Cable&Fiber: Intraday Setups

FTMO Trader Scouting
the golden gun said:
Continued:

Trade: Fiber Sell (multi-day)
Key level: 3406 (Previous Day High)
Entry pattern: Stop Hunt
Potential: Partial profits (30-50pips), + ongoing potential


This is a great trade for taking partial profits. This should be a risk free trade with further downward potential.

I forgot to post the conclusion to this setup. I think the optimal exit was yesterday, following 3 consecutive down days.

Multi-Day Potential: 150 pips
 

Attachments

  • fiber_sell_aug18_2014.jpg
    fiber_sell_aug18_2014.jpg
    102.2 KB · Views: 69
PipHanger said:
...
Just all very confusing to me, even after years of study...
...
Fuzzbuggy said:
Well said PipHanger, i'm in the same boat as you

Guys.. Seriously... If you dont understand something,why don't you open a thread to clarify things.. Maybe you'll get answers, that'll show you the way, open your eyes.. You know,if you are sitting confused near your terminal, and got no clue why do you fail,it ain't going to help much. (not trying to bash) Success ain't going to come and knock on the doors,unless you do what's necessary (in this case asking the right questions eg: why do i consistently fail?). Apologies for the hijack GG. :hijack:

PS:

For guys who dont see any success at all. Well, success isnt a thing! Its composed of separate moving parts! And if you cant get good at X technique (3ds Max later this will make sense)? Find a replacement, Y technique (Cinema 4d) that achieves results close to it, and master that!
Do that over and over, deliberate practice and when you hit the 10k hour mark? You're world class!


-P
 
Piper said:
Guys.. Seriously... If you dont understand something,why don't you open a thread to clarify things.. Maybe you'll get answers, that'll show you the way, open your eyes.. You know,if you are sitting confused near your terminal, and got no clue why do you fail,it ain't going to help much. (not trying to bash) Success ain't going to come and knock on the doors,unless you do what's necessary (in this case asking the right questions eg: why do i consistently fail?). Apologies for the hijack GG. :hijack:

PS:

For guys who dont see any success at all. Well, success isnt a thing! Its composed of separate moving parts! And if you cant get good at X technique (3ds Max later this will make sense)? Find a replacement, Y technique (Cinema 4d) that achieves results close to it, and master that!
Do that over and over, deliberate practice and when you hit the 10k hour mark? You're world class!


-P

Hijack away! :pbnj:

I think the question we should ask is this:

If a trader is failing consistently for a long period of time, then why aren't they learning from that experience?

If the game was rigged, then consistent failure would make sense, but continuing to play the game would not make sense.

If the game is not rigged, and skill can translate into profits, then over time skill should improve, making profits more likely.

So if the trader is continuing to play, then we can assume the game isn't rigged, and if the skill is not improving, then there has to be a failure on the trader's part to learn and adapt.
 
I think, if a system is very highly complicated, and there are a lot of subjective things, it can be very problematic to pinpoint an error in the process,and the possibility of errors are also rising by the square by each component that you are inserting to the system. Its true to trading and in everything in life (but you know that better then me,i'm not the engineer :p ). Thats why i always rather use simple solutions in everything. Just think of ww2 for example.. Highly sophisticated german tanks vs soviet iron buckets, in the winter. Well we all know what happened. :D
Anyways.. Enough typing around for now.. I'm missing my entries(need to water my mini accounts :p) .. Time2trade!
 

Attachments

  • EURUSD-ProM5.png
    EURUSD-ProM5.png
    30.1 KB · Views: 119
Nope.. I just gave an example of complicated(or sophisticated) vs simple that popped in my mind at the moment.. But i luv that game!!!! Converted some of my pips to really awesome premium tankz >:D >:D >:D Playing it too?
 
Piper said:
Nope.. I just gave an example of complicated(or sophisticated) vs simple that popped in my mind at the moment.. But i luv that game!!!! Converted some of my pips to really awesome premium tankz >:D >:D >:D Playing it too?

yeah I been playing it on Xbox. I like the German tanks lol

Good short there. You didn't really explain why you took the trade, but maybe I can explain for you with this Daily chart. Key level @ 3294, and 62% was a good intraday target!
 

Attachments

  • fiber_short_aug22_2014.jpg
    fiber_short_aug22_2014.jpg
    195.1 KB · Views: 104
  • fiber_short_aug22_2014_15m.jpg
    fiber_short_aug22_2014_15m.jpg
    71.6 KB · Views: 86
Dunno about that..S aw it on 5 min.. it's still rolling loaded up ;) The show must go on!!! Let's see what thats Draghi effect is going to be...
 
Piper said:
Dunno about that..S aw it on 5 min.. it's still rolling loaded up ;) The show must go on!!! Let's see what thats Draghi effect is going to be...

See piper? the levels from the daily chart framed today's price action almost perfectly. Days like this remind me of how important it is to work from your HTF levels, and maintain that macro perspective, while still focusing on the intraday action.

I would have definitely been out before Draghi uttered a word, because the target was predetermined, and 67 pips on E/U in a single day is a great haul!
 
the golden gun said:
See piper? the levels from the daily chart framed today's price action almost perfectly. Days like this remind me of how important it is to work from your HTF levels, and maintain that macro perspective, while still focusing on the intraday action.

I would have definitely been out before Draghi uttered a word, because the target was predetermined, and 67 pips on E/U in a single day is a great haul!

