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Cable Update (GBPUSD)

  • #242,121
  • Jul 30, 2010 12:39pm Jul 30, 2010 12:39pm
hi all

lol lol lol realy nice and we are up dam its crazy friday

dig smoe nice cans and tires from L4 new range i will not try to pic tops yet but it was a great week ه

lets see what sunday will do hope u all are in green
  • #242,122
  • Jul 30, 2010 12:41pm Jul 30, 2010 12:41pm
Quoting nAVIN2007
was just indicating where the price bounced
oh alright, thanks. your posts are really helpful btw.
Enter Signature
  • #242,123
  • Jul 30, 2010 12:41pm Jul 30, 2010 12:41pm
Quoting drakes
May I know how you draw the TLs?
You connect higher lows for an up trendline

Connect lower highs for a down trendline.
******************* I'd rather make money than be right.
  • #242,124
  • Jul 30, 2010 12:41pm Jul 30, 2010 12:41pm
Quoting posterboy
i have short @15666 and 15698 i have no clue what to do with ..please i u could suggest any thing please that would be great

It is your strategy and your money and I can't decide for you, it just seems that you are picking the top praying and hoping that you are right instead of just missing out on the first few pips and wait for a confirmation of the direction first before jumping on board.
  • #242,125
  • Jul 30, 2010 12:41pm Jul 30, 2010 12:41pm
Quoting cloggie
Most ranges will have a fakeout first, that is just to keep it interesting and mop up some of the retail money. It just takes time for you to see what is the fake and what is not. Chart time is the only answer really.

Franky does not always have a fakeout, if London opens and the volumes join Franky's start she will just continue what Franky initiated, again it takes time to identify when Franky is the fake (90% of the time). I just stay out and let Franky do whatever it wants and then see where London takes us. Google "London breakout" and...
I'm also going to go back & read all your posts,alot to take in! I think thats where I've gone wrong trying to trade the franky fake out. I have to go to work for 8 so try to fit 3 hours in before I go!
Might have to reconsider.........
Thanks Cloggie
  • #242,126
  • Jul 30, 2010 12:44pm Jul 30, 2010 12:44pm
Quoting 4xStar
You connect higher lows for an up trendline

Connect lower highs for a down trendline.
Ok, and what is the significance of the 2 trendlines crossing? And what does it symbolize for this 5m chart that you drew out?
Don't be emo... don't be emo....
  • #242,127
  • Jul 30, 2010 12:45pm Jul 30, 2010 12:45pm
Quoting drakes
Hmmm... I'm looking at the m5, wouldn't you consider them in a range now?
Here is current range: (I love making these charts with boxes!)

But it is late in the day, no volume = risky trading .. or very very slow...
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 18 KB
******************* I'd rather make money than be right.
  • #242,128
  • Jul 30, 2010 12:45pm Jul 30, 2010 12:45pm
Quoting Hawki trader
I'm also going to go back & read all your posts,alot to take in! I think thats where I've gone wrong trying to trade the franky fake out. I have to go to work for 8 so try to fit 3 hours in before I go!
Might have to reconsider.........
Thanks Cloggie

If you want to trade early then trade the TY close and the Franky open with pretty much the same thinking. We are discussing the London open as that's what most of us here trade.
  • #242,129
  • Jul 30, 2010 12:45pm Jul 30, 2010 12:45pm
i know my money..but iam kinda stuck ..please any help would be great..need to read more and learn more to trade b4 i jump in again.
Quoting cloggie
It is your strategy and your money and I can't decide for you, it just seems that you are picking the top praying and hoping that you are right instead of just missing out on the first few pips and wait for a confirmation of the direction first before jumping on board.
We cannot direct the winds but we can adjust our sail.
  • #242,130
  • Jul 30, 2010 12:46pm Jul 30, 2010 12:46pm
Quoting 4xStar
Here is current range: (I love making these charts with boxes!)

