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Cable Update (GBPUSD)

  • #60,281
  • Apr 2, 2008 10:11pm Apr 2, 2008 10:11pm
Quoting TraderJR
Cool Abuawad, I'm glad you think so.

I'm sorry you've had to cop a lot of sh*t from disgruntled members. A crappy "reward" for all your hard work and spirit of sharing.

If only people would try the method for themselves, I believe they will begin to see its potential...
Hi TraderJR
can this method be used to H1 candle open/close because the many MT4 platform H4 O/C time is not the same?
Thanks.
Rhythm, Motion, Emotion and Risk Reward.
  • #60,282
  • Apr 2, 2008 10:35pm Apr 2, 2008 10:35pm
Quoting aihua5
Hi TraderJR
can this method be used to H1 candle open/close because the many MT4 platform H4 O/C time is not the same?
Thanks.
What do you mean "H4 O/C time is not the same"?
Darkness lies one inch ahead..
  • #60,283
  • Apr 2, 2008 10:43pm Apr 2, 2008 10:43pm
Quoting TraderJR
What do you mean "H4 O/C time is not the same"?
yes, some MT4 is gmt+1, the other is gmt+2..., So the candle close time is different. Can I use the H1 candle close/open to take the trade?
Thanks.
Rhythm, Motion, Emotion and Risk Reward.
  • #60,284
  • Apr 2, 2008 11:19pm Apr 2, 2008 11:19pm
Quoting aihua5
yes, some MT4 is gmt+1, the other is gmt+2..., So the candle close time is different. Can I use the H1 candle close/open to take the trade?
Thanks.
Can you use H1 to trigger the trade?: I don't think so, H1 only gives a clue as to what H4 might do.

I think you'll have to try it with whatever MT4/server you are using and see if price moves as it is supposed to.

I'm using Alpari UK, their server time is CET - the method works for that.
Darkness lies one inch ahead..
  • #60,285
  • Apr 2, 2008 11:38pm Apr 2, 2008 11:38pm
Quoting TraderJR
Can you use H1 to trigger the trade?: I don't think so, H1 only gives a clue as to what H4 might do.

I think you'll have to try it with whatever MT4/server you are using and see if price moves as it is supposed to.

I'm using Alpari UK, their server time is CET - the method works for that.
Thank you! Got it.
Rhythm, Motion, Emotion and Risk Reward.
  • #60,286
  • Edited 12:10am Apr 3, 2008 12:07am | Edited 12:10am
Quoting TraderJR
Cool Abuawad, I'm glad you think so.

I'm sorry you've had to cop a lot of sh*t from disgruntled members. A crappy "reward" for all your hard work and spirit of sharing.

If only people would try the method for themselves, I believe they will begin to see its potential...
JR, thanks for describing the way in which you have interpreted Abuawad's method. I've had a little difficulty understanding few items in the PDF and am trying hard to understand. Your post has helped.

Congrats on yesterday's trades!

Abuawad & JR,
I am using Alpari's live server (London). It's now 07:10 am CET. Based on this, the current 4hr candle opened at 4am CET and is just below today's "down limit of the unknown area", would you trade off this or await the 8am CET candle?

Thanks,
Rob
  • #60,287
  • Apr 3, 2008 1:52am Apr 3, 2008 1:52am
Quoting priceaction
JR, thanks for describing the way in which you have interpreted Abuawad's method. I've had a little difficulty understanding few items in the PDF and am trying hard to understand. Your post has helped.
The PDF IS hard to understand and has to do with how the pricelevels are generated, not how to use the method. How to use the method is in the notes at the bottom of the daily table that Abuawad posts.

Quote
Congrats on yesterday's trades!

I only made one of those trades, the first and smallest one. I could have had the 2nd target but made a clumsy entry, then chickened-out at BE because of the retracement. I was in bed during the Target 3 phase. I only saw the trendline break after the fact (so easy to trade retrospectively).

Be very clear about this: I'm only DEMOing, and still evaluating Abuawad's method. I'm still not very sure how to use H1 - clearly 4 hr is a long time...

Quote
Abuawad & JR,
I am using Alpari's live server (London). It's now 07:10 am CET. Based on this, the current 4hr candle opened at 4am CET and is just below today's "down limit of the unknown area", would you trade off this or await the 8am CET candle?

Thanks,
Rob

The relevant H4 Open and Closes are within 3 pips of the Unknown Area Lower Limit, so to my mind that is a grey area, tho the small H4 hammer suggests price should go down to 19843. The rule of thumb I have "invented" is if the Open/Close is at least 5 pips from the trigger level, that is a clear signal.

Your call.
Darkness lies one inch ahead..
  • #60,288
  • Apr 3, 2008 1:53am Apr 3, 2008 1:53am
Anyone in a Cable trade at the moment?
  • #60,289
  • Apr 3, 2008 2:09am Apr 3, 2008 2:09am
sorry for the newby questions...but i just came across this method: seems very interesting. i also could not find the original pdf or setup method amongst the thousands of pages...LOL. would you know what page it is on?
if you have time...would you kindly answer a few questions for me?

