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Cable Update (GBPUSD)

  • #262,381
  • Oct 29, 2010 6:16am Oct 29, 2010 6:16am
Quoting Dayboy001
my 4H candle closes in 4 mins and this pa has created a good hammer

bullish signal ?
Bull flag formed just waiting for it to break.
  • #262,382
  • Oct 29, 2010 6:19am Oct 29, 2010 6:19am
Quoting gammase1
Your information is totally inaccurate, Adrian. Firstly, the quarterly contracts expire in March, June, September and December. Anyway, more information can be found on the following site:

http://www.londonstockexchange.com/t...ment-price.htm
Thanks for pointing this out gammase, all information gratefully received.

Good thing it doesn't effect my trading on my dummy account
  • #262,383
  • Oct 29, 2010 6:22am Oct 29, 2010 6:22am
Quoting AnonYmos
agreed. tho highly problematic attitude to chose tf according to the exicement it creates. what i dislike about higher tf's tho is the large sl's one has to use.
There are two ways you can avoid this both have their advantages and disadvantages.

1. Scaling in using the 1-2-3 method. You scale in using 1 lot for the earliest entry with the largest SL, 2 lots with a smaller SL and 3 lots with the smallest SL. The price for all 3 SLs must be the same! These 6 lots with different sized SLs should all amount to just 1 or 2% of your account. It requires calculation and setting up 3 separate orders, but it insures that if price only reaches your first entry it will at least ensure that you are in the trade, even if it is just for 0.167%-0.334% of your account.

2. Go down to the lower timeframes and tighten the supply or demand zone, so that it is only 50 pips or less. Then go all in-all out or all in-scale out. The disadvantage here is that price might never reach your entry and you might miss the trade.

These are all different setups and the thing is you should be consistent in what you do! Hence writing it all down in a trading plan and then following your plan. I have been experimenting will different setups, entries, blah blah blah to see what works for ME and what makes me HAPPY and RELAXED. Once you have a plan and you stick to your plan, trading is so much less stressful. Trading should be stress free. If it is not stress free... you have a problem!
  • #262,384
  • Oct 29, 2010 6:28am Oct 29, 2010 6:28am
Quoting gammase1
Your information is totally inaccurate, Adrian. Firstly, the quarterly contracts expire in March, June, September and December. Anyway, more information can be found on the following site:

http://www.londonstockexchange.com/t...ment-price.htm
I think the silly bee is confused with Cloggie's end of month balancing.
  • #262,385
  • Oct 29, 2010 6:30am Oct 29, 2010 6:30am
Quoting Stocky Monk
...no market profiling is not abandoned I think your getting slightly confused mate....I know of a large proprietary firm that uses it as standard in all intraday analyasis.

Market profiling does not contain magic or wizardry neither is it an indicator therefore no need to abandon anything. Its simply is a tool that shows you where price has traded throughout the day in a compound format which allows important areas of supp/res, day point of control, single prints and profile...
Nice
  • #262,386
  • Oct 29, 2010 6:57am Oct 29, 2010 6:57am
Attached Image (click to enlarge)
Click to Enlarge Name: My intraday short.png Size: 38 KB


Here is an intraday short that I am in now. Will this work? Who knows, but the key is to sell high and buy low, not like our friend Erinieks who has this tendency to sell low and buy high!

http://www.forexfactory.com/showthre...24#post4130324

His profile says he has been trading 3-5 years... lol!

