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Cable Update (GBPUSD)

  • #242,061
  • Jul 30, 2010 10:35am Jul 30, 2010 10:35am
Quoting kaspopsicle
Hi Cloggie . Could i ask on which candle you entered that trade? Sorry if i missed something but its difficult for me to click back and fore. I catch up on the weekend but as this was live my curiosity is killing me.
The close of the 1320 GMT on M5, got out the first time just above the top of the London range and back in when the test held and it became support at 1450 candle close on M5, will scale out above R2 56994. first run 52 pips, second should be around 55 or so.

I reposted 4xstars chart with my TL on it that I used as entry with her box and DP as confirmation of continuation, after the DP I used the London range and then R1, which happened to be the high and R2 as a final target with London now closed.
  • #242,062
  • Jul 30, 2010 10:39am Jul 30, 2010 10:39am
Quoting cloggie
Same here, scaling out at R2, nice week so far. London closed.
Yep, touched it to the pip, perhaps now down we go again with London close. Up and down like a yo-yo!
  • #242,063
  • Jul 30, 2010 10:42am Jul 30, 2010 10:42am
THankyou ..will be studying that and more over the w/e. I've never seen anything so clear as the dialogue you talked through with 4x. Although was only able to skim read it. Have a brilliant weekend!
All systems of divination, like music itself,work through patterns.
  • #242,064
  • Jul 30, 2010 10:42am Jul 30, 2010 10:42am
Quoting uksnowman
Yep, touched it to the pip, perhaps now down we go again with London close. Up and down like a yo-yo!

We did 147 pips today, that is almost a normal trading day outside of summer hours.
  • #242,065
  • Jul 30, 2010 10:46am Jul 30, 2010 10:46am
Quoting kaspopsicle
THankyou ..will be studying that and more over the w/e. I've never seen anything so clear as the dialogue you talked through with 4x. Although was only able to skim read it. Have a brilliant weekend!

Breakout and trendline trading is very effective and simple, you just need to put your TL at the right place and identify your range correctly, then just follow your set targets and move your stops once every resistance becomes support and just let her ride. I got out at the first hesitation of top of the London range because I did not want it to bounce like a wet cat of an electric fence and once the resistance became support I got back in, only missing a few pips. I am still holding on now waiting for R2, only a few pips left to go. 5695 was a target I set earlier in the week and it is not going to come all this way without at least testing it. (see my asschart from a few days ago)
  • #242,066
  • Jul 30, 2010 10:51am Jul 30, 2010 10:51am
Quoting cloggie
Same here, scaling out at R2, nice week so far. London closed.
Setting the stop just below R2 and letting her ride some more. R3 is at 5737
  • #242,067
  • Jul 30, 2010 10:54am Jul 30, 2010 10:54am
Cloggie ,i,ve just started going back through it, i,m absolutely jaw on the floor. This is something that i.ve been looking for ,.my indis showed it was likely to take off, as they have before, but i've always had to look for further indication because i wasnt using all the elements that you use. I'm actually speecless and swinging on the lampshade. Can never thank you enough.
All systems of divination, like music itself,work through patterns.
  • #242,068
  • Jul 30, 2010 10:57am Jul 30, 2010 10:57am
Quoting kaspopsicle
Cloggie ,i,ve just started going back through it, i,m absolutely jaw on the floor. This is something that i.ve been looking for ,.my indis showed it was likely to take off, as they have before, but i've always had to look for further indication because i wasnt using all the elements that you use. I'm actually speecless and swinging on the lampshade. Can never thank you enough.

I used to do this a lot here but I got too many nasty PM's from noobs calling me a know it all and thread hog, that I stopped doing it. Today I just wanted to help 4X in her setup with the NY open as she was a bit distraught having been on the wrong side of the Franky fake out and chasing the intra day trend a bit. I keep my setups simple and don't really rely on indies, just find the intra day trends, and play the breakouts and supports. Go back over yesterday's posts too, we had a bit of a play-by-play with Drakes using SR's and fibs.
  • #242,069
  • Jul 30, 2010 10:58am Jul 30, 2010 10:58am
Hi guys, can anyone tell me where to find a good daily pivot point indicator for mt4?

thx
  • #242,070
  • Jul 30, 2010 11:01am Jul 30, 2010 11:01am
Quoting cloggie
I used to do this a lot here but I got to many nasty PM's from noobs calling me a know it all and thread hog, that I stopped doing it. Today I just wanted to help 4X in her setup with the NY open as she was a bit distraught having been on the wrong side of the Franky fake out and chasing the intra day trend a bit. I keep my setups simple and don't really rely on indies, just find the intra day trends, and play the supports.
I'm a noob and you know far more than me and I have learn't a great deal over the last few days. If other noobs or even seniors cannot or will not understand then f&*k em.

