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Cable Update (GBPUSD)

  • #260,021
  • Oct 12, 2010 7:26am Oct 12, 2010 7:26am
Quoting Gleneagles
I have a simple outlook on trading forex.

A trader`s mind becomes conditioned to look for complex solutions.
Most of the times , our mind gets conditioned so much by our circumstances that we cannot see the obvious.

When you go to a specialist medical doctor with a simple headache , the diagnosis starts from migraine...upwards....

We assume that things are so complicated because we don`t always understand it , that we become entrapped in a mindset that sometimes "filters out" the obvious solution.

Forex trading is NOT simple but we have...
Thank you for the input. I like the idea of keeping things as simple as possible. I searched for your previous posts and found a good thread called "Eaglets Flight Training School " and will be reading through it. Which of the indicators from that thread do you have on the bottom of your chart? Is it the Trix MTF meter roy?

Thank you
  • #260,022
  • Oct 12, 2010 7:27am Oct 12, 2010 7:27am
Chazzle,

I think your over leveraging your account thats why you are looking for 10 - 20 pips. I have a question for you.

When you have a trade on, can you walk away from your pc ?

Warren
I need to finish something i started
  • #260,023
  • Oct 12, 2010 7:28am Oct 12, 2010 7:28am
It's really a USD play, this should now fire up and shorts are in play or it shoots trough LTL and bulls are in play......

Attached Image
Don't be a hero. Don't have an ego. Always question yourself
  • #260,024
  • Oct 12, 2010 7:30am Oct 12, 2010 7:30am
Quoting bigwal
Yeah, CHAZZLE!!

patients, let your trades play out, you will find it easier on the mind than dipping in and out the market for 10-20
No - I can't do that,I know myself and I have tried different trading styles...looking for the high probability 10 - 20 or 30 is what works best for me.
I enjoy the luxury of not having to make longer term predictions on the market,I don't care if we end up at 155 or 165.

My best days were when there were 2 dojis next to eachother on daily chart-the close was just 20 pips from the open on both days-I got over 200 pips each day.I love volatility and thrive on the indecision of the market....different strokes for different folks and all that...good luck with your trading
  • #260,025
  • Oct 12, 2010 7:30am Oct 12, 2010 7:30am
Quoting Gleneagles
It works for me but there are many roads leading to the same forex destination, I prefer the highway although the 4X4 route may be a bit more "scenic"
And the R44 would definitely be more fun
  • #260,026
  • Oct 12, 2010 7:34am Oct 12, 2010 7:34am
Quoting bigwal
Chazzle,

I think your over leveraging your account thats why you are looking for 10 - 20 pips. I have a question for you.

When you have a trade on, can you walk away from your pc ?

Warren
I trade higher leverage on shorter time frames.Today my highest leverage on 1 trade was 10x this was placed with multiple entries. Highest drawdown today less than 2%.Overall profit today more than 1%.

No,I don't walk away from my PC when I trade with this much leverage,but then I aim for these trades to be about 30 mins max,so why would I?Good luck with your trading
  • #260,027
  • Oct 12, 2010 7:40am Oct 12, 2010 7:40am
As long as price stays under 5856, price "should" reach 5758 at least and possibly "D target" (There is TL support at 5818 tho)
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  • #260,028
  • Oct 12, 2010 7:40am Oct 12, 2010 7:40am
Hi Pipwander,

We are at the botton of a 4hr trendline, we had broken through but res @ 1.5828 is holding it up at the mo.

I feel that there is more selling pressure and we will go down, if we have a break of that 1.5828 area. If we close under there we could see 1.5720ish.

This last surge up these last hours have been a retracement of the last push down, hence it stalled out at 61.8%. And is on its next leg down.

Thats my theory.

Lokk at the bigger picture, the market doesnt move in straight lines.

