Cable Update (GBPUSD) | Page 11810 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #236,181
  • Jul 7, 2010 9:31am Jul 7, 2010 9:31am
Quoting clientfx
nice long setup...place my order set tp below resistance and wait

maybe gonna make triple top before tanking
looking good now..who's with me? locking some profit now and wait if tp hitted
  • #236,182
  • Jul 7, 2010 9:36am Jul 7, 2010 9:36am
Quoting cloggie
None, just how price interacts with SR's (ma, fib, TL and pattern based) Indies tell me what has happened not what is happening, using an indy is like driving down the motorway at 100mph using your rearview mirror.

Now that is me, because it works for me, plenty here are happy using Indies. So I am not the right person to ask. I just look at a price level, see how the price interacts and if it is respected I find the next logical level it needs to reach before I change my bias, if you go back over my posts you can clearly see my...
Bear with me coz i'm a newbie, but can you tell me basically which SR's i should look at for my guidance, coz all this while i've been relying on stoch and it works for me most of the time, except that like you mentioned earlier, sometimes i would have missed half of the moves.
  • #236,183
  • Jul 7, 2010 9:37am Jul 7, 2010 9:37am
Quoting cloggie
But stoch and Macd only tell you that the speed of the price change is changing not the direction, they are useless as price indicators, just for price momentum. By the time these thingymajigs tell you we are going in the opposite direction, you would have missed half the move. Just look at your chart, is there anything stopping this and reversing this right here right now? If the answer is yes, short it, if it is no either stay out or long it. Focus on the price, not on the rate of change.
And ask yourselves, if I buy high what is the probability of selling higher?

We've currently testing significant areas of congested resistances:
QH2, DH3 and previous weekly close/ weekly open and whole number
(1.5184 - 1.5200).

Dr. D.
  • #236,184
  • Jul 7, 2010 9:38am Jul 7, 2010 9:38am
Quoting Najee
Bear with me coz i'm a newbie, but can you tell me basically which SR's i should look at for my guidance, coz all this while i've been relying on stoch and it works for me most of the time, except that like you mentioned earlier, sometimes i would have missed half of the moves.
A good start is finding all the points of respect and reversal on H4/H1, then you need to spend some serious time actually looking at the charts and the price to get a feel for how the price reacts around them. Some say it takes 10,000 hours of chart gazing to appreciate price behaviour and I don't think they are far of. Go back 10 years and look at every SR on H1/H4 and see what price does. Then add TL's, Price Patterns, fibs, channels etc. And that is why most "newer" traders like Indies, lots "easier" and takes less time to understand. I am more of an "old school" trader. I can't figure out these newfangled Indies, my reading of the PA keeps getting in the way of properly understanding and using them.

Only learned last week how to post a screenshot and am now using it at every opportunity I get.....
  • #236,185
  • Jul 7, 2010 9:40am Jul 7, 2010 9:40am
Quoting cloggie
None, just how price interacts with SR's (ma, fib, TL and pattern based) Indies tell me what has happened not what is happening, using an indy is like driving down the motorway at 100mph using your rearview mirror.

Now that is me, because it works for me, plenty here are happy using Indies. So I am not the right person to ask. I just look at a price level, see how the price interacts and if it is respected I find the next logical level it needs to reach before I change my bias, if you go back over my posts you can clearly see my thinking...
Phew! I thought Najee had it coming with his question. Thanks Cloggie. I have been watching from the sidelines because I am a noob and I am seeing a different patient Cloggie.
  • #236,186
  • Jul 7, 2010 9:46am Jul 7, 2010 9:46am
Quoting cloggie
A good start is finding all the points of respect and reversal on H4/H1, then you need to spend some serious time actually looking at the charts and the price to get a feel for how the price reacts around them. Some say it takes 10,000 hours of chart gazing to appreciate price behaviour and I don't think they are far of. Go back 10 years and look at every SR on H1/H4 and see what price does. Then add TL's, Price Patterns, fibs, channels etc. And that is why most "newer" traders like Indies, lots "easier" and takes less time to understand.
Thanks for the advise, i'll try to get use with what you just mentioned.
  • #236,187
  • Jul 7, 2010 9:47am Jul 7, 2010 9:47am
Quoting clientfx
looking good now..who's with me? locking some profit now and wait if tp hitted
waiting for 1.5219 to close my long. trail atm @ 1.5184
Don't be a hero. Don't have an ego. Always question yourself
  • #236,188
  • Jul 7, 2010 9:48am Jul 7, 2010 9:48am
Quoting Najee
Thanks for the advise, i'll try to get use with what you just mentioned.

Everybody has to find their own way of trading, lots of ways are very subjective to interpretation. You cannot become succesful by taking a canned approach to trading. Trading itself is simple, find the trend on a higher TF and buy/sell the SR's on the lower ones, it is up to you to find a comfortable way in identifying the trend and the SR's and then backtest it to find the strength and weaknesses. Right now the H4 has been going up all day so just find the dips and buy them until the H4 stops moving, that's it. Then wait for the H4 to consolidate and show you a confirmed retrace and repeat the process in reverse. Don't trade when either the H1 or H4 are consolidating and don't try to predict the reversals.

