Charts Only

[forexkunta]

Based on EW wave counts on the 1H and 4H charts, Cable should move down in a 5th wave to around 1.5260ish. I have my t/p at 1.5275. Will watch with anticipation.

 

[be-positive]

goodmorning all

 

[Vaco]

morning, closed and reversed now short trade 2

 

[Vaco]

got spike stopped on trade 2 trade 3 long

 

[Vaco]

out at B.e and short again (slightly naughty short but only so many times price can touch a level before it breaks through.)

 

[Vaco]

closed the short b.e trade 5 long

chart is 30m easier to see reason for trade.

 

[Black Swan]

out at B.e and short again (slightly naughty short but only so many times price can touch a level before it breaks through.)

I got in a right mess with cable this morning, missed my entry/signal/s at 6am so should have waited but went short at 15465, closed before breaching stop (-20) and went long at 15485...a few points away from being stopped on this still reckon short was/is the direction.. utter utter 5hite trading... other pairs done OK; UJ and EJ specifically...everything else scratch/smallish profit...

 

[Vaco]

it is looking very weak but right now i'd rather take a loss following my plan then miss a good trade for not following it.

 

[temporarilylight]

nothing much here either. +17 -15 +6 +9
Missed a very good trade on GBPJPY which is a shame. Would have netted me a good few. Only got the one pair of eyes though....

 

[Vaco]

was thinking of adding another pair on the days when i've slept the night before to keep me busy and stop me making bordem trades on cable.

Any in particular that you would suggest??

 

[Black Swan]

nothing much here either. +17 -15 +6 +9
Missed a very good trade on GBPJPY which is a shame. Would have netted me a good few. Only got the one pair of eyes though....

I've stopped trading it for now, the cost of spread, (whether dma or SB), and its volatility/erratic nature, needing big stops, caused me to scratch it off my pairs list. Be fine to trade singularly though IMHO, if you gave it your undevoted attention...I may trade it on 4hr/dailys, dont want the ba5tard getting away with messing me about..

Ive paired down my pairs to seven now, no EG no GY, less pips, less trades, less profit (for now) but less losses...

BTW, it's not that difficult to trade several pairs concurrently...

 

[temporarilylight]

BTW, it's not that difficult to trade several pairs concurrently...

yep, although I tend to probably trade the ES and CL more than I do cable, so thats already 3 things. Might have to pay someone to program some stuff for me one day to give me audio alerts

 

[Black Swan]

yep, although I tend to probably trade the ES and CL more than I do cable, so thats already 3 things. Might have to pay someone to program some stuff for me one day to give me audio alerts

What charts/platform you on? Even the pro real time that IG give away have got great functionality for alerts. You can programme them to alert when certain conditions are met; ma's crossing, rsi going above certain levels, prices being hit etc...brilliant tool. MT just as easy...

 

[temporarilylight]

I use ninjatrader.
I have one audio alert for one of my setups coded by a generous stranger on elitetrader! Quite a few more to go though.

 

[trendie]

was thinking of adding another pair on the days when i've slept the night before to keep me busy and stop me making bordem trades on cable.

Any in particular that you would suggest??

eurjpy!!

 

[Vaco]

can't believe cable stayed in that range all day!! had a couple more trades i got stopped on, trust me to go for break outs today

Trendie,

you need to brush up on your snake oil sales pitch

what are the reasons I should trade this pair??

 

[trendie]

can't believe cable stayed in that range all day!! had a couple more trades i got stopped on, trust me to go for break outs today

Trendie,

you need to brush up on your snake oil sales pitch

what are the reasons I should trade this pair??

EURJPY because it gives a good daily range, similar in size to GU, the spread is the same, (as opposed to GJ which can be 6-7 pip spreads).
Its behaviour is reasonably different to GU to be considered uncorrelated.
Today, you would have covered any losses on the directionless GU with a trending EJ.

 

[forexkunta]

Amen, Paul. E/J has become my favorite pair. Trends very well, and has a 3 pip spread for me. I absolutely despise Cable.

Vaco,
I closed the 2 positions out for a loss, not because I don't believe the projections from the above posts are not valid, I believe they are, but I HATE Cable. This sideways crap has been going on most of this year. I hate it. And to top it off, it was at a loss of about 130 pips, but I would have rather do that than live through this twilight zone crap.
I have already made that back on EURJPY. I will probably trade E/J exclusively for the next couple of months, at least. It is also not nearly as volatile as G/J, and the daily range can equal and exceed G/J at times. Not to mention, that E/J is also more liquid than either of the GBP pairs, and is traded more heavily around the clock, as opposed to just during the London session. Check out your volume indicator and compare.

Kent

EURJPY because it gives a good daily range, similar in size to GU, the spread is the same, (as opposed to GJ which can be 6-7 pip spreads).
Its behaviour is reasonably different to GU to be considered uncorrelated.
Today, you would have covered any losses on the directionless GU with a trending EJ.

 

[forexkunta]

Vaco,
Here is a quick chart on E/J from today. As you can see, I have taken good positions on this trade. Looking for this 5 wave move down to be around 300 pips. We are in wave 1 of 3 at the moment, with a 3rd of a 3rd coming up later. Should be most excellent, dude. LOL
Kent

 

[forexkunta]

Divergence, time to short.