Best Thread Live Cable Trading

[Baruch]

BT has stated previously on this thread that he uses the 1min to zoom in on the action when appropriate

some tuition from BT is in order as cable dropped 140+ points today and the only live calls I saw were all longs... I was ok, got lucky & sold at 480

OK. Nice to know.
Yes, I don't understand why traders continue to fight the trend, when it's supposed to be your friend... :cheesy:

 

[trendie]

OK. Nice to know.
Yes, I don't understand why traders continue to fight the trend, when it's supposed to be your friend... :cheesy:

Its VERY easy to forget where the trend is !!
( I got so fixated at seeing ( and trying to trade ) a retracement to the upside, I blinkered myself from seeing the reversal.
I failed to draw a line in the sand saying "at THIS point, the trend is no more, and it is a reversal".

nb: I cant find the edition of Traders mag that I mentioned earlier. ( but I do have 20 editions of New Scientist !!)
Anyway, the latest one contains a CCI-derived strategy to trade the DAX.
( would it be worth posting plan to see if it can be applied to FX )

 

[Kaffee]

Its VERY easy to forget where the trend is !!
( I got so fixated at seeing ( and trying to trade ) a retracement to the upside, I blinkered myself from seeing the reversal.
I failed to draw a line in the sand saying "at THIS point, the trend is no more, and it is a reversal".

nb: I cant find the edition of Traders mag that I mentioned earlier. ( but I do have 20 editions of New Scientist !!)
Anyway, the latest one contains a CCI-derived strategy to trade the DAX.
( would it be worth posting plan to see if it can be applied to FX )

LOL... and in the same edition of that mag there is an article on how countertrend strategies can be profitable !! All a load of bollox IMHO and merely serve to illustrate that ANY strategy can be a legend in it's own lunchtime.. Chalk today up to experience, accept it and move on.

Even Badtrader's "Support becomes resistance" is flawed and will serve you no better than a head/tail toss of a coin.

BUT..... How's about if you had faded yourself today ??? Now BT really may have hit upon something with that !

 

[badtrader]

LOL... and in the same edition of that mag there is an article on how countertrend strategies can be profitable !! All a load of bollox IMHO and merely serve to illustrate that ANY strategy can be a legend in it's own lunchtime.. Chalk today up to experience, accept it and move on.

Even Badtrader's "Support becomes resistance" is flawed and will serve you no better than a head/tail toss of a coin.

BUT..... How's about if you had faded yourself today ??? Now BT really may have hit upon something with that !

If you so good and know all the answer give some live calls. I only done 2 for thread one long and one short for 43 pips. come on lets see what you can do, I am currently in a short trade EUR/USD Futures.at 1,1718,

Who's The Daddy :cheesy:

 

[c6ackp]

hope today wasn't too painful for you trendie - I don't normally login to T2W during the day as I find it a bit distracting, although it is good fun and the cammeraderie(?) makes a change from the solitary nature of home trading

take a look at those 2 long calls you made again - on a "normal" day, when the balance between buyers and sellers is more equal, you may have gotten away with the first one

but the real mistake was that your second trade was almost identical - straight into the face of a powerful short set-up which had already worked just previously

I guess there's always tomorrow! good luck all

 

[trendie]

LOL... and in the same edition of that mag there is an article on how countertrend strategies can be profitable !! All a load of bollox IMHO and merely serve to illustrate that ANY strategy can be a legend in it's own lunchtime.. Chalk today up to experience, accept it and move on.

Even Badtrader's "Support becomes resistance" is flawed and will serve you no better than a head/tail toss of a coin.

BUT..... How's about if you had faded yourself today ??? Now BT really may have hit upon something with that !

YES, I know. It is all good fun. And I agree they have strategies to prove anything.
That edition has a picture of Mrs Merton on the fromt cover. :cheesy:

 

[badtrader]

flat at entry b/even

 

[Kaffee]

If you so good and know all the answer give some live calls. I only done 2 for thread one long and one short for 43 pips. come on lets see what you can do, I am currently in a short trade EUR/USD Futures.at 1,1718,

Who's The Daddy :cheesy:

Hmmm.... you a short bloke or just drunk and looking for a fight ?? Did I say I had all the answers ?

I'm suffering as much as the next man... AND... if you're not too bleary eyed, you will note that my message does actually give faint praise.

Lighten up.... you're the daddy.... this week.

Edit:- Just point out to me where 1.1718 was resistance again ?

 

[trendie]

hope today wasn't too painful for you trendie - I don't normally login to T2W during the day as I find it a bit distracting, although it is good fun and the cammeraderie(?) makes a change from the solitary nature of home trading

take a look at those 2 long calls you made again - on a "normal" day, when the balance between buyers and sellers is more equal, you may have gotten away with the first one

but the real mistake was that your second trade was almost identical - straight into the face of a powerful short set-up which had already worked just previously

I guess there's always tomorrow! good luck all

I should apply to work in a circus, since I am so good at catching falling knives.
Wouldnt be so bad, but I seem to catch them with my neck.

 

[badtrader]

Hmmm.... you a short bloke or just drunk and looking for a fight ?? Did I say I had all the answers ?

I'm suffering as much as the next man... AND... if you're not too bleary eyed, you will note that my message does actually give faint praise.