Left half of it open. I don't think that this move is over yet. Haven't gotten an exit signal. aiming for the 1.319~1.317's

Gerry said:
What was your short based on Piper, do you mind sharing?

Im not trading ICT, but from GG's charts you can comprehend how you could traded it with that method..
 
PipHanger said:
...I believe this has to do with how each of his tools contradicts one another, much like his analysis which points out both directions of the market and when it takes off he says yepp see I called it. One of the tools will always work out for the days trading, but if you guess wrong you will get your fingers smashed.

Pardon the interruption ... I see others have pointed out the importance of developing trader judgement and basing decisions on multiple sources that confirm ideas. I think taking a look at a good basic approach to doing this may help. You can implement an ICT method if you like, or any other that works for you, so don't see this as a departure point, merely some back filling that may prove very worthwhile.

Watch the video posted here: http://fxgears.com/forum/index.php/topic,395.msg7274.html#new

All the best...
 
the golden gun said:
I would have definitely been out before Draghi uttered a word, because the target was predetermined, and 67 pips on E/U in a single day is a great haul!

And another 60 pip gap opening is even better.. :D Lets see how this is going to go,90 reached ... Anybody said 70'ish? Lets see about that..
 
Piper said:
Anybody said 70'ish? Lets see about that..

Maybe... the DXY lacks conviction. It hasn't exited its hourly opening range and with London on holiday today, who can say?

mDhRYPd.png


The EU does look weak. Cable managed to fill its gap but not fiber. Not sure where your 70ish is from Piper (been trying to work it out ;) ) but I can see a case for 60ish.

Addit: Of course there may be a problem with this. I just read: "Barclays: Staying bearish EUR/USD for week ahead" :)) (It's not that the big banks get it wrong, just that they are motivated to lead us all astray! >:D )
 

Attachments

  • EURUSDH1-no-fill-gap.png
    EURUSDH1-no-fill-gap.png
    55 KB · Views: 89
There you go. No magic to it. What is that indi that you're using? Wolffe wave?

AusDoc said:
Addit: Of course there may be a problem with this. I just read: "Barclays: Staying bearish EUR/USD for week ahead" :)) (It's not that the big banks get it wrong, just that they are motivated to lead us all astray! >:D )

I really don't care what they say... >:D And to move another 20 pips isn't going to take another week... Hopefully 8)

AusDoc said:
...

The EU does look weak. Cable managed to fill its gap but not fiber. Not sure where your 70ish is from Piper (been trying to work it out ;) ) ..)

BTW i think that the ICT smt is pretty much worthless. Specially the so called cable and fiber correlation. It might work to longer term,but that's vague. Now if you want to correlate the fiber to something (in my opinion you shouldn't at all, trade each on its own, but that's just me) then do it inverted with the swissy cheese.
 

Attachments

  • EURUSD-ProM15.png
    EURUSD-ProM15.png
    51.9 KB · Views: 114
Piper said:
There you go. No magic to it.

Doh... I did that same pull but my fibo tool came up short :-[ ...must have too many levels entered so the 6.9 was dropped off and I hadn't noticed. Must fix that. (Too many MT4s)

Piper said:
And to move another 20 pips isn't going to take another week... Hopefully 8)

:))

Piper said:
BTW i think that the ICT smt is pretty much worthless. Specially the so called cable and fiber correlation. It might work to longer term,but that's vague. Now if you want to correlate the fiber to something (in my opinion you shouldn't at all, trade each on its own, but that's just me) then do it inverted with the swissy cheese.

Yeah, I "pretty much" agree. People make too much of correlation. It's just another not-well-used concept. Over the years I've noticed that traders tend to latch onto concepts and ideas that seem to provide a sense of knowledge and understanding because it seems to convey an unconscious sense of control over the utterly uncontrollable. The thing is, it can be quite useful to real professionals handling large and complex accounts but is of only illusory value to retail traders. Another example would be the use of COT reports by little spot fx traders. But it's ok really isn't it Piper, someone has to lose and it might as well be the ones who are having themselves on. ;)

Yes, trading each on their own merits is the smarter way to trade IMO too. On your inverse correlation concept, I don't touch the Swissie but I regularly use the pretty good inverse correlation between the AUD and the EUR as seen in the EURAUD. My typical use is around news time when it can go any way and usually goes both before sorting out a directional response. Rather than try to use brackets or to guess just one direction I put pending orders to go either long or short (depending on my analysis) on both pairs. Then, whichever way it blows I will be in the right direction in one pair and not in the other. I don't care which I enter of course, but is is more lucrative lot for lot to be in EA.

What is that indi that you're using? Wolffe wave?

Yep, the Wolf Wave, famed pup of Bill Wolf. It can be quite interesting to check on occasionally but not all indicators out there are the same - some are totally useless. Here's a chart using a different version. I put it on EURUSD so I don't get into too much trouble for messing up the thread. ;D Notice too, that the daily S1 has contained the price high so far today.
 

Attachments

  • EURUSDM15-wolf&pivot.png
    EURUSDM15-wolf&pivot.png
    34.2 KB · Views: 93
Piper said:
... Anybody said 70'ish? Lets see about that..

BAM.. 8) 8) 8) KK it's gonna cove the next supply of beer ,tobacco and premium tanks.. >:D
 
Good for you Piper. ... even hit the 60ish target. Gotta love Fib levels. :)

nMTTngR.jpg


Umm... no tanks for me tho :p
 
FTMO Trader Scouting
Back
Top