Again my thanks Cloggie!
  • #242,071
  • Jul 30, 2010 11:03am Jul 30, 2010 11:03am
with the current pa I estimate, looking at the lunar calendar the next down day is err..never!
  • #242,072
  • Jul 30, 2010 11:03am Jul 30, 2010 11:03am
Quoting id5
I'm a noob and you know far more than me and I have learn't a great deal over the last few days. If other noobs or even seniors cannot or will not understand then f&*k em.

Again my thanks Cloggie!

And that's why I keep coming back, it is quite nice for me too because it forces me to formalise my thinking and rationale at times. And it is fun calling out the muppets trying to predict the tops. Keeps me entertained. But even today two idiots called me a know it all and stuck up trader trying to show off, Ah well. As long as I keep squeezing 200 pips a day out of Cable, I don't really care too much....
  • #242,073
  • Jul 30, 2010 11:05am Jul 30, 2010 11:05am
Quoting nAVIN2007
oh really..he might be a bit nuts, which i find funny, puts a smile on my face. We all different and variety is the spice of life..

as a trader..he can trade and its easly seen...

U are a better trader than me ..I accept it!!..theres nothing for me to prove please contribute charts so i can learn from u
Navin -You must be the humblest guy on this Forum full of Never-failing traders and all-knowing Teachers !
  • #242,074
  • Jul 30, 2010 11:06am Jul 30, 2010 11:06am
can't believe i was on the wrong side of this long, damn. i was really confident it was heading down today!

oh well, you win some you lose some.......
  • #242,075
  • Jul 30, 2010 11:07am Jul 30, 2010 11:07am
Quoting id5
I'm a noob and you know far more than me and I have learn't a great deal over the last few days. If other noobs or even seniors cannot or will not understand then f&*k em.

Again my thanks Cloggie!
i fully acknowledge i'm a noob and that i have lots to learn. the hard part is moving on from frickin losing trades!!
  • #242,076
  • Jul 30, 2010 11:08am Jul 30, 2010 11:08am
if this can remain here or above till weekly close 1.60 we will see next week..possible by wednesday..



Quoting vilas
Navin -You must be the humblest guy on this Forum full of Never-failing traders and all-knowing Teachers !
thank u for the compliment..the day i think i cannot learn from any1 is the day im screwed..I just think i have got to a point with live trading where ive elimated emotions and therefore time has no bearing..and this really has helped my trading

Id love to thank daffy..his comment for me really has given me belief and that was a turning point at the start of the year..I never imagine that my trade plan would have gone this well..I have inspired my younger brother to start trading and i think he gonna be great!!

thanks bro!
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  • #242,077
  • Jul 30, 2010 11:09am Jul 30, 2010 11:09am
Quoting nAVIN2007
if this can remain here or above till weekly close 1.60 we will see next week..possible by wednesday..


I got my eye on 1.64. But unlike you I don't position trade in the summer.
  • #242,078
  • Jul 30, 2010 11:17am Jul 30, 2010 11:17am
Quoting kaspopsicle
Cloggie ,i,ve just started going back through it, i,m absolutely jaw on the floor. This is something that i.ve been looking for ,.my indis showed it was likely to take off, as they have before, but i've always had to look for further indication because i wasnt using all the elements that you use. I'm actually speecless and swinging on the lampshade. Can never thank you enough.

I agree .. Cloggie outdid himself today with clarity of explanation .. I've been studying the chart & I see how he does these 'river trades' and also like you, what I have been missing from my setups. Although I didn't take the trade .. and could have entered several times as it turns out.. you should all be grateful as I have the power to stop a move dead in its tracks just by joining in the trade

Really looking forward to next week!!
******************* I'd rather make money than be right.
  • #242,079
  • Jul 30, 2010 11:18am Jul 30, 2010 11:18am
Quoting cloggie
I got my eye on 1.64. But unlike you I don't position trade in the summer.
that is my real target..proper confirmed trendline...might even break it!!
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  • #242,080
  • Jul 30, 2010 11:19am Jul 30, 2010 11:19am
Quoting nAVIN2007
that is my real target..proper confirmed trendline...might even break it!!

Yup, looking at the same thing and it is looking good, this week the weekly bar is fully above the channel that started back in June 09.
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