Lighten up.... you're the daddy.... this week.

Edit:- Just point out to me where 1.1718 was resistance again ?

if I say,who's the daddy you know I am having a bit of fun.I am done for the day,in fact I finished around 4pm,but looking at the chart like you do. There is a 80% chance the down move has finished for today. who would like to scalp to the long side till 9pm

 

[Kaffee]

if I say,who's the daddy you know I am having a bit of fun.I am done for the day,in fact I finished around 4pm,but looking at the chart like you do. There is a 80% chance the down move has finished for today. who would like to scalp to the long side till 9pm

Come here and give us a big cyber hug......

As regards the trading, still pinning my colours to that bottom formed on the 8th... I keep dithering about exiting or raising the stop, but surely the odds favour some bit of bad news rolling out of America actually chopping the legs from the dollar.

 

[JP1966]

It was the UK PPI at 9.30gmt that sunk it - and there's CPI at the same time tomorrow...

followed by US PPI Tues and CPI on Wednesday......

could be a lively time for Forex........

Don't think this is the reason to be honest. Cable came off 10 pips on the figure then bounced 20.eur/£ didnt move much either.

Seemed to be more of a dollar move led by the Yen.

At a guess I would say it was real money flows -the US corporates need to repatriate foreign profits and they were off Friday and obviously this am. Thus needed to play catch up.

 

[JP1966]

I should apply to work in a circus, since I am so good at catching falling knives.
Wouldnt be so bad, but I seem to catch them with my neck.

Plot the 20 day ema on the half hour and hour chart. If the price is above the line on both cahrts you can only buy, below you can sell.

This would not have prevented you from buying it late morning but would have prevented you chasing it later on.

All rules are off when a fundamentle piece of news comes out.

For what it is worth I am only looking to buy dollars at the moment. The break of 1.1870 was a huge technical signal as was the failure to break back above 1.18 on the poor trade numbers. Add to this the huge amount of dollars needed to be bought by US corporations in the next month to repatriate foreign profits and it seems the perfect recipe.

For what it is worth though I have found the past month very tricky.

 

[tradesmart]

Posted by Kaffee….
surely the odds favour some bit of bad news rolling out of America actually chopping the legs from the dollar…..

Might be right, there’s some potentially divisive data this week; but it’s been quite notable lately how the dollar bulls have been ignoring the bad news and finding hope in the ‘interest-rate story’ to maintain and enhance their positions….

An interesting article in the WSJ that gives an insight into the other factors driving the dollar higher….

The article also echo's JP1966's point:-

Add to this the huge amount of dollars needed to be bought by US corporations in the next month to repatriate foreign profits.

 

[coolTrader]

Seeing that Eur et al are at 2year lows. What are the chances of Cable getting to 1.5 :?: This calls for speculation.

 

[coolTrader]

Might be right, there’s some potentially divisive data this week; but it’s been quite notable lately how the dollar bulls have been ignoring the bad news and finding hope in the ‘interest-rate story’ to maintain and enhance their positions….

An interesting article in the WSJ that gives an insight into the other factors driving the dollar higher….

The article also echo's JP1966's point:-

It is interesting the Analyst can explain them selves away but the truth of the matter is that if you have $10billion sitting in a position chances are you will want a curency that pays good interest rates currently is 4.5 and then with the interest rate differential widening against the European pairs and the Economy not doing so well it is little wonder money is moving into the dollar. Some people make money on this.

Retails sales comes out tomorrow. A report out today said that the Americans are getting paid better and are paying of their Credit cards and because of the increase in pay the oil prices doesn't bother them to much there is a balance.in the system.

2 members of the ECB have indicated they will be looking to increase interest rates. Well all this is fundamental notice Funda"Mental" . I keep my sanity by reading the charts as actions speak louder than words. They make good reading though

 

[zuke]

Cable broke 7385 Support but hasnt yet tested 7320 or 7300 (some were predicting freefall from 7385 to 7270). I am currently :

3 lots
LONG 1.7377
STOP : 30 pips
Target: 60 pips

I use, 15 mins, hourly, 4 hourly and daily charts.

Lets see how this goes...

This long is still hanging on by the skin of its teeth!!

 

[JP1966]

This long is still hanging on by the skin of its teeth!!

Lucky you -it went 45 offered!

 

[Baruch]

he calls it a "breakfast trade", so must be triggered by, say, 9am max.
( this can be verified by timestamps of when he syas he made or lost pips )

the data resulting in the trigger must happen before 9am.
Could be based on how the market "wakes up", and how volatility comes into the market, and pushes the market out of its "sleepy" low-range behaviour.

as per Traders mag article, could be based on german opening range. and trade the breakout of first couple of hours.
JonnyT also seems to have a penchant for breakouts strats.
However, he did say somewhere that it has been profitable "since xxx", whoch begs the question why wasnt it profitable before then.
nonetheless, if it makes him pips, good luck to him.
I wish I had something to share, other than FADE MY MOVES.

trendie,

Thank you. What time does the german session start? And London? :?:

 

[Baruch]

We will have a lof of eco data today, including UK CPI and RPI, but what is RPI? And does anyone know a good site about UK eco data?

PS. Badtrader: How do you trade the eco news?