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Cable Update (GBPUSD)

  • #451,521
  • Apr 1, 2017 11:25am Apr 1, 2017 11:25am
Just one more little point on taking a peek at a longer chart every now and then ,,,,then I will quit yapping ,,,,,, may keep ya from being left with your pants down around your ankles on the side of the road ,,,,,,,if it saves you just once in your trading career it was worth mentioning ,,,, the so called black swan event in the usdchf ,,,,,, in the grand scheme of things it wasent much more than a blip on a weekly or monthly chart but the carnage created claimed more than just a few retail traders ,,,,,,, the ones on the other side of that made money ,, ,,,, the levels and signs where there on the charts but lets blame the swiss ,,, you can decide if anyone was was prepared ,,cheers all
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  • #451,522
  • Apr 1, 2017 12:37pm Apr 1, 2017 12:37pm
Sure the question ran thru a few minds ,,,,,,,how does that relate to the gbp,,,,,,, gbpchf chart,,,,,,,,,, same question ,,,,,, think anybody was playing it the right way?
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  • #451,523
  • Apr 1, 2017 3:29pm Apr 1, 2017 3:29pm
Quoting digger1
Sure the question ran thru a few minds ,,,,,,,how does that relate to the gbp,,,,,,, gbpchf chart,,,,,,,,,, same question ,,,,,, think anybody was playing it the right way? {image}
Hey Dig I thought I look into things but you do to left right up and down . Lol but I bet your like me and lot of others. !!!and only the traders who have the balls and the conviction of their trade together with a large account . And that matters you stay in the trade when you have 5 lots and it's gone 20 pips below what you thought would be a safe trade . If if you are sure that the trade is long or short one has to commit to the trade sometimes in a big way .thats why if you follow me I put up morecombe and wise with Andre Previn lol .do I need to explain that one ???? What do we have 1 we had the 4 hour doji , go look and find it .
  • #451,524
  • Apr 1, 2017 3:39pm Apr 1, 2017 3:39pm
Price never fell below that . So that has to be support no doubt . Then we had 2424 area . I posted it before we got there . It went up and was stopped or hunted out and went to 2556 I was 1 pip out but I never played it ??? Why I posted it I seen it but never played it out .i had a shed load of trades to 2494 are that took profit over night then played a trade with 4 pip sl and went out for dinner and came in and found it hot my target , So the moral of the story is ....... Don't eat lol
  • #451,525
  • Apr 1, 2017 3:43pm Apr 1, 2017 3:43pm
Go look at Mr s thread and find his chart with the 5 in breakout . Very good chart and I bang on about the 5 min tl . It works 90 % of the time and if your in the right trend you get big results from it . Ther is a you tube vid of how to play the 5 ema if you combine both you should get more wins than losses if I can find it I will post .
  • #451,526
  • Apr 1, 2017 3:58pm Apr 1, 2017 3:58pm
Quoting digger1
{quote} Would say there is a decent chance ,,,,,,,,may be a bit of hassle working thru last weeks high at 2614 ,,,,, I think the previous high at 2774 may eventually get tagged ,,,,,probably wont be a strait shot ,,,,weekly chart Has a projection of 3115 ,,,,,, take some time for sure ,,but the flag projections have a way of being met,,,,,, Really longer term big resistance would be a little above that yet for me as my weekly chart shows ,,,,,,,,, sure these levels or points seem meaningless to some as how they relate to day trading or shorter term...
There are gaps up there from Brit x that need to be filled . But when ? We don't know so we have to trade with conviction and with caution . Is caution a fear ??? Yes is conviction fearfull . Yes that's why traders jump out of what could be a winning trade . What we got 1 Brit x letter landed 2 but we had 8-1 Bank of England vote so there is doubt ??? And that lays in the middle of conviction and caution . A split mind that one has to fight with . FX is the hardest thing to make money from . But after a while you will find a way . Your way to make money . Sorry Dig that was a general post for others . Regards B
  • #451,527
  • Apr 1, 2017 4:07pm Apr 1, 2017 4:07pm
could go higher up to test the 1.2630 level

