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Cable Update (GBPUSD)

  • #266,281
  • Dec 11, 2010 8:40am Dec 11, 2010 8:40am
Quoting Magix
Mr Chaz....
The benefit of learning to trade off the shorter time frames is that the charting is the same on the longer, and applying your trend recognition driving back from the 15m to the 5m can present a few more takes...trades look the same only the ranges vary...

Enjoy your weekend my brother...a fresh attitude and fresh trades into next week will most likely prove a little more positive for ya...
Thanks guys .... yes Magix - I trade off M15 after looking at D1 , H4 , H1 but when I put my actual trades from yesterday on M1 (so I can see to the minute my ins and outs , as it were) - was surprised to see PA respecting all the usual stuff - MAs , TLs etc on such a short TF

I'm quite good at scalping - but I suspect only when certain market conditions are there .... my main obstacle is being too emotional in the market

Sold the LO one day earlier in the week and closed the trade in 3 parts - TP 50 , 75 and 100 - and I know for a fact that the main reason why I let it run was because I was not constantly watching price ... indeed , I want more trades like that

again thanks for the feedback
  • #266,282
  • Dec 11, 2010 8:51am Dec 11, 2010 8:51am
Quoting Ifty
Hi guys, just thought I'd pop in quickly before taking kids to the cinema.

The weekly definately looking bullish again

What do you think guys?

Attachment
Yes Ifty , Price has climbed back in to an upward channel (my above chart shows it zoomed in) would like to see price break the red line for further confirmation on bullishness
  • #266,283
  • Dec 11, 2010 8:52am Dec 11, 2010 8:52am
cable is bullish..imho
hourly data
26 pips by reversal.last signal was negative,but 5860 break still possible from this chart

http://i53.tinypic.com/oroto4.jpg
  • #266,284
  • Dec 11, 2010 8:59am Dec 11, 2010 8:59am
Quoting Ifty
Hi guys, just thought I'd pop in quickly before taking kids to the cinema.

The weekly definately looking bullish again and the daily at the important trendline shown. If it continues then there's a good chance it can test 1.63 or even 1.65 perhaps. Normally thinking of shorting but the trend is up so a little wary on next weeks action.

What do you think guys?

Attachment
I like the hulls shroud/cradle on all time frames Ifty...Helps me to see where we have come from and where we could be heading...

Resistance seems strong at the 200EMA on the H4 and I have no triggers for longer as of current, not to say they won't come, but we might have to head back to support before another attempt.

Checking back on how the down fall took, H4 200 was tested, back to resistance and then the drop...now we have the climb, stalled at H4 200, could go back to support before the next attack...Follow the red lines to see what I am saying to see what the green lines might show for the next chart movement...

This is pure speculation but as we haven't triggered for further longs, until I see otherwise I will be watching for the short trigger.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,285
  • Dec 11, 2010 9:00am Dec 11, 2010 9:00am
a closer look
10 min data input
price fell back to supp ..green trend;ine
last signal was bullish
i will be using the trendline as a support for this uptrend
if we are in an area of major resistance,then we will get a failed p/f signal

http://i56.tinypic.com/mtrz84.gif
  • #266,286
  • Dec 11, 2010 9:09am Dec 11, 2010 9:09am
Sorry to go back to my own personal idea of holding trades for longer as opposed to scalping (when this is a Cable specific thread and not a general thread) but I am posting here so the people we all chat to every day here can see it -

"Perfect Trades"

I did a study of PA over the last 3 months and found that the swings were very typical of those shown on this chart... I know we are working with hindsight here but this may still be useful - 40% of these trades would have occurred in 16.6% of the time (7-11 GMT) that means the likelihood of trades occurring in this time is more than double than the average of any other 4 hour time period ... average length of a trade is 17 hrs and average pip gain is 164 ... this is based on 35 trades in the 3 months of the study ... food for thought ...
Attached Image (click to enlarge)
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  • #266,287
  • Dec 11, 2010 9:54am Dec 11, 2010 9:54am
.
Attached Image
The dream will never die
  • #266,288
  • Dec 11, 2010 10:09am Dec 11, 2010 10:09am
Quoting Brotyboy
.
....Oi you , its Sat you're supposed to revising proper stuff... not that old malarkey..have one on me mate!
All systems of divination, like music itself,work through patterns.
  • #266,289
  • Dec 11, 2010 3:34pm Dec 11, 2010 3:34pm
Quoting Ifty
Hi guys, just thought I'd pop in quickly before taking kids to the cinema.

