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Cable Update (GBPUSD)

  • #378,281
  • May 19, 2014 11:25am May 19, 2014 11:25am
Quoting albchr
{quote} Well you see my charts. I'm a simple guy and I use pretty much just fibs and some ma's. A trend line or two on higher TF's but that's it. PASR. But I do like to investigate other methods that fit in, or work with those basics I use. Since I'm a fibber, <<< lol I'm always looking at the extensions as the extreme target/turn areas. Since I have seen and know a couple folks who use harmonics quite well to "see" these areas in advance, I became interested. Never above learning a new tool if it fits my hand. AU looks like a break now. {image}...
Well what's the saying? it's the simple things in life that are often the best.

I'm watching a possible everyday Gartley setup that could form from the areas if it works. Will need a test to the 920 then break through the trend line to the untested 6620 area looking for a possible long to retest higher. Not idiot enough to know that just throwing it on will make it work but the setup is there if it runs the levels and will remind me.

Cheers Chris all the best.
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  • #378,282
  • May 19, 2014 11:49am May 19, 2014 11:49am
Quoting ruffryders
{quote} Thanks for a reply Chris. I'd still take a pretty picture with solid stats over the rainbows in my chart. {image}
LOL... No need to prove the reliability of something to a guy who already openly admitted he knows nothing about it. As I said, I'm not knocking it. It's just meaningless to me.
I have no idea what you're referring to by "rainbows" but...hey... the real ones are pretty.

I'm also not much for "stats" as they are very often manipulated and misleading at best. They depend completely on....

1) The model used to determine them
2) Who created that model and...
3) What the creators end goal is.

One look at football (as just one example) and you'll see what I mean.
The "data" we get as traders is another...small example...LOL
Ghost Rider - WWTBMD?
  • #378,283
  • May 19, 2014 11:50am May 19, 2014 11:50am
Quoting squawk
{quote} Well what's the saying? it's the simple things in life that are often the best. I'm watching a possible everyday Gartley setup that could form from the areas if it works. Will need a test to the 920 then break through the trend line to the untested 6620 area looking for a possible long to retest higher. Not idiot enough to know that just throwing it on will make it work but the setup is there if it runs the levels and will remind me. Cheers Chris all the best. {image}
And usually, the most overlooked. Complicated makes folks feel smarter I guess?

Anyway, I'm being a bad boy here. I told myself I'd get some work around here done 2 hours ago and yet...here I am still.

Have a great day folks.
Ghost Rider - WWTBMD?
  • #378,284
  • May 19, 2014 12:01pm May 19, 2014 12:01pm
Quoting albchr
{quote} And usually, the most overlooked. Complicated makes folks feel smarter I guess? Anyway, I'm being a bad boy here. I told myself I'd get some work around here done 2 hours ago and yet...here I am still. Have a great day folks.
Simple is always best but understanding why the simple things work is better.

Get to work and have a good day Chris
  • #378,285
  • May 19, 2014 12:02pm May 19, 2014 12:02pm
Quoting albchr
I'm also not much for "stats" as they are very often manipulated and misleading at best.
Chris, the fact that you don't use stats for trading does not imply that it can't aid you in trading. Major corps in various lines of business use stats for scoring/ranking/rating. In my line of business stats are used to predict better locations for drilling, fracking and forecasting/projecting well rates and NPV. Pretty much every single big corp uses stats in one way or the other.

Regarding complicated - meaning smart you might want to check out Renaissance Technologies fund started by James Simons. Returning over 40% last 2 decades and over 20 bln USD AUM. Sometimes complicated does mean more smart. Some things give you an edge over the market and some things don't.
  • #378,286
  • May 19, 2014 12:23pm May 19, 2014 12:23pm
Quoting ruffryders
{quote} Chris, the fact that you don't use stats for trading does not imply that it can't aid you in trading. Major corps in various lines of business use stats for scoring/ranking/rating. In my line of business stats are used to predict better locations for drilling, fracking and forecasting/projecting well rates and NPV. Pretty much every single big corp uses stats in one way or the other. Regarding complicated - meaning smart you might want to check out Renaissance Technologies fund started by James Simons. Returning over 40%...
And I never said it couldn't RR.

And of course, any business is going to create as accurate a model as possible for their own bottom line. Just as I did in mine. I'm in no way implying that being smart isn't good and complicated sometimes necessary. But in your own shop, you want no fibs, ma's, indicators etc.. etc... Just "clean charts". Why is that? Does that not in itself imply keep it simple?

Sure new ways and improvements can always be found in anything. I'm still taking on new approaches myself. But in the end, doesn't it really all boil down to what works for a person?

