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Cable Update (GBPUSD)

  • #292,181
  • Edited 10:07pm Nov 9, 2011 9:57pm | Edited 10:07pm
Quoting Chillypiper
Hi BBking, have been lurking here for awhile and enjoy you post also.

I use them for sure. Stoch, RSI, MacD,TDI and Moving avg mostly, but like a raw chart for set up using just PA,S/R TL, fib (the basics) and Candle body patterns for set ups ( expecaly 1hr and up ).

Still learning what work best for my style and personality to fit the grove, ya know...And finding LESS is MORE better...
Regards
yes same thinking here sometimes too much things only confuses.
actually i use 3 emas and macd. i tested for second time (my last) the volume indicator which i really cant get!
recently i removed one of 3 emas in slower TF.

macd is now under discussion! will decide soon what to do about.

about stoch, rsi etc well, imho... everyone of them does the same or very similar work so finally its simply our preference.
90% of traders use TA, indicators and prediction
  • #292,182
  • Nov 9, 2011 10:02pm Nov 9, 2011 10:02pm
Quoting redsword11
Attachment



locked and out some near tg

morning,
looking your chart, you are one of those who uses only price action to trade.
its impressive! looks like you did a random trade and went good, but is not surely that since you are doing a very good trading!

did you ever use indicators, drawings etc? or you used in the past and then not anymore?
90% of traders use TA, indicators and prediction
  • #292,183
  • Nov 9, 2011 10:29pm Nov 9, 2011 10:29pm
Price is everything

No randomness buddy he his very good at it. Check it out...



Quoting _BBKing_
morning,
looking your chart, you are one of those who uses only price action to trade.
its impressive! looks like you did a random trade and went good, but is not surely that since you are doing a very good trading!

did you ever use indicators, drawings etc? or you used in the past and then not anymore?
  • #292,184
  • Nov 9, 2011 11:07pm Nov 9, 2011 11:07pm
Quoting Chillypiper
Price is everything

No randomness buddy he his very good at it. Check it out...
thanks!
i never noticed before...
there are so much threads in fxfactory that to look at everyone i need to spend a whole day!

price is everything. true, indeed evry trade i pick i go for a breakout, a retest of broken TL or action in supply demand area.
yesterday i didn't short gu near 61 altought everyone here was saying, and also my charts were clearly breaking m15 pattern and then h1.
indicators confused me!
and also my thought to see price near 62 before any short.

oh well,
time to change something.
working on my charts since yesterday.
90% of traders use TA, indicators and prediction
  • #292,185
  • Nov 10, 2011 1:15am Nov 10, 2011 1:15am
Hi bb,

Red is a good trader. He uses Sam Seiden's supply/demand method.
If you're not familiar with it there are some great instructional videos on the fxstreet website.

Price approaching my first target 1.5850. (1.5960 held)

Quoting _BBKing_
morning,
looking your chart, you are one of those who uses only price action to trade.
its impressive! looks like you did a random trade and went good, but is not surely that since you are doing a very good trading!

did you ever use indicators, drawings etc? or you used in the past and then not anymore?
  • #292,186
  • Nov 10, 2011 1:30am Nov 10, 2011 1:30am
Heading for a bounce?
  • #292,187
  • Nov 10, 2011 1:37am Nov 10, 2011 1:37am
Last 15 minutes of this Frankie one hour candle should tell us. If they can't close it back above 5900 we should keep dropping. If we close higher then this drop was the head fake.

Still short.
  • #292,188
  • Nov 10, 2011 1:43am Nov 10, 2011 1:43am
Quoting smikester
Well that analysis makes sense. That looks like an FXPro ECN account with cTrader software?

It's a great platform and very fast. I've been using it for several months, live, from xTrader to cTrader and getting very low spreads, no slippage, no requotes, ever.
Yeah its the ecn cTrader with fxpro.

I trade breakouts from S/R levels and trendline breaks, thats about it really, since I've stopped using indicators for my entries the only 'losses' I've incurred are stopped out at break even, if you can call them losses.
  • #292,189
  • Nov 10, 2011 1:58am Nov 10, 2011 1:58am
This support level seems to he holding, the london session should be interesting, given this --> http://www.dailymail.co.uk/news/arti...recession.html
  • #292,190
  • Nov 10, 2011 2:01am Nov 10, 2011 2:01am
Quoting gsantri
sold too ?

if your GBPUSD trade was based on daily macd and double top there, I think you should buy GBPAUD. daily macd pointing up and inverse HS forming.

Just my 2 cents.

Quoting DubaiFX
well gbpusd closed at 150 pips
and half positions at 15990 110 pips.

Gbpaud still running..
will update you guys soon

Younas.

-200
  • #292,191
  • Nov 10, 2011 2:05am Nov 10, 2011 2:05am
Quoting Luther
Hi bb,

Red is a good trader. He uses Sam Seiden's supply/demand method.
If you're not familiar with it there are some great instructional videos on the fxstreet website.

Price approaching my first target 1.5850. (1.5960 held)
hello,
yes red is very good trader!
will check those videos!

thank you very much
90% of traders use TA, indicators and prediction
  • #292,192
  • Nov 10, 2011 2:06am Nov 10, 2011 2:06am
Quoting GDR3k
Yeah its the ecn cTrader with fxpro.

