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Cable Update (GBPUSD)

  • #243,101
  • Aug 4, 2010 8:43am Aug 4, 2010 8:43am
[quote=cloggie;3921744]How can you be at BE? They are all good trades, you chickening out and close them too soon?

the third arrow from the right I went short just before it and got -15 then because I was to busy hoping it would go down i missed the 1st entry into the long (third arrow in from right) and got in on the second arrow from right and took +15 stupidly. and I only paper traded the rest as am still getting used to this type of trading.

I'm finding it hard to go against a 15min close on the 5min as im used to waiting for 1hr and 15min to both close in same direction before i take a 5 min entry but I'm going to have to get over that becasue im missing good trades.
  • #243,102
  • Aug 4, 2010 8:44am Aug 4, 2010 8:44am
Quoting GlobalMacro
what'll happen in the next H?
Nice strength
like Sopel entry
http://www.forexfactory.com/showpost...stcount=243105
  • #243,103
  • Aug 4, 2010 8:46am Aug 4, 2010 8:46am
[quote=reflex;3921779]
Quoting cloggie
How can you be at BE? They are all good trades, you chickening out and close them too soon?

the third arrow from the right I went short just before it and got -15 then because I was to busy hoping it would go down i missed the 1st entry into the long (third arrow in from right) and got in on the second arrow from right and took +15 stupidly. and I only paper traded the rest as am still getting used to this type of trading.

I'm finding it hard to go against a 15min close on the 5min as im used to waiting for 1hr and 15min...

You need to get used to ignoring the H1 on range trading or else wait till consolidation has completed.
  • #243,104
  • Aug 4, 2010 8:49am Aug 4, 2010 8:49am
does consilidation mean if will undergo any correction now as there has been no correction since 1.5200
  • #243,105
  • Aug 4, 2010 8:52am Aug 4, 2010 8:52am
[quote=cloggie;3921789]
Quoting reflex


You need to get used to ignoring the H1 on range trading or else wait till consolidation has completed.
sorry for stupid question but does waiting for the consolidation to complete mean wait for the price to move outside its trading range?
  • #243,106
  • Aug 4, 2010 8:54am Aug 4, 2010 8:54am
Sorry didn't make it clear that was just a quick scalp, +20. I didn't have that other TL on my chart .. the other day you said to ignore Sunday action

Still figuring out how to draw the right tl's in the right places.

Quoting cloggie
You are ignoring the inside TL formed by friday and sunday's high, it hasn't come into play yet (that's why I told you to ignore it yesterday) but may come into play here. Taking a short in no-mans land (see earlier post) is a low probability trade, if you miss the first leg don't get in halfway wait for the next pattern to form. That TL you use disects the range and should be used as confirmation of earlier entry or scaling in, not as an entry it self. The key part of any range is the halfway mark, a trade will either continue or fail at the halfway...
******************* I'd rather make money than be right.
  • #243,107
  • Aug 4, 2010 9:08am Aug 4, 2010 9:08am
Quoting reflex

sorry for stupid question but does waiting for the consolidation to complete mean wait for the price to move outside its trading range?

You need to learn and understand about basic PA and how the consolidation on higher TF's translate into movements on lower TF's. This is not something you are going to pick up in a few days and no disrespect but if I wanted to hold people's hands all the time I would have started a trading thread myself. This is an interactive trading thread and yesterday I helped out 4x publicly with setups trading PA, I had said I would only hog the thread for one day and now got suckered into day two.

Go and read some books about price and how and when it moves, do a google search. There are a few good price threads here on FF, tradeprice has one you can follow. Here
Not understanding consolidation shows me that you need to start from scratch and a few posts from me are not going to make a big difference in your basic knowledge.

Being on the Cable thread assumes at least a basic understanding of basic repeatable price patterns.
  • #243,108
  • Aug 4, 2010 9:08am Aug 4, 2010 9:08am
If you watch the MTF, it is pretty easy to see where current support lies...15M being the relevant support, an expected attack of the 200EMA is where we will head again. As this will be the first time of true attack, I would still expect a bounce here.

