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Cable Update (GBPUSD)

  • #359,461
  • Jan 20, 2014 4:11pm Jan 20, 2014 4:11pm
Quoting Davit
12pip drop on NY close
Pardon my ignorance and newbie-ness, but what significance does this have? Does it generally show what sort of direction we will be going tomorrow?
  • #359,462
  • Jan 20, 2014 4:14pm Jan 20, 2014 4:14pm
Quoting Griffo
{quote} Pardon my ignorance and newbie-ness, but what significance does this have? Does it generally show what sort of direction we will be going tomorrow?
Zero.
  • #359,463
  • Jan 20, 2014 4:19pm Jan 20, 2014 4:19pm
This is what I'm looking at right now. I still don't know where the bottom range is on this thing though.

Missed a couple of good entries today. Still looking for a solid entry.

Attached Image (click to enlarge)
Click to Enlarge Name: Cable.JPG Size: 236 KB
  • #359,464
  • Jan 20, 2014 4:19pm Jan 20, 2014 4:19pm
sorry guys stupid post by me.Just ignore it.It means nothing.Traders just closing trades last seconds before close.Typically happens every day.
little embarrassed
In trading, you have to be defensive and aggressive at the same time
  • #359,465
  • Jan 20, 2014 4:34pm Jan 20, 2014 4:34pm
Quoting Baggi
This is what I'm looking at right now. I still don't know where the bottom range is on this thing though. Missed a couple of good entries today. Still looking for a solid entry. {image}
I assume you mean short entries? I have the same line drawn on my chart. Looking pretty good right now.
  • #359,466
  • Jan 20, 2014 4:40pm Jan 20, 2014 4:40pm
Quoting Bones
oh right hows it hidden ? I got 2 day chart {quote}

Hey B ... what i mean by hidden TF that is not given by some brokers either for MT4 and ECN platforms....

Yes you right a big sellers on this black candle, but the doji after this shown buyers.???
it is not clear for now.,not you???
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #359,467
  • Jan 20, 2014 5:24pm Jan 20, 2014 5:24pm
Quoting Griffo
{quote} I assume you mean short entries? I have the same line drawn on my chart. Looking pretty good right now.

One short and one long. Last night before bed I thought about going in short, but didn't, because I don't like to put in stops if I can monitor my trade.

And then this morning I considered going long but again balked because I thought we had more downside.

Oh well. At least I didn't lose money.
  • #359,468
  • Jan 20, 2014 6:15pm Jan 20, 2014 6:15pm
Quoting Baggi
{quote} One short and one long. Last night before bed I thought about going in short, but didn't, because I don't like to put in stops if I can monitor my trade. And then this morning I considered going long but again balked because I thought we had more downside. Oh well. At least I didn't lose money.
ranged market, this is also when my way of trading fails, saeriously dont know what to do now, almost every pair is ranged.
i prefer not to add longs or shorts in this market, anyway this is heaven for scalpers, from a scalper became a price action trader but when this happens i dont know what to do.

look like ill have to learn a good scalping system again.
  • #359,469
  • Jan 20, 2014 6:22pm Jan 20, 2014 6:22pm
Haven't been here in a while but looking back through the conversation, it seems like some of the old school legends are still around.

Cable looking bullish. Inside spinning top daily after a strong up day prior.

Hourly showing leg one up and sideways consolidation in form of symmetrical triangle, leg 2 possibly soon.

I think a move below 6340 would invalidate this.
  • #359,470
  • Jan 20, 2014 7:25pm Jan 20, 2014 7:25pm
Where is Jimmy when I need him with one of his fancy charts?
  • #359,471
  • Jan 20, 2014 8:47pm Jan 20, 2014 8:47pm
I didn't get the entry I was looking for, but jumped in anyway. 1.64251

I'll jump out pretty quick if we head down below 1.64
  • #359,472
  • Jan 20, 2014 8:59pm Jan 20, 2014 8:59pm
Quoting acidguy
{quote} ranged market, this is also when my way of trading fails, saeriously dont know what to do now, almost every pair is ranged. i prefer not to add longs or shorts in this market, anyway this is heaven for scalpers, from a scalper became a price action trader but when this happens i dont know what to do. look like ill have to learn a good scalping system again.

