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Cable Update (GBPUSD)

  • #243,941
  • Aug 6, 2010 9:06am Aug 6, 2010 9:06am
Quoting Dayboy001

P.S. Cloggie thank you, you are starting to help me see light at the end of the tunnel.

This week I have been really hammering on price and how to read it and the penny has dropped with some of you with some really outstanding results, when was the last time you had a 100+ pip day using some backwards looking Indy's?
  • #243,942
  • Aug 6, 2010 9:08am Aug 6, 2010 9:08am
Quoting cloggie
Well done, you are making money that is the only thing that counts. You are staying on the right side of the intraday trend and you no longer try to predict the reversals by making silly trades at what you "think" is the top.
Thanks to you. I drew boxes all last weekend and will probaly do it this weekend also for the pairs I am watch and try to get a better feel for how they move.
  • #243,943
  • Aug 6, 2010 9:10am Aug 6, 2010 9:10am
Quoting mdiz2
Thanks to you. I drew boxes all last weekend and will probaly do it this weekend also for the pairs I am watch and try to get a better feel for how they move.

Think about it this way, if you can get over 100 pips a day out of Cable, do you really need to start thinking about other pairs right now? Stick with Cable for a few weeks or months until PA trading becomes second nature and you consistantly make 500 pips or so a week, then go find others. The other pairs behave slightly differently and will need some adjusting.
  • #243,944
  • Aug 6, 2010 9:11am Aug 6, 2010 9:11am
Quoting cloggie
This week I have been really hammering on price and how to read it and the penny has dropped with some of you with some really outstanding results, when was the last time you had a 100+ pip day using some backwards looking Indy's?
Two days ago I removed all Indy's from my graphs, I found that I was changing them very regularily and if I was really honest with myself didn't really know how they work.

now I just have a couple of fibs and trend lines.
  • #243,945
  • Aug 6, 2010 9:12am Aug 6, 2010 9:12am
I am so frustrated. whenver i buy , the damn thing drops and if i sell , it shoots up. Lost £200 so far. Can someone point me to a good trading system.
  • #243,946
  • Aug 6, 2010 9:13am Aug 6, 2010 9:13am
Quoting Dayboy001
Two days ago I removed all Indy's from my graphs, I found that I was changing them very regularily and if I was really honest with myself didn't really know how they work.

now I just have a couple of fibs and trend lines.

If you ever have a chance to visit a currency trading floor and look at the setups they use you will be amazed. Indy's were invented by retail brokers to make trading appear to be easy, just follow some bells and whistles and you are on your way to riches. Indy's don't move currencies, supply and demand does and with FX not being centralised you can't see the supply and demand so the only thing that tells you at all times what is happening is price.

I use a few Indy's just to simplify some of the processes you need such as a few MA's and Pivots. Lots easier to have your computer do the work for them then try to figure them out yourselves.
  • #243,947
  • Aug 6, 2010 9:17am Aug 6, 2010 9:17am
Just don't get this box breakout lark, everyones just gone long on the last breakout, but I saw no retest etc, & I remember Cloggie saying don't enter on a first breakout "sucker bar", so is there any special reason for the long?

confused!
  • #243,948
  • Aug 6, 2010 9:17am Aug 6, 2010 9:17am
Quoting cloggie
If you ever have a chance to visit a currency trading floor and look at the setups they use you will be amazed. Indy's were invented by retail brokers to make trading appear to be easy, just follow some bells and whistles and you are on your way to riches. Indy's don't move currencies, supply and demand does and with FX not being centralised you can't see the supply and demand so the only thing that tells you at all times what is happening is price.
hey cloggie... so does that mean that all indies are worth nothing and are just meaninglesss
  • #243,949
  • Aug 6, 2010 9:18am Aug 6, 2010 9:18am
Quoting Arnold49
Just don't get this box breakout lark, everyones just gone long on the last breakout, but I saw no retest etc, & I remember Cloggie saying don't enter on a first breakout "sucker bar", so is there any special reason for the long?

confused!

