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Cable Update (GBPUSD)

  • #243,601
  • Aug 5, 2010 10:56am Aug 5, 2010 10:56am
Quoting cloggie
There is no system, no indicators, just follow price. Learn to read it and let it tell you where she goes. Once you get the hang of it you should be able to collect 100-200 pips a day on just Cable. 4X has been doing this for less then a week and she takes out a min of 75 a day.
Hi Cloggie,

Been doing the same...thanks for all your guidance. What other pairs do you trade?
  • #243,602
  • Aug 5, 2010 10:57am Aug 5, 2010 10:57am
Time Frame
  • #243,603
  • Aug 5, 2010 10:57am Aug 5, 2010 10:57am
Quoting langdonb
Hi Cloggie,

Been doing the same...thanks for all your guidance. What other pairs do you trade?

All the majors from London open till NY close.
  • #243,604
  • Aug 5, 2010 10:58am Aug 5, 2010 10:58am
Quoting ams
Position closed for EU, GU...easy 100 pips on both..
ta
ams
very nice indeed ams. I bailed out of my longs a bit too soon but still managed just over 50 on GU and same on GJ. Could do with some more of those!
  • #243,605
  • Aug 5, 2010 10:59am Aug 5, 2010 10:59am
PS . I do use the 1 min tf if a trend is moving well. When price moves far from 50 I cash out one or two positions and add back when it re-touches the 50. If it closes above the 200, I am out. On chart below, blue is 50, red is 200, dotted line is 200 ma on 5min which GU seems to respect quite a bit.
Attached Image (click to enlarge)
Click to Enlarge Name: gu1min.gif Size: 16 KB
******************* I'd rather make money than be right.
  • #243,606
  • Aug 5, 2010 10:59am Aug 5, 2010 10:59am
thank you so much cloggie.......ur explanations are really helpful
  • #243,607
  • Aug 5, 2010 11:00am Aug 5, 2010 11:00am
Quoting 4xStar
PS . I do use the 1 min tf if a trend is moving well. When price moves far from 50 I cash out one or two positions and add back when it re-touches the 50. If it closes above the 200, I am out. On chart below, blue is 50, red is 200, dotted line is 200 ma on 5min which GU seems to respect quite a bit.

That is just donating commission to your broker.
  • #243,608
  • Aug 5, 2010 11:00am Aug 5, 2010 11:00am
also how do u get ur pivots and plan ur exits.
  • #243,609
  • Aug 5, 2010 11:01am Aug 5, 2010 11:01am
Quoting chitindu
also how do u get ur pivots and plan ur exits.
Pivots from an Indy, exits is exactly the opposite of an entry. You get out of your long when it is time to short and vice versa. That's the only way to take all the moves during the day in all directions, doing this you will know too exactly when it is ranging so you stay out.
  • #243,610
  • Aug 5, 2010 11:02am Aug 5, 2010 11:02am
Quoting chitindu
coz whenever i enter a trade its turns its direction............75% of times. I tried to read a lot on the internet and videos as well but didnt find anything helpful

That's becuase YOU are controlling the market!

At least that's what it feels like .. it happens to all beginners .. it seems as if your one little micro lot position suddenly causes a multi-billion market to stop & reverse direction!
******************* I'd rather make money than be right.
  • #243,611
  • Aug 5, 2010 11:03am Aug 5, 2010 11:03am
Quoting cloggie
That is just donating commission to your broker.
Maybe .. but works well until more experience & confidence is acquired. My biggest challenge now is learning to cash out constantly as I am stil not skilled enough to always 'see' the reversals coming.
******************* I'd rather make money than be right.
  • #243,612
  • Aug 5, 2010 11:04am Aug 5, 2010 11:04am
Quoting 4xStar
Maybe .. but works well until more experience & confidence is acquired. My biggest challenge now is learning to cash out constantly as I am stil not skilled enough to 'see' the reversals coming.