70% forex is ranging true on higher TF
You don't have to trade.Not trading is Trading ,same way cheetah stalking for right time to sprint.Process of stalking is part of hunt itself.
So you can do 2 things devise 2 systems 1 for whatever you are doing now 2 system for range.
Best range system is Double Bollinger system I am using.Bollinger performs best in a range market.Google Kathy lien double Bollinger system and get acquitted.My system is twinged to suit myself.
What pro's do take only directional trade that are in sink with the main trend so you don't get caught in breakout and if you do get into one by accident at least you are in right direction.In short if trading 15min chart you want to be in sink with 30min 1hr h4 and daily.
Right now cable is in precarious situation where breakout could be opposite of main trend.
Regards
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.m15.png Size: 51 KB
In trading, you have to be defensive and aggressive at the same time
  • #359,473
  • Jan 20, 2014 9:20pm Jan 20, 2014 9:20pm
Quoting Davit
{quote} 70% forex is ranging true on higher TF You don't have to trade.Not trading is Trading ,same way cheetah stalking for right time to sprint.Process of stalking is part of hunt itself. So you can do 2 things devise 2 systems 1 for whatever you are doing now 2 system for range. Best range system is Double Bollinger system I am using.Bollinger performs best in a range market.Google Kathy lien double Bollinger system and get acquitted.My system is twinged to suit myself. What pro's do take only directional trade that are in sink with the main...
thank you very much Davit for your graph and insights, im gonna read them many times,
my current trading system is screwed when the market behaves this way, my current positions are very alike yours in gu now, im also shorting NZD/USD from the latest spike.

was becoming addicted to overbought and oversold zones pulbacks easy profit, but the market lately has been very ranged and quiet.
  • #359,474
  • Jan 20, 2014 9:43pm Jan 20, 2014 9:43pm
Quoting acidguy
{quote} thank you very much Davit for your graph and insights, im gonna read them many times, my current trading system is screwed when the market behaves this way, my current positions are very alike yours in gu now, im also shorting NZD/USD from the latest spike. was becoming addicted to overbought and oversold zones pulbacks easy profit, but the market lately has been very ranged and quiet.

You welcome Acidguy
If you gonna trade 15min or lower TF specially I would recommend you watch this short video from Demian who is a FF member and full time trader making his living from trading(yes folks its possible)
Its more important paying attention to thought process of professional trader.As you can see lot is going on that you might of never paid attention to before.
Understanding order flow is important.
Have fun
Inserted Video
In trading, you have to be defensive and aggressive at the same time
  • #359,475
  • Jan 20, 2014 9:55pm Jan 20, 2014 9:55pm
Quoting Davit
{quote} You welcome Acidguy If you gonna trade 15min or lower TF specially I would recommend you watch this short video from Demian who is a FF member and full time trader making his living from trading(yes folks its possible) Its more important paying attention to thought process of professional trader.As you can see lot is going on that you might of never paid attention to before. Understanding order flow is important. Have fun http://www.youtube.com/watch?v=9nMXyhMgj-A
it does look like the bulls are making a come back
  • #359,476
  • Jan 20, 2014 9:58pm Jan 20, 2014 9:58pm
hmms.. not really, the channel hasn't been broken... we're just ranging for now...
  • #359,477
  • Jan 20, 2014 10:00pm Jan 20, 2014 10:00pm
Since NY morning open until now PA has been all Bear. This is easy to see on the chart.Lower and Lower swings.
It could change once London brings greater volume but as of now its all Bear
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.m15.png Size: 51 KB
In trading, you have to be defensive and aggressive at the same time
  • #359,478
  • Jan 20, 2014 10:03pm Jan 20, 2014 10:03pm
Quoting TauTrader
Good day Gu is hanging around.. I still have my 2 shorts in place.. Still expecting a little stint down ( could be fast and furious). Will close then regards
Good day,

1hr chart condition for short not valid anymore ( played out) - closed both for a small total nett gain. 4hr may be setting up for short - but not confirmed yet. So i'll wait a little to see what she wants to do.

Regards
  • #359,479
  • Jan 20, 2014 10:09pm Jan 20, 2014 10:09pm
Quoting TauTrader
{quote} Good day, 1hr chart condition for short not valid anymore ( played out) - closed both for a small total nett gain. 4hr may be setting up for short - but not confirmed yet. So i'll wait a little to see what she wants to do. Regards

Hi Tau
You still have Cad shorts?
In trading, you have to be defensive and aggressive at the same time
  • #359,480
  • Jan 20, 2014 10:17pm Jan 20, 2014 10:17pm
Quoting PoundTrader
{quote} it does look like the bulls are making a come back
Interesting you say that, I've got 1.65xx as next main target then watching 1.66 on the daily.
Come with me if you want to live....
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