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Cable Update (GBPUSD)

  • #243,621
  • Aug 5, 2010 11:40am Aug 5, 2010 11:40am
Quoting cloggie
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.
Cloggie,

Can you suggest three other pairs that I might trade along with GU?
  • #243,622
  • Aug 5, 2010 11:41am Aug 5, 2010 11:41am
Quoting langdonb
Cloggie,

Can you suggest three other pairs that I might trade along with GU?

EU is an obvious one, some of the other majors act totally different and just as Cable is not for new traders, the Yen and Swissy crosses act entirely differently.
  • #243,623
  • Aug 5, 2010 11:42am Aug 5, 2010 11:42am
well...the Range-O-Rama continues....

oh yeah...it was a good decision to take the day off today...

unless one wanted to scalp the hell outta her...

Anyways...good luck to all....signing off again...
Hear the music before the song is over ...
  • #243,624
  • Aug 5, 2010 11:44am Aug 5, 2010 11:44am
While we wait for this range to break, here is the latest shitty car.

http://www.bbc.co.uk/news/uk-england-bristol-10881080
  • #243,625
  • Aug 5, 2010 11:44am Aug 5, 2010 11:44am
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
Why not enter in the opposite direction you intended? You will be right 75% of the time? Thats pretty good by any traders standard.
  • #243,626
  • Aug 5, 2010 11:45am Aug 5, 2010 11:45am
Closed the 2 trades, got 4 on one and 8 on the other. Should I be going imediately into a short after closing the long on this trade. Also is it better to use pending orders to catch the breakout of the box quicker or wait for the close of a m5 candle? I won't ask any more questions, you have already over extended yourself helping the people here.

Now that I see where it's going I guess I could have held on but that would have brought me into a negative and I didn't know it would continue up.
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  • #243,627
  • Aug 5, 2010 11:45am Aug 5, 2010 11:45am
Quoting trending
Why not enter in the opposite direction you intended? You will be right 75% of the time? Thats pretty good by any traders standard.
sounds good idea
Verily, in every difficulties there is relief
  • #243,628
  • Aug 5, 2010 11:46am Aug 5, 2010 11:46am
Quoting mdiz2
Closed the 2 trades, got 4 on one and 8 on the other. Should I be going imediately into a short after closing the long on this trade. Also is it better to use pending orders to catch the breakout of the box quicker or wait for the close of a m5 candle? I won't ask any more questions, you have already over extended yourself helping the people here.

Now that I see where it's going I guess I could have held on but that would have brought me into a negative and I didn't know it would continue up.

All of that you need to figure out for yourself to suit you, what works for me could possibly never work for you. Play with it on demo to see how to build a system and strategy around it. Whatever you do, don't go just relying on a couple of boxes, start learning to read the price.

If price turns around after leaving your level then you were reading it wrong or you were looking at the wrong level. The whole point of the right levels is that once it goes it does not come back.

Right now on M5 you should be looking at 5863-5878 with the M15/M30 being up, so a break of 5878 signals a continuance, being mindful of the fakeout.
  • #243,629
  • Aug 5, 2010 11:48am Aug 5, 2010 11:48am
Quoting cloggie
All of that you need to figure out for yourself to suit you, what works for me could possibly never work for you. Play with it on demo to see how to build a system and strategy around it. Whatever you do, don't go just relying on a couple of boxes, start learning to read the price.

Understood,I have gone throught Trade Prices whole thread and have 2 different 6 hour candlestick courses By Steve Nisson that I've watched a few times. Using the boxes just seems to help tie it all together. It's just hard to think it could be as simple as this after reading so many books and threads that get into all the indies and stuff.
  • #243,630
  • Aug 5, 2010 11:53am Aug 5, 2010 11:53am
Quoting cloggie
EU is an obvious one, some of the other majors act totally different and just as Cable is not for new traders, the Yen and Swissy crosses act entirely differently.
Thanks. Are you commenting on other threads as you do here? I have been trading for one year and although have done well, my entries and exits have been sloppy. After spending time reading your posts and trading that way this week on GU, my skill level has increased greatly. Now I wish to apply that knowledge to other pairs. As you say, EU is the obvious one...my idea would be to add GJ and EJ, but I would like a specific suggestion if I may be so forward! Thanks again for all your comments.
  • #243,631
  • Aug 5, 2010 11:54am Aug 5, 2010 11:54am
Quoting mdiz2
Understood,I have gone throught Trade Prices whole thread and have 2 different 6 hour candlestick courses By Steve Nisson that I've watched a few times. Using the boxes just seems to help tie it all together. It's just hard to think it could be as simple as this after reading so many books and threads that get into all the indies and stuff.

For 100 years that's how every body traded until some muppets invented Indy's, the price behaviour of currencies has not changed since it was first traded 600 years ago. Indy's are just there to make brokers money, they just tell you what has happened and give you a visual representation, who cares, I can see that in the price itself and don't need a christmas tree to tell me.

Look at the posts on here, plenty of people posting charts with signals that have come dozens or even 100 pips after the fact.

The box is not a trading system, it is just a visual aid to help you focus on what is important, price. 4X was a sceptic and now she takes home 75-100 pips a day ignoring all her indy's.

