Cable Update (GBPUSD) | Page 12200 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #243,981
  • Aug 6, 2010 10:04am Aug 6, 2010 10:04am
+109 this week. Have been using the boxes as a guide to price action. Thanks to all that have been sharing the ins and outs of it.
  • #243,982
  • Aug 6, 2010 10:04am Aug 6, 2010 10:04am
Quoting 4xStar
+417
Impressive!!

I did better than I have before but didn't keep a pip count.

Cloggie, do you remove the London high and London Low TLs at the end of the week, or do you keep them into the next week?
  • #243,983
  • Aug 6, 2010 10:05am Aug 6, 2010 10:05am
Quoting kaspopsicle
Fresh ..does this mean no previous TL ,SR on H4 Monday LO, just draw in previous weeks WP or perhaps completely clean chart with notes of previous action ..no worries i could leave all that stuff on my other charts.
Have a wonderful weekend.. All of you

Always keep your TL's and SR's on it for next week, until price tells you other ones have formed. What I meant was that the LO needs to coincide with a new H4 bar to trade Cable effectively, Cable volume is roughly 70% centered around London. As FX trading overall, London is responsible for 1/2 the worlds volume with NY about 1/8
  • #243,984
  • Aug 6, 2010 10:06am Aug 6, 2010 10:06am
Quoting cloggie
Looks like most of the price traders have gotten out, give us a tally for the week if you wouldn't mind please.
I'm not sure in pips but about +15% this week, fubar'd a few times so could have been better if i'd kept my head straight. Something to work on for next week. I just lurk here but want to say thanks to cloggie & 4x for helping to open my eyes to things i'd been blind to, I already feel i'm starting to understand it a bit more & turn a corner.

Have a great weekend everyone
  • #243,985
  • Aug 6, 2010 10:07am Aug 6, 2010 10:07am
I'm still holding my long until I see a lower high on the m5 at least.
  • #243,986
  • Aug 6, 2010 10:07am Aug 6, 2010 10:07am
Quoting cloggie
...
Another way of looking at it is if you had 10k in your account and only trade 1/2 lot at a time it generates an income of 100k a year.
******************* I'd rather make money than be right.
  • #243,987
  • Aug 6, 2010 10:08am Aug 6, 2010 10:08am
Quoting 4xStar

You have probably also realised that you only take between 2-4 trades a day, while previously you had days with 20-30 trades, so you pay a lot less in commissions. And your r/r ratio should be well above 1:5 and your win/loss should be over 75. Just wait till you see your 1,000 pip week, it will happen.

Trading is still the best business in the world, the last bastion of true capitalism.
  • #243,988
  • Aug 6, 2010 10:13am Aug 6, 2010 10:13am
Quoting cloggie
Always keep your TL's and SR's on it for next week, until price tells you other ones have formed. What I meant was that the LO needs to coincide with a new H4 bar to trade Cable effectively, Cable volume is roughly 70% centered around London. As FX trading overall, London is responsible for 1/2 the worlds volume with NY about 1/8
Right ..got it.. new H4 bar and LO to coincide..i'm seing in abstract at the mo. but this is obviously invaluable guidance for getting them set up properly..thanks again Cloggs... i might just get potty trained at this rate...and always thanks for the Fundy stuff.. you have an amazing ability to simplify everything into bite size chunks..now i.m going to see if i can find you an all singing and dancing impossible to read chart from that oher thread
All systems of divination, like music itself,work through patterns.
  • #243,989
  • Aug 6, 2010 10:15am Aug 6, 2010 10:15am
Quoting cloggie
No other way to trade Cable, you want a fresh H4 on the open.
can't agree more cloggie. the issue is you have different charts for 4hr candles, one is set with ESt time zones (17/21/1/5/9/13 hr) and other is set with GMT time zone (0/4/8/12/16/20 hr) I did use both for past 2 years but if you consider a trading day starts at EST 17:00, it makes more sense using EST one, I did & result is better. a personal preference & suggestion.
  • #243,990
  • Aug 6, 2010 10:16am Aug 6, 2010 10:16am
Quoting kaspopsicle
Right ..got it.. new H4 bar and LO to coincide..i'm seing in abstract at the mo. but this is obviously invaluable guidance for getting them set up properly..thanks again Cloggs... i might just get potty trained at this rate..

H4 and LO coinciding gives you also the right day's open at 0000 and the right weekly. So in effect all you charts line up to trade Cable together and in sync with where the market is: London.
  • #243,991
  • Aug 6, 2010 10:16am Aug 6, 2010 10:16am
Quoting cloggie
You have probably also realised that you only take between 2-4 trades a day, while previously you had days with 20-30 trades, so you pay a lot less in commissions. And your r/r ratio should be well above 1:5 and your win/loss should be over 75. Just wait till you see your 1,000 pip week, it will happen.