but am sticking to my personal view that we're still moving inside that trading range - only a strong breakout to the upside of and a close above 1.2775 could clear the way for longs
  • #451,528
  • Apr 1, 2017 4:22pm Apr 1, 2017 4:22pm
Thanks for the input E,,,,,,, I was always told you wont know where your going unless ya know where ya been ,,,,, just a simple farmer lol,,,,,granpappys advice on planting strait rows ,,,,,,,trust your planter or make sure you have it trustworthy ,,,,,,,ya cant plant strait rows looking behind all the time but keep track of where ya been so your not overlapping or wasting seed ,,,,,,,, if your system or method is ,,,,,I prefer method ,,,,, systems fail they cant help it they dont adapt to different conditions ,,,,,,,,,methods do adapt for the conditions at hand ,,,,at any rate if your trading system is letting you down more than its keeping you on the right side or not letting you trade with conviction ,,,,,,then it may be time for some changing,bottom line ,,,,,,,,,,,,,,fear,,,,, usually the ones that I fear the most turn out to be the best trades ,,,,,,damn hard to pull the trigger at times but with practice and PATIENCE,,, there is still a lot of money to be made in the mkts . I think the wild west days are over in the fx mkt with all the bs regulations but more money than one would ever need is still there for the taking
  • #451,529
  • Apr 1, 2017 5:34pm Apr 1, 2017 5:34pm
Quoting digger1
Thanks for the input E,,,,,,, I was always told you wont know where your going unless ya know where ya been ,,,,, just a simple farmer lol,,,,,granpappys advice on planting strait rows ,,,,,,,trust your planter or make sure you have it trustworthy ,,,,,,,ya cant plant strait rows looking behind all the time but keep track of where ya been so your not overlapping or wasting seed ,,,,,,,, if your system or method is ,,,,,I prefer method ,,,,, systems fail they cant help it they dont adapt to different conditions ,,,,,,,,,methods do adapt for the conditions...
Your more than just a farmer . You have a world wise head on your shoulders . People get into this from ads saying one can earn a fortune . But only when you lose money you learn why you lost that money !!! I fell into this Fx and the intrigue grabed me . But I lost money then it became a personal be vendetta to win . Lol so one learns how to grow crops ? And you have to take care if the rain comes ! I don't need the money from fx and I think because of this the fear is not as strong . So for newbies reading this s...,t unless you comply with the above criteria . Keep your money because you will lose unless you have money that you don't need . Night guys E
  • #451,530
  • Apr 1, 2017 5:41pm Apr 1, 2017 5:41pm
Quoting elbert3
{quote} Your more than just a farmer . You have a world wise head on your shoulders . People get into this from ads saying one can earn a fortune . But only when you lose money you learn why you lost that money !!! I fell into this Fx and the intrigue grabed me . But I lost money then it became a personal be vendetta to win . Lol so one learns how to grow crops ? And you have to take care if the rain comes ! I don't need the money from fx and I think because of this the fear is not as strong . So for newbies reading this s...,t unless you comply...
Well said my friend, have a good one
  • #451,531
  • Apr 1, 2017 10:21pm Apr 1, 2017 10:21pm
Of course we need to look to the left to try and determine what is going to happen on the right and this has developed into many schools of thought regarding technical theory. It depends which school of thought you accept as the one you think is best for you. This is what makes trading a fascinating challenge and an overwhelming subject for the newbie. Those of us with at least ten years of experience under our belts are still learning and will readily admit we don't get it right all of the time, we can only try.

I see charts in a totally different way then the next guy who in turn sees them differently from another and so on. If we all saw the same thing then the market would not exist at all. Essentially all we are doing is drawing a line in the sand where we think it appropriate to take a stand, the key is to get out quick if you are wrong so you can live to fight another day.

