Best Thread Live Cable Trading

[jezza888]

Okay..........thought it was just me. I could not understand the positions taken this morning. I agree with trendie - there is something there though. I keep an eye on the asian range breakout, this morning cable took off from just above the asian session low at 8am.

The theory behind trading the break of the morning range has always been around under different guises. JonnyT used it and I've looked at it before and alot of my trades also coincidentally work alongside them. I agree adjoining those lovely (_)ankers when they start work is a good decision and there may be something there but it needs defining rules. Its a shame that Baruch couldn't make more of an effort to define, refine, accept sometimes they lose and sometimes you get out too late/early instead of giving the trade in hindsight to fit the day.

 

[neil]

Cable - 5minutes update

The theory behind trading the break of the morning range has always been around under different guises. JonnyT used it and I've looked at it before and alot of my trades also coincidentally work alongside them. I agree adjoining those lovely (_)ankers when they start work is a good decision and there may be something there but it needs defining rules. Its a shame that Baruch couldn't make more of an effort to define, refine, accept sometimes they lose and sometimes you get out too late/early instead of giving the trade in hindsight to fit the day.

Cable update -

 

[jezza888]

Can anyone recommend a (preferably streaming/immediate) news feed for 99% Forex news?

(Still kicking myself for taking 50 pips before it rose another 150 pips, so thinking keeping more abreast of the news maybe wise)

 

[Zinger]

Can anyone recommend a (preferably streaming/immediate) news feed for 99% Forex news?

The news service from oanda is very good - available on the demo platform as well......

 

[jezza888]

Cheers Zinger... You still in?

 

[Zinger]

Cheers Zinger... You still in?

Yep ! Just wondering if there is a little bit more left - such as an attempt on the March highs.........?

 

[trendie]

The theory behind trading the break of the morning range has always been around under different guises. JonnyT used it and ....

And looked what happened to him !
JT did say that BOs didnt work, and moved onto pull-backs to the trend. ( something I am tinkering with )
( wonder how soon he gets back into the frame )

But, twalker seems to swear by BOs.

Systems, systems, everywhere, but not a pip to win.

jezza: dont get bothered by your bailing out "early"( newsfeed, etc ). Today was an outsize day. Look at the Average Daily Range. In the long run, you taking what you took will win out over hanging on for more.

 

[jezza888]

And looked what happened to him !
JT did say that BOs didnt work, and moved onto pull-backs to the trend. ( something I am tinkering with )
( wonder how soon he gets back into the frame )

But, twalker seems to swear by BOs.

Systems, systems, everywhere, but not a pip to win.

I think break outs, pull backs and plenty of other rules/strategies/methods are all workable as long as concentrate on money and trade management. Too many times they are dismissed before running them long enough to decipher whether they are profitable in the long run. (Even just 'honest' paper trading) Chatting to GJ and he said alot of banks do use charts and I'm sure there are plenty who do use these methods. I think you just need to work a way to make them work for you.

jezza: dont get bothered by your bailing out "early"( newsfeed, etc ). Today was an outsize day. Look at the Average Daily Range. In the long run, you taking what you took will win out over hanging on for more.

Oh how I know and after a check over the last month comparing my exits to my methods, the number of times where I used my usual rules compared to the 'missed' trades/pips, it works out about the same as had I let the others fall further 'just in case'. The annoying part IMO is that if the next three days are flat pre-NFP then it would have been better to have been up more to suffer the losses.... The glass is still half 'empty' :cheesy:

Like the turtle traders or whoever they were.... discipline and patience....

 

[jezza888]

Looks to me as the Big whatever you call it was wrong this morning with a drop South first....

 

[trendie]

Looks to me as the Big whatever you call it was wrong this morning with a drop South first....

you clearly didnt cross-check confirm it with Euro

 

[jezza888]

....Or wait three hours after the event to claim brilliance!

In all seriousness (!), were there ever defining rules made within this thread for a BIG ________ trade each morning?

Time frame, breakout of which ranges etc....

 

[trendie]

....Or wait three hours after the event to claim brilliance!

In all seriousness (!), were there ever defining rules made within this thread for a BIG ________ trade each morning?