Anyway, as you can see, I love the debate but I really have to get moving here. I'm an even worse boy now. ...
Ghost Rider - WWTBMD?
  • #378,287
  • May 19, 2014 12:24pm May 19, 2014 12:24pm
Quoting ruffryders
{quote} Regarding complicated - meaning smart you might want to check out Renaissance Technologies fund started by James Simons. Returning over 40% last 2 decades and over 20 bln USD AUM. Sometimes complicated does mean more smart. Some things give you an edge over the market and some things don't.
Nice one. Simple is used everywhere in trading, keep it simple which can get simplified itself. Knowledge followed with simple execution should be the mantra with a clear understanding behind your simple execution.
  • #378,288
  • May 19, 2014 12:31pm May 19, 2014 12:31pm
Quoting squawk
{quote} Nice one. Simple is used everywhere in trading, keep it simple which can get simplified itself. Knowledge followed with simple execution should be the mantra with a clear understanding behind your simple execution.
Excellent!
Ghost Rider - WWTBMD?
  • #378,289
  • May 19, 2014 12:37pm May 19, 2014 12:37pm
Quoting albchr
{quote} And I never said it couldn't RR. And of course, any business is going to create as accurate a model as possible for their own bottom line. Just as I did in mine. I'm in no way implying that being smart isn't good and complicated sometimes necessary. But in your own shop, you want no fibs, ma's, indicators etc.. etc... Just "clean charts". Why is that? Does that not in itself imply keep it simple? Sure new ways and improvements can always be found in anything. I'm still taking on new approaches myself. But in the end, doesn't it really all...
Simple is good. If you can't make money with a simple system, you won't be able to do so with a complicated system. For options trading, I use more of a complicated system, for intra-week position trading I use a very simple system myself. (still no rainbows and fairies).
  • #378,290
  • May 19, 2014 12:46pm May 19, 2014 12:46pm
Quoting albchr
{quote} Excellent!
Chris, thought you had to do some work?
  • #378,291
  • May 19, 2014 12:50pm May 19, 2014 12:50pm
Quoting ruffryders
{quote} Simple is good. If you can't make money with a simple system, you won't be able to do so with a complicated system. For options trading, I use more of a complicated system, for intra-week position trading I use a very simple system myself. (still no rainbows and fairies).


Attached Image (click to enlarge)
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Just couldn't resist....
Ghost Rider - WWTBMD?
  • #378,292
  • May 19, 2014 12:52pm May 19, 2014 12:52pm
Quoting squawk
{quote} Chris, thought you had to do some work?
I do man and I'm really mad at myself. That acreage ain't gonna cut itself. Bye now.
Ghost Rider - WWTBMD?
  • #378,293
  • May 19, 2014 1:12pm May 19, 2014 1:12pm
Quoting albchr
{quote} LOL... yeah. EU? I sure wish someone would push that pig up to the 3770/3795 area soon so I can short it. So far, it can't get past my daily TL and 50%. Hmmmm..... ..... Do you think if I remove them it would help? {image}
story of my life....
  • #378,294
  • May 19, 2014 1:54pm May 19, 2014 1:54pm
I think it might retest of H & S neckline on H4 and price will go down to 1.6705.
There is hiden bearish divergenc on stohastic H4
  • #378,295
  • May 19, 2014 2:05pm May 19, 2014 2:05pm
Quoting ruffryders
GBP AUD is a great BUY ATM. AUD USD is a great short ATM. AU TP 9275. bid is 9346.
some points delivered already.
  • #378,296
  • May 19, 2014 2:15pm May 19, 2014 2:15pm
Quoting Kajos2250
GU H4 GMT+3 I like the close of H4, but it is not too convinced! Both long SL .6754! Good luck! {image}
GU H4 GMT+3

Trends are bullish, both longs are holding.
Invalidation if price could close under ~6762...
Buy limit .6786, buy stop .6837.
Targeting the sky

Good luck!
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Anything is math!
  • #378,297
  • May 19, 2014 2:17pm May 19, 2014 2:17pm
Quoting ruffryders
{quote} well it's diamond top on H4, so good chance of TP @ 9275 now. {image}
this pattern will deliver soon. Meanwhile, some ladies prefer swarovski to diamonds.
  • #378,298
  • May 19, 2014 2:27pm May 19, 2014 2:27pm
GOLD setup which I posted in my private Forum last week. Someone might be interested to take it.
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  • #378,299
  • May 19, 2014 2:43pm May 19, 2014 2:43pm
Quoting ruffryders
GOLD setup which I posted in my private Forum last week. Someone might be interested to take it. {image}
in from last week, i posted short set up in gold thread , i am in jersey channel island till tuesday so no chart ..
  • #378,300
  • May 19, 2014 2:44pm May 19, 2014 2:44pm
Quoting elbert3
{quote} in from last week, i posted short set up in gold thread , i am in jersey channel island till tuesday so no chart ..
NICE
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