Warren
I need to finish something i started
  • #260,029
  • Oct 12, 2010 7:47am Oct 12, 2010 7:47am
Just a reminder: We have entered Earnings Season. The mkt could be very WACKED over the next two weeks. Trade with extreme caution. Today Intel reports after mkt hours so there could be some crazy movement around 5:30 pm est. JP morgan reports tomorrow before the US mkt opens.
  • #260,030
  • Oct 12, 2010 7:51am Oct 12, 2010 7:51am
Quoting PipChick
Just a reminder: We have entered Earnings Season. The mkt could be very WACKED over the next two weeks. Trade with extreme caution. Today Intel reports after mkt hours so there could be some crazy movement around 5:30 pm est. JP morgan reports tomorrow before the US mkt opens.
thanks for the info PipChick
  • #260,031
  • Oct 12, 2010 7:52am Oct 12, 2010 7:52am


Quoting chazzle
thanks for the info PipChick
  • #260,032
  • Oct 12, 2010 8:01am Oct 12, 2010 8:01am
starting to short 15855...warning signs if we break 15870 and stay there
  • #260,033
  • Oct 12, 2010 8:02am Oct 12, 2010 8:02am
Quoting mdiz2
Thank you for the input. I like the idea of keeping things as simple as possible. I searched for your previous posts and found a good thread called "Eaglets Flight Training School " and will be reading through it. Which of the indicators from that thread do you have on the bottom of your chart? Is it the Trix MTF meter roy?

Thank you
Trix is not suitable for shorter term analysis , it works best on higher TF ie 240, 60,15
" Never let the past hold the future to ransom "
  • #260,034
  • Oct 12, 2010 8:03am Oct 12, 2010 8:03am
Quoting AllyB
And the R44 would definitely be more fun
right
" Never let the past hold the future to ransom "
  • #260,035
  • Oct 12, 2010 8:10am Oct 12, 2010 8:10am
Quoting Gleneagles
Trix is not suitable for shorter term analysis , it works best on higher TF ie 240, 60,15
May I ask what is the indicator you show on the charts you post here? I thought I read in one of your posts you were using the 30,15 and 5.

thank you
  • #260,036
  • Oct 12, 2010 8:12am Oct 12, 2010 8:12am
Quoting chazzle
starting to short 15855...warning signs if we break 15870 and stay there
closing for 15
  • #260,037
  • Oct 12, 2010 8:27am Oct 12, 2010 8:27am
closing short 5838... dont like this PA, still holding long... but today I am out probably....

Quoting scurt
open 1/2 position on short (1,5851 sl at 5885)... keep my long with SL at BE
now we are on 50%fibo of todays down move...looking for 5740 as target
  • #260,038
  • Oct 12, 2010 8:39am Oct 12, 2010 8:39am
My long term view on the Cable still remains the same. The currency is still trading between 1.60000 and 1.58535, which is our concrete zone for now. For the price to break out of this range, the daily candle needs to close outside the box. This is the bigger picture.

For the immediate trend, price broke out the box and M15 gave a signal to go long at 1.58054 while H4 currently identify 1.58263 as the reversal point. If you miss any of these signals, these two points are the areas to watch out for and where the current H4 candle closes is important for the immediate trend. A candle is not valid until it closes.

Happy trading!
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  • #260,039
  • Oct 12, 2010 8:44am Oct 12, 2010 8:44am
pending longs 15810 , 15790
  • #260,040
  • Oct 12, 2010 8:49am Oct 12, 2010 8:49am
Quoting chazzle
No - I can't do that,I know myself and I have tried different trading styles...looking for the high probability 10 - 20 or 30 is what works best for me.
I enjoy the luxury of not having to make longer term predictions on the market,I don't care if we end up at 155 or 165.

My best days were when there were 2 dojis next to eachother on daily chart-the close was just 20 pips from the open on both days-I got over 200 pips each day.I love volatility and thrive on the indecision of the market....different strokes for different folks and all that...good...
Hi chazzle,

your trading style seems very similar to mine, I too have tried different time frames but have found that I respond best to just catching 40 pips which is 2% of my account

Good luck with it.

Rob
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