The last break was at 5949 which had a perfect fake and retest.
  • #243,950
  • Aug 6, 2010 9:18am Aug 6, 2010 9:18am
Quoting cloggie
Think about it this way, if you can get over 100 pips a day out of Cable, do you really need to start thinking about other pairs right now? Stick with Cable for a few weeks or months until PA trading becomes second nature and you consistantly make 500 pips or so a week, then go find others. The other pairs behave slightly differently and will need some adjusting.
I am only going to trade cable on my standard account. I have another micro account that I trade a penny a pip on to practise. That's where I will play with gj, eu and ej when I have time.
  • #243,951
  • Aug 6, 2010 9:18am Aug 6, 2010 9:18am
All majors did well vs USD since the news announcement. How come USDCAD pair didn't go down? Guess Canada is far worse off then the US?http://cdn.forexfactory.com/images/s...m/confused.gif
  • #243,952
  • Aug 6, 2010 9:18am Aug 6, 2010 9:18am
Quoting 4xStar
Out at 75, +60
Just curious, but why did you get out? Why didn't you just move your SL up and stay in?
  • #243,953
  • Aug 6, 2010 9:19am Aug 6, 2010 9:19am
Quoting qaisf
hey cloggie... so does that mean that all indies are worth nothing and are just meaninglesss

No I am not saying that, I just say that Indy's show what has happened in the past and price shows you what is happening now. Can you make money using Indy's? Plenty of retailers do.

Learning to read price is not easy and for some the security that an Indy appears to offer is just that bit safer.
  • #243,954
  • Aug 6, 2010 9:19am Aug 6, 2010 9:19am
More thanks for Cloggie, I'm still in demo, but have made 52 pips with no 'indys' really seen the light with the box system,makes so much sense, might wait till the end of summer before going live...
I don't post often, but read & hopefully learn,
  • #243,955
  • Aug 6, 2010 9:20am Aug 6, 2010 9:20am
Quoting PipGrabber
Just curious, but why did you get out? Why didn't you just move your SL up and stay in?

Because 4X still has some fear left in her that price may not do what she thinks it will and it is hard to let a trade run once you are in profit for that amount of money. You are afraid to be greedy so it is a balance between the fear of losing the money and the fear of being too greedy.

I use the word "think" on purpose here because that is what retail traders still do.
  • #243,956
  • Aug 6, 2010 9:22am Aug 6, 2010 9:22am
Quoting cloggie
No I am not saying that, I just say that Indy's show what has happened in the past and price shows you what is happening now. Can you make money using Indy's? Plenty of retailers do.
well indis havent been of much help honestly speaking... trendlines and pivots do a lot more for me...
  • #243,957
  • Aug 6, 2010 9:25am Aug 6, 2010 9:25am
Cloggie,

Do we have another retest here? how far can she go now?
Attached Image (click to enlarge)
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  • #243,958
  • Aug 6, 2010 9:26am Aug 6, 2010 9:26am
Quoting cloggie
The last break was at 5949 which had a perfect fake and retest.

I think its terminology that's causing the problem for me, I only see a fake and then a second breakout.

you call this second breakout a re-test, for me a re-test would approach from above, and bounce off the top of the box.
I will bear this in mind, not blaming anyone by the way, as I too went long!
  • #243,959
  • Aug 6, 2010 9:28am Aug 6, 2010 9:28am
Quoting Arnold49
I think its terminology that's causing the problem for me, I only see a fake and then a second breakout.

you call this second breakout a re-test, for me a re-test would approach from above, and bounce off the top of the box.
I will bear this in mind, not blaming anyone by the way, as I too went long!

The momentum bar kept it from retesting.
  • #243,960
  • Aug 6, 2010 9:29am Aug 6, 2010 9:29am
Quoting PipGrabber
Just curious, but why did you get out? Why didn't you just move your SL up and stay in?
Because of the river .. current was slowing down & I had reached my pip goal for today. Learning not to try to grab the first & last pip
******************* I'd rather make money than be right.
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