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Cable Update (GBPUSD)

  • #61,361
  • Apr 10, 2008 11:14pm Apr 10, 2008 11:14pm
Quoting TraderJR
His last post 10AM yesterday.

This is a major disadvantage of his system: I believe (so far) only he knows how to generate the various Targets and S/R lines - his PDF nothwithstanding. There is also a lot missing on how to get the best from the system.

Nah, keep it simple. His system works for him and he's gracious to share it. But just so ya know, any breakout system is going to work on cable right now.. this could change but it works now. Just be sure to know when the change happens and adjust your "system."

Its very simple right now and for the last few months.. Take the high and low from 6am to 9am est and straddle a long(on the high)+5 pips and a short(on the low) +5pips .. long stop etc, short stop etc.

all in all if you test it, has about a 70% win rate lately on cable. Lots of traders watch this system as its well known.
USD Est Non Mortuus
  • #61,362
  • Apr 10, 2008 11:18pm Apr 10, 2008 11:18pm
Quoting LuckyLurker
Nah, keep it simple. His system works for him and he's gracious to share it. But just so ya know, any breakout system is going to work on cable right now.. this could change but it works now. Just be sure to know when the change happens and adjust your "system."

Its very simple right now and for the last few months.. Take the high and low from 6am to 9am est and straddle a long(on the high)+5 pips and a short(on the low) +5pips .. long stop etc, short stop etc.

all in all if you test it, has about a 70% win rate lately on cable. Lots of traders watch this system as its well known.
Agree, I use M30 to monitor and to change target !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,363
  • Apr 11, 2008 12:24am Apr 11, 2008 12:24am
Quoting TraderJR
Two screenshots taken seconds apart (a few minutes ago) and composited into one image at 50 % size.

Not the ideal but it let's you compare major differences at a glance. The candle bodies clearly show the opens and closes.

IBFX on the LEFT, Alpari UK on the RIGHT. The dotted and solid lines on each chart are the same and can be used as reference points.

While overall price movement is essentially the same, if one is using H4 Open/Closes to trigger trades as in Abuawad's method, the level of difference is disturbing to put it mildly.

Later: Found the reason
When the IBFX server time is 0:00, Alpari UK is 2:00, so clearly the H4 closes are going to be very different. The H1 closes OTOH are quite similar.

Question to Abuawad: What is your suggestion?
I have the same qusetion by Mr.TraderJR，The Sammmmmmeeeeee~~!!

My dear Abuawad,I always confused at this.What Time Zone/Price Server is the most exact with your method? I really want to clear this.

Thank you very much~!!
  • #61,364
  • Apr 11, 2008 1:53am Apr 11, 2008 1:53am
198.00 will be next stop for Cable. Should see that this morning.
  • #61,365
  • Apr 11, 2008 2:02am Apr 11, 2008 2:02am
Quoting the_wizard
198.00 will be next stop for Cable. Should see that this morning.

I agree ...it looks like we are in a short uptrend...4 hr chart ..we only need to cross the pivot then we should see those levels...
  • #61,366
  • Apr 11, 2008 2:07am Apr 11, 2008 2:07am
Quoting mike w
For 8 hour charts, I use another free charting package called Net Dania. I agree with you, there is no real reason to pay for charts when the free ones have all that you need. lol

As for inside leg measurements, I wouldn't want some of the other guys in here feeling bad lol jk jk
mike buddy ...my job this weekend is to read yur journal as i just know it will be great...good luck as ever with the choices u make
  • #61,367
  • Apr 11, 2008 2:40am Apr 11, 2008 2:40am
Hi Everybody

Still holding long from yesterday...... What a slow night it has been. Hopefully we will see some movement this morning.... Either way.
  • #61,368
  • Apr 11, 2008 3:15am Apr 11, 2008 3:15am
Quoting DJ4x
Hi Everybody

Still holding long from yesterday...... What a slow night it has been. Hopefully we will see some movement this morning.... Either way.
Maybe you are right open a long. May you post your analysis to share here ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,369
  • Apr 11, 2008 3:28am Apr 11, 2008 3:28am
have a look at this guys....8 hr chart and it appears we in a downtrend..possible movement up....1.99 area b4 being a excellent place to short...i gone back to demo and i started making good trades again...it seems i think clear on a demo and live i dont....

