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Cable Update (GBPUSD)

  • #277,321
  • Apr 25, 2011 3:59am Apr 25, 2011 3:59am
Quoting Mrleeforex
There is probability that Bull will strike back during London Session. but as for now Bear owns Bull. I will sleep now and see the result later. and USD index is trending up right now. so be cautious mate.

London is not open today!
  • #277,322
  • Apr 25, 2011 4:00am Apr 25, 2011 4:00am
Quoting TauTrader
Good day to you,

I have thought long and hard about this - scalping is in my blood, but screentime is a luxury for me at present. Today is a public holiday here - so no problem. I spent a few hours last night re-looking my setups, as I had made one or 2 bad trades in the last couple of days...

I have created 2 different setups - one that will allow me to trade off 15min charts - for 50 to 100 pips a shot - on average offering 3 or 5 high probability trades per pair per month. I could however scalp off this setup too - for 10 to 20 - if time...
I dont think you will be disappointed that you have chosen to become more of a position trader. If we can be patient enough to wait until the numbers are absolutes then frankly trading becomes somewhat easy and a little boring. But it takes care of us financially

I am at the point now where I enter maybe 3-5 trades a quarter total. And it is enough to sustain a good living. the 6596 level is of extreme importance right now... a significant bounce can bring us all the way back down to the 1.6044 level whereas a break and restest could possibly have us targeting the 7078... I will also be doing battle at this level because no matter which way to train is leaving the station I want to be along for the ride!!
  • #277,323
  • Apr 25, 2011 4:09am Apr 25, 2011 4:09am
Quoting id5
Interesting thought but what makes you think that it will drop to 1.4402?
this is what I seee

Daily over bought and on H4 this is what I am waiting for

as soon as we will have a sell ichi cross on H4 I will prepare to sell and as soon as I will have a confirmation with the price braking the cloud in that area I will give change the TP of my shorts

this is what I see.it doesn't mean it has to happen.that's why I need confirmation for the 1.4225 level

we still have 4 more weeks on this pair to go to 1.50-51 so plenty of time for a pullback here
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EU Daily.JPG Size: 186 KB
  • #277,324
  • Apr 25, 2011 4:16am Apr 25, 2011 4:16am
I like to say your trading pattern suite my kind of trading also as this reduces the risk on short term entries..... I am actually also looking within the same high range as you are but i have a problem with confirming any shorts as the usd index which i also rely on doesn't give me reason's to short just yet..... I would expect a better usd dollar index been positive b4 i enter shorts, 4 now e/u remains long so wld g/u until usd gains strength across the board




Quoting TauTrader
Good day, id5

Did not even notice. Let's see where this goes then.

Regards
  • #277,325
  • Apr 25, 2011 4:16am Apr 25, 2011 4:16am
i dont say that it is going up or down.
i only say that is below 74.53 n 74.21 n i dont see signs of recover till now.

Attached Image (click to enlarge)
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Attached Image
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  • #277,326
  • Apr 25, 2011 4:17am Apr 25, 2011 4:17am
by the way I might sell GU in the next 10-15 min 1.6495-1.65

we might have a sell ichi cross on M5
  • #277,327
  • Apr 25, 2011 4:22am Apr 25, 2011 4:22am
daily chart shows me a confirmation of white dotted dynamic support now becoming resistance.
Attached Image (click to enlarge)
Click to Enlarge Name: usdxd1.gif Size: 22 KB
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  • #277,328
  • Apr 25, 2011 4:32am Apr 25, 2011 4:32am
Quoting redbeben
by the way I might sell GU in the next 10-15 min 1.6495-1.65

we might have a sell ichi cross on M5
ok ok I'm in with a small lot short TP 1.6495-1.65
  • #277,329
  • Apr 25, 2011 4:36am Apr 25, 2011 4:36am
Is this a guessing game??? sometimes u are right and most times u are not!!!!!!!

Remember today is holiday u may see lots of whipsaw, and sideways

Quoting redbeben
ok ok I'm in with a small lot short TP 1.6495-1.65
  • #277,330
  • Apr 25, 2011 5:06am Apr 25, 2011 5:06am
Quoting TauTrader
Good day to you,
Quoting TauTrader
I have thought long and hard about this - scalping is in my blood, but screentime is a luxury for me at present. Today is a public holiday here - so no problem. I spent a few hours last night re-looking my setups, as I had made one or 2 bad trades in the last couple of days...
I have created 2 different setups - one that will allow me to trade off 15min charts - for 50 to 100 pips a shot - on average offering 3 or 5 high probability trades per pair...

Hi Tau, I am trying to learn your level of patience, I am still following the Cloggie S&R methods which work fine for me but I tend to over trade as I also suffer from lack of screen time. Patience is definitely the virtue needed for this game.

I am currently looking at a possible drop to the Weekly Pivot 1.642 area and then a possible long
  • #277,331
  • Apr 25, 2011 5:17am Apr 25, 2011 5:17am
Quoting redbeben
this is what I seee
Quoting redbeben
Daily over bought and on H4 this is what I am waiting for
as soon as we will have a sell ichi cross on H4 I will prepare to sell and as soon as I will have a confirmation with the price braking the cloud in that area I will give change the TP of my shorts
this is what I see.it doesn't mean it has to happen.that's why I need confirmation for the 1.4225 level
we...

