesrate over a longer period is not good enough to last in this business.

Just trade the few easy trades a day and keep increasing your lotsize and Bob's your uncle.

It would really help the strugglers (like myself) if you could point a few of these obvious and easy trades out Cloggie. A few examples and I might catch on! I hope the short I mentioned above classed as a decent trade?
  • #253,959
  • Sep 17, 2010 5:59am Sep 17, 2010 5:59am
Niccolo Machiavelli said many 100 years ago that all humans reason from emotions, any pretense otherwise is what makes the others appears superior to many. I agree with him largely, we're all bundle of emotions and lil or no reason. so don't pretend to be superior in any way bro/sis.

I trade the market when I see it move, like now.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #253,960
  • Sep 17, 2010 6:00am Sep 17, 2010 6:00am
support is at 5640-5650, it is obviouse if you use H1 and H4 chart, it is a place where intraday traders will take profit target, or long players have their stop...


Quoting iqyu5an
how u know ? any confirmation already ? why u not say 1.5649 is the support...
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