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Cable Update (GBPUSD)

  • #242,301
  • Aug 2, 2010 6:21am Aug 2, 2010 6:21am
Quoting cloggie
Here is today's play with the two previous ranges and their fakes and breaks, and the current range. You can see the high during the Franky and the fakeout and retest to the bottom, then the fakeout to the top with the retest and the penultimate break. The second range also had a fake to the bottom, followed by a fake to the top with a retest and the penultimate break, we are now in the third range.
So for the London open range, at which bar did you go in? The 3rd green bar after the last red one? That should be the breaking bar? This is a very good image on the ranges.... thanks...
Don't be emo... don't be emo....
  • #242,302
  • Aug 2, 2010 6:22am Aug 2, 2010 6:22am
Quoting drakes
So for the London open range, at which bar did you go in? The 3rd green bar after the last red one? That should be the breaking bar? This is a very good image on the ranges.... thanks...

I went in on my TL, only because I have a bit more confidence in the trend we are in then most
  • #242,303
  • Aug 2, 2010 6:23am Aug 2, 2010 6:23am
GM all .. first River Box trade of the day .. just got up and have acted on what I found, I see the London entry but I was not there for that one.
This is all just practice for now .. real money but only micro lots. What I like best is being able to make tight stops and knowing where to place them & why.

Chart below .. the TL is from Friday's LTL that was used for entry in that 100+ pip trade .. it was still on the chart and seeing how price danced around it, I left it there .. now used it as entry when price bounced off it again.
The shaded blue at top is top of my first box (not the range box, that is just below, price inside it at the moment). If price makes it to that next box, I will move stop to bottom of my range box.

Comments from Cloggie & others welcome
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******************* I'd rather make money than be right.
  • #242,304
  • Aug 2, 2010 6:27am Aug 2, 2010 6:27am
I missed the first break out but got in awhile ago on the second breakout. Is it wise to hold on into US open. Obviously late to the party.
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  • #242,305
  • Aug 2, 2010 6:28am Aug 2, 2010 6:28am
Quoting mdiz2
I missed the first break out but got in awhile ago on the second breakout. Is it wise to hold on into US open. Obviously late to the party.

Just be mindful of 5826, it is going to take a bit to get through there.
  • #242,306
  • Aug 2, 2010 6:31am Aug 2, 2010 6:31am
Price has entered new box, I just put on top of previous one. Stop moved.

So far I'm in love with this new methodology ....
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******************* I'd rather make money than be right.
  • #242,307
  • Aug 2, 2010 6:35am Aug 2, 2010 6:35am
Quoting 4xStar

So far I'm in love with this new methodology ....
Nothing new about it, it's as old as trading is. Been around for donkey's years. Just going back to basics, a couple of TL's and a little range. It makes you a bit more aware of price. Noobs keep forgetting that trading is about price, not about indy's.
  • #242,308
  • Aug 2, 2010 6:36am Aug 2, 2010 6:36am
Quoting cloggie
Just be mindful of 5826, it is going to take a bit to get through there.
Moved S/L to BE, if it goes it goes. If not no loss and I will look for a better entry.
  • #242,309
  • Aug 2, 2010 6:38am Aug 2, 2010 6:38am
Quoting cloggie
Nothing new about it, it's as old as trading is. Been around for donkey's years. Just going back to basics, a couple of TL's and a little range. It makes you a bit more aware of price. Noobs keep forgetting that trading is about price, not about indy's.
Actually you're right .. Nicolas Darvas wrote a book about it over 50 years ago.. he traded this way in the 1920's, trading equitites and sometimes going for days without knowing even where price was ... he just drew his boxes. I think he invented the idea of 'box trading'. His book was called something like "How I Made $2 million in the Stock Market". I read it .. but did not think it applicable today with al the bells & whistles we have .. I was wrong!
******************* I'd rather make money than be right.
  • #242,310
  • Aug 2, 2010 6:39am Aug 2, 2010 6:39am
pound got sextasy pill. is mad. where is heading? I do not trade that pair so much, but interesting.

