Daily Cable Analysis

Quoting MarkGavalda

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I've just added this little story to another topic, I hope you don't mind if I quote here a few lines too from that long post.

What is price action?
I always enjoy imagining the chart as a warzone. The United Army of Bulls are trying to fight the Paramilitary Organization of the Grizzly Bear Warriors in this neverending battle. Imagine it like a real war: with weapons (news, events) with supplies (support & resistance), trenches (fibonacci & pivot lines), etc.
When the bearish organization is attacking you have to act as a general, so go on and open up the map of the warzone for god's sake! Have a quick look, because people are dying out there. Okay, what do we have on the map (chart)? Until now the bulls were progressing but they are tired now and couldn't breach the next critical defend line of the bears (means price is bouncing off a resistance line). What will happen now? Bulls will reorganize and try to attack once or twice more (testing the resistance line). If the defense line is strong, they won't be able to get through, that critical line remains intact. The bear warriors immediately notice the weakening in the bulls army, they're planning a counter-attack. This is the time when nothing happens in the warzone, but everybody knows sooner or later something's gonna blow. You quickly make use of the time to see what's going to happen. You immediately draw the previously tested critical line to your map, and count on that bear counter-attack. How strong will they get? This puts up the question: how far could they possibly fight-back?
On the map you have to draw now the bull trenches. Daily, weekly Pivot, Fibonacci lines, etc, what you consider important. After you set up everything you contemplate a bit on from where do you consider the counter-attack active? Depending on the timeframe this could mean 20-30pips (let's say yards in this fantasy-world) from the critical, unbreached resistance line. When the battle continues you watch how things evolve and shout a hurray and a 'Go bears, go!' every time when the bears can take another important trench. When they find stout resistance (this is called support in forex if it's a downtrend... funny) (you know this from a Doji candlestick for example) you take a closer look, and move your S/L (stoploss) to the very next already-conquered trench which you just left behind. Then wait until something happens.
The bulls gather some reinforcements and shoot the bears in their hams and everything starts from the beginning...

I hope this little story of mine could help some of you out there who don't know what the heck is 'price action' yet.
Have a great weekend everyone! Mark

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Quoting bravado

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that was fun read!

it makes you sound like you are taking a side though.

my question to you is this.. is it better to take a side and be loyal (meaning if you are for the bulls, always buy at opportunity)? or is it better to switch sides (buy or sell depending).

i guess what i'm asking here is.. is it better to be specialized in either buying or selling rather then buying and selling(switching sides).

anyone who has an idea, do reply!

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Quoting MarkGavalda

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I've just added this little story to another topic, I hope you don't mind if I quote here a few lines too from that long post.

What is price action?
I always enjoy imagining the chart as a warzone. The United Army of Bulls are trying to fight the Paramilitary Organization of the Grizzly Bear Warriors in this neverending battle. Imagine it like a real war: with weapons (news, events) with supplies (support & resistance), trenches (fibonacci & pivot lines), etc.
When the bearish organization is attacking you have to act as a general, so go on and open up the map of the warzone for god's sake! Have a quick look, because people are dying out there. Okay, what do we have on the map (chart)? Until now the bulls were progressing but they are tired now and couldn't breach the next critical defend line of the bears (means price is bouncing off a resistance line). What will happen now? Bulls will reorganize and try to attack once or twice more (testing the resistance line). If the defense line is strong, they won't be able to get through, that critical line remains intact. The bear warriors immediately notice the weakening in the bulls army, they're planning a counter-attack. This is the time when nothing happens in the warzone, but everybody knows sooner or later something's gonna blow. You quickly make use of the time to see what's going to happen. You immediately draw the previously tested critical line to your map, and count on that bear counter-attack. How strong will they get? This puts up the question: how far could they possibly fight-back?
On the map you have to draw now the bull trenches. Daily, weekly Pivot, Fibonacci lines, etc, what you consider important. After you set up everything you contemplate a bit on from where do you consider the counter-attack active? Depending on the timeframe this could mean 20-30pips (let's say yards in this fantasy-world) from the critical, unbreached resistance line. When the battle continues you watch how things evolve and shout a hurray and a 'Go bears, go!' every time when the bears can take another important trench. When they find stout resistance (this is called support in forex if it's a downtrend... funny) (you know this from a Doji candlestick for example) you take a closer look, and move your S/L (stoploss) to the very next already-conquered trench which you just left behind. Then wait until something happens.
The bulls gather some reinforcements and shoot the bears in their hams and everything starts from the beginning...

I hope this little story of mine could help some of you out there who don't know what the heck is 'price action' yet.
Have a great weekend everyone! Mark

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Quoting monarch

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As of now I have several free services I am subscribed to. They keep me up to date with a pre-release numbers to watch.

I also pay for a news service that gives the numbers in record speeds, usually seconds before the spike, but with my slower satelite internet service provider, I do not use an automatic entry.

These services provide a nice addition to those who use News trading strategies, I use a specific strategy about 3-5 times per month, but I usually wait until the news is finished, and knowing the results of the news, allows me a more precise area of scalping.

I am not at liberty to post my subscriptions, but there are many available, you can read about them on the web, and there is some info on the threads about several that are available.

I will talk to you later.

