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Cable Update (GBPUSD)

  • #276,581
  • Apr 15, 2011 5:53am Apr 15, 2011 5:53am
Quoting albchr
I understand. Analysis is good and quite necessary in this business. But "over analyzing" is an account killer. I also tend to over analyze EVERYTHING in life. I've been through so much in my learning curve (trying this, trying that, indicators, "systems" and such) that my head literally hurt a LOT and at the end of the day, I was more confused and generally a little poorer...LOL Especially in conditions like this. We want to trade so badly that we start looking for anything we can justify as a chance to pull that trigger. Unfortunately, when...
Well, I just entered this business 2 years ago so I probably didn't struggle that much YET. Yes, I say YET as I still need to experience many kinds of trading if I want to stay survive in this business and your approach are so helpful to help me learn more. Thank you very much
  • #276,582
  • Apr 15, 2011 5:56am Apr 15, 2011 5:56am
Quoting TauTrader
Good day to you,

Thank you for taking the time to post. I do admire your general fundamental knowledge and awareness. I do.

I am terrible with this portion of the Forex package.

I think your take is correct. I went short already @ 1.6357 as a start - could not get momentum to my 1.637x short scalp entry zone.

So figured if I was to enter there, I could build a short towards that anyway.... to exit @ 1.6320 and reverse

all the best

Regards
good day to you,

If you blink, you miss - closed GU.

Now building a long scalp on EU.

Regards
  • #276,583
  • Apr 15, 2011 6:00am Apr 15, 2011 6:00am
Quoting 0rPhioZ
Well, I just entered this business 2 years ago
Me too...(roughly)
Ghost Rider - WWTBMD?
  • #276,584
  • Apr 15, 2011 6:02am Apr 15, 2011 6:02am
Quoting albchr
Me too...(roughly)
Whoa... I thought that you're in for around 10 years... my mistake . Well, more or less you're my senior cheers for our success !!!
  • #276,585
  • Apr 15, 2011 6:07am Apr 15, 2011 6:07am
been doing this since 2004
  • #276,586
  • Apr 15, 2011 6:10am Apr 15, 2011 6:10am
Quoting PoundTrader
been doing this since 2004
Allow me to salute you, sir
  • #276,587
  • Edited 6:29am Apr 15, 2011 6:19am | Edited 6:29am
Quoting 0rPhioZ
Whoa... I thought that you're in for around 10 years... my mistake . Well, more or less you're my senior cheers for our success !!!
Nope, look at my "member since" date. March 2009. I started here when I started live trading (roughly). I demo traded for a year before going live. I live traded for a year but then had to find work (account too small to live from) so I've been driving a truck (and not trading) since August 2010.

I'm home for a couple days so I thought I'd say hello to old friends and trade a little bit. I'll be back OTR next week for a few months at a time again. Sure wish I had the money to just trade though.
Ghost Rider - WWTBMD?
  • #276,588
  • Apr 15, 2011 6:33am Apr 15, 2011 6:33am
Quoting albchr
Nope, look at my "member since" date. March 2009. I started here when I started demo trading. I demo traded for a year before going live. I live traded for a year but then had to find work (account too small to live from) so I've been driving a truck (and not trading) since August 2010.

I'm home for a couple days so I thought I'd say hello to old friends and trade a little bit. I'll be back OTR next week for a few months at a time again. Sure wish I had the money to just trade though.
I opened small micro account and went Live the first time I set my eyes in this world (quite crazy eh?), my debut ended with strings of losses that I couldn't get rid from my head for several weeks. Trying indicator this and that with decent profit but not consistent and now I have tried using no indicators for 1 month and I have to say that my trading becomes better in many aspects. Yet many people around me always look that as if this business is shit because I haven't made any promising profit. I don't really think much about money when it comes to this business because I need to learn the dynamics so I live with salary from my freelance jobs, as a freelance translator. This business has changed many parts of me and renewed my approach when it comes to spending mpney and I couldn't be more thankful for that. I hope that you'll achieve your trading for a living goal soon and may God bless you and all the traders in this thread. This pair really moves very slow, so I'll probably close it soon. Good luck for today's trades...
  • #276,589
  • Apr 15, 2011 6:35am Apr 15, 2011 6:35am
I am booring hoaaaahheeeemmm
  • #276,590
  • Apr 15, 2011 6:37am Apr 15, 2011 6:37am
Quoting julian501
I am booring hoaaaahheeeemmm
Look at NZD/USD. LOL
  • #276,591
  • Apr 15, 2011 6:40am Apr 15, 2011 6:40am
Quoting 0rPhioZ
Look at NZD/USD. LOL
I am watching telenovela right now
  • #276,592
  • Apr 15, 2011 6:50am Apr 15, 2011 6:50am
This is the last news I will wait for, and then I'm out friends. This market is not friendly today...
  • #276,593
  • Apr 15, 2011 6:57am Apr 15, 2011 6:57am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
US data is getting stronger & stronger...I think there is a reason why dollar might go bullish soon...
  • #276,594
  • Apr 15, 2011 7:04am Apr 15, 2011 7:04am
Quoting ams
I also wanted to ask you regarding volume. I work in IT as a PM for investment banks and have done projects with / for them, but I've never seen them using volume in forex. Does it really works.? I see malcolm and all using them but for the life of me I cannot trade with it. It seems for evey highbar or pinbar there is a high volume bar which is obvious candle trading? Would appreciate to see what you see in them !! Perhaps another set of tool if my little mind can get it
Interesting that you mention a bank trading floor would not be using volume - I'd assume traders there are as varied and using as wide a variety of systems as we are on these pages. You didn't mention if they were equity of forex traders - if none of them are using it, I'd say they're mediocre traders. There are many clues to be gained from looking at volume in a decent spot feed (ie., through a large liquidity provider that has a mixture of funds and non-retailer traders or a amalgamated feed like the eSignal that brings together 200 trading entities & banks) - and then interpreting the chart and it's level of strength and intent. Futures for 6B, 6E, etc can be especially useful I assure you - if you can see and speculate what others are doing at a certain point, it would make sense to follow along, because we are after all, just looking to ride their coat tails, right?