So H4 is your trend, H1/M30 your triggers, M5/15 your entries and M1 is noise. That is the start of a basic intra day setup.
  • #236,189
  • Jul 7, 2010 9:55am Jul 7, 2010 9:55am
Quoting USD-Bear
waiting for 1.5219 to close my long. trail atm @ 1.5184
72+ pips in a single candle...this is the beauty of H4 (H$ with cap lock)

already secure my profits and getting late. time for bed..

GL everybody
  • #236,190
  • Jul 7, 2010 9:55am Jul 7, 2010 9:55am
Looks like cable really wants to get to yesterday's high...
Don't be emo... don't be emo....
  • #236,191
  • Jul 7, 2010 10:01am Jul 7, 2010 10:01am
Quoting Najee
Thanks for the advise, i'll try to get use with what you just mentioned.
Here is something I learned from Cloggie .. do a 4 h chart, click on line chart and then start putting in horizontal lines at points of support or resistence & preferably where one turned into the other (see thick blue line below). This is a start to learning S/R patterns for the pair you are trading. Then you can add fibs, channels etc ...
I have a couple of oscilators I use to watch momentum, but usually not stochastics. Prefer the awesome oscilator or a couple others I picked up on these forums.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 15 KB
******************* I'd rather make money than be right.
  • #236,192
  • Jul 7, 2010 10:04am Jul 7, 2010 10:04am
Quoting 4xStar
Here is something I learned from Cloggie .. do a 4 h chart, click on line chart and then start putting in horizontal lines at points of support or resistence & preferably where one turned into the other (see thick blue line below). This is a start to learning S/R patterns for the pair you are trading. Then you can add fibs, channels etc ...
I have a couple of oscilators I use to watch momentum, but usually not stochastics. Prefer the awesome oscilator or a couple others I picked up on these forums.

Here is one I have been using for 2 months most of these levels go back 2 years and I haven't had to change them yet, see the second chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: recycled asschart.gif Size: 18 KB
Click to Enlarge Name: recycled asschart 2.gif Size: 14 KB
  • #236,193
  • Jul 7, 2010 10:07am Jul 7, 2010 10:07am
Quoting cloggie
The next level I am looking at is 5228, why? because the H4 has tried to reach that for a week now and she is not going to come all this way without testing it at least. Before we get to 5228, 5217 needs to give.
5227 is also the Daily R1
....
******************* I'd rather make money than be right.
  • #236,194
  • Jul 7, 2010 10:09am Jul 7, 2010 10:09am
Quoting 4xStar
5227 is also the Daily R1
....
Hmm, I got the R1 as 5217
  • #236,195
  • Jul 7, 2010 10:15am Jul 7, 2010 10:15am
Quoting barefootfx
Phew! I thought Najee had it coming with his question. Thanks Cloggie. I have been watching from the sidelines because I am a noob and I am seeing a different patient Cloggie.

I am always pretty patient but sometimes I get a little fed up with answering the same questions over and over again, do a search please. And don't get me started on noobs asking the blatantly stupid. I think one has to respect the posters here and before asking silly questions read a few pages of back posts, eg starting at the LO. Most of us discuss pretty much the same line of setups during the day.

And let's not mention the ones posting photoshopped accounts and wanting to predict reversals at all times of the day with no technical or fundamental reasoning whatsoever, may as well throw sh!t at the wall continuously and hope that some of it sticks.
  • #236,196
  • Jul 7, 2010 10:18am Jul 7, 2010 10:18am
good place to book some profit imho.
I could do with this range everyday to be honest. 3 days straight, same thing. It don't get any easier than this really. One more spike up to the primary res level & and back down to W1 pvp shall we?
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 26 KB
Thank You
  • #236,197
  • Jul 7, 2010 10:19am Jul 7, 2010 10:19am
Quoting cloggie
Before we get to 5228, 5217 needs to give.
5217 still holding, M5 bounced of it like wet cat of an electric fence in a rain shower. Would I short here, no. Would I continue holding longs, no. What should you do? Whatever rocks your boat.
  • #236,198
  • Jul 7, 2010 10:20am Jul 7, 2010 10:20am
Does anyone have any good analysis on what will occur at the meeting? I am aware that interest rates will be held steady. However, I think it's the accompanying statement which we should be concerned about...
  • #236,199
  • Jul 7, 2010 10:21am Jul 7, 2010 10:21am
Quoting gotpips92
Does anyone have any good analysis on what will occur at the meeting? I am aware that interest rates will be held steady. However, I think it's the accompanying statement which we should be concerned about...

What meeting? That's another one of "noob" questions that gets me, at least figure out what date today is before you start trading.........

Told you, I am patience personified.

See, didn't last long, have a reputation to uphold.
  • #236,200
  • Jul 7, 2010 10:22am Jul 7, 2010 10:22am
Quoting cloggie
I am always pretty patient but sometimes I get a little fed up with answering the same questions over and over again, do a search please. And don't get me started on noobs asking the blatantly stupid. I think one has to respect the posters here and before asking silly questions read a few pages of back posts, eg starting at the LO. Most of us discuss pretty much the same line of setups during the day.

And let's not mention the ones posting photoshopped accounts and wanting to predict reversals at all times of the day with no technical...
No questions from me until I thoroughly read your posts . I am sure I will learn a lot from all you guys. Thanks
1,100 traders viewing now, 3 are registered:
,
,
twinnerst