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Cable Update (GBPUSD)

  • #262,281
  • Oct 29, 2010 12:30am Oct 29, 2010 12:30am
Quoting Magix
Killer, keep eyes on the cable 200EMA on 5m.


hey wise man

i cant live with out it
Attached Image (click to enlarge)
Click to Enlarge Name: 5m cable.gif Size: 39 KB
  • #262,282
  • Oct 29, 2010 12:30am Oct 29, 2010 12:30am
Quoting TauTrader
Good day,
" How many times did price turn back into your favour 1 or 2 pips from your stoploss?" If the answer is never - then maybe. If this has happened to you once or more than once - then relax - they are not really out to get you.

All the best!

Regards
All honesty...

I set s/l 4 x this week. The rest quick fires.

2 stop losses set on dragon and cable beginning of week, I just had that loving feeling they would do well, but covered my ass incase I was wrong.

I can't be sure if the actual broker is out to get anybody, I really don't see the need, however...

The market itself will whip around, and depending on how many banks the broker clears through, might create a bit of a space or 2...

This current broker...I could watch the bid and ask on close spread from 1.5 to 6 on dragon and EJ...I laughed. Wondering if it was my timing or was there really a little more to the story.

End run...

I don't believe there is a broker with a decent spread that any trader should not be able to prosper with. The idea of the bet and the trades was along these lines. The cold hard facts, the best way for some folk to make money, is to not spend it foolishly.

Meh, maybe just my dos centavos.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,283
  • Oct 29, 2010 12:32am Oct 29, 2010 12:32am
Quoting kill56
hey wise man

i cant live with out it
Open fiber on a 30m...

This party has only just begun!

Auuuuuuuuuuoooooooooooga!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,284
  • Oct 29, 2010 12:32am Oct 29, 2010 12:32am
We need to see a close above (1.5987) or below (1.5720).. GBPUSD is struggling in a battle between both market forces (bulls and bears) the instrument has a trading range to break. Any four hours close above (1.5987) will open the way for a little push upward to test the resistance level at (1.6109), and a four hours close below (1.5720) will let the instrument test the next support level at (1.5650).
  • #262,285
  • Oct 29, 2010 12:37am Oct 29, 2010 12:37am
Quoting Magix
Open fiber on a 30m...

This party has only just begun!

Auuuuuuuuuuoooooooooooga!

heavy on fiber waiting for it to cross the road

in h1 looks very sexy
  • #262,286
  • Oct 29, 2010 12:44am Oct 29, 2010 12:44am
Quoting kill56
heavy on fiber waiting for it to cross the road
One thing missing on your chart killer...

Daily open.

I know ya prolly got this one already, but never hurts to have it handy or refresh your memory.....

Attached File(s)
File Type: ex4 DailyOpen.ex4   3 KB | 257 downloads
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,287
  • Oct 29, 2010 12:50am Oct 29, 2010 12:50am
Quoting Magix
One thing missing on your chart killer...

Daily open.

I know ya prolly got this one already, but never hurts to have it handy or refresh your memory.....

thanks wise man i will add
Attached Image (click to enlarge)
Click to Enlarge Name: 1h cable.gif Size: 32 KB
  • #262,288
  • Oct 29, 2010 12:51am Oct 29, 2010 12:51am
Quoting Magix
One thing missing on your chart killer...

Daily open.

I know ya prolly got this one already, but never hurts to have it handy or refresh your memory.....

what gives this indicator?
  • #262,289
  • Oct 29, 2010 12:56am Oct 29, 2010 12:56am
Quoting NoahEffect
Still holding this posture. Up, by a tiny bit. AO just doesn't want to cross down below 0, so I am happy to hold onto the long for now. Yesterdays action painted as an inside bar, which we have now broken out of to the upside. Yesterdays low is now intraday support I assume.
Attachment
Hey kids! Thank Goodness it's FRIDAY!

