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Cable Update (GBPUSD)

  • #439,821
  • Edited 12:47am Sep 13, 2016 12:30am | Edited 12:47am
Quoting Lock
{quote} Now we have a poor high for current pit session and we got the friday preUS session poor high at 33595. After that we have the GB poor high at 3421, followed immediately by the Tokyo poor high at 3424. Finally we have the Tuesday pit session poor high at 34445. This does not mean we are going to take them out right now. It means that all these weak references put togheter in a row create an exponential odds in order to continue higher in the next price activity...
Good morning,

overnight action added 2 possible (probable) tagets to the last list:

  1. today Tokyo poor high at 33385
  2. today Sydney poor high at 33405
  3. Yesterday 09.12 pit session poor high at 33468
  4. Friday 09.09 preUS session poor high at 33595.
  5. GB 09.07 poor high at 3421
  6. Tokyo 09.07 poor high at 3424
  7. Tuesday 09.06 pit session poor high at 34445.

I repeat here that the fact that these reference are close one each other increases exponentially the odds for a higher price action in order to remove them. But this not mean it is sure, nor that it will do it right now or today nor at the same moment in time.

Note that if GB session will open around here it will do it with a considerable gap higher from yesterday high at 3291. Also the old gap down (3339-3221) from 09.08 session will be overlapped (2 pass gap).

About yesterday pit session, please note that the most important ref for a possible test is at its pool back low of 3297.

A note about USDX: Today is currently inside bar of yesterday that is inside bar of the day before. So we are in a full balance environment and a breakout could occur. It's plenty of possible targets above and below.

Ubi maior minor cessat
  • #439,822
  • Sep 13, 2016 12:39am Sep 13, 2016 12:39am
Quoting Wdfx
{quote} Good morning Sammih, That is an interesting strategy. What percentage wins to you get with it?
The actual way to trade it is to trade on break out of previous days range. I trade at close of candle. 138 level I'd say 70% , 161- 50%
I'm high on trading, cant you tell?
  • #439,823
  • Sep 13, 2016 12:47am Sep 13, 2016 12:47am
I must admit that I am really struggling with Cable. Although I love the thought of becoming an "expert" on the one currency, it is taking up a lot of my time trying to trade it daily and I have poor results. I seem to do better elsewhere. I will give it to the end of the week. If I don't improve I will move on.
Striving for consistency
  • #439,824
  • Sep 13, 2016 12:48am Sep 13, 2016 12:48am
Quoting Sammih
{quote} The actual way to trade it is to trade on break out of previous days range. I trade at close of candle. 138 level I'd say 70% , 161- 50%
Interesting, thanks for the input.
Striving for consistency
  • #439,825
  • Sep 13, 2016 12:50am Sep 13, 2016 12:50am
Hi guys ,

I am trying to place a trade from today, is it sensible to forecast that GBP-USD may go as high as 1.34 mark today ? Suggestion of all the experience traders will be appreciated.
  • #439,826
  • Sep 13, 2016 12:51am Sep 13, 2016 12:51am
Quoting Wdfx
I must admit that I am really struggling with Cable. Although I love the thought of becoming an "expert" on the one currency, it is taking up a lot of my time trying to trade it daily and I have poor results. I seem to do better elsewhere. I will give it to the end of the week. If I don't improve I will move on.
What are you doing better at, trading wise???
Don't Leave Money on the Table
  • #439,827
  • Sep 13, 2016 12:56am Sep 13, 2016 12:56am
Quoting Lock
{quote} [...]About yesterday pit session, please note that the most important ref for a possible test is at its pool back low of 3297. A note about USDX: Today is currently inside bar of yesterday that is inside bar of the day before. So we are in a full balance environment and a breakout could occur. It's plenty of possible targets above and below.
I add a note to yesterday pit session: when coming higher it left behind 2 anomalies one at 3318 zone and an other one at 3309 zone. These two could be revisited before or after.
Ubi maior minor cessat
  • #439,828
  • Sep 13, 2016 1:00am Sep 13, 2016 1:00am
Quoting Wdfx
I must admit that I am really struggling with Cable. Although I love the thought of becoming an "expert" on the one currency, it is taking up a lot of my time trying to trade it daily and I have poor results. I seem to do better elsewhere. I will give it to the end of the week. If I don't improve I will move on.
In order to understand how to trade I think you have to think in terms of months and years, not days. I'm speaking about my experience, but it's the same thing many more experienced then me traders used to say any time.
Ubi maior minor cessat
  • #439,829
  • Sep 13, 2016 1:01am Sep 13, 2016 1:01am
Quoting Lock
{quote} In order to understand how to trade I think you have to think in terms of months and years, not days. I'm speaking about my experience, but it's the same thing many more experienced then me traders used to say any time.
At least 2 to 3 years hard work to become good at trading Forex unless your some kind of genius....
Don't Leave Money on the Table
  • #439,830
  • Sep 13, 2016 1:04am Sep 13, 2016 1:04am
Quoting Wdfx
I must admit that I am really struggling with Cable. Although I love the thought of becoming an "expert" on the one currency, it is taking up a lot of my time trying to trade it daily and I have poor results. I seem to do better elsewhere. I will give it to the end of the week. If I don't improve I will move on.
When I started out back in 07, I exclusively traded the EU on a 30 mins TF. I had mixed results, I blew up countless accounts, over a long period of time. I read that the higher TFs are better and I could not for the life of me contemplate trading on higher TFs. I particularly hated the 4HR TF. But over the years I have come to appreciate the power of the 4hr TF. Its a very strong picture and if followed,particularly on the cable, can make the picture way clearer.

