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Cable Update (GBPUSD)

  • #257,521
  • Sep 30, 2010 11:21am Sep 30, 2010 11:21am
Heres my trading room-its got one screen,some cigarettes,a copy of the I-Ching and an evening standard
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  • #257,522
  • Sep 30, 2010 11:21am Sep 30, 2010 11:21am
Quoting cloggie
This helps too. This is my "small" trading room. Having multiple screens makes looking at different TF's and correlation a lot easier to do.

My large trading room has 14 screens and a Bloomy terminal. Both trading rooms have dual plasma's for watching the news.

http://www.forexfactory.com/attachme...3&d=1282915956

now thats somewhere i aspire to be... working for someone is no fun!
  • #257,523
  • Sep 30, 2010 11:28am Sep 30, 2010 11:28am
Quoting cloggie
I covered my long of the bottom here, Now watching how 5716 behaves.
London is closed, a runup to 5744 will open the way to 5777, a rejection of it and we will range here for a bit.

Here is the good old 5716 again.

These levels keep coming back, over and over again.

Quoting cloggie

Further move is dependent on 8636 on EG here.

8636 holding on EG brought us back to 5716, as stated earlier.

If 8667 goes on EG and 3615 holds on EU a break of 5716 sets up the way to 5655
  • #257,524
  • Sep 30, 2010 11:28am Sep 30, 2010 11:28am
Quoting PipChick
GJ is a lot easier to trade right now..
pip chick... what indicator that you used that showing all the Fibo extention... i'm using mt4.. i've been looking all over for this fe indicator because my fe on mt4 only show's 2 level of fe... i'm trading heavily using the regular fe on my mt4.
thx
  • #257,525
  • Sep 30, 2010 11:29am Sep 30, 2010 11:29am
Quoting Delite
Sutts - me too. Hesitant and waiting for confirmation after confirmation by which point most of the move has gone!

We will get there! We are building knowledge every day. Keep the faith!

Yeah, I tend to trade bar breaks which means if the PA subsequently turns ugly, I have to swallow a 10pip plus loss. I bet guys like Cloggie get in ahead of any confirmation and when it comes back on them they can exit B/E.

It's hard but we'll get there I'm sure. Thanks to Cloggie for the pointers.
  • #257,526
  • Sep 30, 2010 11:30am Sep 30, 2010 11:30am
Next station 5640.
  • #257,527
  • Sep 30, 2010 11:31am Sep 30, 2010 11:31am
I look at the whole picture when it comes to entries and a triple bottom on the M1 can't just be discounted. Yes the S2 held it from reaching my ultimate level of 5686 and as it was so clearly rejected on all sub M15 TF's I just reset my entry point. I initially never thought we could even get to 5686 and only added as a failure of 5716 to continue as an alternate means of my original plan.

The plan has to remain fluid when the PA dictates it.
__________________

Ok I think I'm beginning to understand what you are doing.The idea of momentum on your 15 min TF going into a level is pretty useful.

Then when you get around the level itself your confirmation of direction comes from PA on smaller TFs like 5M and 1M.

The hardest thing I have found which you alluded too earlier is pulling the trigger at or very close to the level.Like most other 'newbies' I usually look for confirmation of the move, usually on a 5 min TF.

My setup is nowhere near as extravagant as yours though I do have 2 nice 23" screens.

Thanks for all the advice and tips today.

Regards


V
  • #257,528
  • Sep 30, 2010 11:32am Sep 30, 2010 11:32am
price is right at the bottom of 1HR trendline,200 ema broken and lots of downward momentum...will be interesting to see how this pans out...
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  • #257,529
  • Sep 30, 2010 11:35am Sep 30, 2010 11:35am
Quoting Villonius

Ok I think I'm beginning to understand what you are doing.The idea of momentum on...
That is the key there, knowing to trust your triggers and not having to wait for a confirmation, then when the PA retests your trigger it is irrelevant. If you wait too long for the confirmation then a retest of the trigger makes you fearful and you get out.

Now there is two ways of looking at this, one have larger stops and look at a retest as just that, not a confirmation of rejection, two is working on your triggers.


Quoting Villonius

My setup is nowhere near as extravagant as yours though I do have 2 nice 23" screens.

Thanks for all the advice and tips today.

Regards


V
Setup does not preclude you from success, a good friend of mine rakes in a couple of million a year of a laptop.
  • #257,530
  • Sep 30, 2010 11:38am Sep 30, 2010 11:38am
Yup
Quoting pepper
Next station 5640.
  • #257,531
  • Sep 30, 2010 11:38am Sep 30, 2010 11:38am
Quoting Sammie
now thats somewhere i aspire to be... working for someone is no fun!
...be careful what you wish for - unless you're completely planned/prepared it could be the worse decision you ever made and lead to a host of problems you never had before....but on that +ve note if you're one of the few that get it right, a new world opens up for you. Good luck.
  • #257,532
  • Sep 30, 2010 11:38am Sep 30, 2010 11:38am
Quoting cloggie
That is the key there, knowing to trust your triggers and not having to wait for a confirmation.

