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Cable Update (GBPUSD)

  • #243,221
  • Aug 4, 2010 9:46am Aug 4, 2010 9:46am
Quoting kaspopsicle
dont know b**@gr all about how to save.. have tried but any file i save to wont let me access it
Do as Cloggie says, Save as picture and save it to your Desktop .. that way you can't lose it. IF you don't know how to save to a specific location, let us know.
******************* I'd rather make money than be right.
  • #243,222
  • Aug 4, 2010 9:50am Aug 4, 2010 9:50am
Quoting cloggie
Here you go popsicle...
What can i say? You are every newbies dream..sorry about the pain ..charts coming soon.. then i'll be in for it.....yeah bring it on. Ok back to work on the charts. Thanks Cloggs.
All systems of divination, like music itself,work through patterns.
  • #243,223
  • Aug 4, 2010 9:50am Aug 4, 2010 9:50am
Quoting cloggie
I am putting the old one back up. Nice little scenario to play out. I do like the M30 as guide for intraday plays. Lots of "if-then" plays to find here.

I will quantify the "IF-Then's"

1. Right now scalp the inside triangle of the range, like some already have, not my style.

2. Wait for the top of yesterday's range to go so we can go back to today's action, lock in your profits once the range is entered and put your stop initially just below the top of yesterday's play.

3. Wait for the bottom to go to short to the lTL, locking in your profits with a stop just above the bottom of yesterday's range and see if the lTL forms support or not.

2 and 3 are 90/10 trades and when properly managed and confirmed, being mindful of the fake 'n shakes will be in the money.
  • #243,224
  • Aug 4, 2010 9:51am Aug 4, 2010 9:51am
5 attempts by price on that zone of resistance around yesterday's Hi and 5 x rejections, the last being helped by the $ buying on better than expected U.s ADP NFP forecast...price dropping through yesterday's pullback lo to yesterday's lo area where it has found some demand...although resistance currently being encountered at that previous support...which will out ? support or SBR ?? (support becomes resistance)

G/L
Attached Image
ex member
  • #243,225
  • Aug 4, 2010 9:52am Aug 4, 2010 9:52am
Quoting 4xStar
Do as Cloggie says, Save as picture and save it to your Desktop .. that way you can't lose it. IF you don't know how to save to a specific location, let us know.
Ahhhr... was wondering if save to desktop.. Thanks Star.. hopefully charts will be with you soon ..OUCH!
All systems of divination, like music itself,work through patterns.
  • #243,226
  • Aug 4, 2010 9:56am Aug 4, 2010 9:56am
Quoting cloggie
I am putting the old one back up. Nice little scenario to play out. I do like the M30 as guide for intraday plays. Lots of "if-then" plays to find here.
I'm trying to duplicate this 30 min chart .. it looks like you are connecting lows to highs and highs to lows .. I though it had to be highs to highs, lows to lows....??
******************* I'd rather make money than be right.
  • #243,227
  • Aug 4, 2010 9:57am Aug 4, 2010 9:57am
Quoting 4xStar
I'm trying to duplicate this 30 min chart .. it looks like you are connecting lows to highs and highs to lows .. I though it had to be highs to highs, lows to lows....??

Not for inside TL's
  • #243,228
  • Aug 4, 2010 9:57am Aug 4, 2010 9:57am
Cloggie - hope you don't mind a personal question...how's your asschart shaping up? LOL.

It looks like todays move across the chart means we're coming close to the trend line / channel on the h4. Could come into play tomorrow
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  • #243,229
  • Aug 4, 2010 10:00am Aug 4, 2010 10:00am
Quoting Magic Hat
Cloggie - hope you don't mind a personal question...how's your asschart shaping up? LOL.

It looks like todays move across the chart means we're coming close to the trend line / channel on the h4. Could come into play tomorrow

...
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  • #243,230
  • Aug 4, 2010 10:02am Aug 4, 2010 10:02am
Quoting 4xStar
I'm trying to duplicate this 30 min chart .. it looks like you are connecting lows to highs and highs to lows .. I though it had to be highs to highs, lows to lows....??