Scalping for me is way too difficult, I prefer to have time to think over my decision, room for error, time to wait and see the market go in my direction, time to manage my open trades, and discretion in taking profits.

The three things that have dramatically changed my fortunes in the fx market are these; patience, focus on pips(not money) and discipline.

I find that when I trade really small lots relative to my account,(risk less than 2% per trade), I have absolutely no pressure with the markets, a move against me doesn't get me all jittery

What I am really saying is, find what works for you. Try new ideas, maybe other pairs, other timeframes etc etc, It will come to you. all the best
I'm high on trading, cant you tell?
  • #439,831
  • Sep 13, 2016 1:05am Sep 13, 2016 1:05am
Quoting Sammih
{quote} The actual way to trade it is to trade on break out of previous days range. I trade at close of candle. 138 level I'd say 70% , 161- 50%
3314 long. target 3355
  • #439,832
  • Sep 13, 2016 1:06am Sep 13, 2016 1:06am
Quoting HaLBot
{quote} What are you doing better at, trading wise???
I look at the major pairs and the crosses of the major currencies, nothing too exotic about 20 pairs. Looking at a simple trend following strategy on the 4h / 1h time scales and also at reversals of major support and resistance levels. I look for pull backs and at some of the triangle and wedge patterns and candle formations. That's it... nothing complicated. A few moving averages and a fib or two thrown in helps. I don't seem to have the experience to follow cable on lower time scales. Yes I was getting good results a few weeks ago but now struggling.
Striving for consistency
  • #439,833
  • Sep 13, 2016 1:06am Sep 13, 2016 1:06am
Quoting Lock
{quote} [...]In this case we could have an other "P" shaped profile for today pit session, meaning clearly, short covering.[...].
Please also note the P shape of yeterday pit session profile. I predicted this not because I'm a wizard, but only because of the way it was developing in the first 2 periods and for the reasons underneth this action (a short covering of the Tuesday start move down: inventory too short)
Ubi maior minor cessat
  • #439,834
  • Sep 13, 2016 1:08am Sep 13, 2016 1:08am
Quoting Sammih
{quote} When I started out back in 07, I exclusively traded the EU on a 30 mins TF. I had mixed results, I blew up countless accounts, over a long period of time. I read that the higher TFs are better and I could not for the life of me contemplate trading on higher TFs. I particularly hated the 4HR TF. But over the years I have come to appreciate the power of the 4hr TF. Its a very strong picture and if followed,particularly on the cable, can make the picture way clearer. Scalping for me is way too difficult, I prefer to have time to think over...
Thanks Sammih
Striving for consistency
  • #439,835
  • Sep 13, 2016 1:09am Sep 13, 2016 1:09am
Quoting Wdfx
{quote} I look at the major pairs and the crosses of the major currencies, nothing too exotic about 20 pairs. Looking at a simple trend following strategy on the 4h / 1h time scales and also at reversals of major support and resistance levels. I look for pull backs and at some of the triangle and wedge patterns and candle formations. That's it... nothing complicated. A few moving averages and a fib or two thrown in helps. I don't seem to have the experience to follow cable on lower time scales. Yes I was getting good results a few weeks ago but...
Yep.....but what I meant was what pairs are you having more success with??
Don't Leave Money on the Table
  • #439,836
  • Sep 13, 2016 1:18am Sep 13, 2016 1:18am
I just want Cable to touch 3300 then I don't mind where it goes from there....LOL

Unusual for me I traded throughout the Asian session, I don't usually do it because of low volume and typical I shorted moments before it went up 20pips but now it's back like I thought it would as usually a sell of before UK session
Don't Leave Money on the Table
  • #439,837
  • Sep 13, 2016 1:18am Sep 13, 2016 1:18am
Quoting HaLBot
{quote} At least 2 to 3 years hard work to become good at trading Forex unless your some kind of genius....
Yes and I may add that it's not only a matter of time (how many time you will spend in front of your screen doing something) or how much you are smart, disiplined atc. It is also a matter of the the people you are trading with, meaning the people are mentoring you (by books, webinar, forums or whatever) If you met the wrong people (mentors, books, atc.) you may loss your antire life trading without obtaining absolutely nothing.
Ubi maior minor cessat
  • #439,838
  • Sep 13, 2016 1:26am Sep 13, 2016 1:26am
Attached Image (click to enlarge)
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Pound did provocation, but with it he has broke before step. This break can make movement to 1.34 where will be the best point for open long. Would play to long? I'm not sure because pound in range and on top of it - better play to short.
  • #439,839
  • Sep 13, 2016 1:30am Sep 13, 2016 1:30am
Quoting HaLBot
I just want Cable to touch 3300 then I don't mind where it goes from there....LOL Unusual for me I traded throughout the Asian session, I don't usually do it because of low volume and typical I shorted moments before it went up 20pips but now it's back like I thought it would as usually a sell of before UK session
Last week short on the AUDUSD and USDJPY was good for me, also had a good trade on the EURUSD Friday. I also had a good lift first of all long on gold then short, Opps forgot to mention I also look at gold and silver.
Striving for consistency
  • #439,840
  • Sep 13, 2016 1:39am Sep 13, 2016 1:39am
Quoting Wdfx
{quote} Last week short on the AUDUSD and USDJPY was good for me, also had a good trade on the EURUSD Friday. I also had a good lift first of all long on gold then short, Opps forgot to mention I also look at gold and silver.
Is there any of those that you have been consistently good at??

Because if not you might end up going through same stage as with Gbp/Usd...
Don't Leave Money on the Table
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