I think having trust in either your levels or your interpretation of price is the hardest thing. We operate, in the main, in isolation - there is no-one sitting across the room to whom we can say - hey do you see this the same way as me? Having faith and trust will only come in time.
  • #257,533
  • Sep 30, 2010 11:39am Sep 30, 2010 11:39am
Thanks for the advice today Cloggie. I'm learning..
  • #257,534
  • Sep 30, 2010 11:43am Sep 30, 2010 11:43am
Consolidation between DP and R1 , followed by upswing.
Price rejection around 15900 level followed by downswing,
Simply used pivot levels today as target/entry areas as PA interacted nicely around them.

+40 +102 +80
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" Never let the past hold the future to ransom "
  • #257,535
  • Sep 30, 2010 12:01pm Sep 30, 2010 12:01pm
Quoting Gleneagles
Consolidation between DP and R1 , followed by upswing.
Price rejection around 15900 level followed by downswing,
Simply used pivot levels today as target/entry areas as PA interacted nicely around them.

+40 +102 +80
As simple as that! Well done buddy! Keep it up.
I was bullish today. Had 2 lots open since 15 Sep. Was at just over +800 today. Should have taken at least one off the table near the highs today, but instead I held on and got a bit freaked out during the downswing. Closed for +440. Also added a lot today. Loss of -130.

Second profitable month, after 2 months of BE. It's all good!

Nway. A lot learned from this phase and still need to analyze this last movement.

Good luck with October and the last quarter of the year.
  • #257,536
  • Sep 30, 2010 12:03pm Sep 30, 2010 12:03pm
Long time no hear, folks.
Well I'm joining the long's here. I'm seeing positive momentum on all my 5 minute indicators. I'll let this one ride for a while.
  • #257,537
  • Sep 30, 2010 12:07pm Sep 30, 2010 12:07pm
Quoting Delite
I think having trust in either your levels or your interpretation of price is the hardest thing. We operate, in the main, in isolation - there is no-one sitting across the room to whom we can say - hey do you see this the same way as me? Having faith and trust will only come in time.

the whole trusting thing is what trading is all about..u simply have to adapt..for me personally..trading micro position gives me peace..from a psycological aspect i trust myself..but at 0.1 the trust in myself cannot be weighted against risk of losing on the trade mainly cause my risk would be above 2% and the outcome would be quick due to stop loss placement

i dont like that..i prolong the fear of losing by streching out the trade..hence position trading, a ploy to keep me in the game..we all different but i guess u need to ask yourself why u dont trust..only when u find the answer can u develop to a point where u can overcome this issue..

thats my 2 cents on it..would be interesting to see if other have the same issue as me and how they deal with it!..but it requires u to be honest with yourself

i have found price always comes back to entery pretty much..so without some kind of stradegy to trust yourself yur doomed in trading
  • #257,538
  • Sep 30, 2010 12:35pm Sep 30, 2010 12:35pm
Quoting PiptheRipper
As simple as that! Well done buddy! Keep it up.
I was bullish today. Had 2 lots open since 15 Sep. Was at just over +800 today. Should have taken at least one off the table near the highs today, but instead I held on and got a bit freaked out during the downswing. Closed for +440. Also added a lot today. Loss of -130.

Second profitable month, after 2 months of BE. It's all good!

Nway. A lot learned from this phase and still need to analyze this last movement.

Good luck with October and the last quarter of the year.
Thank you, good luck to you too!
I keep my trading simple because I trade on confirmation and not speculation.
I keep my charts simple so I can focus on PA and let the markets tell me what to do.
I don`t pick tops and bottoms and I don`t care about predictions and what levels the market may or may not reach.
Trading simple PA works very well for me and on top of it , I don`t have to defend my predictions , argue and bicker about them , trade a predetermined bias or change my mind only after the second consecutive loss of the day
" Never let the past hold the future to ransom "
  • #257,539
  • Sep 30, 2010 12:39pm Sep 30, 2010 12:39pm
Any thoughts on the speach in 50 min?
  • #257,540
  • Edited 12:53pm Sep 30, 2010 12:43pm | Edited 12:53pm
Yes, I predict our friendly Club-Fed Ben will fess up on all the fake gold bars with titanium cores inside. That should really mess with peoples heads.
Linky here: http://open.salon.com/blog/gordon_wa...gold_bar_story
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