Best Thread Live Cable Trading
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
jacinto said:
funny how things congregate together. 1.7827 is also the upper region of the downward trend-line. weird. 1.7555 is the extrapolated line from previous high-to-low added to the last high.
assuming its going to behave in similar manner, the time zone is around 6:00pm tomorrow.
still havent pinned down all the turning points, but today is a Green Day.
Isnt it pretty ?
Attachments
remember I'm just a newbie that is learning. What I am seeing is that the market is not tired of testing that level (1.7880 on the 24th of jan). has not been able to break it since. it has given it 6 attacks. I would take out jan the 31st, since the spike was driven more by "end of month demand" rather than anything else.
The other interesting value to consider is 1.7720-28.....strong support (50 2hr MA, 100 1hr MA, 100 4hr MA and 50 8 hr MA). I suspect there is a risk of a range for tomorrow unless one of these two levels are broken......?
The other interesting value to consider is 1.7720-28.....strong support (50 2hr MA, 100 1hr MA, 100 4hr MA and 50 8 hr MA). I suspect there is a risk of a range for tomorrow unless one of these two levels are broken......?
...another BO variant for you to mull over, kindly posted by Optionstrader on another site:
"I’ve been working on a simple breakout system for the GBP/USD that I’d like to share. Having a full-time day job, I wanted a ‘set-and-forget’ system that I can initiate in the morning before going to work. I’d appreciate any questions, comments or suggestions for improvement.
Here are the basic rules of the system and the results for the past four months based on demo CMS Forex VT system data. Trades are entered daily Monday to Friday just after 12:00 GMT. 12:00 GMT seems to work best as it’s after any fundamental news in England/Europe and before any U.S. fundamental news.
1) On a hourly chart take the CLOSE price of the 11am-12pm GMT hourly bar.
2) Add and subtract 40 pips from this close price creating an 80 pip channel. These two prices become your entry to go long or short.
3) Place an ‘Entry-Stop Buy’ order to go long at the 11am-12pm Close + 40 pips. Use a 200 pip Stop and a 90 pip Limit.
4) Place an ‘Entry-Stop Sell’ order to go short at the 11am-12pm Close – 40 pips. Again, use a 200 pip Stop and a 90 pip Limit.
5) Keep any active trades that have reached the upper or lower channel open until either the Stop or the Limit is hit.
6) Any orders that did not hit the upper or lower channel are closed when you enter the next day’s trades after 12:00pm. So only active trades from the previous days are left open.
Also note that each trade is independent, and not ‘one-cancels-the-other’, so you can have 2 active trades for the day if the price hits both the upper and lower channel.
Manual backtesting results from September 22, 2005 to Jan 31, 2006 showed a profit of approximately 3,600 pips. This included 89 wins and 22 losses.
I’ve also tried the same system using a limit of 50 pips and stop of 100 pips. With half the risk on each trade, it also yielded approximately half the profits, about 1,800 pips from Sept 28, 2005 to Jan 31, 2006. This included 84 wins and 24 losses.
One of the drawbacks with the larger 200 stop and 90 limit is that you can have multiple trades active for several days. However, with the 100 stop and 50 limit, each active trade generally closes in 1-2 days."
Cheers
"I’ve been working on a simple breakout system for the GBP/USD that I’d like to share. Having a full-time day job, I wanted a ‘set-and-forget’ system that I can initiate in the morning before going to work. I’d appreciate any questions, comments or suggestions for improvement.
Here are the basic rules of the system and the results for the past four months based on demo CMS Forex VT system data. Trades are entered daily Monday to Friday just after 12:00 GMT. 12:00 GMT seems to work best as it’s after any fundamental news in England/Europe and before any U.S. fundamental news.
1) On a hourly chart take the CLOSE price of the 11am-12pm GMT hourly bar.
2) Add and subtract 40 pips from this close price creating an 80 pip channel. These two prices become your entry to go long or short.
3) Place an ‘Entry-Stop Buy’ order to go long at the 11am-12pm Close + 40 pips. Use a 200 pip Stop and a 90 pip Limit.
4) Place an ‘Entry-Stop Sell’ order to go short at the 11am-12pm Close – 40 pips. Again, use a 200 pip Stop and a 90 pip Limit.
5) Keep any active trades that have reached the upper or lower channel open until either the Stop or the Limit is hit.
6) Any orders that did not hit the upper or lower channel are closed when you enter the next day’s trades after 12:00pm. So only active trades from the previous days are left open.
Also note that each trade is independent, and not ‘one-cancels-the-other’, so you can have 2 active trades for the day if the price hits both the upper and lower channel.
Manual backtesting results from September 22, 2005 to Jan 31, 2006 showed a profit of approximately 3,600 pips. This included 89 wins and 22 losses.
I’ve also tried the same system using a limit of 50 pips and stop of 100 pips. With half the risk on each trade, it also yielded approximately half the profits, about 1,800 pips from Sept 28, 2005 to Jan 31, 2006. This included 84 wins and 24 losses.
One of the drawbacks with the larger 200 stop and 90 limit is that you can have multiple trades active for several days. However, with the 100 stop and 50 limit, each active trade generally closes in 1-2 days."
Cheers
TheBramble
Legendary member
- Messages
- 8,394
- Likes
- 1,171
Friday Feb 3rd
Unusual. I'm looking for plays within 7757/7821 and BO (after retests) outside these levels.
Unusual in that the early morning pre-London 'clean-up' didn't occur.
London appaear to be wiping Longs, but let's see.
Unusual. I'm looking for plays within 7757/7821 and BO (after retests) outside these levels.
Unusual in that the early morning pre-London 'clean-up' didn't occur.
London appaear to be wiping Longs, but let's see.
