Must admit to feeling very bearish myself this morning, but probably for no better reason than its monday . Couldn't bring myself to go long with NT ,decided to sit it out for a while ,eventually went with the LFO false breakout entry and sold 15336 , and whilst that bagged a few points before I closed it on the 10.30 candle, it hasn't improved my mood -still feeling bearish , going to watch this retracement and maybe sell that , trouble is the FTSE is making good some of Fridays losses.
Must admit to feeling very bearish myself this morning, but probably for no better reason than its monday . Couldn't bring myself to go long with NT ,decided to sit it out for a while ,eventually went with the LFO false breakout entry and sold 15336 , and whilst that bagged a few points before I closed it on the 10.30 candle, it hasn't improved my mood -still feeling bearish , going to watch this retracement and maybe sell that , trouble is the FTSE is making good some of Fridays losses.
It's my theory that only the big movers' action should be taken into account. Those trade during the London and NY sessions. Still watching how it works, I may be wrong.
Ok, taken out now for +50 x1.5 size. +85 was too ambitious indeed.
stevepatt
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I play it that way, I like to see the Stoch working with me before I enter.
This morning, at 6.15 the Stoch was at 70.00 which is getting near to over bought. What put me off most this morning was the Bearish engulfing candle that formed at 6.30. The best time this morning to have gone long was at 8.15 after the Bullish engulfing candle at 8.00 and the Stoch bottoming out at 10.000. It helps with exiting also the high at 8.45 was towards the high of the Stoch at 90.000 and bouncing off 1.5350 so a good place to exit.
It's 2.15 now I've just gone long the price has been bouncing along 1.5250 and the Stoch is at 10.000 so hopefully a good place to go long from and set 1.5289 as my target.
peterf1966
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Intresting, looking now, I see it around 230-240ish, well below 250, and Ive seen this before with the RSI, you'd think it's in a well oversold position, and just keeps falling. What's the stop on this one?
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I'm still short, currently +110 or so, targeting 1.5200, but may jump ship soon.
Mixed day for my demo method, a -66, followed by a +50. Running at a 2.39 profit factor still though.
W.
www.cabletraderfx.blogspot.com
mark120169
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It's funny how different Indicators say different things. Been watching Youtube videos about all of them and ADX shows growing momentum to be short on Cable despite both RSI and Stoch showing as oversold and stuck as oversold!
M
Been short myself most of the day , but got down here in stages - think We are getting close to support now , but been wrong before.
Well done! Did you trail it? I am trying to work out a strategy for trailing blind-folded, at the moment thinking of 25pip bands and noting on the ticker how the price reacts to the quarters. Did a rather naive thing today by pulling down to 15294 instead of just somewhere at 15305 - of course it came up to stop me out by a couple of pips and then carried on.
stevepatt
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I go 1:1 so 30 target 30 SL, lost out this time but if you use Stoch with other indicators, like I said earlier, and they point in the same direction it's a good way to make pips.
My favourite method is when the Stoch is at an high or low after a extended run and a pin bar pops up, it's then a matter of deciding where to place the limit and S/L.
I've gone long again now, at 1.5211, on the open of the 4.00 candle due to the bounce of 1.5200 and the pin bar that formed on the 3.45 candle and targeting 1.5251, with a 30 SL, this is where the price was bouncing around earlier, we'll see.
peterf1966
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Bounced off just above 200, anyone any thoughts of how high the bounce, worth a long? Stochs and RSi would seem to show an oversold level?
Ah Steve has replied as I typed. What's to stop it continiung down, as it did from the 250 to 200 levels?
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pips ahoy!
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Bounced off just above 200, anyone any thoughts of how high the bounce, worth a long? Stochs and RSi would seem to show an oversold level?
Peter, just wondering if you saw my earlier question...? Post #4240
Thanks!
peterf1966
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Sorry Matt, just seen this after your last post/ YOu might be right, there may be an error in the code that gbru2 supplied, where it looks at the previous day number.