As above, still long. Up, by a tiny bit more Looks like some here take more trades in a day than I blink? Paint the tape boys and girls, I've placed two orders and had one fill this week hehe.

New York closed the day on the highs, which gives some indication I think that the breakout of daily consolidation and inside bar has some potential. Saw a few top pickers who posted here last night during NY get cleaned out! Some very early GBP news during Tokyo this morning was enough to keep the profit takers at bay it seems?
Attached Image (click to enlarge)
Click to Enlarge Name: scenario21.jpg Size: 67 KB



  • #262,290
  • Oct 29, 2010 1:01am Oct 29, 2010 1:01am
Quoting Erinieks
what gives this indicator?
The attachment I have on my last post.

There are 2 options on daily open, I use 1, use none for color on the second...

Set the daily open to whatever time coresponds with your broker to 5pm EST.

From there, you will know if we are above this line, be a buyer and if below this line, be a seller.

Check the chart....the line that is horizontal is where Roll over, or true daily open is, the vertical lines mark the gains and losses on the day.
Attached Image (click to enlarge)
Click to Enlarge Name: roll.jpg Size: 111 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,291
  • Oct 29, 2010 1:08am Oct 29, 2010 1:08am
Quoting Magix
The attachment I have on my last post.

There are 2 options on daily open, I use 1, use none for color on the second...

Set the daily open to whatever time coresponds with your broker to 5pm EST.

From there, you will know if we are above this line, be a buyer and if below this line, be a seller.

Check the chart....the line that is horizontal is where Roll over, or true daily open is, the vertical lines mark the gains and losses on the day.
Toady the market will be on seller position... if I look at this indicator.
  • #262,292
  • Oct 29, 2010 1:14am Oct 29, 2010 1:14am
Quoting Erinieks
Toady the market will be on seller position... if I look at this indicator.
Having an idea of where market will head, or what may be happening, doesn't come at the first glance of a chart.

If we move up to todays roll, and price gets rejected, yes, we will sell. If we clear that line, we could continue on with the buying.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,293
  • Oct 29, 2010 1:17am Oct 29, 2010 1:17am
Quoting at2au
Hi Brian,

Can you post a link for these 3 boys?
I zag dit graag.
Hartelijk dank by voor baat

Albert
Hi Albert,

My 3 runners technique is basically going all in and then scaling out. There are in total 4 methods and each method has its own advantages and disadvantages -

1. All in, all out (Most people use this method)
2. All in, scaling out (3 runners technique)
3. Scaling in, scaling out
4. Scaling in, all out

For some reading material on these methods read the following links -
http://www.babypips.com/school/what-is-scaling.html
http://ezinearticles.com/?Partial-Cl...its&id=4612260
http://www.forexfactory.com/showthre...t=12273&page=4

For my swing trading of the higher timeframes my 1st target is always a minimum of 3:1. Once I have reached this target, I have made a small profit and the other 2 runners are free trades. I use technical targets based on supply and demand levels for my other 2 runners, although I do use a trailing stop for my 3rd runner.

Therefore, yes, I am trying to pick bottoms and tops, this is what swing trading is all about as this gives you the best risk to reward ratios. You will tend to have more losing trades than winning trades but even with 30% winners, you can still make profit! One needs to be strong willed and have great losing psychology!

You will have days, like yesterday, called fading trend days (http://tinyurl.com/2fmxqez) and I still need to work on how to spot these trend days early on in the day. Reviewing my trading yesterday, and I know hindsight is a wonderful thing, it was easy to spot that price was only going to go in one direction and that was UP! Hell, I even stated that DIX would hit supply at 78.50 and set the return target of 77, yet I still went ahead and started trying to short cable too early.. doh! Sometimes I need to actually listen to MYSELF more! There is a great paragraph in Mark Douglas book, The Disciplined Trader that discusses doers and followers, but it will take me too long to type out. Well worth a read!

Wish you success with your trading!