Quoting _BBKing_
good morning,
rarely i used volume indicators, but i notice on your chart a good one.
can i find it some where?
i would like to try it, looks very helpful
For MT4, check for the BetterVolume1.4 indi in the VSA thread. It exists for most platforms; use default settings.

AMS and BBKing, these VSA type requests (they're welcome!) come up all the time - my last/recent post of an overview sort can be found here, with lots of learning guidance; in the VSA thread, somewhere in the last 50 or so pages, there have been some good summary PDFs posted - they'd be a good intro to the VSA bible "Master The Markets", the link for which is in my referenced post/link. Cheers.
  • #276,595
  • Apr 15, 2011 7:11am Apr 15, 2011 7:11am
Quoting TauTrader
good day to you,

If you blink, you miss - closed GU.

Now building a long scalp on EU.

Regards
good day to you,

Whacked a couple off EU.( 60 pips) Done for the day.

Regards
Attached Image (click to enlarge)
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  • #276,596
  • Apr 15, 2011 7:13am Apr 15, 2011 7:13am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
I was referring to forex traders, they are mainly into options and looks at greeks for trading as usual. Equity and derivatives floor traders cannot even breath without volume, DMA and levelII in front

Cheers for the link. I randomly look at Malcolm's thread to understand volume, still cannot get the hang of it. Maybe it's just me :-)

ta
ams


Quoting Beljevina
Interesting that you mention a bank trading floor would not be using volume - I'd assume traders there are as varied and using as wide a variety of systems as we are on these pages. You didn't mention if they were equity of forex traders - if none of them are using it, I'd say they're mediocre traders. There are many clues to be gained from looking at volume in a decent spot feed (ie., through a large liquidity provider that has a mixture of funds and non-retailer traders or a amalgamated feed like the eSignal that brings together 200 trading entities...
  • #276,597
  • Apr 15, 2011 7:30am Apr 15, 2011 7:30am
Quoting Beljevina
Interesting that you mention a bank trading floor would not be using volume - I'd assume traders there are as varied and using as wide a variety of systems as we are on these pages. You didn't mention if they were equity of forex traders - if none of them are using it, I'd say they're mediocre traders. There are many clues to be gained from looking at volume in a decent spot feed (ie., through a large liquidity provider that has a mixture of funds and non-retailer traders or a amalgamated feed like the eSignal that brings together 200 trading entities...

thanks a lot,
will check around week end :nerd:
90% of traders use TA, indicators and prediction
  • #276,598
  • Apr 15, 2011 7:31am Apr 15, 2011 7:31am
Quoting ams
I was referring to forex traders, they are mainly into options and looks at greeks for trading as usual. Equity and derivatives floor traders cannot even breath without volume, DMA and levelII in front

Cheers for the link. I randomly look at Malcolm's thread to understand volume, still cannot get the hang of it. Maybe it's just me :-)

ta
ams
good day,

Gonna invest a little bit in NZD. Since you brought it up. There is a lot of "those virgins" (divergence) present.

I know that our ZAR, the AUD and NZD has been prostituted through carry trades over the past months. So not a lot of confidence - but a stab and simmer with a 50 pip stop will be intersting to watch.

Have a great week end. Now off to shower - Sushi time tonight.

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: nzd1.gif Size: 43 KB
  • #276,599
  • Apr 15, 2011 7:33am Apr 15, 2011 7:33am
Quoting ams
US data is getting stronger & stronger...I think there is a reason why dollar might go bullish soon...

yes me too but i see my shorts on aud usd going wrong of 30 pips
and other pairs major gbp usd n eur usd actually stable

maybe all for next week.
looks like market waiting for something....................
90% of traders use TA, indicators and prediction
  • #276,600
  • Apr 15, 2011 7:35am Apr 15, 2011 7:35am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Are you shorting or going long?

Dollar is now holding things up with all the positive data coming.
Kiwi would blow off if dollar is bought or sold!

ta
ams

Quoting TauTrader
good day,

Gonna invest a little bit in NZD. Since you brought it up. There is a lot of "those virgins" (divergence) present.

I know that our ZAR, the AUD and NZD has been prostituted through carry trades over the past months. So not a lot of confidence - but a stab and simmer with a 50 pip stop will be intersting to watch.

Have a great week end. Now off to shower - Sushi time tonight.

Regards
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