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Cable Update (GBPUSD)

  • #241,301
  • Jul 27, 2010 12:26pm Jul 27, 2010 12:26pm
Quoting drakes
I see, ok thanks for the explanation, makes sense on why my trades have not been very successful and now i know why, a lot to digest and to cross check back on today's trade, but very much appreciate it.

Listen, don't get to hung up on how I picked the exact break, fake, top out, reversal, test, support and resistance. As a newbie trader you will not be able to do that, that takes years. Just figure out where the trend is on your H4 and H1 and find good opportunities on M30/M30 to load up with that trend, worry about the exact reversals and rejections later.
  • #241,302
  • Jul 27, 2010 12:26pm Jul 27, 2010 12:26pm
Quoting drakes
I see, ok thanks for the explanation, makes sense on why my trades have not been very successful and now i know why, a lot to digest and to cross check back on today's trade, but very much appreciate it.
I was also paying a lot attention to Cloggie's explanation.. Thanks Cloggie
  • #241,303
  • Jul 27, 2010 12:27pm Jul 27, 2010 12:27pm
[quote=kaspopsicle;3903071]hi Star .london closes at 5.00.pm gmt that would be 5 hrs ahead of est
All systems of divination, like music itself,work through patterns.
  • #241,304
  • Jul 27, 2010 12:28pm Jul 27, 2010 12:28pm
Quoting kaspopsicle
hi Star .london closes at 5.00.pm gmt = 5 hours behind est

Blimey, as a trader at least get your opening and closing times right, London opens at 0800 (0700GMT/0300EST) and closes at 1630 (1530GMT/1130EST) and has done so for over 200 years.
  • #241,305
  • Jul 27, 2010 12:30pm Jul 27, 2010 12:30pm
Quoting fourxtrader
or reverses depending on your tf of reference
supported by some higher tf, the trend remains.

Dr. D.

FULLY, depending on your tf of reference supported by
(and in agreement with) some higher tf, the trend remains.

Pick your poison,

Dr. D.
Attached Images
  • #241,306
  • Jul 27, 2010 12:33pm Jul 27, 2010 12:33pm
Quoting gta5555
Sorry i m new to this trading, this chart looks very confusing. i didnt get anything out of it.....

If you want to get something out of these compression charts,
and be less confused, read thru some of my past posts....
or PM me with questions.

Dr. D.
  • #241,307
  • Jul 27, 2010 12:34pm Jul 27, 2010 12:34pm
Quoting Fudomyo
1552 held like a charm. played out nicely. line to watch now is the 15M utl, may drop off of it hard.

But if it does break out, we'll challenge R2 again. otherwise we consolidate until tomorrow in this area.

btw: on Wall Street, the move we saw earlier with the quick rise and fall is called a "dutch erection".

(....no offense cloggie, not sure what WS has against the dutch)

Probably because we build Wall Street....... Good old Stuyvesant.

But yeah, today has been pretty simple. Topped out, formed a retrace, testing the top, if NY fails in breaking it we will range till the open again, TY may give us a bit of a retrace as usual though.
  • #241,308
  • Jul 27, 2010 12:37pm Jul 27, 2010 12:37pm
Quoting cloggie
Here you go drakes, 70 pips worth of trades that took about 40 minutes or so to play out. All within a pip. Like taking candy from a baby. Off to find the next bit of play. The PA around 5567 will show us the way.
Cloggie you are awesome and I hope one day I can trade as well as you! Adding this to my "Cloggie's book of knowledge"
  • #241,309
  • Jul 27, 2010 12:38pm Jul 27, 2010 12:38pm
Quoting cloggie
Listen, don't get to hung up on how I picked the exact break, fake, top out, reversal, test, support and resistance. As a newbie trader you will not be able to do that, that takes years. Just figure out where the trend is on your H4 and H1 and find good opportunities on M30/M30 to load up with that trend, worry about the exact reversals and rejections later.
Yeah, I know it takes years to learn all those things, but do want to know the reason for trade failures, so that I'll hope to avoid similar mistakes, but yeah in the mean time i'll rely on 200ma for 1H/4H to figure out where the trend is, and find opportunities to trade on the m5/m15/m30 range. Thanks again....
Don't be emo... don't be emo....
  • #241,310
  • Jul 27, 2010 12:47pm Jul 27, 2010 12:47pm
Quoting drakes
Yeah, I know it takes years to learn all those things, but do want to know the reason for trade failures, so that I'll hope to avoid similar mistakes, but yeah in the mean time i'll rely on 200ma for 1H/4H to figure out where the trend is, and find opportunities to trade on the m5/m15/m30 range. Thanks again....