I felt there was an error in the Pivot calc, where P was given as C, I thought it was (H+C+L)/3 ??
Trailed it loosely with a 50 point trailing. Cable's a volatile pair so can't trail too tightly. Closed it for +130.
Wouldn't surprise me if it still gets to 1.5200 though. This pair likes to hit the round numbers.
W.
www.cabletraderfx.blogspot.com
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mark120169
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FYI Windsor Brokers Tech Analysis this aftrernoon on Cable today.
GBP/USD
Reversal from 1.5470, 15 July high, has so far retraced over 38.2% of 1.4947/1.5470 upleg, with today’s break below the neckline of the hourly head and shoulders pattern at 1.5270 opening way for 1.5209 and 1.5148, 50%/61.8% next. Upside remains capped by 1.5350 for now.
Res: 1.5350, 1.5396, 1.5445, 1.5470
Sup: 1.5209, 1.5187, 1.5148, 1.5085
M
GBP/USD
Reversal from 1.5470, 15 July high, has so far retraced over 38.2% of 1.4947/1.5470 upleg, with today’s break below the neckline of the hourly head and shoulders pattern at 1.5270 opening way for 1.5209 and 1.5148, 50%/61.8% next. Upside remains capped by 1.5350 for now.
Res: 1.5350, 1.5396, 1.5445, 1.5470
Sup: 1.5209, 1.5187, 1.5148, 1.5085
M
Impressive! Is your SL about 50 as well?
goldfinger777
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Has anyone else seen the official NT results email today?
Is it just me or is RH really starting to take liberties with his result reporting now?
For example, he's got last Tuesday as a "No Trade" day. By my records, admittedly the MA spread was only 1 but it was still a NT trade day.
And then Friday he's got as a +16 day, based on an entry of 15420. The market went down to 15390.9 on the 7:15 candle. So it was close, REAL close. IN THEORY he's right but who actually managed to achieve that trade? RH is assuming NO slippage which as we know is pretty unlikely (certainly with IG anyway!).
Personally I think in reality his results should be -60pts less than what he's reporting, which puts NT on -44 pts for the week, not the +16 that he claims.
Is it just me or is RH really starting to take liberties with his result reporting now?
For example, he's got last Tuesday as a "No Trade" day. By my records, admittedly the MA spread was only 1 but it was still a NT trade day.
And then Friday he's got as a +16 day, based on an entry of 15420. The market went down to 15390.9 on the 7:15 candle. So it was close, REAL close. IN THEORY he's right but who actually managed to achieve that trade? RH is assuming NO slippage which as we know is pretty unlikely (certainly with IG anyway!).
Personally I think in reality his results should be -60pts less than what he's reporting, which puts NT on -44 pts for the week, not the +16 that he claims.
peterf1966
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I see, these are the Fibbonaci retracement levels from the Friday high. As we have seen 15200, very nearly, (just over 50%) then as I interpret it, we are likely to see further retracement, with the current level probably falling back again, and making a long a poor bet? Do I have this correct?
Aha, so that's SL-size based trailing.
I came up with this simple idea today: when going bold, will be checking what resistance levels the price will be breaking on the way to the target. Those will then be turning into support. Will be noting those ahead and keeping in mind. Once they are breached one by one I will be pulling my SL to those levels.
mark120169
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Rugby Trader managed to escape Friday's stop out on VNT and I think using IG too, but he was one of the few IG users that did make it, plenty on SFT forum all got stopped out.
And yes for Tuesday........another mysterious 1 pip clear trade day no mistaking taken by me and Rugby Trader too and it got stopped out, so RH reports it as "direction Inconlusive". How convienient.
Anyway, I agree GF777, he is seriously padding for time now and tweaking his trades when he can get away with it so that those in his favour are always traded and those that go against him are suddenlt decalred "No trade, direction not clear" even though by his rules you should trade.
As mentioned previously by someone else I suspect a NT relaunch sometime after the summer and good results (if it acheives then) so he needs to keep "official" losses to a minimum to keep people buying.
M