Groetjes,
Brian
  • #262,294
  • Oct 29, 2010 1:20am Oct 29, 2010 1:20am
Quoting Magix
Having an idea of where market will head, or what may be happening, doesn't come at the first glance of a chart.

If we move up to todays roll, and price gets rejected, yes, we will sell. If we clear that line, we could continue on with the buying.
Good indicator, but I need to learn it. But then you hav 99% monthly profit ok joke, but I want to learn this indicator and I know, its just indicator.
  • #262,295
  • Oct 29, 2010 1:20am Oct 29, 2010 1:20am
Time to fill the chart

Quoting Magix
Check the chart....the line that is horizontal is where Roll over, or true daily open is, the vertical lines mark the gains and losses on the day.
Attached Image (click to enlarge)
Click to Enlarge Name: fillchart.jpg Size: 148 KB
  • #262,296
  • Oct 29, 2010 1:46am Oct 29, 2010 1:46am
Quoting at2au
Hi Brian,

Can you post a link for these 3 boys?
I zag dit graag.
Hartelijk dank by voor baat

Albert
So basically I split my position into 3. In my trading journal (Excel spreadsheet) I first calculate the pip value (www.earnforex.com/pip-value-calculator). If USD is the quote currency like in GBPUSD the pip value will be 1. If it is the base currency like in USDCAD or you trade a pair that does not involve USD, you will need to work out the pip value using the above link.

My next step is then to enter my entry point and my SL. From this, using 1% of my account, my spreadsheet will calculate how many lots (micro, mini or standard... this is irrelevant), using the pip value that I calculated above, that I can use and then divide this by 3. So if it calculates that I can use 27 lots, I will have 9 lots for each runner.

It took me a week or so to do all the Excel formulae to work all this sheeet out, but for me it is now all automatically calculated and I just put in a few numbers and voila the spreadsheet does the rest! The worst bit was getting the Yen pairs with 2 decimal places in the same worksheet as the other currencies with 4 decimal places, but I got there with some IF statements.

I wish you success with your trading!
  • #262,297
  • Oct 29, 2010 1:53am Oct 29, 2010 1:53am
Quoting bbakker
Hi Albert,

My 3 runners technique is basically going all in and then scaling out. There are in total 4 methods and each method has its own advantages and disadvantages -

1. All in, all out (Most people use this method)
2. All in, scaling out (3 runners technique)
3. Scaling in, scaling out
4. Scaling in, all out

For some reading material on these methods read the following links -
http://www.babypips.com/school/what-is-scaling.html
http://ezinearticles.com/?Partial-Cl...its&id=4612260
http://www.forexfactory.com/showthre...t=12273&page=4...
Mijn Haarrrrrrrrtelijkee DANK.
Will study this during w/e
  • #262,298
  • Oct 29, 2010 1:54am Oct 29, 2010 1:54am
can anyone recommend a better trading platorm than ig her in the uk ? im fed up with them. thx in advance.
  • #262,299
  • Oct 29, 2010 1:55am Oct 29, 2010 1:55am
Quoting bbakker
Hi Albert,

My 3 runners technique is basically going all in and then scaling out. There are in total 4 methods and each method has its own advantages and disadvantages -

1. All in, all out (Most people use this method)
2. All in, scaling out (3 runners technique)
3. Scaling in, scaling out
4. Scaling in, all out

For some reading material on these methods read the following links -
http://www.babypips.com/school/what-is-scaling.html
http://ezinearticles.com/?Partial-Cl...its&id=4612260
http://www.forexfactory.com/showthre...t=12273&page=4...
I like this post, verry interesting, but you have a full strategie about partial close - scaling out forex profits.
  • #262,300
  • Oct 29, 2010 1:59am Oct 29, 2010 1:59am
Quoting Makeveli
can anyone recommend a better trading platorm than ig her in the uk ? im fed up with them. thx in advance.
http://www.dukascopy.com

are one of the best but not here in the UK.........But I would still look if your serious about forex trading.
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