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Cable Update (GBPUSD)

  • #245,261
  • Aug 12, 2010 5:35am Aug 12, 2010 5:35am
Quoting vosterfxandy
sorry, could you expand?
I had a long but cut it when a buddy of mine IM'd me and told me the unemployment number was high.

The dollar is taking this much harder than I thought it would..
  • #245,262
  • Aug 12, 2010 5:36am Aug 12, 2010 5:36am
clearly some demand at that 50% 5117-5997 referred to earlier... 5min led the way...but how short lived is it ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1303 5min supporting Rev C (imp).gif Size: 23 KB
Click to Enlarge Name: z.gif Size: 9 KB
ex member
  • #245,263
  • Aug 12, 2010 5:37am Aug 12, 2010 5:37am
Quoting bbakker
How have you been? Trading well? Following Cloggie's advice? Cloggie is a fountain of knowledge and I have much respect for the man.

Trade well and be good!
Cloggie outdid himself a couple of weeks ago .. Friday July 30 he gave us a terrific lesson in 'box trading' which I re-dubbed River Box trading to remind me also of his strategy of 'riding the river current', don't get in until the flow has started, get out at first sign of slowing...

If you click on paperclip upper right and then Hide Images, you should see the doc I uploaded "Conversation with Cloggie" which is my copy/paste of all the Friday posts plus my commentary.
Good stuff ... but I guess not for you until the Evil Employers allow you to daytrade again....
******************* I'd rather make money than be right.
  • #245,264
  • Aug 12, 2010 5:44am Aug 12, 2010 5:44am
Quoting bbakker
I don't use candlestick patterns

Only joking my friend. Candlesticks are a very useful part of the trading arsenal and I am using them as part of my confluence and factors to support the argument of my direction.

The bears are definitely back at the party which is why I am waiting to see how it reacts to my level between 5542 and 5568. If it breaks through 5542, I will be trying to join the bears on any pull backs! No point in going short right this minute when looking at the h4!

Keep up the great work buddy and keep them green...
hehe

Candles are the most useful actually. They lead, mas lag. You might want to put it the other way round where you use mas to support the path already set by the candles. Put candles behind everything else and you will always be slower getting in & out of moves. Just a thought

What's wrong with taking a short based on the H4? Mine closed a bearish thrust, almost like a marubozu. That indicates seller strength.

Have a good one brother
Attached Image (click to enlarge)
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Thank You
  • #245,265
  • Aug 12, 2010 5:44am Aug 12, 2010 5:44am
Quoting AdrianHNV
Switched over to 1 minute and 5 minute charts........ easier too follow direction for small pip profits.....
Scalping on the m15 just doesn't cut the mustard hey! You are better off scalping the Futures market where the cost of doing business is about 1 pip and you wouldn't want a SL bigger than 10 pips with a target of 2:1, but that IMHO. You can also see the orders and volumes on Futures.
  • #245,266
  • Aug 12, 2010 5:46am Aug 12, 2010 5:46am
Quoting bbakker
I don't use candlestick patterns
I don't use candlesticks either but MAs.
Attached Image (click to enlarge)
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  • #245,267
  • Aug 12, 2010 5:55am Aug 12, 2010 5:55am
Quoting wormboy
hehe

Candles are the most useful actually. They lead, mas lag. You might want to put it the other way round where you use mas to support the path already set by the candles. Put candles behind everything else and you will always be slower getting in & out of moves. Just a thought

What's wrong with taking a short based on the H4? Mine closed a bearish thrust, almost like a marubozu. That indicates seller strength.

Have a good one brother
Not only is this a bearish 'thrust' candle ie a candle whose body is at least 85% of it's total size including wicks implies momentum) ...it is also a bearish engulfing and more than this a 'master' bearish engulfing' in that it engulfs the bodies of more than 1 previous candle...so all in all it is a master bearsh engulfing thrust candle on 4hr...Lol !!