But it is late in the day, no volume = risky trading .. or very very slow...

Little boxes are a wonderful tool in the toolbox, spend the weekend drawing them around the Franky, London and NY open for the last few weeks, it will be an eye opener. It goes back to the simple workings of the 3 opens, especially London, they collect orders all night long and start throwing them in the market when they open. So knowing where it is going is vital for your first trade of the day.
  • #242,131
  • Jul 30, 2010 12:46pm Jul 30, 2010 12:46pm
Quoting forexlion
I doubt if t the daily trend can change suddenly, unless US nukes someone

http://img824.imageshack.us/img824/9279/66649030.gif
Quoting forexlion
will 1.7500 quench your thirst after this small 100 pip retrace ?

  • #242,132
  • Jul 30, 2010 12:47pm Jul 30, 2010 12:47pm
Quoting 4xStar
Here is current range: (I love making these charts with boxes!)

But it is late in the day, no volume = risky trading .. or very very slow...
How do you draw those boxes??
Don't be emo... don't be emo....
  • #242,133
  • Jul 30, 2010 12:47pm Jul 30, 2010 12:47pm
Quoting 4xStar
You connect higher lows for an up trendline

Connect lower highs for a down trendline.
do you have an indicator that does this for you?
Enter Signature
  • #242,134
  • Jul 30, 2010 12:49pm Jul 30, 2010 12:49pm
Quoting vosterfxandy
do you have an indicator that does this for you?

How does an indicator know what is important? Start experimenting and figuring out how the PA interacts with them.
  • #242,135
  • Jul 30, 2010 12:50pm Jul 30, 2010 12:50pm
Quoting 4xStar
Here is current range: (I love making these charts with boxes!)

But it is late in the day, no volume = risky trading .. or very very slow...
safe than sorry

how u been sweet lady
  • #242,136
  • Jul 30, 2010 12:51pm Jul 30, 2010 12:51pm
Quoting posterboy
i know my money..but iam kinda stuck ..please any help would be great..need to read more and learn more to trade b4 i jump in again.
No one can tell you what to do as we don't have the answers either .. it is end of week, month and day .. if you have more than one position, you could close some of them or half of them & take the loss. But then you would be holding over the weekend which is never a good idea ..
Best would be to just close them out, take the loss & move on next week.
But of course there are no guarantees that 2 minutes after you close, price won't suddenly go in your direction .. wish I had a crystal ball ... but come to think of it, if I did .. I probably wouldn't be telling anyone!

GL
******************* I'd rather make money than be right.
  • #242,137
  • Jul 30, 2010 12:52pm Jul 30, 2010 12:52pm
Quoting vosterfxandy
oh alright, thanks. your posts are really helpful btw.
anytime buddy..glad u geting something out of it!!!

"The best way to learn is to try teach someone else"
  • #242,138
  • Jul 30, 2010 12:52pm Jul 30, 2010 12:52pm
Star, may I know how to draw boxes on the MT4? Can't seem to find the button for it....
Don't be emo... don't be emo....
  • #242,139
  • Jul 30, 2010 12:53pm Jul 30, 2010 12:53pm
Quoting 4xStar
No one can tell you what to do as we don't have the answers either .. it is end of week, month and day .. if you have more than one position, you could close some of them or half of them & take the loss....

Well we do, as long as 5699 holds you can keep an eye on 5680. If 5699 goes we are looking at 5707+
  • #242,140
  • Jul 30, 2010 12:54pm Jul 30, 2010 12:54pm
Quoting kill56
safe than sorry

how u been sweet lady
Excellent .. except for a losing day earlier today . but that was a blessing in disguise because Cloggie took me under his wing & taught us all some amazing 'tricks of the trade'. Can't wait for next week to try them out .. this weekend will be many happy hours drawing colored boxes on charts.

Hope all is well with you & family .. squeeze that baby for me
******************* I'd rather make money than be right.
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