Trading is still the best business in the world, the last bastion of true capitalism.

cloggie, I totally agree on all points.
  • #243,992
  • Aug 6, 2010 10:18am Aug 6, 2010 10:18am
Quoting Elite_trader
can't agree more cloggie. the issue is you have different charts for 4hr candles, one is set with ESt time zones (17/21/1/5/9/13 hr) and other is set with GMT time zone (0/4/8/12/16/20 hr) I did use both for past 2 years but if you consider a trading day starts at EST 17:00, it makes more sense using EST one, I did & result is better. a personal preference & suggestion.

Lining up your trading with 1700 EST lines up your charts with 1/8 of the world market while lining up your charts with London lines you up with 1/2 the world market. Every US bank worth their salt uses London as a base for currency trading, ones that don't have a London base open up their trading floor to coincide with London.

It is purely personal but I want to see the same chart that a majority of the big boys use. The 1700 EST is a purely historical one as retail FX started in the US and it has no bearing on Institutional FX.

So the question is do you want your charts lined up with other retailers or do you want your charts lined up with the big boys? Entirely your choice.
  • #243,993
  • Aug 6, 2010 10:24am Aug 6, 2010 10:24am
Quoting 4xStar
I just installed this one .. time is the same as my forex.com. I think maybe it feeds different times to US customers...

So far cannot find one aligned with LO.
Are you saying that the time in market watch is not london time? I live in panama, which is CST and on my demo it shows london time with the first 4h bar opening at 8:00 GMT...
  • #243,994
  • Aug 6, 2010 10:24am Aug 6, 2010 10:24am
Quoting 4xStar
So far still can't find the right feed .. will try FXCM UK next (if they let me use their UK version). Maybe I could give my address as UK.... I still remember the one we had there
Star, you can use mine. I will PM you .
All systems of divination, like music itself,work through patterns.
  • #243,995
  • Aug 6, 2010 10:28am Aug 6, 2010 10:28am
Quoting cloggie
Lining up your trading with 1700 EST lines up your charts with 1/8 of the world market while lining up your charts with London lines you up with 1/2 the world market. Every US bank worth their salt uses London as a base for currency trading, ones that don't have a London base open up their trading floor to coincide with London.

It is purely personal but I want to see the same chart that a majority of the big boys use. The 1700 EST is a purely historical one as retail FX started in the US and it has no bearing on Institutional FX.

So the question...
as you said, it's a personal choice. at the end of the day, whichever makes money. to be honest, I did work with both for a few months each, EST works better for me. you can demo the EST & check if it helps at all. cheers
  • #243,996
  • Aug 6, 2010 10:30am Aug 6, 2010 10:30am
They will let you use their platform. I have an FXCM UK account and live in the US. I actually used their demo MT4 for about a year before I opened my live account with them.
  • #243,997
  • Aug 6, 2010 10:31am Aug 6, 2010 10:31am
Quoting Elite_trader
as you said, it's a personal choice. at the end of the day, whichever makes money. to be honest, I did work with both for a few months each, EST works better for me. you can demo the EST & check if it helps at all. cheers

I look at things differently, I want to see what the big boys see when they start and plan their day, based on the same information they have. Every floor I have ever worked or been on, on both sides of the Atlantic, uses London. The only exception is TY and SY.
  • #243,998
  • Aug 6, 2010 10:46am Aug 6, 2010 10:46am
Quoting langdonb
Are you saying that the time in market watch is not london time? I live in panama, which is CST and on my demo it shows london time with the first 4h bar opening at 8:00 GMT...
My MT4 (and all I have tried) runs on GMT .. which at the moment is 1 hour behind London time. Maybe it will be right once summer time changes.
******************* I'd rather make money than be right.
  • #243,999
  • Aug 6, 2010 10:46am Aug 6, 2010 10:46am
Quoting burn
I'm not sure in pips but about +15% this week, fubar'd a few times so could have been better if i'd kept my head straight. Something to work on for next week. I just lurk here but want to say thanks to cloggie & 4x for helping to open my eyes to things i'd been blind to, I already feel i'm starting to understand it a bit more & turn a corner.

Have a great weekend everyone

That will double your account every 6 weeks.
  • #244,000
  • Aug 6, 2010 10:47am Aug 6, 2010 10:47am
Quoting Foneman38
They will let you use their platform. I have an FXCM UK account and live in the US. I actually used their demo MT4 for about a year before I opened my live account with them.
I will try their demo, the only one I havn't tried .. but will never ever ever again open a live acct with them!!!
******************* I'd rather make money than be right.
334 traders viewing now, 4 are registered:
,
,
Januje
,
cobblecop