Time frame, breakout of which ranges etc....

I think it was supposed to be a BO of 6-7am or something similar.

But then it becomes a little vague;
such as using Euro as confirmer - but no specifics there.
Also there was no defined exit rule. This is important as you have to determine whether to be aggressive and hold on for trend-day, or to be conservative and go for a scalp.

I am going to forward test a 21-EMA and 8-EMA on hourlies.
I previously mentioned, from the Vegas method, where you have a 24-EMA. with bands of +89 and -89.
Interestingly, the market seems to peak at 24-EMA +89, and 24-EMA -89, and reverse.

good trading.

 

[jacinto]

I think it was supposed to be a BO of 6-7am or something similar.

But then it becomes a little vague;
such as using Euro as confirmer - but no specifics there.
Also there was no defined exit rule. This is important as you have to determine whether to be aggressive and hold on for trend-day, or to be conservative and go for a scalp.

I am going to forward test a 21-EMA and 8-EMA on hourlies.
I previously mentioned, from the Vegas method, where you have a 24-EMA. with bands of +89 and -89.
Interestingly, the market seems to peak at 24-EMA +89, and 24-EMA -89, and reverse.

good trading.

IMHO, the setup that works better is not the big___, but the asian session range breakout. trendie outlined the rules somewhere. it gives a target, hence exit. anyway, good trading today.

 

[trendie]

IMHO, the setup that works better is not the big___, but the asian session range breakout. trendie outlined the rules somewhere. it gives a target, hence exit. anyway, good trading today.

yes, that was Newtron Bombs rules. They are more specific, and tradeable with less discretion.
currently, the upside was broken, and now retraced to lower side.
range day ?

 

[jezza888]

after the last couple it wouldn't surprise me if we did now till Friday.

 

[neil]

Asian Range - Cable 5 minute chart

yes, that was Newtron Bombs rules. They are more specific, and tradeable with less discretion.
currently, the upside was broken, and now retraced to lower side.
range day ?

Wide overnight Asian range - not favoured by Newtron I believe but correct me if I am wrong.

Im am out after false b/out upwards - now sitting on me hands :cheesy:

 

[neil]

As an aside - do any of you trade currency futures by scalping a few points here and there?

Have you done so for over 12 months profitably?

Do you scalp just 5 to 10 pips a day then do other things or hang around all day scalping a few pips here and there?

I ask because I am looking at alternativesto trends. Thanks guys and gals.

 

[trendie]

As an aside - do any of you trade currency futures by scalping a few points here and there?

Have you done so for over 12 months profitably?

Do you scalp just 5 to 10 pips a day then do other things or hang around all day scalping a few pips here and there?

I ask because I am looking at alternativesto trends. Thanks guys and gals.

SB spreads too wide to scalp.
with 3 pip spread, looking to take around 30-50 pips each time, otherwise spread to profit ratio unworkable. thats why I use 60-min charts.

still an amateur with SB. but made enough to contemplate transfer to IB within next 3 months.
thus have started to monitor 5 min charts regularly as precursor to IB.

could you elaborate on "alternatives to trend" ?

 

[jacinto]

Wide overnight Asian range - not favoured by Newtron I believe but correct me if I am wrong.

Im am out after false b/out upwards - now sitting on me hands :cheesy:

On top of what you say,
1) no range, but trending asian session
2) significant resistance 25 points above top of asian session.
3) significant move prior day that happens to be a breakout from a significant resistance level (triangle-channel range in which cable has been for the last several weeks), which would suggest a pullback from that "bigger picture" breakout.

so in context, this setup did not exist this morning to begin with.

 

[neil]

Misunderstanding

On top of what you say,
1) no range, but trending asian session
2) significant resistance 25 points above top of asian session.
3) significant move prior day that happens to be a breakout from a significant resistance level (triangle-channel range in which cable has been for the last several weeks), which would suggest a pullback from that "bigger picture" breakout.

so in context, this setup did not exist this morning to begin with.

Yes it did - between 0.00hrs and 7am (Perhaps high/low of movement between those times is a better explanation. )However, thats why few traders agree on a presented example - common fact in all TA analysis situations but I respect your view albeit I can only present things as I see them