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Cable Update (GBPUSD)

  • #351,681
  • Nov 4, 2013 12:04am Nov 4, 2013 12:04am
Quoting Davit
{quote} If I may suggest instead of looking at pivots look at price support and resistance zones. They are literally hundreds of pivots points depending what you use. To me they are meaningless. Here is a web site showing all the pivots. Regards
Agree with you 100%, I don't use them, there are too many different one's.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #351,682
  • Nov 4, 2013 1:59am Nov 4, 2013 1:59am
Quoting arenoosh
I think any word is useless. I leave you to draw the conclusions by yourself: {image}

I think everyone said it all already: the chances of those results being sustainable in the long run are nil. But you did show that if somebody has enough luck, guts and discipline they can transform 10000 in 1000000 in a year. And then, if you achieve this transformation, just jump out! Because most of it was due to your luck and not your technique!

NB: Friends, when I was initially spamming your forum all the time I was on a few days off my boring job as a city bond trader (believe me, it is boring as hell!). Now that reality has come back to get me, I don't think I'll have time to spam you more (hoorray!) - but whenever I get time again, I'll spam you again!
  • #351,683
  • Nov 4, 2013 2:35am Nov 4, 2013 2:35am
After GBPUSD dropped down from 1.6256 we expect to it correct a bit. Looking for short positions at 1.6000-05 or 1.6075-80 levels. On the other side we’ve got very strong level at 1.5893 and we’ll be looking for a long position there while GBPUSD is defending it.
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Price Action + KISS + PIE = Forex-Entourage
  • #351,684
  • Nov 4, 2013 2:35am Nov 4, 2013 2:35am
Bearish with option of adding more shorts if price retrace upwards.
  • #351,685
  • Nov 4, 2013 3:42am Nov 4, 2013 3:42am
is we you and your wife ?

Quoting pipsane
After GBPUSD dropped down from 1.6256 we expect to it correct a bit. Looking for short positions at 1.6000-05 or 1.6075-80 levels. On the other side we’ve got very strong level at 1.5893 and we’ll be looking for a long position there while GBPUSD is defending it. {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,686
  • Nov 4, 2013 3:46am Nov 4, 2013 3:46am
not sure what you mean I do agree tl s are subjective ,the one you drew can be drawn many ways which is why I say artistic licence ,could be right tho ,

some tls are very obvious and respected like the one at the top


Quoting cdndollar
We have ideas, but no control on market breaks.. but we do have control on placing risk-adjusted bets based on our ideas & conviction.. TL placement & Trading is an art, but subjective & I doubt if anyone can claim artistic licence to either.. however, the market usually respect properly placed L/T TL.. Depending on our subjective bias your lower TL may be interperted as a confirmed break, or a false break of the L/T wedge with the market now re-testing the upper TL.. That being said, the eccentric Cable market has a tendency for impulsive moves...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,687
  • Nov 4, 2013 4:11am Nov 4, 2013 4:11am
Quoting Davit
{quote} I think you are putting a cart before the horse.I doubt there is a statistical data showing pivot point representing S/R level. Market sentiment has nothing to do with pivots.Its a subjective thing to say.Its same as someone saying below 50MA is short above long.Below RSI 20 above 70 etc.Its somehow tricky.Markets are lot more sophisticated.You are up against top notch professional traders who love to take your money including brokers and I am certain there are algorithms already targeting those well known popular pivots.Just trying to make...
Thank you Davit,
I don't have pivots on my charts because there are many of them.After your comments I'm more confident in my charts for not using them and using my own strategy

Have a good trading week.
  • #351,688
  • Nov 4, 2013 4:25am Nov 4, 2013 4:25am
Quoting Davit
{quote} If I may suggest instead of looking at pivots look at price support and resistance zones. They are literally hundreds of pivots points depending what you use. To me they are meaningless. Here is a web site showing all the pivots. Regards
This quote taken from your link "Pivot points are very useful tools that use the previous bars' highs, lows and closings to project support and resistance levels for future bars."

What are you (or any of us) doing when drawing SD, if it's not that? Just because you do it visually and manually doesn't make you any more right than the statement above.

Discounting something because there are lots of them is wrong. I agree there are loads of pivot types and i have spent a lot of time researching pivots. I use 2 types (on lower TF specifically). They can be extremely good. Pip perfect in fact. If this guy has spent time studying them (and that's the key point here), and they work for him (as they do me) then what's the problem?
Did you look at his charts? Did you see where his lines were? All significant areas, all areas to watch on approach.

