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Cable Update (GBPUSD)

  • #448,121
  • Jan 26, 2017 9:29pm Jan 26, 2017 9:29pm
Quoting PayTheLimit
{quote} easily the most important TF in FX..
The 1h is one of the most used time frame yes, but not the most important.
Besides, they are no "important" time frames.

If you are scalping the market the tick and the 1 min charts are important.
For day trading the 5 and 15 min are important.
For swing trading the 1h and 4h charts are important.
For long term trading the daily and weekly charts are important, and so forth.

It all depends on your trading style.
  • #448,122
  • Jan 26, 2017 9:39pm Jan 26, 2017 9:39pm
Bought GBP/JPY 144.50, same stop (35 pips).
  • #448,123
  • Jan 26, 2017 9:41pm Jan 26, 2017 9:41pm
what..the hell deleted my post...

damn it...

anyway, the hourly chart gives you the most information, quicker than any other chart out there....

sure, you can use what you like, put if you don't at least consider the hourly, regardless of how long your gonna be in a trade for....your a fool...my opinion..
Look Sharp/Trade Tight
  • #448,124
  • Jan 26, 2017 9:44pm Jan 26, 2017 9:44pm
not to mention, the hourly gives you less trades..which is what you want in the end....
Look Sharp/Trade Tight
  • #448,125
  • Jan 26, 2017 9:51pm Jan 26, 2017 9:51pm
Quoting PayTheLimit
put if you don't at least consider the hourly, regardless of how long your gonna be in a trade for....your a fool...my opinion..
Nope, looking at higher time frames when day-trading only adds more confusion to the decision-making process.

I am aware of this top-down approach (looking at different time frames, what Alexander Elder calls the triple screen concept) but where is the proof that this theory is valid??

Where is the proof that the 1h charts will give the day-trader ANY particular advantage in the long run?

I never take any trading theory for granted, no matter how popular it is, I need to see the proof first.
  • #448,126
  • Jan 26, 2017 9:59pm Jan 26, 2017 9:59pm
Quoting PayTheLimit
not to mention, the hourly gives you less trades..which is what you want in the end....
Less trades = less money. (4 trades at 20 pip profit each that's better than 1 trade that brings 40 pips)
1h chart = bigger stop.

I stick with the 5 and 15 minutes charts, believe me that's plenty.
  • #448,127
  • Jan 26, 2017 10:03pm Jan 26, 2017 10:03pm
Quoting Mr Breakout
{quote} Nope, looking at higher time frames when day-trading only adds more confusion to the decision-making process. I am aware of this top-down approach (looking at different time frames, what Alexander Elder calls the triple screen concept) but where is the proof that this theory is valid?? Where is the proof that the 1h charts will give the day-trader ANY particular advantage in the long run? I never take any trading theory for granted, no matter how popular it is, I need to see the proof first.
why the confusion? you look at the hourly and see where you are at...it gives you a reference, do what you want with the info...

look from what I see, your a pattern guy on the short term charts, fine...so you see something on a one minute chart you like, great, but where are you in reference to the week?

you want proof...just try it for a while...
Look Sharp/Trade Tight
  • #448,128
  • Jan 26, 2017 10:03pm Jan 26, 2017 10:03pm
Quoting Mr Breakout
{quote} Less trades = less money. (4 trades at 20 pip profit each that's better than 1 trade that brings 40 pips) 1h chart = bigger stop.
don't fall for that trap...
Look Sharp/Trade Tight
  • #448,129
  • Jan 26, 2017 10:07pm Jan 26, 2017 10:07pm
Quoting Mr Breakout
Bought GBP/JPY 144.50, same stop (35 pips).
Out at 144.35 (15 pip loss), the cable is dragging GBP/JPY down, even though the Yen is going up.
Oh well.
  • #448,130
  • Jan 26, 2017 10:08pm Jan 26, 2017 10:08pm
I bought the hell of cable at 35, risking 20 pips...

been waiting for the pullback all week it seems..
Look Sharp/Trade Tight
  • #448,131
  • Jan 26, 2017 10:10pm Jan 26, 2017 10:10pm
Quoting PayTheLimit
I bought the hell of cable at 35, risking 20 pips... been waiting for the pullback all week it seems..
Watch out, the cable is not in the mood for a pullback.
  • #448,132
  • Jan 26, 2017 10:12pm Jan 26, 2017 10:12pm
Quoting Mr Breakout
{quote} Watch out, the cable is not in the mood for a pullback.
well I'm in, last trade for the week...wish me luck..
Look Sharp/Trade Tight
  • #448,133
  • Jan 26, 2017 10:17pm Jan 26, 2017 10:17pm
Quoting PayTheLimit
{quote} well I'm in, last trade for the week...wish me luck..
Good luck, even though I don't know your target price.

The cable should hit 2570 in a few moments, however.
  • #448,134
  • Jan 26, 2017 10:22pm Jan 26, 2017 10:22pm
Quoting Mr Breakout
{quote} Good luck, even though I don't know your target price. The cable should hit 2570 in a few moments, however.
65/75 should be sticky...agree
Look Sharp/Trade Tight
  • #448,135
  • Jan 26, 2017 10:41pm Jan 26, 2017 10:41pm
anyway, back later..good luck
Look Sharp/Trade Tight
  • #448,136
  • Jan 26, 2017 10:44pm Jan 26, 2017 10:44pm
Quoting PayTheLimit
{quote} don't fall for that trap...
There is no trap.

Apply the same profitable trading system on the 15 min charts (day trading), and on the daily charts (long term trading) and you will notice that the day-trading system ALWAYS ends up making more money at the end of the year.

You can verify this anytime.

It's a well-known fact that cab drivers make more money on small to medium trips (that bring 5 to 15 dollars each for example) than on longer $50 trips to/from the airport for example.

Why?

Because these small and medium trips are much more frequent.

The same exact principle applies to day-trading versus long term trading.
  • #448,137
  • Jan 26, 2017 10:51pm Jan 26, 2017 10:51pm
Alright enough Forex for today, off to bed now.
Take care all.
Over and out.
  • #448,138
  • Jan 26, 2017 10:59pm Jan 26, 2017 10:59pm
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  • #448,139
  • Jan 26, 2017 11:11pm Jan 26, 2017 11:11pm
Quoting Noors
Image1.png;2159120 {image}
Watch PA and see how its respecting the lower level of that box...

Here are my new levels...

Pay attention to RSI (bouncing off the 30 level) - Don't trade within the box wait for a clear break + retest.
You could always have fun and trade the bounces if you like
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  • #448,140
  • Jan 26, 2017 11:30pm Jan 26, 2017 11:30pm
Quoting Mr Breakout
{quote} There is no trap. Apply the same profitable trading system on the 15 min charts (day trading), and on the daily charts (long term trading) and you will notice that the day-trading system ALWAYS ends up making more money at the end of the year. You can verify this anytime. It's a well-known fact that cab drivers make more money on small to medium trips (that bring 5 to 15 dollars each for example) than on longer $50 trips to/from the airport for example. Why? Because these small and medium trips are much more frequent. The same exact principle...
I think our conversation got sidetracked.

All I'm stating is my opinion anyway. All I have to offer is what I've seen, and what my experience has been. We can continue it later, if you like.
Look Sharp/Trade Tight
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