Best Thread Live Cable Trading

[Mornington Crescent]

abo

I was just curious about Big Ben, but I gather thats not it.

imo, systems/concepts like that may work once or twice but are bound to fail.
markets simply dont work like that in any consistent way.

 

[Mornington Crescent]

its trying to test the trend line from 1.79
failed this time but too soon to give up on it.

may need to go to 7250 first and then try again

 

[fxmarkets]

The CBI"s 11:00GMT disclosure that its November headline
UK retail sales balance plummeted to a 22-year low of minus 35, from minus 18 in
October (See 42331 ), has re-introduced UK rate cut risk. February is touted as
the earliest-likely month for a UK rate cut.
GBP/USD has dropped by a quarter-cent on the woeful CBI number, with bids at
1.7280 underpinning. Some stops reportedly reside at 1.7265/75, with further
demand tipped at 1.7250 and 1.7225. More stops are flagged below 1.7220.
Early Europe demand for GBP had inflated GBP/USD to highs just shy of 1.7330
(touted offers), and depressed EUR/GBP to a two-week low of 0.6798.
Option-wise: a noted exotic barrier at 1.7350 (yesterday"s two-week peak) is
deemed to be a European digital which is rumoured to roll off at today"s
15:00GMT NY cut. Basically: if GBP/USD is above 1.7350 at expiry: the option
holder will receive a set payout. If GBP/USD is sub-1.7350 at expiry: no payout.

Today"s key US event risk is the 15:00GMT unveiling of November"s ISM
manufacturing index. Forecast: 58.0. [email protected]

 

[dc2000]

I looked at $/yen but that looked like more of a short for tomorrow and Eu/$ couldn't make its mind up yet

 

[Baruch]

Trade it how ? Counter trend ? Scalp it in the direction of the move ?

How long did it stop working for ? Would it have been profitable over a period of say 6 months ?

If I may answer: Don't fade the move, but jump on board.

 

[Baruch]

abo

I was just curious about Big Ben, but I gather thats not it.

imo, systems/concepts like that may work once or twice but are bound to fail.
markets simply dont work like that in any consistent way.

I don't think you are right: When the daytraders in London and Frankfurt starts to work in the morning between 7.00 and 8.00, they must buy or sell Cable - and this makes the wonderful morning moves. They are just like the rest of us: looking for a trend to join. Why not join them?

 

[Kaffee]

If I may answer: Don't fade the move, but jump on board.

Interesting.

I thought the Big Ben strategy was something along the lines of "First break is a dummy"

 

[darktone]

abo

I was just curious about Big Ben, but I gather thats not it.

imo, systems/concepts like that may work once or twice but are bound to fail.
markets simply dont work like that in any consistent way.

i agree.. thats why there are so many selling blackbox stuff..

 

[Mornington Crescent]

Livermore
if that's your thing then go for it

just make sure you are not last man in

 

[Baruch]

Interesting.

I thought the Big Ben strategy was something along the lines of "First break is a dummy"

In fact, I don't know this Big Ben strategy. I just had this idea about trading the morning move, and then some said it was a Big Ben strategy. I suppose they are right?

PS. No, the first move is OK - jump on the train...

 

[Baruch]

Livermore
if that's your thing then go for it

just make sure you are not last man in

I go for it - with a tight stop (so far it has been profitable)... :cheesy:

PS. I will keep you informed, but maybe we should just call it "the 7-8 system"? It tells everything.

 

[zuke]

I don't think you are right: When the daytraders in London and Frankfurt starts to work in the morning between 8.00 and 9.00, they must buy or sell Cable - and this makes the wonderful morning moves. They are just like the rest of us: looking for a trend to join. Why not join them?

Livermore, wopuld you trade the first break? Surely, you'd wait for the retarcement and for confirmation (e.g doji candle) ?

 

[Kaffee]

In fact, I don't know this Big Ben strategy. I just had this idea about trading the morning move, and then some said it was a Big Ben strategy. I suppose they are right?

PS. No, the first move is OK - jump on the train...

Yes, I personally traded that short yesterday, but only for 10 points.... which was just as well because at 7.45 it went nuts on the long side.

 

[Baruch]

Livermore, wopuld you trade the first break? Surely, you'd wait for the retarcement and for confirmation (e.g doji candle) ?

I don't know what a doji candle is... :cheesy:

But I am sure that this strategy is profitable, if you use a tight stop. Your only risk is a small loss - or that nothing happens some mornings (because their are important news later that morning). But you will most of the time join some nice moves. This morning it was "only" around 40 pips, but that's better than nothing, isn't it?

 

[Baruch]

Yes, I personally traded that short yesterday, but only for 10 points.... which was just as well because at 7.45 it went nuts on the long side.

Yes, sometimes the moves starts in one direction, and then goes straight up in the other - that's why we need a tight stop, so we can jump on the new and faster train...I hope you did so. It was a nice ride. :cheesy:

PS. But I think it could be a very good idea if one here with the data would go back a year, and tell us if this 7-8 method works well all the time...

 

[Kaffee]

I don't know what a doji candle is... :cheesy:

But I am sure that this strategy is profitable, if you use a tight stop. Your only risk is a small loss - or that nothing happens some mornings (because their are important news later that morning). But you will most of the time join some nice moves. This morning it was "only" around 40 pips, but that's better than nothing, isn't it?

40 pts ? So hold on a minute, what's the strategy.. I thought it was jump on the move at 7am .. which was down today and reversed after a few points.

 

[zuke]

I don't know what a doji candle is... :cheesy:

But I am sure that this strategy is profitable, if you use a tight stop. Your only risk is a small loss - or that nothing happens some mornings (because their are important news later that morning). But you will most of the time join some nice moves. This morning it was "only" around 40 pips, but that's better than nothing, isn't it?

Well, I shall try it 2morrow and see. Meanwhile, Im still looking to short cable around 330-340

 

[Baruch]

40 pts ? So hold on a minute, what's the strategy.. I thought it was jump on the move at 7am .. which was down today and reversed after a few points.

Points? What's that? We call it pips... :cheesy: But the method is to jump on the first break-out between 7.00 and 8.00. If you did that this morning, you had made around 30-40 pips (depending on your exit). The day before we had a 150 pips move, but it took some hours.. In fact, I believe, we only have to trade one or two hours in the morning, to be profitable and make a living...

 

[Baruch]

Well, I shall try it 2morrow and see.

Good luck. I will reserve a seat to you on 1st class in the fast morning train. :cheesy:

 

[Baruch]

Hi doublesix, the effect I initially observed was that you often get sharp moves at 7:00 on the nose, which is when London traders start trading, and this can sometimes be profitable to trade. I just don't know how robust it is....like your strategy, my observations held up for a few months, but then fell apart, just as I was about to commit real money.

abobtrader,

Yes, sometimes at 7.00 on the nose, but let us give the traders an hour to drink coffee, read the newspapers, and get ready for the big move - so the right thing to do for us is to be ready for jumping onboard the big move between 7.00 and 8.00.

That's why I will call this strategy for the 7-8 method.