Might see a couple sheckles below, but a bounce will still be likely.

The hourly chart is coming into the same double hulls as the M30, and with one more push up after the bounce, we can start a decent and attack on the M30 200.

Relevant time frames, relevant targets.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #243,109
  • Aug 4, 2010 9:10am Aug 4, 2010 9:10am
Quoting egkid
Nice strength
like Sopel entry

No strength!...it's falling....
Hear the music before the song is over ...
  • #243,110
  • Aug 4, 2010 9:14am Aug 4, 2010 9:14am
expecting a 2b reverse.
  • #243,111
  • Aug 4, 2010 9:16am Aug 4, 2010 9:16am
Quoting 4xStar
Sorry didn't make it clear that was just a quick scalp, +20. I didn't have that other TL on my chart .. the other day you said to ignore Sunday action

Still figuring out how to draw the right tl's in the right places.

Your trade is paying of, the TL went and we are now testing the top of the previous range. Next one to watch is the bottom of that range at 5874 if and only if the top of the range goes, expect a fake' n shake first (don't anticipate the fakeout at 5861 but the actually bottom)
  • #243,112
  • Aug 4, 2010 9:16am Aug 4, 2010 9:16am
[quote=reflex;3921807]
Quoting cloggie

sorry for stupid question but does waiting for the consolidation to complete mean wait for the price to move outside its trading range?
On Cloggie's line: for learning about PA etc. you may also want to check out Ken's continuing success. He's very dedicated to teaching. Good luck, bro!
  • #243,113
  • Aug 4, 2010 9:17am Aug 4, 2010 9:17am
Quoting GlobalMacro
No strength!...it's falling....
It's bare bear strength bro
Thank You
  • #243,114
  • Aug 4, 2010 9:24am Aug 4, 2010 9:24am
Quoting wormboy
It's bare bear strength bro

I wouldn't go that far yet Wormy. You still got your all-in play running?
  • #243,115
  • Aug 4, 2010 9:24am Aug 4, 2010 9:24am
Quoting Magix
If you watch the MTF, it is pretty easy to see where current support lies...15M being the relevant support, an expected attack of the 200EMA is where we will head again. As this will be the first time of true attack, I would still expect a bounce here.

Might see a couple sheckles below, but a bounce will still be likely.

The hourly chart is coming into the same double hulls as the M30, and with one more push up after the bounce, we can start a decent and attack on the M30 200.

Relevant time frames, relevant targets.
This is an intelligent, legible, comprehensive and informative post. There are times when we screw around with stoopid posts on this thread (I'm guilty of it) but when it's time to work, serious posts are great to read. Thanx Magix.
Si vis pacem, para bellum.
  • #243,116
  • Aug 4, 2010 9:25am Aug 4, 2010 9:25am
Quoting wormboy
It's bare bear strength bro
LOL...bro good thing I got rid of my longs at 1.5935 earlier today when she was suffering from constipation...now it looks like she's suffering from....well.......I'll say this much...she's got indigestion problems this week...
Hear the music before the song is over ...
  • #243,117
  • Aug 4, 2010 9:28am Aug 4, 2010 9:28am
Quoting cloggie
I wouldn't go that far yet Wormy. You still got your all-in play running?
yup. I don't have time to scalp lately. So the H4 trade is pretty much it
Thank You
  • #243,118
  • Aug 4, 2010 9:28am Aug 4, 2010 9:28am
Cloggie, when we have a key level, we need a break to open a order... What TF should I use, to see the candle closing above or below the key level?
  • #243,119
  • Aug 4, 2010 9:31am Aug 4, 2010 9:31am
The good data yet USD drag on risk is odd. Does anyone know how this played out in the past?
  • #243,120
  • Aug 4, 2010 9:31am Aug 4, 2010 9:31am
Quoting baruch
Cloggie, when we have a key level, we need a break to open a order... What TF should I use, to see the candle closing above or below the key level?

That all depends on your risk appetite.
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