Anyways not to be too anal, Lol
ex member
  • #245,268
  • Aug 12, 2010 5:56am Aug 12, 2010 5:56am
Quoting bbakker
Scalping on the m15 just doesn't cut the mustard hey! You are better off scalping the Futures market where the cost of doing business is about 1 pip and you wouldn't want a SL bigger than 10 pips with a target of 2:1, but that IMHO. You can also see the orders and volumes on Futures.
Many thanks always respect those who know better than me here, which is probably just about everyone who trades.

I have a system which works well on the m15 m5 and m1 for me, gives me something too do whilst the market sorts itself out. Only use a micro account which profit is used for our 'local wild bird association' when its profitable
  • #245,269
  • Aug 12, 2010 5:59am Aug 12, 2010 5:59am
Looking for a good entry for Long now.. So many pressure to the downside, yet no new low as of writing...
  • #245,270
  • Aug 12, 2010 6:00am Aug 12, 2010 6:00am
Quoting bbmac
so all in all it is a master bearsh engulfing thrust candle on 4hr...Lol !!
any room to fit the "almost like a marubozu" in between?
now you done it mac, you just gave it a big name it has to perform lol
Thank You
  • #245,271
  • Aug 12, 2010 6:00am Aug 12, 2010 6:00am
Quoting wormboy
hehe

Candles are the most useful actually. They lead, mas lag. You might want to put it the other way round where you use mas to support the path already set by the candles. Put candles behind everything else and you will always be slower getting in & out of moves. Just a thought

What's wrong with taking a short based on the H4? Mine closed a bearish thrust, almost like a marubozu. That indicates seller strength.

Have a good one brother
I use previous demand and support price levels for my long-term trading, which I have marked off on my earlier chart. Anything below price is demand and everything above price is supply. So I am soley working off price action and everything else MAs, TLs, Candlestick patterns, Indicators etc. are confluences for me.

There is a knack to marking them off, but I think I am getting the hang of it. I am going back to basics and that is price and price alone!

Now your 3 black crows are a confluence against the argument of going long here and hence I am sitting on my hands at the moment! Price briefly penetrated the 5568 area and I think it will base around this level first before we start moving again. North or South, I do not know, but the arguments for South are about the same as the arguments for North on my worksheet, maybe favouring South. So I will see what it does at this price level, wait for it to show its hand and then jump in on any pullbacks.

Alternatively I can look for other opportunities on the other 20 pairs I look at and analyse now. I am in USDCAD right now. Got in long at 1.031 and I have already scaled out with one runner left. Combined R/R of 10:1 without taking into account the last runner (1 lot at 3:1 and 1 lot at 7:1). My first TP is an auto 3:1... it is in my plan and yes 4xStar, my plan does contain 3 little runners! My last runner will always have a trailing stop rather than a target!
  • #245,272
  • Aug 12, 2010 6:03am Aug 12, 2010 6:03am
Quoting AdrianHNV
Many thanks always respect those who know better than me here, which is probably just about everyone who trades.

I have a system which works well on the m15 m5 and m1 for me, gives me something too do whilst the market sorts itself out. Only use a micro account which profit is used for our 'local wild bird association' when its profitable
Good on you! If your system works, stick to it like glue and don't deviate from it! Why fix something that isn't broke! Enjoy the trading and banter on here. As Kill would say 'We are family".
  • #245,273
  • Aug 12, 2010 6:06am Aug 12, 2010 6:06am
Quoting bbakker
I am in USDCAD right now. Got in long at 1.031 ...
Beat ya to it

Ucad
1. http://www.forexfactory.com/showpost...postcount=8062

Reason
1. http://cdn.forexfactory.com/attachme...7&d=1281341377

Candles rule!

Just kidding, seems like you already have things plan out & working. Whatever works stay with it. Good luck
Thank You
  • #245,274
  • Aug 12, 2010 6:07am Aug 12, 2010 6:07am
Quoting bbakker
Good on you! If your system works, stick to it like glue and don't deviate from it! Why fix something that isn't broke! Enjoy the trading and banter on here. As Kill would say 'We are family".
Thanks I will.