One winning trade does not a trader make but one losing trade can a trader break. (I made that up)

For me the lowest time frames present the best opportunities, lots of them, smaller risk etc. but I still take the inference from a larger time frame. For example I see a potential breakout on the daily for a 500 pip move, I don't trade that but if it happens then I will get far more than 500 pips on the lower time frame with much larger lot sizes trading in the appropriate direction. In other words I would say I am all the time long until I see something has changed. Any short I take would be a quick scalp always aware of a sudden price jump.

However this is me and what works for me. If anyone has a method that works for them then that is fine too. The whole point is to find a method you fully understand and makes money for you despite the odd loss.

Here is my daily chart...
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  • #451,532
  • Apr 2, 2017 4:13am Apr 2, 2017 4:13am
Quoting elbert3
Go look at Mr s thread and find his chart with the 5 in breakout . Very good chart and I bang on about the 5 min tl . It works 90 % of the time and if your in the right trend you get big results from it . Ther is a you tube vid of how to play the 5 ema if you combine both you should get more wins than losses if I can find it I will post .
Sorry, who's Mr s.
  • #451,533
  • Apr 2, 2017 4:27am Apr 2, 2017 4:27am
Quoting bpaul
{quote} Sorry, who's Mr s.
Mr s is Scott's thread . E
  • #451,534
  • Apr 2, 2017 4:52am Apr 2, 2017 4:52am
I'm hoping for a meaningful pullback in the Sydney session so I can buy in again.
  • #451,535
  • Apr 2, 2017 5:25am Apr 2, 2017 5:25am
Quoting Nala66
One winning trade does not a trader make but one losing trade can a trader break.
good one
  • #451,536
  • Apr 2, 2017 5:36am Apr 2, 2017 5:36am
Quoting Nala66
Of course we need to look to the left to try and determine what is going to happen on the right and this has developed into many schools of thought regarding technical theory. It depends which school of thought you accept as the one you think is best for you. This is what makes trading a fascinating challenge and an overwhelming subject for the newbie. Those of us with at least ten years of experience under our belts are still learning and will readily admit we don't get it right all of the time, we can only try. I see charts in a totally different...
Another very good input . Regards E
  • #451,537
  • Apr 2, 2017 12:42pm Apr 2, 2017 12:42pm
Quoting digger1
{quote} Well said my friend, have a good one
Have a look at gbj strip out your chart and go on day chart and draw top tl then add 100 and 200 ema see what you get??? . B
  • #451,538
  • Edited 2:04pm Apr 2, 2017 1:42pm | Edited 2:04pm
GU
Battle of MA-200 for next week..

Daily chart
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  • #451,539
  • Apr 2, 2017 2:49pm Apr 2, 2017 2:49pm
Quoting elbert3
{quote} Have a look at gbj strip out your chart and go on day chart and draw top tl then add 100 and 200 ema see what you get??? . B
Have them marked on the daily posted ,,,,,,,,My daily I use the 200 sma,,,,,, 200 ema is popular,,,,,, but the ole boys club still use the 200 sma ,,it gets proven time and time again to believe otherwise for me anyway.. Its trying to make a bull flag pattern ,,,,,,,,,,,,they can dribble down to where they started ,,,The 50% level will be an area to watch for the near term at least,,,,,,,,,,,,,,,,,,,,, ,,,,,,,a pop to the highs around 150 could be in the making ,,,,,150 area being long term resistance from 2013 it was a support area then ,,,,,,,weekly shows that pretty clear,,,,, The 50% level gives way ,,,,,, probably back to 130 anyway ,,,,,,,, may be before a shot at the 150 level ,,,,,,,,sure it would pick up more buyers there for a shot at 150,,,,,, Ill have new quarterly levels shortly here but a rough range of 130 to 150 is kinda what I see atm ,,,,,,,,, just a matter of picking patterns out on the smaller time frames for trading between that,,,,,,, I only have a couple left lol,,,,,,, but was long heavily from 129 ish area and the 138 area,,,,,, cheers ,,,hope everyone has a great week
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  • #451,540
  • Apr 2, 2017 10:17pm Apr 2, 2017 10:17pm
1.2660 here we come
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