The first thing you need to do though is find your own way, you need to find and build your own methodology, one that suits you and that you understand. There are 1,000's of different profitable ways of trading, but you need to build your own, that is the only way to be succesful. Yes by all means take bits and pieces from the guys and girls here, there are some good ones, but you need to start from the basics, find your trend and trade with it, then start working on where and how the price reacts with different levels, MA/fibs/pivots/SR's, then start learning how to put up proper TL's, then know your candle patterns inside and out. Then start looking for an Indy if you want to and feel that you cannot do without. A proper trading system evolves at the same pace as your knowledge does. When I work with traders I start them of at the basics and slowly build on that as their knowledge and experience improves and they always end up with a different way of trading then me, purely because it suits them.

Working on your own, you need to do the same thing. Start at the basics and build from there, learn to crawl before you walk and run. And if something simple doesn't work, don't discard for some complicated indy or signal service, study it some more first, get to make it work for you.

And please don't use a silly M5 with a christmas tree and some bells and whistles to counter an obvious trend, see it as an opportunity to get a better price. In the end your last trade will fail because the trend has changed, but the 20 or so trades before that were all in profit so who cares. Anybody in the last two months that had some basic knowledge of support would have made a killing. Keep in mind that the support on the H4 rule, always.
  • #241,311
  • Jul 27, 2010 12:54pm Jul 27, 2010 12:54pm
Quoting Fudomyo
Probably an old British grudge. Don't like us bashing the pound. lol

I went to Peter Stuyvesant High and grew up in Spuyten Duyvil.

NY has a proud Dutch heritage. It's in our blood.


Today was easy as pie. This week should be interesting.

These last few months remind me of 03/04 and so far it is a repeat performance, can't wait for summer to be over, what a waste of 2 months of the year.
  • #241,312
  • Jul 27, 2010 12:55pm Jul 27, 2010 12:55pm
Quoting cloggie
Blimey, it is 1823 here now, so it closed 1 hour and 53 minutes ago at 1630 local, what you been smoking?
That's what I said .. 16:30 .. but everyone else is saying 17:00.
******************* I'd rather make money than be right.
  • #241,313
  • Jul 27, 2010 12:58pm Jul 27, 2010 12:58pm
Quoting cloggie
Blimey, as a trader at least get your opening and closing times right, London opens at 0800 (0700GMT/0300EST) and closes at 1630 (1530GMT/1130EST) and has done so for over 200 years.
That's what I wanted .. to know the hours LOCAL time, not GMT, displacement from NY, broker time etc. I wanted to know what time is it in London when market opens & closes .. everyone has been saying all kinds of times and no one said it closed on the half hour. Makes a lot more sense now, thanks.
******************* I'd rather make money than be right.
  • #241,314
  • Jul 27, 2010 1:00pm Jul 27, 2010 1:00pm
Quoting 4xStar
That's what I wanted .. to know the hours LOCAL time, not GMT, displacement from NY, broker time etc. I wanted to know what time is it in London when market opens & closes .. everyone has been saying all kinds of times and no one said it closed on the half hour. Makes a lot more sense now, thanks.

Here is every exchange in the world and their hours.
  • #241,315
  • Jul 27, 2010 1:02pm Jul 27, 2010 1:02pm
Now can someone please post a lit up M5, preferably one where you can't see the price anymore, with a silly reason for a CT so I can have my dose of fun for the day? I have been too hard on the noobs and the entertainment value of this thread is dropping inversely.
  • #241,316
  • Jul 27, 2010 1:07pm Jul 27, 2010 1:07pm
Quoting cloggie
Now can someone please post a lit up M5, preferably one where you can't see the price anymore, with a silly reason for a CT so I can have my dose of fun for the day? I have been too hard on the noobs and the entertainment value of this thread is dropping inversely.
eerr umm oh crap the alert is wrong
Attached Image (click to enlarge)
Click to Enlarge Name: 5 minute.JPG Size: 301 KB
  • #241,317
  • Jul 27, 2010 1:13pm Jul 27, 2010 1:13pm
Quoting digger1
eerr umm oh crap the alert is wrong Attachment
And traders wonder why they don't make any money:


http://cdn.forexfactory.com/attachme...1&d=1248434827
  • #241,318
  • Jul 27, 2010 1:15pm Jul 27, 2010 1:15pm
Quoting cloggie
And traders wonder why they don't make any money:


http://cdn.forexfactory.com/attachme...1&d=1248434827
ha ha I tried man , thts my laptop in the tractor chart , cant see crap any way but the alert single I can see lol
  • #241,319
  • Jul 27, 2010 1:41pm Jul 27, 2010 1:41pm
Quoting cloggie
And traders wonder why they don't make any money:


http://cdn.forexfactory.com/attachme...1&d=1248434827
wow great chat man wheres the candles
  • #241,320
  • Jul 27, 2010 1:43pm Jul 27, 2010 1:43pm
Quoting kill56
wow great chat man wheres the candles

There's more here, always good for a laugh
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