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Cable Update (GBPUSD)

  • #242,241
  • Aug 1, 2010 11:24am Aug 1, 2010 11:24am
Quoting fxoxford
thanks cloggie for all you have done to help these newbies but sooner or later they will need to come up with there own trading system, but good info to get them started working on there own trading system.
When I first started trading live all I knew was s/r and candlesticks. I did good the first week then I had a losing day and decided that I obviously needed a "trading system". That started me reading all kinds of books, lots of trading system threads on FF. The more I read the more confusing it got and the more I lost. So many indicators so many "systems". After following this thread for over a month I see Cloggie consistantly calling levels almost to the pip and when he shows a chart it is simple, not a bunch of indicators and lines all over the place. I have also read the thread by Trade Price. Again very simple charts and he does a great job of explaining demand, supply and price action.

I know there are thousands of "trading systems" out there and they probably all work for someone but I will stick to Simple. Support and resistance, trend lines, 200ema and some fibo at times. I'm also looking at the pivot points. It seems to me that price action is the only thing that matters at the end of the day when trading intra day.
  • #242,242
  • Aug 1, 2010 11:58am Aug 1, 2010 11:58am
For those who followed this on Friday .. and for those who missed it, I am attaching a rtf (word pad) file where I've copy/pasted the coversation we had with Cloggie on Friday July 30 where he gave one of the clearest & best explanations ever of how he trades interday.

I spent several hours back-testing this & after the pasted posts, I've given my explanation of how to do this & how I'll be trading it this week.

I've dubbed it 'River Box' trading .. because he uses boxes and he has often told us to think of entering a trade like stepping into a river .. wait for the current to start flowing . then get out when it slows. Take the middle ride, don't try to be in at the absolute beginning or wait til the absolute end to get out again.

My back-testing shows this should safely generate an average of 50 pips per day from GU. (some days more, some less, some not trading at all). Probably better as one grows more skilled with it. And I'm sure it can work on most pairs, once the basics are learned.

The part I like best is how clear the signals are when to get in & when to get out and how tight s/l's can be. Can't wait to start testing this in real time tomorrow.
Attached File(s)
File Type: doc Cloggie-4x-Conversation07-30-10.doc   25 KB | 563 downloads
******************* I'd rather make money than be right.
  • #242,243
  • Aug 1, 2010 12:07pm Aug 1, 2010 12:07pm
Thank you 4xStar...I did miss Friday...I will save this with his other gems..LOL
Quoting 4xStar
For those who followed this on Friday .. and for those who missed it, I am attaching a rtf (word pad) file where I've copy/pasted the coversation we had with Cloggie on Friday July 30 where he gave one of the clearest & best explanations ever of how he trades interday.

I spent several hours back-testing this & after the pasted posts, I've given my explanation of how to do this & how I'll be trading it this week.

I've dubbed it 'River Box' trading .. because he uses boxes and he has often told us to think of entering a trade like stepping into...
  • #242,244
  • Aug 1, 2010 12:42pm Aug 1, 2010 12:42pm
Quoting mdiz2
When I first started trading live all I knew was s/r and candlesticks. I did good the first week then I had a losing day and decided that I obviously needed a "trading system". That started me reading all kinds of books, lots of trading system threads on FF. The more I read the more confusing it got and the more I lost. So many indicators so many "systems". After following this thread for over a month I see Cloggie consistantly calling levels almost to the pip and when he shows a chart it is simple, not a bunch of indicators and lines all over...
  • #242,245
  • Aug 1, 2010 12:43pm Aug 1, 2010 12:43pm
Quoting GlobalMacro
Mal...I'm seeing a similarity with the M30 friday's bars 12:30-13:00 GMT and 20:00-20:30 GMT...Are you able to also detect anything conspicuous on those two bars with your studies...any aberrations whatsoever?
here is fridays 30 min ... I missed the whole move as was fed up with the odd fx market action and have been much more focused on es this week , which has been trading nicely between s/r levels


