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Cable Update (GBPUSD)

  • #253,981
  • Sep 17, 2010 6:23am Sep 17, 2010 6:23am
Quoting cloggie
The thing you need to focus on then is the Franky fake and the London open. London collects orders all night long and puts them out to market at the open, just find a range and trade the break out. I would ignore the Franky fake and just focus on the London open. On an average day the LO is good for 50-80 pips, just find the direction and follow the crowd.

There are plenty of London strategies available, spend some time on google and find one that suits you.

Just spend the first hour of your day looking at the price, to get a feel for the market...
Who cares if it's fake or real, as long as there is enough momentum to get in, let it ride and get out with a nice profit
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #253,982
  • Sep 17, 2010 6:24am Sep 17, 2010 6:24am
Quoting reflex
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.
Thanks for this - a different way of looking at things.
  • #253,983
  • Sep 17, 2010 6:24am Sep 17, 2010 6:24am
Quoting Precap2
It's doing something interesting on fib. Take a quick look at my attached chart.

Cable absolutely loves the 50 and it is the most important fib in trading it. The 23.6 and 61.8 are the momentum fibs.
  • #253,984
  • Sep 17, 2010 6:25am Sep 17, 2010 6:25am
aniway i like your red line or candle ( marked ) below ...... as support

rgds,iqyu
http://www.forexfactory.com/showpost...&postcount=674

Quoting fxghost
1 pip is not big deal. Support because it was resistance before. It was broken. Now it is support.
not euphoria follower
  • #253,985
  • Sep 17, 2010 6:26am Sep 17, 2010 6:26am
Quoting dil
Demo account is crap , never recommed to train on that
i dont think it is..a demo is graphical resresentation of what yur capable of when without emotion..it gives a goal..

any1 that can get to the stage where demo is like live tradiing have pretty much reached there true potential imho
  • #253,986
  • Sep 17, 2010 6:26am Sep 17, 2010 6:26am
Quoting nAVIN2007
yup..thats all i do..but i will admit this trade i have was reckless..i entered without confirmations, showed no discipline except for holding my nerve while in it..when i go in bigger i certainly wont do this..

i found an interesting paradox..waiting for confirmation means higher risk exposure but higher probability to be right..and i believe lots of people struggle with this..
Yup caught me yesterday losing $30, an experiment with lfx charts gone awry.
  • #253,987
  • Sep 17, 2010 6:26am Sep 17, 2010 6:26am
Better, you guys think about working 24 hours :

http://av.r.ftdata.co.uk/files/2010/...LDINGS-UBS.jpg
________________________________ Errare humanum est
  • #253,988
  • Sep 17, 2010 6:27am Sep 17, 2010 6:27am
Quoting Turveyd
Who cares if it's fake or real, as long as there is enough momentum to get in, let it ride and get out with a nice profit

I do the same thing, but for a noob it is a lot easier to focus on the London open first, the succesrate over time will be a lot greater. Trading the FO takes a different strategy then trading the LO. Just like trading the TY session, that's when pivot play is of greater importance. Each session requires a slightly different way of trading.
  • #253,989
  • Sep 17, 2010 6:29am Sep 17, 2010 6:29am
---

Quoting iqyu5an
aniway i like your red line or candle ( marked ) below ...... as support

rgds,iqyu
http://www.forexfactory.com/showpost...&postcount=674
Attached Image (click to enlarge)
Click to Enlarge Name: pound support.gif Size: 26 KB
not euphoria follower
  • #253,990
  • Sep 17, 2010 6:30am Sep 17, 2010 6:30am
Quoting nAVIN2007
i dont think it is..a demo is graphical resresentation of what yur capable of when without emotion..it gives a goal..

any1 that can get to the stage where demo is like live tradiing have pretty much reached there true potential imho
No demo is shit , i better loose 5000$ real ones , than virtual monopoly money! with demo you never learn
  • #253,991
  • Sep 17, 2010 6:31am Sep 17, 2010 6:31am
Quoting Uncharted
Thats very interesting this is the first time i heard someone talk about this, i've always thought about it while i trade but never really did the research on it, is it better to wait for the confirmation or if your confident enough to take it right away. If I'm trading off a trendline or S&R, when i wait for a confirmation ( a higher high, higher TF candle close, or a candlestick reversal pattern) the further it start moving away from the S or R, then the bigger my SL will be.

