Best Thread Live Cable Trading
trendie
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a possible reversal on then hourlies ?
a peak (1). 2 seperate hourly bars with lower-highs and lower-lows. (2)
a final bar with a higher-high and higher-low (3).
if the high isnt taken out (527), and goes below 478, would that be a 1-2-3 reversal, and thus a short ?
a peak (1). 2 seperate hourly bars with lower-highs and lower-lows. (2)
a final bar with a higher-high and higher-low (3).
if the high isnt taken out (527), and goes below 478, would that be a 1-2-3 reversal, and thus a short ?
mickandpete
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A lot of cable gain due to reported M&A order that moved Euro/GBp from 68.50 to 68.00 this weekjacinto said:
Its expected that when ??? order over the Eur/Gbp to retrace
I see 67.90 as a good opportunity to purchase Eur/Gbp ( my view not a recommendation)
frugi
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Close, but not quite, Trendie (well, by my definition anyway).
The #1 is defined by a single LH following it.
The #2 requires a HL and HH to follow it for confirmation. So far there appears only to be a HL. If the current bar, or indeed the bar after it, were to make a HH then the big red hammer type candle would be confirmed as #2.
Then for the #3 point we need a LH and a LL to confirm.
My cable data is notoriously poor so my chart may wrong - apologies if so.
The #1 is defined by a single LH following it.
The #2 requires a HL and HH to follow it for confirmation. So far there appears only to be a HL. If the current bar, or indeed the bar after it, were to make a HH then the big red hammer type candle would be confirmed as #2.
Then for the #3 point we need a LH and a LL to confirm.
My cable data is notoriously poor so my chart may wrong - apologies if so.
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Another simple breakout system:
http://www.forexfactory.com/forexforum/showthread.php?t=759
Any comments?
http://www.forexfactory.com/forexforum/showthread.php?t=759
Any comments?
zuke said:
Agreed... but if you widen the stop you've either got to have a very high probability trading system (and nothing i've found/played with is anywhere close to 50:50) or you've got to aim for the 2:1 RR ratio.
Focussing on the latter, my fave stop level is 40 points, but how many 80 pointers can you hit per day ??
It's just one dilemma after another this malarky.
darktone
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my 2 cents on stops
Finding how you choose to run your stop size is like finding a comfortable pair of shoes.. or 'THAT' pair of jeans. Not only does it have to fit the market but it has to fit you..it has to fit your mindset/style!
You could play a strategy that aims to capture breaks of congestion on say 1/ 2 / 4hr TF with micro/tiny stops (1 or 2 pips + costs) with the aim of getting positions to free rides as soon as possible..cable breaks so well!! you may only score 5/10% of the trades you take and still make big £... but could you handle the emotional side of a '90 / 95% trades taken end in LOSS' would put on you!!? it shouldnt be taken lightly! you only need to wobble and miss that trade and your fecked! then you have the added weight of beating on yourself!
.. been there! done that! :cheesy:
I use a 50 pip stop.. you might think that its to large!. you may be right.. you may be wrong..Im trying to capture the big swings in the market.. 200 pips + (see chart) so some would say that i run my stops super tight with regard to my aims,, i guess id agree... but the main thing is...is that it fits me.. Part of the reason i trade a 4hr timeframe is because it suits my mindset.. i am by nature quite an emotional person and even though i KNOW WELL that accepting loss is a large and essential part to winning, it still takes a certain toll on me.. So I need time to emotionally settle between trades.. perhaps the most important part of this that i realise it and taylor my trading towards it..
I also like the the 4hr cos it makes most sense to me
whoa....that turned into about 3$ worth
Finding how you choose to run your stop size is like finding a comfortable pair of shoes.. or 'THAT' pair of jeans. Not only does it have to fit the market but it has to fit you..it has to fit your mindset/style!
You could play a strategy that aims to capture breaks of congestion on say 1/ 2 / 4hr TF with micro/tiny stops (1 or 2 pips + costs) with the aim of getting positions to free rides as soon as possible..cable breaks so well!! you may only score 5/10% of the trades you take and still make big £... but could you handle the emotional side of a '90 / 95% trades taken end in LOSS' would put on you!!? it shouldnt be taken lightly! you only need to wobble and miss that trade and your fecked! then you have the added weight of beating on yourself!
.. been there! done that! :cheesy: I use a 50 pip stop.. you might think that its to large!. you may be right.. you may be wrong..Im trying to capture the big swings in the market.. 200 pips + (see chart) so some would say that i run my stops super tight with regard to my aims,, i guess id agree... but the main thing is...is that it fits me.. Part of the reason i trade a 4hr timeframe is because it suits my mindset.. i am by nature quite an emotional person and even though i KNOW WELL that accepting loss is a large and essential part to winning, it still takes a certain toll on me.. So I need time to emotionally settle between trades.. perhaps the most important part of this that i realise it and taylor my trading towards it..
I also like the the 4hr cos it makes most sense to me
whoa....that turned into about 3$ worth
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Last edited:
darktone said:my 2 cents on stops
Finding how you choose to run your stop size is like finding a comfortable pair of shoes.. or 'THAT' pair of jeans. Not only does it have to fit the market but it has to fit you..it has to fit your mindset/style!
You could play a strategy that aims to capture breaks of congestion on say 1/ 2 / 4hr TF with micro/tiny stops (1 or 2 pips + costs) with the aim of getting positions to free rides as soon as possible..cable breaks so well!! you may only score 5/10% of the trades you take and still make big £... but could you handle the emotional side of a '90 / 95% trades taken end in LOSS' would put on you!!? it shouldnt be taken lightly! you only need to wobble and miss that trade and your fecked! then you have the added weight of beating on yourself!
I use a 50 pip stop.. you might think that its to large!. you may be right.. you may be wrong..Im trying to capture the big swings in the market.. 200 pips + (see chart) so some would say that i run my stops super tight with regard to my aims,, i guess id agree... but the main thing is...is that it fits me.. Part of the reason i trade a 4hr timeframe is because it suits my mindset.. i am by nature quite an emotional person and even though i KNOW WELL that accepting loss is a large and essential part to winning, it still takes a certain toll on me.. So I need time to emotionally settle between trades.. perhaps the most important part of this that i realise it and taylor my trading towards it..
I also like the the 4hr cos it makes most sense to me
whoa....that turned into about 3$ worth
Good points darktone. I trade primarily off a 1hr time frame and look for consistently 30-40 pips per day as my initial target. My stops generally tend to be 30 pips so onthe face of it only look like 1:1 RR ratio. However, as I primarily tunnel trade, I scale out after the initial target is hit thereby increasing the potential reward but on a free trade basis. As you said, I like trading this way because, I cant handle scalping of a 1 min or 5 min chart (Im not sure its profitable anyway given the spread). Its the old addage horses for courses. Given that I tunnel trade howver, a 20 pip stop whou get me whipped badly in and around the tunnel so would be no good.