Our Kentish-birds did so well last month they donated some too those Surrey-birds..... Who I have been told twittered it daily
  • #245,275
  • Aug 12, 2010 6:07am Aug 12, 2010 6:07am
Quoting bbakker
As Kill would say 'We are family".
...and sometimes 'we are dysfunctional family'
******************* I'd rather make money than be right.
  • #245,276
  • Aug 12, 2010 6:10am Aug 12, 2010 6:10am
Quoting HowieTrader
Looking for a good entry for Long now.. So many pressure to the downside, yet no new low as of writing...
Hey, that's what I was just thinking.
  • #245,277
  • Aug 12, 2010 6:13am Aug 12, 2010 6:13am
hi USD Bear are u already going long or still in waiting mode?
Verily, in every difficulties there is relief
  • #245,278
  • Aug 12, 2010 6:19am Aug 12, 2010 6:19am
Quoting 4xStar
Cloggie outdid himself a couple of weeks ago .. Friday July 30 he gave us a terrific lesson in 'box trading' which I re-dubbed River Box trading to remind me also of his strategy of 'riding the river current', don't get in until the flow has started, get out at first sign of slowing...

If you click on paperclip upper right and then Hide Images, you should see the doc I uploaded "Conversation with Cloggie" which is my copy/paste of all the Friday posts plus my commentary.
Good stuff ... but I guess not for you until the Evil Employers allow you...
Hi 4xstar, i followed also this conversation (nice information from Cloggie and you, thanks it was useful) also you can find some information about trading boxes in "trading for a living" (Dr Alexander Elder) and more...Green pips to you.
Trade with the momentum
  • #245,279
  • Aug 12, 2010 6:22am Aug 12, 2010 6:22am
Quoting wormboy
Beat ya to it

Ucad
1. http://www.forexfactory.com/showpost...postcount=8062

Reason
1. http://cdn.forexfactory.com/attachme...7&d=1281341377

Candles rule!

Just kidding, seems like you already have things plan out & working. Whatever works stay with it. Good luck
Love it!

I'm getting there Azim! It is taking time, but I have time on my hands as I have a full-time job. I am still not trading fully yet as I am still tweaking that Trading Plan of mine. I want to have all bases covered before I go in like a bull in a china shop or a bear with a honeypot!

But it has been enlightening taking time away from the charts and working out a plan and all the other associated tools required for successful trading such as the Journal and Analysis Worksheet, but I know that this invested time will pay off. I don't want to think during trading... I want to be a robot and go through the same thinking process and analysis for each trade. The Journal will allow me to analyse my trades, which ones were good and why, which ones were crap and why... See if I need to tweak things, such as increasing or decreasing the size of the demand/supply areas, was it true bigger picture analysis, did the confluences not add up, blah, blah, blah.

I also have a golden rule whereby I have a maximum of 3 open trades. If one of those trades hits my 3:1 TP, I will have made a small profit and the other 2 runners are there for pure profit. Once one of those 3 open trades is safe, I can start looking for another trade.... it is all in the plan!

Anyway, the way I am typing I will be writing the whole of my trade plan in this post. It runs into 35 pages and counting.

For anyone else interested in what I used to guide me for what needed to be in the trading plan, please see this post and download the PDF/Word document which is a template of what should be contained in your plan!

http://www.forexfactory.com/showthre...?t=4073&page=3

Believe me people, it is not easy to sit down and do this, but the reward is second to none as you will have a documented what is swirling around that brain of yours. Get it down on paper, you won't regret it!
  • #245,280
  • Aug 12, 2010 6:22am Aug 12, 2010 6:22am
Quoting wormboy
hehe

Candles are the most useful actually. They lead, mas lag. You might want to put it the other way round where you use mas to support the path already set by the candles. Put candles behind everything else and you will always be slower getting in & out of moves. Just a thought

What's wrong with taking a short based on the H4? Mine closed a bearish thrust, almost like a marubozu. That indicates seller strength.

Have a good one brother
Trade with the momentum
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