RidderTrade
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I appreciate what your saying Ridd...you are absolutely correct!....every day we try to improve, and try to do better the next day....To be honest...I do think Cable will go down further....but I needed to feed the bank on this one since I lost a couple of bets earlier.....I'll look at shorting it again now that I'm not running of to Spain tonight!!..lol
Thanks
Sean
RidderTrade
Experienced member
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i am out for a walk in the woods, i see my positions have reversed me to daily up, god bless the lord, but the day has still not over at about 1 hour and 11 minutes (22.00 in europe) is were my positions will decide if i stay daily up or not
Pippy5000
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Guys, I've been using pivot points a lot lately.. Gain and DailyFX provide them daily.. I'm just looking for a few trades per day.. small losses but large wins. It seems trading from the pivot points is a winning strategy in this choppy market.
Pippy5000
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Here's what they had to say about Cable a little before it tanked 100+ pips
Pivot: 1.6415
Our preference: Short positions below 1.6415 with targets @ 1.627 & 1.617 in extension.
Alternative scenario: Above 1.6415 look for further upside with 1.645 & 1.651 as targets.
Comment: the pair has rebounded on its strong support and is challenging its new resistance, the RSI lacks upward momentum.
Pivot: 1.6415
Our preference: Short positions below 1.6415 with targets @ 1.627 & 1.617 in extension.
Alternative scenario: Above 1.6415 look for further upside with 1.645 & 1.651 as targets.
Comment: the pair has rebounded on its strong support and is challenging its new resistance, the RSI lacks upward momentum.
RidderTrade
Experienced member
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daily up
Pippy5000
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Here's why,, yesterday the Japanese took quarterly profits and the nikkei tanked.. today the Americans had a day fuelled by positivity over the economy.. This is a recipe for the Japanese to take new long positions after a t/p day.. This would cause Yen weakness and cause GBP/JPY to rise to retest the highs.
Pip....I have access to these calls too, there's a company in France that offers the same service ( trading central).....they get it right some times....but when they get it wrong...the get it wrong big.....you have to be careful, I suggest that before you act on such info, you do your own chart analysis...
I have found that doing your own chart analysis is much better even if it is basic & crude like mine...
Pippy5000
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I'm not worried about their advice or bias.. it's just the number that's interesting.. You don't get many trades but the trades you do get use a 25 pip stop and a big t/p .. this is a recipe for continuous weekly gains.. you can even do it blindly in your sleep
Pippy5000
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It would be much unwise for an amateur to do their own analysis. Particularly when you have free access to the compilations on the very subject from people with PhDs. They think about and study charts all day and when they meet with their friends they talk about charts. They bore their family and neighbors talking about charts, but it won't deter them from their fiery passion of Forex charts.
fxquantitative
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I have selected the best systems in my page below, plus feel free to make any special request for life if you decide to partner with me. Please check this statement Portfolio 1% Risk I will not only sell you a bunch of expert advisors, I will teach you how to make a profitable portfolio....I have many more systems not listed in the page, please consult with me directly for more details at [email protected]
each to their own....I prefer to understand a call before pumping potentially thousands of pounds into it....doing my own analysis enables to plan for contingencies ahead of the action.
The problem is that when these calls are released, it is too often too late to capitalise from the call as the market has moved out of the optimal entry point, before you know it...the stop loss required to enter the position doubles from 25 to 50.....one can find himself/herself chasing if the move has already occured...
This is all that I'm trying to say.
These calls are good when they are ahead of the curve...this is clear when they state their call...for ex, long positions at, or short poistions at....but when they say short positions below or long positions above...thats when things can go horibly wrong as acting on this information will most certainly require a larger stop loss as what the analyst is trying to say that he/she is actually behind the curve and that the info was valid, but not now as the horse has already bolted it!
On this note with the utmost respect Pip, I still recommend that everyone does their own analysis aswell as absorbing 3rd party analytical calls, irrespective of whether they have Phd's or not as it will most certainly deliver an edge or if not get you ahead of the curve.
I used to take almost every trade that I saw, or almost every trade that these analysts called out...now I pass on 9 out of 10...this doesn't mean that I trade only once or twise a day, I may make as much as 30-40 trades a day across spread over 5-6 instruments...
