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Cable Update (GBPUSD)

  • #267,741
  • Dec 31, 2010 4:27am Dec 31, 2010 4:27am
Quoting chazzle
Taking Ifty's advice and looking at set-ups with an oscillator -

I'm going short from 15500 after seeing some negative divergence on RSI with a stop about 20 pips beyond today's high RR minimum 1:1
I don't use the RSI for divergence but more for overbought/oversold reasons. The stochastics is a decent indicator for seeing a change in direction which I think will suit you more.
You've got to be IN IT to WIN IT!
  • #267,742
  • Dec 31, 2010 4:43am Dec 31, 2010 4:43am
Quoting chazzle
I'm going short from 15500 after seeing some negative divergence on RSI with a stop about 20 pips beyond today's high RR minimum 1:1

Chazzle,
Compliments of the season and happy new Year!.
I find you a facinating person by reading your regular post here. I am also learning this game like you. Just to share something i have founsd useful and thats helping my trading a lot... Keep an eye on the DAILY candle formations while trading the lower tf. It helps a lot. I don't post here regularly cos am work most of the times when you guys are busy trading. infact i am trying to limit my entries to EOD after NY session; but my intraday habit still keeps me looking in on whats going on in the market.
So please keep an eye on the D1 formations. My expectation is that cable will end the year above 1.55. Currently cable is stuck at the same level of mid september. If we clear this in the north direction (which is my expectation... I may be wrong) then next year we may start a bullish run and probe 1.6 and maybe higher. Again, we "may" touch 1.53 which may result in Divergence on the dailies before the push up north. TIME WILL TELL. this is my startegy as i watch the charts in 2011.
Just my 2 cents. USDIX on the dailies chart is opposite of this assumption.
  • #267,743
  • Dec 31, 2010 4:51am Dec 31, 2010 4:51am
Quoting chazzle
Taking Ifty's advice and looking at set-ups with an oscillator -

I'm going short from 15500 after seeing some negative divergence on RSI with a stop about 20 pips beyond today's high RR minimum 1:1
took a couple more up there - out @ BE
  • #267,744
  • Dec 31, 2010 4:55am Dec 31, 2010 4:55am
Quoting 50d
Chazzle,
Compliments of the season and happy new Year!......
Thanks 50 - all the best
  • #267,745
  • Dec 31, 2010 5:17am Dec 31, 2010 5:17am
Quoting Ifty
I don't use the RSI for divergence but more for overbought/oversold reasons. The stochastics is a decent indicator for seeing a change in direction which I think will suit you more.
Sorry Ifty - don't mean to misquote you - personally I don't like stochastics , I find the 2 line thing added to overall direction a bit confusing and taking %k %d lines crossing is just one extra bit of info too much in the heat of battle
added to that , stochastics works better in ranging and choppy markets rather than trending ones - and so adds too much to the thought process if you catch my drift "where is %k line , where is %d line? what is overall direction compared to price? are we ranging or trending?" ... see what I mean?

Although it has been an eye opener to use these indicators in backtesting systems on my platform and quite fun also - in a geeky way :nerd:

I took Wayne Mcdonnel's (FX Bootcamp) rules for engagement , that is MACD 21,55,8 and stochastics 8,3,5 (looking for lines to cross) EMAs 5,8 crossing and 21,55 crossing and put it on an H2 chart ... thought I found the Grail! Backtesting gave great results for about 8 or 9 months , at which point it broke down and stopped working , which I think is true for most EAs really

anyway I'm rambling a bit - had a string of losses last few days and break-even over holiday time - I see why people stay out now but couldn't help myself lol .... but the thing is, to lose a few trades while sticking to your plan doesn't feel nearly as bad as losing when you're just jumping in and out with no plan at all and no MM

All the best to you and yours - here's to a great new year to us
  • #267,746
  • Dec 31, 2010 5:22am Dec 31, 2010 5:22am
Quoting chazzle
Sorry Ifty - don't mean to misquote you - personally I don't like stochastics , I find the 2 line thing added to overall direction a bit confusing and taking %k %d lines crossing is just one extra bit of info too much in the heat of battle
added to that , stochastics works better in ranging and choppy markets rather than trending ones - and so adds too much to the thought process if you catch my drift "where is %k line , where is %d line? what is overall direction compared to price? are we ranging or trending?" ... see what I mean?

Although...
Whatever does it for you bro. RSI have been amazing for me and hope it does the same for you too. GL for 2011.
You've got to be IN IT to WIN IT!
  • #267,747
  • Dec 31, 2010 5:38am Dec 31, 2010 5:38am
i've found a new toy and am almost doing joined up trading.
Thanks to all of you for all the help and fun that you have given so generously this year. May we all meet up this time next year with shedloads more £$£$£$ in our accounts.
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All systems of divination, like music itself,work through patterns.
  • #267,748
  • Dec 31, 2010 6:40am Dec 31, 2010 6:40am
That is what I have uppermost in my mind - let us try to rid this thread of pseudo-teachers who do not know manners and think it is their Right to comment on other's trades.
The best thing that can happen is everyone post his views and not bother about whether others are in the wrong trade or losing. Well intensioned advice is welcome but not nosy bitching because he may not be trading as per their ideas.
Forums are for exchange of opinion - one can learn from it but free-teaching spoils the atm.