My thanks for your view point. Not sure that it will go down that far but it is a long time period and lots of possibilities could occur.
  • #277,332
  • Apr 25, 2011 5:19am Apr 25, 2011 5:19am
Quoting fendi
Is this a guessing game??? sometimes u are right and most times u are not!!!!!!!

Remember today is holiday u may see lots of whipsaw, and sideways
trading is a guessing game I'm afraid.do you rely only on indies? don't we all guess? I always take a guess and most of the times I am right.for me it worked out well so far with so many consecutive winning trades and still going.
It's all about MM.this short will end up in profit at least for me

as for the whipsaw you are right.it could affect a small SL but as I am a mid term-long term trader I have big SL's
  • #277,333
  • Apr 25, 2011 5:22am Apr 25, 2011 5:22am
i need to stop out today's trading will be dangerous.
only a feeling.

a big BBQ with nice friends waitin for me...

we are going to cook last week's bear's hamburgers

see ya all later or tomorrow, green pips to you all
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  • #277,334
  • Apr 25, 2011 5:31am Apr 25, 2011 5:31am
I'm jealous of everybody that got last Friday and today off.

  • #277,335
  • Apr 25, 2011 5:53am Apr 25, 2011 5:53am
I think I will be riding Bear during US session.
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  • #277,336
  • Apr 25, 2011 6:24am Apr 25, 2011 6:24am
Quoting Wulfgar
I dont think you will be disappointed that you have chosen to become more of a position trader. If we can be patient enough to wait until the numbers are absolutes then frankly trading becomes somewhat easy and a little boring. But it takes care of us financially

I am at the point now where I enter maybe 3-5 trades a quarter total. And it is enough to sustain a good living. the 6596 level is of extreme importance right now... a significant bounce can bring us all the way back down to the 1.6044 level whereas a break and restest could possibly...
good day to you,

Appreciate the post. Was out for a while...

Yes, I ran 4 pairs for 12 months on strategy tester over the last 24hrs ( self inflicted homework assignment) - and realized that longer term trades will suite me better for the next few months.

15min charts when at the computer / 1hr when I'm not. The 15min charts I trade with 4hr info, and the 1hr charts I trade with daily info. Let us see what 1.66xx brings -

All the best to you and success

Again, thank you for taking the time to post. Appreciated

Warm regards
  • #277,337
  • Apr 25, 2011 6:24am Apr 25, 2011 6:24am
Quoting redbeben
by the way I might sell GU in the next 10-15 min 1.6495-1.65

we might have a sell ichi cross on M5
added more on the short at 1.6545 TP 1.6508
  • #277,338
  • Apr 25, 2011 6:48am Apr 25, 2011 6:48am
i have my sl set at 1.6675 does anyone think it will reach this? i have 10 k in it if it reaches this point. currently down £3500 i went in at 1.6365 to sell.
i need advice as im struggleing to keem my head
  • #277,339
  • Apr 25, 2011 6:56am Apr 25, 2011 6:56am
Quoting fendi
I like to say your trading pattern suite my kind of trading also as this reduces the risk on short term entries..... I am actually also looking within the same high range as you are but i have a problem with confirming any shorts as the usd index which i also rely on doesn't give me reason's to short just yet..... I would expect a better usd dollar index been positive b4 i enter shorts, 4 now e/u remains long so wld g/u until usd gains strength across the board
Good day to you,

I am always in two minds about this. You know - you can outtrade anyone with collecting 5 here and 10 there. But it is becoming a thing of sustainability and mental sanity.

I want to have it all - make the bucks whilst hunting for massive specimen Carp in the rivers of the Western Cape. Our government has now announced that any forex deals done to turn a profit, would be tax free. Imagine that. I am now seriously looking into this as a longer term project..

I have run a successful business for the past 11 years. Forex, to me, was a way of possibly making above average returns on a small investment. Every January, I would take an amount and trade as to pay for the next December holiday. worked well.

But what is wrong with a full time trading career? I know we all aspire - but for me, this is becoming more and more serious, due to the following facts:

 

  1. No premises to rent
  2. No stock
  3. No staff
  4. No phones
  5. No overheads ( apart from connection and spread)
  6. Now - NO TAX
  7. No retirement age
  8. No travelling
  9. No meetings
  10. No office hours

More to the point - I know a LOT of traders using the USDX as a tool. Has been ignorant till now. Time to study this?

Seriously. It's worth my effort and all I need is discipline. If I can be disciplined and patient, I could actually make this work. Instant incentive.

All the best to you. Trade well.

  • #277,340
  • Apr 25, 2011 7:02am Apr 25, 2011 7:02am
Quoting redbeben
added more on the short at 1.6545 TP 1.6508
yip,

Did the same on a pair we can not mention here...1.4621

BTW - I did congratulate you on your EU trade of last week.

All the best
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