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Cable Update (GBPUSD)

  • #352,921
  • Nov 12, 2013 4:14pm Nov 12, 2013 4:14pm
Quoting nAVIN2007
{quote} they are not the same..the bigger the time frame, the more the data I need a lot of data to be accurate..A scalper uses less data ..do not fool yourself in thinking anything different
that is a massive misconception. There are more LTF candles (for example) than there are monthly ones. The information is relative. A scalper doesn't discount any TF. That's madness. A HTF line/zone is every bit as important all the way down the TF. And being able to refine entries to very small SL by way of LTF entries is a very good thing.
  • #352,922
  • Nov 12, 2013 4:37pm Nov 12, 2013 4:37pm
Quoting TauTrader
{quote} Sir Nav, I appreciate you taking the time.. You are correct. I was looking at ways to capture pips during the times we are amongst levels. It is very clear to rather sit on hands. Back to long term. Comfortable. Build it slowly.. Wish you well Regards
I really do not agree. Not getting something right does not mean it doesn't work. Who when they started trading got it right at any TF? nobody. So it's not fair to say that LTF trading is impossible or wrong or noise. It's about knowing the levels that are in play on the pairs you are trading and the PA that forms around them. I would suggest studying with demo at LTF. Watch pivots, watch PA, watch levels, watch areas you'd take as swings, watch fibs, watch highs/lows, watch candles, watch news, watch sessions, watch different brokers patterns, watch as much as you can. I would avoid 'systems' and look at price moving through daily ranges, all on say m5.
Of course if this is too much work, then stick to the higher TF and just swing trade or whatever. the lower TF are hard work for sure but please do not discount it as noise. At least say "it's not for me" rather than say it's worthless. We should never trade from no mans land but to say that any trade not worth say 500 pips is pointless or wrong is ignorant.

Look at a guy called Julexo's thread if you dont believe me.
  • #352,923
  • Nov 12, 2013 4:43pm Nov 12, 2013 4:43pm
Quoting PipTrapper
{quote} Smart decision to get out IMO. Now you can save your gun powder for when it will really count.

Oh, I wasn't that smart and it never it got back to even, just close. Or if it did get back to even, well, I missed it.

Now I've bought more in hopes of a bounce!
  • #352,924
  • Nov 12, 2013 4:47pm Nov 12, 2013 4:47pm
I think nav is referring to the ability to look at more data on htf ,over low
the market is completely fractal ,if it works on 1 min it works on 1 month


Quoting aBitWonKy
{quote} that is a massive misconception. There are more LTF candles (for example) than there are monthly ones. The information is relative. A scalper doesn't discount any TF. That's madness. A HTF line/zone is every bit as important all the way down the TF. And being able to refine entries to very small SL by way of LTF entries is a very good thing.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,925
  • Nov 12, 2013 4:54pm Nov 12, 2013 4:54pm
the benefit of htf is you can consider situ s in a timely manner ,
all beginner's should be on htf imo
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,926
  • Nov 12, 2013 4:55pm Nov 12, 2013 4:55pm
hope when odds are against you

Quoting Baggi
{quote} Oh, I wasn't that smart and it never it got back to even, just close. Or if it did get back to even, well, I missed it. Now I've bought more in hopes of a bounce!
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,927
  • Nov 12, 2013 4:57pm Nov 12, 2013 4:57pm
Quoting Bones
the benefit of htf is you can consider situ s in a timely manner , all beginner's should be on htf imo
agreed. I just dont like people discounting any information as noise. respect to all in this discussion by the way, no offence meant to anyone. And i agree with what you said about time to digest. a h&s is same on monthly or 5 min. proportionate.
  • #352,928
  • Nov 12, 2013 5:08pm Nov 12, 2013 5:08pm
honestly I choose htf ,but if it works for anyone on 5 min great ! we are at support but if its gonna hold ,it needs to show now



Quoting aBitWonKy
{quote} agreed. I just dont like people discounting any information as noise. respect to all in this discussion by the way, no offence meant to anyone. And i agree with what you said about time to digest. a h&s is same on monthly or 5 min. proportionate.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,929
  • Nov 12, 2013 5:18pm Nov 12, 2013 5:18pm
worth considering upper line very well respected ,but above monthly pivot
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,930
  • Nov 12, 2013 5:31pm Nov 12, 2013 5:31pm
consider this situ

Quoting Bones
the benefit of htf is you can consider situ s in a timely manner , all beginner's should be on htf imo
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #352,931
  • Nov 12, 2013 10:51pm Nov 12, 2013 10:51pm
Well, I'm in a familiar position again. I'll be headed to bed soon and didn't get out of my long.

Sell at a loss before bed?
Put in a lower stop and hope for a bull run while I sleep?


Hrmmm, well, I still have an hour or so to think about it.
  • #352,932
  • Edited 11:13pm Nov 12, 2013 10:58pm | Edited 11:13pm
Quoting Baggi
Well, I'm in a familiar position again. I'll be headed to bed soon and didn't get out of my long. Sell at a loss before bed? Put in a lower stop and hope for a bull run while I sleep? Hrmmm, well, I still have an hour or so to think about it.