Incidentally i use your method (amongst other things) for drawing SD zones/lines too btw (switching to line) . Your charts are excellent and you talk total sense. I have no desire to cause friction and am just defending the use of pivots (if you know why you use them and have a strategy which works).
  • #351,689
  • Nov 4, 2013 4:45am Nov 4, 2013 4:45am
Quoting aBitWonKy
{quote} This quote taken from your link \"Pivot points are very useful tools that use the previous bars' highs, lows and closings to project support and resistance levels for future bars.\" What are you (or any of us) doing when drawing SD, if it's not that? Just because you do it visually and manually doesn't make you any more right than the statement above. Discounting something because there are lots of them is wrong. I agree there are loads of pivot types and i have spent a lot of time researching pivots. I use 2 types (on lower TF specifically)....
aBitWonky how about telling us your strategy in using the pivots after this long statement to turn it into a usefull one ? Because everything you said has been said by Davit too . He said "but if it works for you then by all means ignore everything I wrote.."
  • #351,690
  • Nov 4, 2013 4:56am Nov 4, 2013 4:56am
I do not think new will be favourable for GBP. Looking the way it climbs, and that is hardly hardly, what I expect is pair going short again.
  • #351,691
  • Nov 4, 2013 5:00am Nov 4, 2013 5:00am
Quoting ravenbg
I do not think new will be favourable for GBP. Looking the way it climbs, and that is hardly hardly, what I expect is pair going short again.
gbpusd going to 1.60-1.6025
  • #351,692
  • Nov 4, 2013 5:09am Nov 4, 2013 5:09am
Quoting okanemici
{quote} gbpusd going to 1.60-1.6025
Yeah expecting a pullback up to 1.6025 to short cable once again.
  • #351,693
  • Nov 4, 2013 5:14am Nov 4, 2013 5:14am
Quoting okanemici
{quote} gbpusd going to 1.60-1.6025
It may go there, yes, but this is not changing my bias. I pointed that the way it climbs shows to me it will collapse in few candles when it starts falling. I do not expect this retrace to last long. Maybe the only reason, for me, GU to climb like that is to gather strength to break 59 and stay underneath - that is of course all my way of interpreting what I see on charts.
  • #351,694
  • Nov 4, 2013 5:20am Nov 4, 2013 5:20am
Quoting okanemici
{quote} aBitWonky how about telling us your strategy in using the pivots after this long statement to turn it into a usefull one ? Because everything you said has been said by Davit too . He said \"but if it works for you then by all means ignore everything I wrote..\"
Not everything, but it's sweet you ran to defend him. Not that i was on the attack.
I'll give you a clue but there's no substitute for screen time. Thousands of hours.

Most instruments have an average daily range. Sure there are plenty of times that's blown to shit, but generally this is true. Plotting future (likely) movements of price in relation to a previous days movements is not unreasonable (price does have memory as Davit stated).


Awareness of the bigger picture with methods Davit showed us (very eloquently) enable us to be aware of all the areas we want to watch.
If a daily pivot lines up with something we may draw manually (often weeks/months in advance) we can (i do) switch to very low TF to watch how the candles behave around that area/line. If we detect failure we can act upon it accordingly with very clear, predefined and confident lines of battle drawn up, giving us very clear areas to place SL/TP etc.
  • #351,695
  • Nov 4, 2013 5:22am Nov 4, 2013 5:22am
Quoting Parox
{quote} Yeah expecting a pullback up to 1.6025 to short cable once again.
so, if you both are thinking price are going up to this area, you would enter long, right?
Don't give up
  • #351,696
  • Nov 4, 2013 5:29am Nov 4, 2013 5:29am
Quoting geomink
{quote} so, if you both are thinking price are going up to this area, you would enter long, right?
not unless criteria were met to get long.

i'm long from 5941 and like 5985 for a reaction (and that's not based on a pivot)
  • #351,697
  • Nov 4, 2013 5:32am Nov 4, 2013 5:32am
As usual there are more commentators than players. We have commentators - those who give advices of what could, is going to, is not going to happen and players - those who are opening positions and doing trades for real.
  • #351,698
  • Nov 4, 2013 5:48am Nov 4, 2013 5:48am
Quoting ravenbg
As usual there are more commentators than players. We have commentators - those who give advices of what could, is going to, is not going to happen and players - those who are opening positions and doing trades for real.
well i wouldn't hand out trade calls but just so you know which of the two i am (warts and all)....

http://gyazo.com/3117ddd3d174a827bbd651a87dae7f76
  • #351,699
  • Nov 4, 2013 5:57am Nov 4, 2013 5:57am
Quoting aBitWonKy
{quote} well i wouldn't hand out trade calls but just so you know which of the two i am (warts and all).... http://gyazo.com/3117ddd3d174a827bbd651a87dae7f76
  • #351,700
  • Nov 4, 2013 6:18am Nov 4, 2013 6:18am
Quoting PipTrapper
Long G/U at 1.5928 to hold over weekend. No TP and No SL. Will exit as PA dictates. Trade taken on H1 oversold and bullish divergence conditions against support. GBPUSDCALL
Closed half of position at 1.5968 for +40 pips
Holding remainder with SL @ BE

GBPUSDCALL
Those who say it cannot be done should not interrupt those who are doing it
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