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Quoting HonaForex

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Thanks for ur informatio on news......Any way congrats for sucessfull last two weeks where U traded 23 trades with one loss thats really great & it looks U have have huge patience bcos only 23 trades in 2 weeks.keep going & wats ur plan of action for this week & also how many trades u r looking to take this week............Thanks in advance

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Quoting Traex

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My modified wave count in previous chart post was proven wrong, so here I'm back to original count lol. Wave C (red) was already completed at 1.9673, and we've seen subwave (orange) A and B threes. Subwave C is currently in progress, with mini wave (magenta) 3 already or nearly finished.

In larger timeframe the count is still abit unclear with many A-B-C (threes/corrective) patterns since 1.9915 top. Need further move or a breakout from cable to confirm the count.

Current next subwave C possible target: 161.8% fib expansion of subwave A at 1.9388 or 200% at 1.9328.
Just my opinion.

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Quoting monarch

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Good morning HF.

Actually I have been delving a little into the GBP/JPY on a 5M and 1M candle to see if my scalping strategy would work with it like, it does with Cable. The reason for looking at G/J is the movement. I prefer more movement so I can catch the action in a 1M candle, but I have made nice profits during some real slow times on the Cable.

I am going to employ a new phase to my scalping starting this month, which will increase my profits. The past two weeks I entered the position with one or two lots usually at the same entry point, with the exit also at the same point. There were several trades on G/J that I made the 2nd entry at a drawdown point of the 1st entry point.

Now I will increase my unit size per entry, still have 2 entries, but exit the 1st entry at a small gain, like I did the past two weeks, but the 2nd unit will go with the direction which enables a higher profit. I had this happen with over 10 trades I recently made, I would get 5-8 pips, exit both units, then watch the price continue in my direction, sometimes up to 30-40 pips further, this is why I will start using the double exit strategy.

On the drawdown side, I will exit both lots at small losses, the answer to profits are in the losses.

We can all gain pips/profits, but I have been stating on the thread since the beginning - stay away from losses, especially large losses. I am happy with a 1 pip scalp after commissions/spreads, than if I had watched the price go 10 pips in my favor, then whip back against me for a loss.

Friday morning I had a Buy scalp on Cable and was up 12 pips on both units, I was drinking coffee with my wife in the office, being distracted, I turned away for about 30 seconds, then when I looked back I was at 0 on profits, I exited the position at 0 instantly - it eventually turned about 15 pips against me, but I had exited at 0. (no losses is my goal - I can always re-enter again when the time is right)

I have plans on about 3 scalps per day during key times, I have been watching several patterns in the cable for a more precise time for my scalping techniques. I also will skip a whole day without trading, it all depends on my mental state of the time I trade, if I am tired or stressed, I stay out.

I always require myself to be completely prepared for this battle, and it takes a clear mind to be successful.

Hope this answers your question.

Ken

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Quoting Traex

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My modified wave count in previous chart post was proven wrong, so here I'm back to original count lol. Wave C (red) was already completed at 1.9673, and we've seen subwave (orange) A and B threes. Subwave C is currently in progress, with mini wave (magenta) 3 already or nearly finished.

In larger timeframe the count is still abit unclear with many A-B-C (threes/corrective) patterns since 1.9915 top. Need further move or a breakout from cable to confirm the count.

Current next subwave C possible target: 161.8% fib expansion of subwave A at 1.9388 or 200% at 1.9328.
Just my opinion.

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Quoting mobi

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I have just beem doing the same strategy.
But especially on 5m chart. I mean its even much more agressive. And also with no indicators. Only levels of that currency. Base principe is, it is transiting from south to north etc. When I open trade in the middle, say I will be loosing first one. Then I buy again in same direction (2 trades open). If there is another spike against me, i will sell in direction of the move. When it turnes back, I will loose the last one also.-) But joke is, that I have 2 trades still open and becouse of timing, on the way back in the middle I will make much bigger gain, I can ever loose in downtrend (I will simply open large position, so what I lost on 30 pip down move I will gain in 10 pip up move, every pips above is above b/e).
It sound too crazy, I mean. And you can loose whole account if yo dont know what you are doing (e.g. margins are above 1/2 of your account; losses are funny aginst that number).
It simply makes me point what it is doing (currency) so I can do that.
But you can't be one eyed blind man. If you are, your account is by the end of the day diminished (or you cannot stand even margin during the day).
Sounds crazy I know, but if you know what currency is doing... you can be doing...

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Quoting MarkGavalda

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This is nuts! I was just watching the Oscars (because I didn't had the time to watch it live) and when I stop for a moment to bring some drink I see that cable moved down almost 200pips already.
This is NUTZ! Very hot stuff, I will stay away a bit...

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Quoting HonaForex

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Hey its morning here In India & i woke up early morning 4 Am to catch the start of Journey & i am allready 140 + 40 + 30 = 210 pips................not bad..............now i m going long at 9272

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Quoting HonaForex

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Hallo wats next for for cable ...................

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Quoting tathlynq

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There is some VERY strong support at 1.9255/60 area. I'll be watching that to determine my next move!

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Quoting Rosco_P

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Same here Long @1.9279, hopefully I will not get my a$$ handed to me.

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