Best Thread Live Cable Trading

[marmoset]

OK, comatose part of NY session started (starts usually around 20.00GMT)
Up down maybe 10 pips, even early Tokyo is more active.
Normally, between London close (18GMT) and 20GMT is perfect range scalping time, up 20ish, down 20ish, diminishing down over time to near flat, sort of like a decaying sine wave. Pretty safe trades IMHO.
Thing looks like this: http://www.motionscript.com/mastering-expressions/img/exp-decay-sine.gif
If you're going for it, make sure you diminish your limits down each round.

Today though, with Bernanke yakking it up later on: no touchie!

 

[indexgold]

OK, comatose part of NY session started (starts usually around 20.00GMT)
Up down maybe 10 pips, even early Tokyo is more active.
Normally, between London close (18GMT) and 20GMT is perfect range scalping time, up 20ish, down 20ish, diminishing down over time to near flat, sort of like a decaying sine wave. Pretty safe trades IMHO.
Thing looks like this: http://www.motionscript.com/mastering-expressions/img/exp-decay-sine.gif
If you're going for it, make sure you diminish your limits down each round.

Today though, with Bernanke yakking it up later on: no touchie!

Over what period have you observed 18GMT and 20GMT for Scalping? or playing the range

 

[jezza888]

I have never seen anything like this at all...you are one of the greatest forex traders I have known on this board and inside my inner circle of traders.....I am pleased that you have achieved it and I hope this is just the first of many.....
Happy Trading

Totally agree,

Some excellent trading there marmoset, very impressed...

 

[marmoset]

Over what period have you observed 18GMT and 20GMT for Scalping? or playing the range

Ever since I started demo trading in July last year. Exceptions prove the rule, but If you have a look at the hourly charts, it's pretty well clear. Late NY, there's no real demand for cable anymore, just like in the Tokyo session. That's how the Big Ben comes into being...

 

[jezza888]

How long did you demo for and are you now trading 'live' as it were marmoset?

 

[marmoset]

Oops, gotta add, I usually work NY shift for an international company in IT support. Got a cable chart running all the time

 

[rav700]

Well its been a good day for me on forex trading as well about 50 pips in all in the bag....
I just completed my journal and to be honest am very happy with the cable in the last 2 days it has been very predictable.....haha.
Best of luck to all traders....
I think it would be good if we could land some more live trades for confirmation though...
Any way time to rest now....been a long day ....
I will wait for the 1:00 session to begin.....

 

[marmoset]

Demo trading: 6 months, July till end of January, live since then.

Blew my accoutn with CMS three times out of the water.
Once scalping and 'mis'placed stop losses.
Once system trading, VTTrader complex system, grinding my account to powder. Timing always wrong. It called the shots correct, but initiated the trades at the end of the candle, usually when the countermove had set in
Once starting out grid trading, without stoplosses and clueless about safety nets.

$10'000 down the tubes

Took a week off getting my head straight again (and having a lightbulb there)
Then a week of demotrading using the safetynet approach and TINY positions.

Et voilà...

Kids, don't try this at home, I'm still in the testing phase, live money as only live trading will show if that's the way to go FOR ME. :cheesy:

 

[jezza888]

Demo trading: 6 months, July till end of January, live since then.

Blew my accoutn with CMS three times out of the water.
Once scalping and 'mis'placed stop losses.
Once system trading, VTTrader complex system, grinding my account to powder. Timing always wrong. It called the shots correct, but initiated the trades at the end of the candle, usually when the countermove had set in
Once starting out grid trading, without stoplosses and clueless about safety nets.

$10'000 down the tubes

Ouch!

Took a week off getting my head straight again (and having a lightbulb there)
Then a week of demotrading using the safetynet approach and TINY positions.

Et voilà...

Kids, don't try this at home, I'm still in the testing phase, live money as only live trading will show if that's the way to go FOR ME. :cheesy:

Looking good so far... good luck and hope it stays as good as its been....

Jezza

 

[marmoset]

Well, while I'm all talkative and in confessional mode, here goes:

I use daily pivots, bollinger bands and MACD on a 15min chart.

I don't use a system, it's more of a method:
- stay away from big figures
- bounces occur off of big figures and resistance/support levels
- don't get greedy - play it tame, the money's the same
- hedge your longs with shorts and vice versa
- short spurts are more likely to happen than long rushes
- daily average move up/down in cable is 175

I don't have steel balls, I just use liquid nitrogen for blood

My mainstay are the daily pivot and s/r levels, all the rest is show.
News is very important.
I don't know if it's going up or down, EVER. I go for the possibility, not even the PROBABILITY of it.
Just try to figure out short spurts, bounce-off levels (also known as hurdles) and how far past the hurdle the rate will *safely* go.

That's all there is to it.

 

[jezza888]

Well, while I'm all talkative and in confessional mode, here goes:

I use daily pivots, bollinger bands and MACD on a 15min chart.

I don't use a system, it's more of a method:
- stay away from big figures
- bounces occur off of big figures and resistance/support levels
- don't get greedy - play it tame, the money's the same
- hedge your longs with shorts and vice versa
- short spurts are more likely to happen than long rushes
- daily average move up/down in cable is 175

I don't have steel balls, I just use liquid nitrogen for blood

My mainstay are the daily pivot and s/r levels, all the rest is show.
News is very important.
I don't know if it's going up or down, EVER. I go for the possibility, not even the PROBABILITY of it.
Just try to figure out short spurts, bounce-off levels (also known as hurdles) and how far past the hurdle the rate will *safely* go.