Momentum is bearish.Carney is due to speak and I suspect he will be Hawkish as usual which generally means Bull run however market seems want to go down.
Generally moving stops is not a good idea.If the stop was there to begin with then let it play out.If market goes lower and you lower your stops it will only increase your loss.Important in trading before you enter a trade always access Risk NOT profits.By doing reverse you set parameters of your exposure.Better yet measure risk in dollar value not pips. If 2% equals $20 then adjust lot to reflect that and once that 20 is reached you close the trade as loss.
Remember nothing is certainty in Trading.

Forgot to add if situation is too familiar then you are making repeated mistakes then that needs attention.Everyone makes mistakes but good,great traders write down their mistakes,analyze them so they won't be repeated.Mistake should not be "familiar"
Regards
In trading, you have to be defensive and aggressive at the same time
  • #352,933
  • Nov 12, 2013 11:03pm Nov 12, 2013 11:03pm
Quoting Davit
{quote} Momentum is bearish.Carney is due to speak and I suspect he will be Hawkish as usual which generally means Bull run however market seems want to go down. Generally moving stops is not a good idea.If the stop was there to begin with then let it play out.If market goes lower and you lower your stops it will only increase your loss. Remember nothing is certainty in Trading. Regards

It was really a hard decision to make. 1hr remaining. up or down? now the trend is straight..... not running too high or too low since 6++hours...
  • #352,934
  • Nov 12, 2013 11:04pm Nov 12, 2013 11:04pm
Quoting Baggi
Well, I'm in a familiar position again. I'll be headed to bed soon and didn't get out of my long. Sell at a loss before bed? Put in a lower stop and hope for a bull run while I sleep? Hrmmm, well, I still have an hour or so to think about it.
Hi Baggi,

In 2:30 minutes Mark Carney will be impressing the market with his policy an hour after the data release, this is severe event risk for Cable Traders in tight positions. Keep your stops tight.

I've noted Inside Bar behaviour with downside breakouts breaking of supports and resistances holding. I cannot predict the direction Carney will take the market but I do believe that there is a greater probability of it moving to the downside. I wish you good luck whatever your decision.
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  • #352,935
  • Nov 12, 2013 11:09pm Nov 12, 2013 11:09pm
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  • #352,936
  • Nov 12, 2013 11:10pm Nov 12, 2013 11:10pm
Quoting Baggi
Well, I'm in a familiar position again. I'll be headed to bed soon and didn't get out of my long. Sell at a loss before bed? Put in a lower stop and hope for a bull run while I sleep? Hrmmm, well, I still have an hour or so to think about it.
Hand it over to me. I believe traders have to help each other.
deep RoT is essential for everlasting happyness
  • #352,937
  • Nov 12, 2013 11:15pm Nov 12, 2013 11:15pm
Quoting JimmyC
{quote} Hi Baggi, In 2:30 minutes Mark Carney will be impressing the market with his policy an hour after the data release, this is severe event risk for Cable Traders in tight positions. Keep your stops tight. I've noted Inside Bar behaviour with downside breakouts breaking of supports and resistances holding. I cannot predict the direction Carney will take the market but I do believe that there is a greater probability of it moving to the downside. I wish you good luck whatever your decision. {image}

Jimmy
I anticipate sharp Up move then full force drop.I am positioning my limits for triggering
In trading, you have to be defensive and aggressive at the same time
  • #352,938
  • Nov 12, 2013 11:16pm Nov 12, 2013 11:16pm
Quoting Davit
{quote} Momentum is bearish.Carney is due to speak and I suspect he will be Hawkish as usual which generally means Bull run however market seems want to go down. Generally moving stops is not a good idea.If the stop was there to begin with then let it play out.If market goes lower and you lower your stops it will only increase your loss.Important in trading before you enter a trade always access Risk NOT profits.By doing reverse you set parameters of your exposure.Better yet measure risk in dollar value not pips. If 2% equals $20 then adjust lot...

Thanks for the advice. But this happens to me most nights. For some reason, the market likes to move sideways from the time I get home to the time I go to bed. Not always though, but most nights.

Then I make a decision and go to bed and live with the results in the morning.

Previous mistakes were buying or selling way too much so I put very tight stops that would get taken out each night.

Thanks to your previous advice, now I just buy or sell much smaller amounts. This allows me to put much larger stops, or not stops at all as I can handle several hundred pips moving the wrong way with little heartburn.
  • #352,939
  • Nov 12, 2013 11:20pm Nov 12, 2013 11:20pm
cable long target 6033. geppy long 159.93x
  • #352,940
  • Nov 12, 2013 11:26pm Nov 12, 2013 11:26pm
Quoting Baggi
{quote} Thanks for the advice. But this happens to me most nights. For some reason, the market likes to move sideways from the time I get home to the time I go to bed. Not always though, but most nights. Then I make a decision and go to bed and live with the results in the morning. Previous mistakes were buying or selling way too much so I put very tight stops that would get taken out each night. Thanks to your previous advice, now I just buy or sell much smaller amounts. This allows me to put much larger stops, or not stops at all as I can handle...

Baggi
You must make a decision bias if you will and stick to it.
I decided long ego that I am bearish on Cable. This means my only decisions are on short side no matter what market does.
Even when I am in Red I can trade around my positions on Every drop and bounce re-enter .
Even when I have red orders I am still making money while waiting to close the remaining red trades.
This is a technique not suitable for newbies.You must know what you are doing.
Very successful trader called Jimmy balodimas uses this technique with enormous success.I caution you not to do it until you got at least a year of trading experience.
In trading, you have to be defensive and aggressive at the same time
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