I trade breakouts from S/R levels and trendline breaks, thats about it really, since I've stopped using indicators for my entries the only 'losses' I've incurred are stopped out at break even, if you can call them losses.
If you were to add chart patterns, that's the way I trade. It's the only way for me. Some people get good with ma's and indicators, but behind that they have a feel for price action, even if they don't know it.

By the way, one problem I had with the ECN feed early on was the odd spike which would not register on the slower broker feeds. I quickly learned not to have my stops too close initially.
Gone to a better place
  • #292,193
  • Nov 10, 2011 2:11am Nov 10, 2011 2:11am
Wow! With a 100% average of break even or higher, you should be trading for a bank.

Closed my short. Small long to the daily open.

Quoting GDR3k
Yeah its the ecn cTrader with fxpro.

I trade breakouts from S/R levels and trendline breaks, thats about it really, since I've stopped using indicators for my entries the only 'losses' I've incurred are stopped out at break even, if you can call them losses.
  • #292,194
  • Nov 10, 2011 2:17am Nov 10, 2011 2:17am
Quoting smikester
If you were to add chart patterns, that's the way I trade. It's the only way for me. Some people get good with ma's and indicators, but behind that they have a feel for price action, even if they don't know it.

By the way, one problem I had with the ECN feed early on was the odd spike which would not register on the slower broker feeds. I quickly learned not to have my stops too close initially.
I use chart patterns aswell. I find the gbp/usd almost all of the time displays the same patterns in the lower timeframes if a reversal move is about to happen after a big drop or a climb.
  • #292,195
  • Nov 10, 2011 2:18am Nov 10, 2011 2:18am
Quoting Luther
Wow! With a 100% average of break even or higher, you should be trading for a bank.

Closed my short. Small long to the daily open.
It passed my target too fast. Closed at 5930. Short again.
  • #292,196
  • Nov 10, 2011 2:26am Nov 10, 2011 2:26am
Quoting Luther
Wow! With a 100% average of break even or higher, you should be trading for a bank.

Closed my short. Small long to the daily open.
My stops are fairly large that could be why, the price has gone against me many of times but reversed and gone in my favour, where other people would of had their stops hit. As soon as I'm 20 or so pips up, sl gets moved to break even.

I used to lose most of the time and blew many accounts in the past when I had no idea what to do (alpari uk, *cough*), yet I thought I did, I only really got started in the trading business about a year and half ago, going from knowing absolutely nothing to reading everything I could online and staring at charts in my free time, seriously, 18 months ago I didn't know what a pip was, let alone a resistance level.

The best thing I've done is got away with indicators and use pure price action, it may not work for all but its working for me.
  • #292,197
  • Edited 2:42am Nov 10, 2011 2:30am | Edited 2:42am
G/M,

Yesterday's precipitous drop has found support in the daily/weekly part of the previous 1hr/4hr/daily/weekly swing lo zone extending down to 5875, The resulting dailly candle was a master bullish thrust engulfing, that engulfed x 6 of the previous candle bodies on the same t/f - so a downside follow thru at some stage might be reasonable to expect?

At that current Lo and below I can see the following potential support factors:

5910-5884-5875 prev 1hr/4hr/daily swing lo zone incl 5881 = Weekly S1 @/around
5865 61.8% 5681-6165
5853 50% 5541-6165
5850-5818 prev 4hr/daily sw hi zone incl 5835= 61.8% 5629-6165, 5833 = Monthly Pivot @/around, 5829= Daily S1 @/around, and 5824=38.2%
5270-6165
5794 76.4% 5681-6165
5781-5782 prev 4hr sw lo zone incl 5781=61.8% 5541-6165 and 5757 =
76.4% 5629-6165
5756 = Daily S2 @/around
5734 Weekly S2 @/around
5718 50% 5270-6165
5704-5681 prev 4hr sw lo zone incl 5689 = 76.4% 5541-6165
5660-5629 prev 4hr/daily sw lo zone
5611/13 Daily S3 @/around /61.8% 5270-6165
5593 Weekly S3 @/around
5554-5541 prev 4hr/daily sw lo zone
5504-5490 prev 4hr sw hi zone incl 5501 = Monthly S1 @/around
5481 76.4% 5270-6165
5336-5319-5270 prev weekly/daily/4hr swing lo zone

Current Near-term 1hr screenshot below:
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 88 KB
ex member
  • #292,198
  • Nov 10, 2011 2:38am Nov 10, 2011 2:38am
Quoting Luther
It passed my target too fast. Closed at 5930. Short again.
OK, CLOSED 5910. Big 15 pip trade.

Time to stop playing in traffic and wait for a proper break out.
  • #292,199
  • Nov 10, 2011 2:41am Nov 10, 2011 2:41am
going short GBPAUD
i am short but added more now
for 200 pips target 1.5550 target

lets see..
Don't compare your Trades with Others
  • #292,200
  • Nov 10, 2011 2:47am Nov 10, 2011 2:47am
"Asset Purchase Facility"

Ha. More of the drugs that got us here. Carrying "too big to fail" loss making banks on our backs.

What? Me, cynical? If a business fails then it should be closed, shouldn't it?

Should be interesting at midday.
Gone to a better place
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