That's all there is to it.

All sounds like a cunning plan................. :cheesy:

Good trading

 

[marmoset]

Bollinger bands because, when they tighten, the fat lady is getting all purple in the face and ready to belt out an aria of Wagner's Valkyries... Hold on to your hats. Or in my lingo: gentlemen, start your engines! :cheesy:

 

[marmoset]

MACD mainly for divergences, can use it only when I'm sitting at my trade station. Dunno if it works over longer time periods. (yep, I'm not all-knowing) :|

 

[marmoset]

Today's levels

S3: 8600
S2: 1.8538
S1: 8478
Pivo: 8415
R1: 8355
R2: 8294
R3: 8232

What's worrying is that both S3 and R3 have moved awfully near the +/- 175 pip average daily range... Might be a day having people going ape

Japan's out for May Day, no value date on JPY, how this influences cable, an also-ran in their session, remains to be seen. Tokyo traders will be in, albeit skeleton crews. There might be a JPY Big Ben in there, for all I'd guess, for lack of volume.

No big news tomorrow, figure another choppy day. So I'll just spike the field again both ways.
:cheesy:

 

[rav700]

My Trade setups for 2 night are as follow:
I can also see a reverse head and shoulders..mmm not too confident thought

1st order at 1.8475 with a stop of 1.8500 and a limit of 1.8435
2nd order at 1.8355 with a stop of 1.8344 no limit.....

I would like to go short at this point because I think there is a big gap to fill ie 1.8425 ti atleast 1.8365..let see and give it some time

I will be up most of the night as I am targeting about 50 pips minimum lets see if I can achieve this....

 

[rav700]

The Gap

My thoughts

 

[marmoset]

Hey Rav,

Thanks for the graph.

What strikes me is that the bottom has been tested 3x, the top twice *at exact same levels* give or take a few pips. I've never heard in literature of a similar situation before. To me, it's indecision, hence I set the stage both ways.

Tokyo is acting "normally", i.e. first part is down (my 21 pip short got closed just now, 8425 to 8404).
Another Big Ben forming?

We may be looking at the trend topping out, but then again, highest last year was 1.95, so there's still room to the upside.

Whatever you do, keep sound money management rules in mind: don't oversize, when in doubt, get out. Don't do as I did and pray for direction (of the market) instead of bailing out.

Right, day's tally: 21 pips

And off to bed, been getting terribly little sleep the last few days. Sleep is an arrow in your quiver, well rested sound decisions come easier. Don't force it, go with the flow. Right now, the flow is slow as magma heading downhill. I'll be curious where the Tokyo low is tomorrow.

See ya and good trading!

 

[rav700]

Hey Rav,

Thanks for the graph.

What strikes me is that the bottom has been tested 3x, the top twice *at exact same levels* give or take a few pips. I've never heard in literature of a similar situation before. To me, it's indecision, hence I set the stage both ways.

Tokyo is acting "normally", i.e. first part is down (my 21 pip short got closed just now, 8425 to 8404).
Another Big Ben forming?

We may be looking at the trend topping out, but then again, highest last year was 1.95, so there's still room to the upside.

Whatever you do, keep sound money management rules in mind: don't oversize, when in doubt, get out. Don't do as I did and pray for direction (of the market) instead of bailing out.

Right, day's tally: 21 pips

And off to bed, been getting terribly little sleep the last few days. Sleep is an arrow in your quiver, well rested sound decisions come easier. Don't force it, go with the flow. Right now, the flow is slow as magma heading downhill. I'll be curious where the Tokyo low is tomorrow.

See ya and good trading!

I have just closed my trade as well from 25 to 399 what a coincidence.....26 pips

 

[marmoset]

Congrats!

Yup, Tokyo acting real normal. First part down is always good for 20something pips.
Somewhere around 0.30-1.00GMT it should bottom out and start moving uphill for somewhere between 30 and 40 pips, above the start of the Tokyo session anyway.

If it stays flat throughout the night, especially when hugging a s/r level, that's when I'm worried.
What do the Japs know that we don't is my nagging fear then.

Anyway, bedways is my ways

 

[marmoset]

Hmmm... Tokyo been grinding lower all night, low at 8373. Currently under pivot of 8415, bounce off or hurdle? We'll see.

open positions:
long .2 at 8455 limit 8550 (safety net long)
long .1 at 8424 lim 8456 (hedge for old red)
long .1 at 8424 lim 8455 (hedge for old red)
long .1 at 8406 lim 8445
short .1 at 8395 lim 8350
short .2 at 8385 lim 8285 (safety net short)
short .1 at 8269 lim 8230 (old red, hedged)
short .1 at 8238 lim 8208 (old red, hedged)

entry positions
s .1 8452 lim 8412
s .1 8430 lim 8404
b .1 8355 lim 8398
s .1 8344 lim 8312
s .1 8494 lim 8425
b .1 8375 lim 8404
b .1 8252 lim 8296
b .1 8175 lm 8330 safety net long
s .1 8595 lim 8550
b .1 8305 lim 8396
s .1 8475 lim 8410
b .1 8215 lim 8275
b .1 8540 lim 8595
s .1 8542 lim 8504
b .1 8510 lim 8548

Have fun all!