This is also countertrend on this timeframe... so more risky!
  • #262,387
  • Oct 29, 2010 7:05am Oct 29, 2010 7:05am
Same principles applies on the higher timeframes and that is why I choose to pick tops and bottoms. It gives me the best risk/reward ratio. Anyway, I bet this goes on to hit my SL now... lol... bothered... not!
  • #262,388
  • Oct 29, 2010 7:07am Oct 29, 2010 7:07am
Enough of me today... See you all soon!
  • #262,389
  • Oct 29, 2010 7:10am Oct 29, 2010 7:10am
Quoting bbakker
Enough of me today... See you all soon!
No, come back!
  • #262,390
  • Oct 29, 2010 7:11am Oct 29, 2010 7:11am
Just back for 1/2 hr or so to watch the U.s Q3 Gdp release...I see price continued up off the previous 1hr/4hr swing hi zone, the 1hr hidden divergence suggesting that was the greater probability from there.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 81 KB
ex member
  • #262,391
  • Oct 29, 2010 7:12am Oct 29, 2010 7:12am
Quoting bbakker
Time for lunch and some work! See you later peeps!
Come back I said!
  • #262,392
  • Oct 29, 2010 7:20am Oct 29, 2010 7:20am
U.s Q3 GDP due in 10mins or so...this has been known to move the market n the knee-jerk reaction to it +. With all the fevered speculation about Fed's likely next move, a poor # could see $ come under pressure, wheras a better than expected number may see some relief for the $. Q2 's initial 2.4% was marked down top 1.7% and the market is expecting around 2.1%. Gdp price index and employment cost index released at same time and Chicago PMI and revised Uom later.

It's news so anything can happen....but with volatility may come opportunity should the market react either way.

After such a big build up it's bound to be a dissappointment now - Lol !!

G/L
ex member
  • #262,393
  • Oct 29, 2010 7:24am Oct 29, 2010 7:24am
This is what Iam looking at on the 1hr ahead of the release...that previous 4hr swing hi zone extends down to 5854 area.

G/L

http://www.easy-upload.net/fichiers/...1029142352.gif
ex member
  • #262,394
  • Oct 29, 2010 7:43am Oct 29, 2010 7:43am
How about 1.6106?
  • #262,395
  • Oct 29, 2010 7:52am Oct 29, 2010 7:52am
Us Q3 GDP advance # comes in @ 2.0% under the 2.1% forecast...$ selling is the knee-jerk in this pairing...market achieving a slightly higher high than yesterday's hi...question now is - is this stop clearing of aggressive/tight short side stops or will a sustained break above yesterday's hi toward and beyond that 6107 result ?

Finishing here for day/week.

G/L
ex member
  • #262,396
  • Oct 29, 2010 8:00am Oct 29, 2010 8:00am
Quoting fxvoilaaa
No, come back!
You want more... lol!

Alright last one for today called the "Throwback trade". Cloggie will like this one because I am not picking bottoms or tops, but going with the trend!

Attached Image (click to enlarge)
Click to Enlarge Name: Throwback trade.png Size: 36 KB


Previous resistance becomes support and you buy at support in the direction of the trend. I bought at support but with my 3 pip spread on all trades using my Micro account, hence the buy line is 3 pips above the support line. Can't get simpler than that when wanting to engage the trend!

Once I have mastered day trading I will be trading on the Forex Futures (CME) market which has minimal spread and I reckon I am another 12 months, maybe more, before I get there. I am even thinking of Commodities/Options trading... but that is a long way off... Let me do the basics first... lol

Have a great weekend all!
  • #262,397
  • Oct 29, 2010 8:15am Oct 29, 2010 8:15am
Looks like a Big Bull trap.
And since we are freaky friday...I'll carry on trading on my 'Funny Money' Account according to Gass-man
  • #262,398
  • Oct 29, 2010 8:20am Oct 29, 2010 8:20am
Quoting AdrianHNV
Looks like a Big Bull trap.
And since we are freaky friday...I'll carry on trading on my 'Funny Money' Account according to Gass-man

Adrian

Is there something attached to your post? I just got this weird buzzing noise on my pc when your post appeared.
  • #262,399
  • Oct 29, 2010 8:27am Oct 29, 2010 8:27am
I`m consulting 15min and 1Day charts for comfort.
  • #262,400
  • Oct 29, 2010 8:27am Oct 29, 2010 8:27am
Quoting Delite
Adrian

Is there something attached to your post? I just got this weird buzzing noise on my pc when your post appeared.
could beeeeeeeeeeeeee
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