That's where your study of price and candle patterns comes in. Properly placed TL's will keep you from closing on the fake 'n shakes.
  • #243,613
  • Aug 5, 2010 11:08am Aug 5, 2010 11:08am
Quoting wormboy
okay, booked partial profit & locked the remaining position to work. Free ride.
I'll keep the short position open as the previously bearish close on my H4 signals the tower top formation is complete & that short setup has a higher probability trade atm.
Outta here, good luck everyone
okay, my shift ends here
booked another partial @5831 & the remaining position locked. Free ride.
No issues in keeping the remaining short position open as the tower top is still intact. Will be back later to see if the D1 can close 3 outside down. If it does, it'll be a matter of time before the ltl comes under heavy pressure.

Good luck everyone
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 18 KB
Click to Enlarge Name: gu4a.gif Size: 19 KB
Thank You
  • #243,614
  • Aug 5, 2010 11:15am Aug 5, 2010 11:15am
From where are you doing your online charting? I want to match up if you are willing to share what you have found to be the best for this system.

Thank you.
  • #243,615
  • Aug 5, 2010 11:20am Aug 5, 2010 11:20am
Quoting kuthan68
From where are you doing your online charting? I want to match up if you are willing to share what you have found to be the best for this system.

Thank you.
mt4
  • #243,616
  • Aug 5, 2010 11:21am Aug 5, 2010 11:21am
Thank you Cloggie and 4x, I just pulled my head out of my ass after reading the recent posts today and have already got in 2 trades that are in profit already. Got in a few trades today but didn't follow the plan properly and closed the trades to early and left a lot of pips on the table.
  • #243,617
  • Aug 5, 2010 11:23am Aug 5, 2010 11:23am
Quoting mdiz2
Thank you Cloggie and 4x, I just pulled my head out of my ass after reading the recent posts today and have already got in 2 trades that are in profit already. Got in a few trades today but didn't follow the plan properly and closed the trades to early and left a lot of pips on the table.

The nice thing about putting up boxes is that you will look at price directly in relation to levels, you will quickly see when it fakes on you, you will quickly see when it tops out, you will quickly see when it reverses, you will never ever let a green trade go red on you again, you will never ever carry a loser ever again. One little box will tell you all of that in a nutshell, irrelevant of any Indy. By the time an Indy tells you what to do we price traders have been and gone. On a good day with no news you will be able to get in within 10 pips or so of the top and out within 10 of the bottom. I use mutliple screens and sometimes have 8 trades going at ones on different pairs. All easily watched and managed, with multiple trades I do put my boxes up at the big levels.
  • #243,618
  • Aug 5, 2010 11:26am Aug 5, 2010 11:26am
short 1.5869
25pip stop
  • #243,619
  • Aug 5, 2010 11:26am Aug 5, 2010 11:26am
Quoting cloggie
The nice thing about putting up boxes is that you will look at price directly in relation to levels, you will quickly see when it fakes on you, you will quickly see when it tops out, you will quickly see when it reverses, you will never ever let a green trade go red on you again, you will never ever carry a loser ever again. One little box will tell you all of that in a nutshell, irrelevant of any Indy. By the time an Indy tells you what to do we price traders have been and gone.
I hope so, I don't want to mention how many trades I've let go from positive to negative. And you can gaurantee when I finally close it in the red it will be exactly at the furthest it's been and turn right around and go back in profit.

Thanx again
Mike
  • #243,620
  • Aug 5, 2010 11:29am Aug 5, 2010 11:29am
Quoting mdiz2
I hope so, I don't want to mention how many trades I've let go from positive to negative. And you can gaurantee when I finally close it in the red it will be exactly at the furthest it's been and turn right around and go back in profit.

Thanx again
Mike

You will still have your losers, you always will, you will just know a lot better using PA when to get out in the fullest confidence that it is not going to turn in your direction 80-90% of the time.
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