I think my entry on live account are very poor and i get stressed so now im looking for only high probability entries ie at a trendline support or resistance area tested numerous times

look at the chart it may help make pips...good luck all
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  • #61,370
  • Apr 11, 2008 3:37am Apr 11, 2008 3:37am
Quoting the_wizard
198.00 will be next stop for Cable. Should see that this morning.
yes..that seems likely, and more so now since 9756 resistance is broken.

Although on the downside; a break of 9700 (with reference to the daily chart) would be a good confirmation of a continuation of the downtrend..that should probably bring us down to the 9540 levels
  • #61,371
  • Apr 11, 2008 3:53am Apr 11, 2008 3:53am
Quoting tomaz55
short 9815 tp 9725
tp reached yesterday for +90

week's total: +363
  • #61,372
  • Apr 11, 2008 4:18am Apr 11, 2008 4:18am
Quoting hiroki
I have the same qusetion by Mr.TraderJR,The Sammmmmmeeeeee~~!!

My dear Abuawad,I always confused at this.What Time Zone/Price Server is the most exact with your method? I really want to clear this.

Thank you very much~!!
Abuawad uses InterbankFX, so one way is to use that as the trigger.

But really I think the method should be redone so signals can be taken off the H1 - then they would be independent of timezone or Forex server
Darkness lies one inch ahead..
  • #61,373
  • Apr 11, 2008 4:45am Apr 11, 2008 4:45am
Quoting tomaz55
tp reached yesterday for +90

week's total: +363
Well done mate.
  • #61,374
  • Apr 11, 2008 5:15am Apr 11, 2008 5:15am
short opened: at 9720 targeting and hoping for 9670 first
  • #61,375
  • Apr 11, 2008 5:33am Apr 11, 2008 5:33am
Hussin's daily candle analysis for Cable
http://www.forexfactory.com/showpost...&postcount=217
  • #61,376
  • Apr 11, 2008 5:44am Apr 11, 2008 5:44am
Quoting priceaction
Hussin's daily candle analysis for Cable
http://www.forexfactory.com/showpost...&postcount=217

I AGREE..but we need to see 1.9811 first i think ...we should be going up i think ..4 hr trendline is holding and we bounced from the bottom so i expect 1.9811 as a target .....if any1 can point out this is wrong this is a great time to tell me as i need to know if im thinking wrong?
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  • #61,377
  • Apr 11, 2008 5:54am Apr 11, 2008 5:54am
Quoting TraderJR
Abuawad uses InterbankFX, so one way is to use that as the trigger.

But really I think the method should be redone so signals can be taken off the H1 - then they would be independent of timezone or Forex server
Abuawad contribution has been very generous, and I am sure he has put a lot of work in it. There are times that given approaches work well, and other times that they are less useful. A breakout aproach is a good one, for either entering a trade or monitoring longer (posotion) trades. I think that a simple breakout indicator for MT4 can be used, when one sets it up to draw three lines determined by close of the bar at any chosen time. Close - the middle line, the other 2 lines could be set up seperately with the upper limit and the lower limit. Why sepparate settings for the upper and the lower, it could be used on a shorter timeframes, taking into account the momentum generated by the trend from a highier timeframe, especially if one would like to take a position against the trend of a highier timeframe. On a larger timeframes, in a downtrading markets, there might be tendecy for the breakout to the downside to come a bit later, and the breakout to the upside might come a bit earlier. It is possible that this observation would also aplly to a smaller time frames, but I have not tested it. For a scalper the indicator, if set up well might apdate automaticaly, every chsen period e.g. 1hr, or 15min.
The targets can be taken from daily, weekly pivots, fibos, different setups using MAs, Bands, channels, or anything which one uses as S/R.
This approach is more mechanical, and demands less effort to keep it updated.
Make sure losses are small and profits are bigger!
  • #61,378
  • Apr 11, 2008 6:05am Apr 11, 2008 6:05am
Bulls still have the upper hand but its getting harder.

I still favour a move to the upside (9800) but it may test that strong pivot level at 9700 first.
  • #61,379
  • Apr 11, 2008 6:09am Apr 11, 2008 6:09am
i question the short because of this green trendline....i exited the position, because even thou we dropped below the pivot point with a bearish confirmation i still see the trend as being up possible...i wasnt sure hence the exit..

this is interesting cause the 15 minute suggest down..and the higher suggest up ..interesting to see what happens here
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  • #61,380
  • Apr 11, 2008 6:16am Apr 11, 2008 6:16am
Quoting manize
Maybe you are right open a long. May you post your analysis to share here ?
We are on a strong support point over the last month..... Chances are it is likely to retrace back up once again.... Hence, my long entry near the support level
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