Best Thread Live Cable Trading

[Baruch]

I make both AM and PM trades triggered longs.
And both have reached point where SL set to B/E.
Worst case for cable today: B/E.

Do you have the results from yesterdays Hans trading?

 

[Baruch]

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.

I suppose not much will happen before NFP this afternoon.

 

[TheBramble]

I suppose not much will happen before NFP this afternoon.

Dunno really. I'm ready for anything.

I also have significance on the 7730 and 7813 levels. Be interesting to see how they develop - if at all.

Big Number days are usually range-bound - which offers opportunities too!

 

[zuke]

...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

200 pip stop and only 90 pip limit That risk reward is madness imo.

 

[fxmarkets]

steady as she goes.... couple of trades on the euro for me, wasnt at the screen for the 7 am push lower ,pity, just rode up, then down , now flat. + 11.5, for the effort. but very non volatile.

baruch perhaps as you mention everyones thinking, not much will happen before nfp. quite right too I suppose. euro 1.2050 would perhaps be limit of a move down if this drifting theme remains.

Reminds me of a typical asian session.. hmm I just dont like the lake of aggression/force in these drifting price moves.

Dont think I take any more until euro is at 1.2050 or testing the asian high..... before nfp.

 

[ChowClown]

Do you have the results from yesterdays Hans trading?

The results of 02/02:

EUR/USD:
long at 1.2074, closed at 24.00 CET, result +12 pips
short at 1.2049, stopped out by SL, result -31 pips
long at 1.2080, closed at 24.00 CET, result +6 pips

GBP/USD:
long at 1.7759, closed at 24.00 CET, result +39 pips
long at 1.7769, closed at 24.00 CET, result +29 pips


Total for the day: +55 pips
Total for this month: +160 pips

Hans

 

[breadman]

This is the 11th week out of the last 19 that the market has tested the 17800 level but as yet it cannot close above. Sooner or later its going to have a big move, my guess is it will be down.

Breadman

 

[Baruch]

The results of 02/02:

EUR/USD:
long at 1.2074, closed at 24.00 CET, result +12 pips
short at 1.2049, stopped out by SL, result -31 pips
long at 1.2080, closed at 24.00 CET, result +6 pips

GBP/USD:
long at 1.7759, closed at 24.00 CET, result +39 pips
long at 1.7769, closed at 24.00 CET, result +29 pips


Total for the day: +55 pips
Total for this month: +160 pips

Hans

A 31 pips loss in euro after stopped out by SL. But SL is 50 pips for euro?

 

[trendie]

A 31 pips loss in euro after stopped out by SL. But SL is 50 pips for euro?

not if it reverses.
SL is the "other side" of the range OR 50 pips ( 70 in the case of cable ) whichever is the LESSER.

 

[ChowClown]

We had a weekly close above 7800 a couple of weeks ago (7871) which closed above the major resistance trendline. The trendline has supported the last two weeks but the wave structure from the low in the chart suggests a pullback soon imo, perhaps towards the 200 MA. Today's NFP could be the catalyst.....

 

[Baruch]

not if it reverses.
SL is the "other side" of the range OR 50 pips ( 70 in the case of cable ) whichever is the LESSER.

OK. Hans must be short now?

 

[Baruch]

We had a weekly close above 7800 a couple of weeks ago (7871) which closed above the major resistance trendline. The trendline has supported the last two weeks but the wave structure from the low in the chart suggests a pullback soon imo, perhaps towards the 200 MA. Today's NFP could be the catalyst.....

Yes, it depends on NFP today - a chart don't predict anything, it just tell us what has happened. It's the big news which make the big moves.

 

[wasp]

A chart can tell you everything...!

Besides by the time you know the news its too late IMO.......... esp. today

 

[Altern8]

OK. Hans must be short now?

Yep, in both:

Short triggered at 1.7759 for GBP/USD.
Short triggered at 1.2063 for EUR/USD.

-A8

 

[coolTrader]

getting set of NFP.
Where is cable headed. seeing at the moment there is support at 7750 and resistance at 7813 it is starting to look bullish but the news will confirm or reject that.

 

[Baz150]

What position are people taking ahead of the the NFD.

The consensus is for a large gain of 250 - 300K but I am not convinced the December figures where a big miss with an upward revision for November. Given the lofty estimates the most likely scenario is probably a downside surprise the GDP figures may support this. But this figure can be pretty volatile and hard to call.

Anyway my trading system is showing a buy for the next hour so I am going long with a review at 13:40

 

[lachie]

I'm hoping for a good figure, and a stronger dollar.
Going to hold my Hans123 short position.

 

[G-Man]

I'm gonna go for 235k, with not much reaction or direction afterwards.

No real revisions either.

G-Man

 

[Kaffee]

Up 193k...

 

[trendie]

I am working on a complex algorithm to decide market direction which utilises key consensus figures from major institutions, ahead of major economic news events.

however, I dont know what to do when the coin lands on its side.
Any views ?