1). Do you ONLY enter a trade at the beginning of the 4hr candle?
2). are we not to enter trades within the two yellow lines?
2). are we only to enter trades above and below the yellow lines?
3). do you recommend a safe S/L?

SO SORRY FOR THE QUESTIONS
  • #60,290
  • Apr 3, 2008 2:23am Apr 3, 2008 2:23am
Quoting dread
sorry for the newby questions...but i just came across this method: seems very interesting. i also could not find the original pdf or setup method amongst the thousands of pages...LOL. would you know what page it is on?
if you have time...would you kindly answer a few questions for me?

1). Do you ONLY enter a trade at the beginning of the 4hr candle?
2). are we not to enter trades within the two yellow lines?
2). are we only to enter trades above and below the yellow lines?
3). do you recommend a safe S/L?

SO SORRY FOR THE QUESTIONS
Read post 60289 carefully. You can find any member's posts by clicking on the Member's List link, finding the member then "Find all posts"
Darkness lies one inch ahead..
  • #60,291
  • Apr 3, 2008 2:55am Apr 3, 2008 2:55am
Quoting TraderJR
I presume you mean the Entry, price is still hanging around the Exit level
yes sory entry!! lol
Trading is 80% Emotional, 20% Technical
  • #60,292
  • Apr 3, 2008 2:56am Apr 3, 2008 2:56am
Still got short from 75s, look to cover if UK news is good
Trading is 80% Emotional, 20% Technical
  • #60,293
  • Apr 3, 2008 3:06am Apr 3, 2008 3:06am
Quoting dread
sorry for the newby questions...but i just came across this method: seems very interesting. i also could not find the original pdf or setup method amongst the thousands of pages...LOL. would you know what page it is on?
if you have time...would you kindly answer a few questions for me?

1). Do you ONLY enter a trade at the beginning of the 4hr candle?
2). are we not to enter trades within the two yellow lines?
2). are we only to enter trades above and below the yellow lines?
3). do you recommend a safe S/L?

SO SORRY FOR THE QUESTIONS
the link in my signature
  • #60,294
  • Apr 3, 2008 3:10am Apr 3, 2008 3:10am
That breeched 4hr support trend line acting as resistance now again at yesterday's highs, (for 2nd time,...see screenshot attached.)
Attached Image (click to enlarge)
Click to Enlarge Name: thurs a.gif Size: 16 KB
ex member
  • #60,295
  • Apr 3, 2008 3:14am Apr 3, 2008 3:14am
Quoting fx local
Still got short from 75s, look to cover if UK news is good
check the news forecast
Attached Image (click to enlarge)
Click to Enlarge Name: 3-4-UKNEWS.jpg Size: 9 KB
  • #60,296
  • Apr 3, 2008 3:18am Apr 3, 2008 3:18am
Quoting TraderJR
The PDF IS hard to understand and has to do with how the pricelevels are generated, not how to use the method. How to use the method is in the notes at the bottom of the daily table that Abuawad posts.

I only made one of those trades, the first and smallest one. I could have had the 2nd target but made a clumsy entry, then chickened-out at BE because of the retracement. I was in bed during the Target 3 phase. I only saw the trendline break after the fact (so easy to trade retrospectively).

Be very clear about this: I'm only DEMOing, and still evaluating Abuawad's method. I'm still not very sure how to use H1 - clearly 4 hr is a long time...

The relevant H4 Open and Closes are within 3 pips of the Unknown Area Lower Limit, so to my mind that is a grey area, tho the small H4 hammer suggests price should go down to 19843. The rule of thumb I have "invented" is if the Open/Close is at least 5 pips from the trigger level, that is a clear signal.

Your call.
It's working out well so far. Short and currently +40.

Thanks JR & Abuawad
  • #60,297
  • Edited 3:31am Apr 3, 2008 3:20am | Edited 3:31am
Quoting Abuawad
check the news forecast
sub 50 number could make cable fall to 19740 area, although retail sales have been strong for last few months
Trading is 80% Emotional, 20% Technical
  • #60,298
  • Apr 3, 2008 3:35am Apr 3, 2008 3:35am
Quoting 2be
Have established short positions in three lots from 9870 to 9885 SL just above 9940 ( above yesterday's H) target 9740. Will reestablish short position if it goes below 9720.
2be, now looking to cover 740 area UK data cable along its path down, looking to buy on bounce of 730 or sell break although latter option looks more likely
Trading is 80% Emotional, 20% Technical
  • #60,299
  • Apr 3, 2008 3:43am Apr 3, 2008 3:43am
interesting price action hmm!
Trading is 80% Emotional, 20% Technical
  • #60,300
  • Apr 3, 2008 3:53am Apr 3, 2008 3:53am
well i'll go to sleep before US news. and happy pips for who entry at 1.9867 to the 2nd downtrend target at 1.9782 and 2nd support line at 1.9766 with 101 pip. good start for today
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