from one side is megaphone from other is rising wedge - what is stronger?
No crystal ball. I read the cards.
  • #242,311
  • Aug 2, 2010 6:40am Aug 2, 2010 6:40am
Quoting cloggie
Nothing new about it, it's as old as trading is. Been around for donkey's years. Just going back to basics, a couple of TL's and a little range. It makes you a bit more aware of price. Noobs keep forgetting that trading is about price, not about indy's.
cloggie where do you get your pivots from then bro?

thanks
"Millionaires don't use astrology, billionaires do"
  • #242,312
  • Aug 2, 2010 6:41am Aug 2, 2010 6:41am
Quoting 4xStar
Actually you're right .. Nicolas Darvas wrote a book about it over 50 years ago.. he traded this way in the 1920's, trading equitites and sometimes going for days without knowing even where price was ... he just drew his boxes. I think he invented the idea of 'box trading'. His book was called something like "How I Made $2 million in the Stock Market". I read it .. but did not think it applicable today with al the bells & whistles we have .. I was wrong!

If you ever have a chance to visit a trading floor and look at what the pros are looking at you will be gobsmacked. Indy's are a crutch invented for noobs to make them feel good.
  • #242,313
  • Aug 2, 2010 6:41am Aug 2, 2010 6:41am
Afternoon all.

Chief Janitor of Idiots just back from holiday in the beautiful county of Pembrokeshire.

Short at 1.5825 take a 40 pip retrace over the next hour
  • #242,314
  • Aug 2, 2010 6:42am Aug 2, 2010 6:42am
Quoting forex_growth
cloggie where do you get your pivots from then bro?

thanks

I use an Indy, there are certain things that indy's are great for.
  • #242,315
  • Aug 2, 2010 6:51am Aug 2, 2010 6:51am
Quoting cloggie
I use an Indy, there are certain things that indy's are great for.
Oh good .. I'm glad you're not one of those people who think the only good Indy is a dead Indy. (stupid US joke....)

Which pivot indy do you use? Can you post it?
******************* I'd rather make money than be right.
  • #242,316
  • Edited 7:14am Aug 2, 2010 7:03am | Edited 7:14am
And another fake 'n shake. Just sucking in some retail money here. However we have had 3 failed momentum bars that have really not amounted to anything and like I said earlier 5826 is one to keep an eye on. Would I short this in anticipation of a retrace, no. As long as the PA keeps giving us momentum bars and the TL is respected I am flat until I have seen what 5826 and 5831 is going to give us.
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  • #242,317
  • Aug 2, 2010 7:17am Aug 2, 2010 7:17am
And .. she's off again!
******************* I'd rather make money than be right.
  • #242,318
  • Aug 2, 2010 7:19am Aug 2, 2010 7:19am
Quoting 4xStar
And .. she's off again!

The PA has been absolutely textbook today. We just about had every trap set for top pickers that it could think of so far. Once the PA confirms that 5831 is going to hold either way, I will look for another trade again after NY opens.
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  • #242,319
  • Aug 2, 2010 7:24am Aug 2, 2010 7:24am
Hi cloggie not sure if I have drwan these boxes on properly but now the most recent one has been broke out of if you were still holding a long would stop now be moved to 15815 the low of the most recent box?
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  • #242,320
  • Aug 2, 2010 7:25am Aug 2, 2010 7:25am
Quoting reflex
Hi cloggie not sure if I have drwan these boxes on properly but now the most recent one has been broke out of if you were still holding a long would stop now be moved to 15815 the low of the most recent box?

Yeah, that would be a good place, then once you have the extension of the box height reached you can move it to the centre until the next range forms.

BTW, good TL and a nice fast MA on your chart, I like that, but who cares what I think

Time to draw a parallel one pretty soon.
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