The weekly definately looking bullish again and the daily at the important trendline shown. If it continues then there's a good chance it can test 1.63 or even 1.65 perhaps. Normally thinking of shorting but the trend is up so a little wary on next weeks action..
Quoting Magix
I like the hulls shroud/cradle on all time frames Ifty...Helps me to see where we have come from and where we could be heading...

Resistance seems strong at the 200EMA on the H4 and I have no triggers for longer as of current, not to say they won't come, but we might have to head back to support before another attempt.
...
This is pure speculation but as we haven't triggered for further longs, until I see otherwise I will be watching for the short trigger.
As a newbie I tried to see it through the perspective of Divergence, which has worked quite well for me in the past 3 weeks.

I will follow any direction, but my bias for the week is bearish.

I am always reading and learning from your posts or others here, and very grateful for that.

Have a good weekend

Regards
Attached Image (click to enlarge)
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  • #266,290
  • Dec 11, 2010 4:36pm Dec 11, 2010 4:36pm
Large time frame indicator, request...
Make sure to capitalize the time frame, ie, h1 will not work, but H1 will.
Attached File(s)
File Type: mq4 LargeTimeFrame.mq4   4 KB | 316 downloads
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,291
  • Dec 12, 2010 3:57am Dec 12, 2010 3:57am
Quoting dentist007
a closer look
10 min data input
price fell back to supp ..green trend;ine
last signal was bullish
i will be using the trendline as a support for this uptrend
if we are in an area of major resistance,then we will get a failed p/f signal

http://i56.tinypic.com/mtrz84.gif
Please keep posting these pnf charts, they are very informing.

Only wish I could draw them myself, lol.
  • #266,292
  • Dec 12, 2010 4:26am Dec 12, 2010 4:26am
All we need is "Miracle of Discipline" W.R. Booker&Co
  • #266,293
  • Dec 12, 2010 4:32am Dec 12, 2010 4:32am
Quoting Ma Baker
Cable
All we need is "Miracle of Discipline" W.R. Booker&Co
  • #266,294
  • Dec 12, 2010 4:45am Dec 12, 2010 4:45am
Quoting bbakker
Trading is not easy, but it is simple. Keep it simple!
Had it been vice versa no simple simons would had been here
  • #266,295
  • Dec 12, 2010 4:59am Dec 12, 2010 4:59am
Quoting bbakker
Never looked back. I did get some excellent stuff from traders on this forum and I am very grateful to those people who supported me, but my trading has gone to a new level since I joined OTA and I can see the charts much clearer now. Considering I didn't even know what a pip was 12 months ago, I have come a long way on my journey and I am on the right path. My goal is to do this full time within 24 months.
Young must create but not trade. Jesus Criste pushed the traders away from the churchyard. Trade for the fun risking 10% of your creative income and it will be your cherity for poor
  • #266,296
  • Dec 12, 2010 5:06am Dec 12, 2010 5:06am
by popular demand
lol
2 days price action.7 pips by 3 reversal..1 minute data input
the s/r areas show up nicely
price back in a minor uptrend
the long trade on friday am and the short at us open show up nicely
now if you had stayed,then there was a nice long trade later in the day

http://i54.tinypic.com/2zrezom.gif
  • #266,297
  • Dec 12, 2010 10:39am Dec 12, 2010 10:39am
Check out the fibs on these latest down swings and how well has held the 61.8 as rejection...

Charts 1, 2 showing the drop on rejection...
Chart 3, next possible swing?
Attached Image(s) (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,298
  • Edited 4:19pm Dec 12, 2010 11:50am | Edited 4:19pm
UTL confluence with new DP which i have at 15775...closing price on FRi 15801. Open of that candle@ 15775( according to my data stream)makes confluence with 20 ema which had proven to be a flat line for the price for at least 7 days on this TF. Could this mean that price will respect UTL down to FRi low of 15750? I see a significant supply/resistance zone between 15775 and 15864.Any comments most appreciated
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (10-DEC-10).png Size: 13 KB
All systems of divination, like music itself,work through patterns.
  • #266,299
  • Dec 12, 2010 1:38pm Dec 12, 2010 1:38pm
Miles Davis KIND OF BLUE - kind of forex music
  • #266,300
  • Edited 4:09pm Dec 12, 2010 4:08pm | Edited 4:09pm
Quoting meromar
Miles Davis KIND OF BLUE - kind of forex music
Electric Blue slightly more up to date.
All systems of divination, like music itself,work through patterns.
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