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  • #242,246
  • Aug 1, 2010 4:43pm Aug 1, 2010 4:43pm
i see major resistance coming up for this pair 1.57-78 seems rough lokking to short this pair
  • #242,247
  • Aug 1, 2010 5:17pm Aug 1, 2010 5:17pm
Quoting tjhimself
i see major resistance coming up for this pair 1.57-78 seems rough lokking to short this pair
i dunno abt that, but i am trading the GAP right now from 1.5735-5685 for cool 50 pips
  • #242,248
  • Aug 1, 2010 5:46pm Aug 1, 2010 5:46pm
i looking forward to tp my sell from 15727 to 15665 0r 68 hmmm nice start of the week so far
We cannot direct the winds but we can adjust our sail.
  • #242,249
  • Aug 1, 2010 9:22pm Aug 1, 2010 9:22pm
Quoting posterboy
i looking forward to tp my sell from 15727 to 15665 0r 68 hmmm nice start of the week so far
wait at 1.594..good luck
  • #242,250
  • Aug 1, 2010 9:38pm Aug 1, 2010 9:38pm
Quoting grashid
wait at 1.594..good luck
he sold.... did u mean 5694 or was tht 5940 with lol
  • #242,251
  • Aug 1, 2010 10:24pm Aug 1, 2010 10:24pm

Sunday, August 01, 2010 20:17:36
(UK) According to a fund manager at M&G Investments, bondholders of banks may not be protected in future bailouts - London Telegraph
- M&G adds that the government may require private investors to provide the bulk of any future financial bailout packages.

Note: On May 14, WSJ reported that the US financial overhaul legislation could put pressure on banks ratings as current bank ratings take into account implicit government support for "too big to fail" banks and this has led to these firms getting more favorable credit ratings.
  • #242,252
  • Aug 1, 2010 10:30pm Aug 1, 2010 10:30pm
I see 2 areas where pound could probably stop - 1.5860 and 1.60 area, I'm waiting direct drop from this levels, I think that it possibly would be the end of local uptrend and the first correction wave .http://2.bp.blogspot.com/_LbKfbdL8RY...0%BD%D1%82.gif
  • #242,253
  • Aug 1, 2010 10:58pm Aug 1, 2010 10:58pm
Quoting Honored
he sold.... did u mean 5694 or was tht 5940 with lol
  • #242,254
  • Aug 1, 2010 11:40pm Aug 1, 2010 11:40pm
GU might just range today. watch out for this 100 pip range between DP 1.5654 and R1 1.5754 i will buy/sell depending where it will go first.
  • #242,255
  • Aug 1, 2010 11:57pm Aug 1, 2010 11:57pm
Let's see.
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  • #242,256
  • Aug 2, 2010 1:39am Aug 2, 2010 1:39am
Quoting malcolmb14
here is fridays 30 min ... I missed the whole move as was fed up with the odd fx market action and have been much more focused on es this week , which has been trading nicely between s/r levels


Attachment
looks like since the late hours on friday were on low volume one couldn't attach a whole lot of significance to them...
BTW does your data feed supply tick volume for currency futures as well?
Hear the music before the song is over ...
  • #242,257
  • Aug 2, 2010 1:39am Aug 2, 2010 1:39am
does it look abit overbought ? mite be worth a short.
  • #242,258
  • Aug 2, 2010 2:06am Aug 2, 2010 2:06am
guys whatever you do

don't sell or short cable

buy dips on 5 minutes and ride the wave

cable is not in a mood to retrace no matter what the indicators say

rest is upto your MM decision

your account your decision
  • #242,259
  • Aug 2, 2010 2:12am Aug 2, 2010 2:12am
August 3 to August 11

A solar event will cause some thing water related

which will directly or indirectly affect US dollar
  • #242,260
  • Aug 2, 2010 2:28am Aug 2, 2010 2:28am
1.60 on it way ladies

Quoting forexlion
guys whatever you do

don't sell or short cable

buy dips on 5 minutes and ride the wave

cable is not in a mood to retrace no matter what the indicators say

rest is upto your MM decision

your account your decision

im considering moving my target to 1.70..wormie target projection looks on!!

good advise..chart never lie
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