Try this. This will give you my TL's
Attached File(s)
File Type: tpl mt4 scenario 040810.tpl   2 KB | 568 downloads
  • #243,231
  • Aug 4, 2010 10:05am Aug 4, 2010 10:05am
Quoting cloggie
...
Thanks - think I might stand aside until I see if 1.5853 holds
  • #243,232
  • Aug 4, 2010 10:06am Aug 4, 2010 10:06am
Quoting subterfuge
short 1.5888
20 pip stop
out here at 1.5864 for +24
  • #243,233
  • Aug 4, 2010 10:08am Aug 4, 2010 10:08am
Quoting Magic Hat
Thanks - think I might stand aside until I see if 1.5853 holds

That is the next key level, which also corresponds to the 3 scenarios I posted a few posts ago as the lTL to watch for as a short play, it all ties in together. Trading Cable is not as random as it seems at first.
  • #243,234
  • Aug 4, 2010 10:09am Aug 4, 2010 10:09am
Quoting cloggie
I will quantify the "IF-Then's"

1. Right now scalp the inside triangle of the range, like some already have, not my style.

2. Wait for the top of yesterday's range to go so we can go back to today's action, lock in your profits once the range is entered and put your stop initially just below the top of yesterday's play.

3. Wait for the bottom to go to short to the lTL, locking in your profits with a stop just above the bottom of yesterday's range and see if the lTL forms support or not.

2 and 3 are 90/10 trades and when properly managed and...
Scenario 3 is playing out now, levels to watch are the earlier fake out at 5861 and the lTL at roughly 5853. A pure If-Then setup, If 5861 gives 5853 is next, If 5861 holds, this is another fake 'n shake. How do you know, look at your M5 and let the PA tell you. Watch the candles, the clue is in there.
  • #243,235
  • Aug 4, 2010 10:10am Aug 4, 2010 10:10am
Quoting cloggie
Not for inside TL's
OK then could you definte an inside TL .. I thought I knew what it was, but I must be wrong..
Is it a TL that is drawn between two major TL's on higher timeframes?
******************* I'd rather make money than be right.
  • #243,236
  • Aug 4, 2010 10:12am Aug 4, 2010 10:12am
Quoting 4xStar
OK then could you definte an inside TL .. I thought I knew what it was, but I must be wrong..
Is it a TL that is drawn between two major TL's on higher timeframes?

No, it is a TL that joins 2 interupted trends in the direction of the larger trend. The ones I put in the template are possible scenarios of the earlier move that veered away from the larger trend due to the large move on Monday. All these two are doing are judging the likelyhood of normal play resuming. How do I know whether they are in the right place? Price will tell me. It is part of my scenario play to find the high probability trades within the current PA.

I am putting a lot of significance on the bottom one as it coincides with the H4 one and with major support here.
  • #243,237
  • Aug 4, 2010 10:15am Aug 4, 2010 10:15am
hi cloggie, i m planning to short at 1.5850, i think the support is at 1.58664..............correct me if i am wrong
  • #243,238
  • Aug 4, 2010 10:17am Aug 4, 2010 10:17am
Quoting chitindu
hi cloggie, i m planning to short at 1.5850, i think the support is at 1.58664..............correct me if i am wrong

Why do I need to repeat 3 perfect scenarios one that I even further quantified with intermediate levels that can be traded from here?

This is not Cloggie's trading journal. Trade your own plan, strategy and MM.
  • #243,239
  • Aug 4, 2010 10:18am Aug 4, 2010 10:18am
Quoting cloggie
That is the next key level, which also corresponds to the 3 scenarios I posted a few posts ago as the lTL to watch for as a short play, it all ties in together. Trading Cable is not as random as it seems at first.
I like this scenario setting...what's behind door no.1? Ha!

So, just wait for price to pick the door and make sure I get on board looking for the next significant area...shame I'm off out in a minute as looks like I might miss this one play out. Ho hum.
  • #243,240
  • Aug 4, 2010 10:20am Aug 4, 2010 10:20am
Quoting Magic Hat
I like this scenario setting...what's behind door no.1? Ha!

So, just wait for price to pick the door and make sure I get on board looking for the next significant area...shame I'm off out in a minute as looks like I might miss this one play out. Ho hum.

That's it, at every price level you should have different scenarios planned that you have researched and thought about and that you will follow blindly once one of them occur. That in a nutshell is trading with no bias and no emotion. Each scenario should have properly researched and warranted levels of intermediate play that you can use to either move your stops or take your profit.

Once a trend is established the levels become greater and easier to spot. Right now we are countertrending of the larger trend and you should be very careful in what levels to use and keep your stops tight.

What we are doing now is quantifying the move for the next day or two based on what level we are going to reach at end of business today. A break of the low would make countertrending tomorrow a lot easier and less risk.
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