Happy Trading All - Wish you all Profits in 2011.


Quoting Ifty
No idea where this guy has come from all of a sudden but don't stop posting because of him for goodness sake. Need to get this thread alive and kicking again ready for 2011.
  • #267,749
  • Dec 31, 2010 7:47am Dec 31, 2010 7:47am
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  • #267,750
  • Dec 31, 2010 8:30am Dec 31, 2010 8:30am
look at the red circles to the left and right of the image... 10 pip price difference between my 2 brokers just now...
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  • #267,751
  • Dec 31, 2010 8:33am Dec 31, 2010 8:33am
HAppy New Year....Prepare yourself to trade a better 2011
  • #267,752
  • Dec 31, 2010 8:36am Dec 31, 2010 8:36am
Short 55719
  • #267,753
  • Dec 31, 2010 8:38am Dec 31, 2010 8:38am
and again... someone is telling lies here
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  • #267,754
  • Dec 31, 2010 8:43am Dec 31, 2010 8:43am
Quoting Ifty
Whatever does it for you bro. RSI have been amazing for me and hope it does the same for you too. GL for 2011.
The problem with all the mentioned indicators, Stoch, RSI, MACD, OSMA, etc... is that they are all LAGGING indicators. Don't get me wrong they all have their uses, but they go off of what has happened already. You can actually see the same thing by looking at the chart itself. The key is to figure out where it may be going next... Hence using leading indicators. I like to use trendlines, simple support and resistance, fibonacci (this one is my favorite), and candlestick formations.

I personally like MACD. But it's uses is to confirm the direction thiat it has been moving.

C.
  • #267,755
  • Dec 31, 2010 8:58am Dec 31, 2010 8:58am
Quoting Ctic
The problem with all the mentioned indicators, Stoch, RSI, MACD, OSMA, etc... is that they are all LAGGING indicators. Don't get me wrong they all have their uses, but they go off of what has happened already. You can actually see the same thing by looking at the chart itself. The key is to figure out where it may be going next... Hence using leading indicators. I like to use trendlines, simple support and resistance, fibonacci (this one is my favorite), and candlestick formations.

I personally like MACD. But it's uses is to confirm the direction...
I understand where you are coming from but WE all use indicators to help us in some way as no one knows where the market will go. E.g. When the RSI enters into overbought region it shows price exhaution and a change in direction (or maybe a little retrace) but without it I would be somewhat lost and worse off. I also have trendlines on my charts to paint me a bigger picture of targets etc but mostly on a 4H, daily and weekly. We all trade differently I suppose and use different methods but along as we are making money and limiting our losses then all should be ok.
You've got to be IN IT to WIN IT!
  • #267,756
  • Dec 31, 2010 9:01am Dec 31, 2010 9:01am
Well, todays 200 pip up move seems to have broken the daily sideways channel, which honestly I did not expect. This also give us a doji on the monthly, SO may have to wait to figure out how to play it.

I still have a short bias atm since we haven't broken the high of the weekly from 2 weeks ago, still have lower high, and appear to be in this triangle. But for now.....I wait.

C.
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  • #267,757
  • Dec 31, 2010 9:04am Dec 31, 2010 9:04am
Quoting Ctic
The problem with all the mentioned indicators, Stoch, RSI, MACD, OSMA, etc... is that they are all LAGGING indicators. Don't get me wrong they all have their uses, but they go off of what has happened already. You can actually see the same thing by looking at the chart itself. The key is to figure out where it may be going next... Hence using leading indicators. I like to use trendlines, simple support and resistance, fibonacci (this one is my favorite), and candlestick formations.

I personally like MACD. But it's uses is to confirm the direction...
Forgive me ..i'm on the edge here
All systems of divination, like music itself,work through patterns.
  • #267,758
  • Dec 31, 2010 9:05am Dec 31, 2010 9:05am
Quoting jaylovin
and again... someone is telling lies here
sorry , but this has nothing to do with the cable thread -
  • #267,759
  • Dec 31, 2010 9:08am Dec 31, 2010 9:08am
Quoting chazzle
sorry , but this has nothing to do with the cable thread -
understood and apologies for the spam
  • #267,760
  • Dec 31, 2010 9:11am Dec 31, 2010 9:11am
Quoting Ifty
I understand where you are coming from but WE all use indicators to help us in some way as no one knows where the market will go. E.g. When the RSI enters into overbought region it shows price exhaution and a change in direction (or maybe a little retrace) but without it I would be somewhat lost and worse off. I also have trendlines on my charts to paint me a bigger picture of targets etc but mostly on a 4H, daily and weekly. We all trade differently I suppose and use different methods but along as we are making money and limiting our losses then...
Ifty,

I agree with you 100%. We all have preferences as to what we use and how we use it. Like I said every indicator has it's uses.

I said I prefer MACD. One problem (weakness) with the MACD is that PA can be moving one way and the MACD pointing to the other direction. Hence when we get the changes. I like to look at that when PA consolidates and watch the MACD to see which direction it goes to next. (Hence the crosses).

RSI is another good indicator as you point out with the overbought and oversold. The weakness I have seen with that though is that it could stay overbought for hours, days, weeks or months (Depending on which TF you use).

Like you said though, we use these to help us determine where it is going next. I hope you didn't take offense to my previous post. I wasn't downing your trading method, I was just trying to make conversation.

C.
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