The beauty is that it is free, takes nothing to understand or learn and it focuses you on what really moves currencies, the price. All else is secondary.

Go back over my posts, I explain all you need to know to identify the Franky fake, the LO, the NYO an how to trade with the trend. Naked trading is a lovely way to make money, by all means if you need the crutch use some basic Indy's or MA's and know how your Fibs work and how to draw a TL. You will also need to know the DP. Today was a good example, only the 2nd day that opened below the DP out of 9, and that's pretty much where we stayed, that kind of sets your upper boundary for the day.
  • #243,632
  • Aug 5, 2010 12:04pm Aug 5, 2010 12:04pm
Quoting cloggie
For 100 years that's how every body traded until some muppets invented Indy's, the price behaviour of currencies has not changed since it was first traded 600 years ago. Indy's are just there to make brokers money, they just tell you what has happened and give you a visual representation, who cares, I can see that in the price itself and don't need a christmas tree to tell me.

Look at the posts on here, plenty of people posting charts with signals that have come dozens or even 100 pips after the fact.

The box is not a trading system, it is just...
Dear cloggie, mind to tell be about the TL you draw out. When LO , you will use the frank open breakout to draw TL.
Then when NYO, you use the new TL which the real move of LO and draw a new TL?
or you just use the TL for yesterday high and yesterday low only?
Regards
  • #243,633
  • Aug 5, 2010 12:04pm Aug 5, 2010 12:04pm
Quoting cloggie

Right now on M5 you should be looking at 5863-5878 with the M15/M30 being up, so a break of 5878 signals a continuance, being mindful of the fakeout.
Broke to the downside, make sure it is no fake and start thinking about closing that long.
  • #243,634
  • Aug 5, 2010 12:07pm Aug 5, 2010 12:07pm
Quoting special0nefx
Dear cloggie, mind to tell be about the TL you draw out. When LO , you will use the frank open breakout to draw TL.
Then when NYO, you use the new TL which the real move of LO and draw a new TL?
or you just use the TL for yesterday high and yesterday low only?
Regards

TL's can go anywhere, I tend to find one that represent the whole day, below is one I posted this morning and am still using. Drawing the right TL and levels takes a bit of practise, plan each morning and see how it pans out and learn from it.

This one has worked well, it identified the top range early this morning and the TL, it gave me the confidence to trade the range within clearly.

IT clearly showed the break from Franky, the bottom, the intermediate, the top of the news bounce, back to the intermediate, a follow through and back up to where we are now.

I posted this one 7 hours ago and it has played out nicely.
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  • #243,635
  • Aug 5, 2010 12:09pm Aug 5, 2010 12:09pm
http://www.forexfactory.com/showthre...=1#post3925514
  • #243,636
  • Aug 5, 2010 12:10pm Aug 5, 2010 12:10pm
Hi Cloggie,

I have attached 2 charts can you please check if they are drawn properly and the interpretation is correct...

If the TL3 is broken then we can enter short and if the TL1 is broken then we can go long ..

Or if the TL3 is not broken but only touched then we can go long with the stop below the TL3.

For the TL3 break the TP1 can be s1 .

For the TL1 break the TP1 can be either 15878 or the Pivot.

Attached Image(s) (click to enlarge)
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  • #243,637
  • Aug 5, 2010 12:12pm Aug 5, 2010 12:12pm
Quoting ramksanj
Hi Cloggie,

I have attached 2 charts can you please check if they are drawn properly and the interpretation is correct...

If the TL3 is broken then we can enter short and if the TL1 is broken then we can go long ..

Or if the TL3 is not broken but only touched then we can go long with the stop below the TL3.

For the TL3 break the TP1 can be s1 .

For the TL1 break the TP1 can be either 15878 or the Pivot.


Very impressive, I like it, well thought out and sensible location for your TL's and you thought about different scenarios, good. Only thing missing to think about is previous SR's.

I especially like your inside TL pointing up forming the channel because it links the interupted intermediate trend nicely.
  • #243,638
  • Aug 5, 2010 12:14pm Aug 5, 2010 12:14pm
Quoting cloggie
Broke to the downside, make sure it is no fake and start thinking about closing that long.

A fake, keep your longs for now. eyes back on 78
  • #243,639
  • Aug 5, 2010 12:15pm Aug 5, 2010 12:15pm
Quoting cloggie
Very impressive, I like it, well thought out and sensible location for your TL's and you thought about different scenarios, good. Only thing missing to think about is previous SR's

Thanks very much for your prompt analysis .. when you say Previous SR's do you mean to spot them and draw them manually or take into consideration the one that the Indy's provide as Pivots and Daily SR's.
  • #243,640
  • Aug 5, 2010 12:16pm Aug 5, 2010 12:16pm
Quoting cloggie
TL's can go anywhere, I tend to find one that represent the whole day, below is one I posted this morning and am still using. Drawing the right TL and levels takes a bit of practise, plan each morning and see how it pans out and learn from it.

This one has worked well, it identified the top range early this morning and the TL, it gave me the confidence to trade the range within clearly.

IT clearly showed the break from Franky, the bottom, the intermediate, the top of the news bounce, back to the intermediate, a follow through and back up to...
Cool, thx for the explanation. Appreaciated and nice TL chart you got there.
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