Navin, what kind of things do u look for interms of confirmation?
1)support/ resistance
2)candle formation
3)trendlines
4)diverence
5) buy or sell only in direction of major trend *impt rule * - this is why i didnt sell earlier today...just not my rule



but this trade i didnt do anything except buy in direction of the trend..(trend for me is set from monthly to weekly..)
  • #253,992
  • Sep 17, 2010 6:36am Sep 17, 2010 6:36am
Here is my approach to this morning.

As you will see from the 5 min chart there was a range with the bottom at 5690. What I was looking for was a conclusive break of the upper or lower levels. You can see the bar at 11.05 broke strongly through this level. I have found that the bar range indicator (shown at the bottom) is quite useful. As you can see the 11.05 bar had a much bigger range than the prior bars and had a range of 17 pips. To me this showed that there was strength in this move

I then dropped down to a 1 minute chart because I figured that there would be some type of retracement. As you can see from the second chart it retraced to the 25ema where it was rejected before it headed down
Attached Image(s) (click to enlarge)
Click to Enlarge Name: z zz gbp usd 24.gif Size: 24 KB
Click to Enlarge Name: z zz gbp usd 25.gif Size: 23 KB
  • #253,993
  • Sep 17, 2010 6:38am Sep 17, 2010 6:38am
We are getting a bit of a fundamental setup here. Futures are up on the back of some good tech numbers last night, Ireland is talking about renegotiating some of its debt (German/Irish debt spreads at year high today).

US news could well be the trigger for a further move. I am not going to anticipate a direction from here. The techs and fundies disagree right now and under "normal" conditions I would side with the techies, we'll see.
  • #253,994
  • Sep 17, 2010 6:40am Sep 17, 2010 6:40am
Quoting cloggie
Cable absolutely loves the 50 and it is the most important fib in trading it. The 23.6 and 61.8 are the momentum fibs.
I see you know your cable very well
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #253,995
  • Sep 17, 2010 6:42am Sep 17, 2010 6:42am
Quoting cloggie
Cable absolutely loves the 50 and it is the most important fib in trading it. The 23.6 and 61.8 are the momentum fibs.
Would you mind explaining the term momentum fibs please? I always thought the 23.6 and 50.0 fibs were the ones that it bounced off when momentum was on side and that a retrace to the 61.8 showed things were cooling off somewhat.

Thanks
  • #253,996
  • Sep 17, 2010 6:42am Sep 17, 2010 6:42am
Quoting Delite
Thanks for this - a different way of looking at things.
Thats ok.
  • #253,997
  • Sep 17, 2010 6:44am Sep 17, 2010 6:44am
Thanks for the advice Cloggie, it is apppreciated, gotta go now, we'll see what tomorrow brings.
  • #253,998
  • Sep 17, 2010 6:45am Sep 17, 2010 6:45am
Quoting Indyfx
Here is my approach to this morning.

As you will see from the 5 min chart there was a range with the bottom at 5690. What I was looking for was a conclusive break of the upper or lower levels. You can see the bar at 11.05 broke strongly through this level. I have found that the bar range indicator (shown at the bottom) is quite useful. As you can see the 11.05 bar had a much bigger range than the prior bars and had a range of 17 pips. To me this showed that there was strength in this move

I then dropped down to a 1 minute chart because I figured...

Perfect play! Loving the 25EMA!
  • #253,999
  • Sep 17, 2010 6:48am Sep 17, 2010 6:48am
That 50% fib bounce referred to by others in posts above was a fib of a fairly minor swing ie 5571- current 5728 intraday Hi...so much so I didn't have it plotted on my own charts.....nearest swings for me being 5537 and 5594 to that 5728 Hi...just shows that fibs can be subjective....and whilst I agree that 50% can be importnat in cabnle trading, the better tactic is to look for the confluence of potential supp/res factors...for the highest probability trading opportunities.

G/L
ex member
  • #254,000
  • Sep 17, 2010 6:54am Sep 17, 2010 6:54am
I got shaken out of my short with what I thought was a reversal on the M5 - posting HH & HL. Now look....!!
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