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Cable Update (GBPUSD)

  • #246,681
  • Aug 18, 2010 8:59am Aug 18, 2010 8:59am
Quoting OldReigatian
Out 1.5635

Why so soon? You should try to let the profits run.
  • #246,682
  • Aug 18, 2010 9:01am Aug 18, 2010 9:01am
Quoting cloggie
The topbox is pretty easy look at the 1005 and 1010 (GMT) candle and the 1025 1030 GMT candles, double touches on both always a great pattern to set the box

Yes you do need to keep them relatively small to spot the fakes. If it breaks and returns, don't adjust your range. Unless you get a momentum bar or a long wicked bar, 90% of the breaks are fakes first.
I've been doing it differently .. and in fact, I don't really get how you trade the larger box you draw. Below is what I did & caught one b/o to the upside, the other to the downside. Not sure if what I am doing is 'wrong' but it seems to be working for scalps....
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 30 KB
******************* I'd rather make money than be right.
  • #246,683
  • Aug 18, 2010 9:02am Aug 18, 2010 9:02am
Quoting OldReigatian
I look to make a certain amount per day and when it's filled it's filled. I work on averaging once predefined daily ranges are filled and then when I get my allocation of pips i'm out.

I stated in an earlier post that I thought it would go from 5640 up to what was 5671 at the time and then thought it would retrace to 1.56. I am happy with what I got although I must admit I wish I had held out for the additional. But I am working to a plan and the plan said opt out with a bird in the hand rather than seeking out the two in the bush.
Thanks for rpl, i just wanted to check tht i am not missing some kind of mirical support level lol, well it seems like i am having thighs and drumbsticks tonight
  • #246,684
  • Aug 18, 2010 9:03am Aug 18, 2010 9:03am
Quoting 4xStar
I've been doing it differently .. and in fact, I don't really get how you trade the larger box you draw. Below is what I did & caught one b/o to the upside, the other to the downside. Not sure if what I am doing is 'wrong' but it seems to be working for scalps....

100's of different ways to trade this, like you said it is just a visual aid, but I always look for ranges that are formed by double touches, those are great, trading fakes on patterns and keeping trades on momentum bars or long wick bars indicating no supply/demand are also great as confirmations.

The large box was not mine, the smaller black one is mine. I split up Anonymous's large green box into 2 smaller black ones. The long top box is slightly out, I used Aon's Jpeg instead of generating a chart myself, it should be a few pips lower to the double touch of the 1025 GMT bar.
Attached Image (click to enlarge)
Click to Enlarge Name: Anonymous 1808.gif Size: 63 KB
  • #246,685
  • Aug 18, 2010 9:04am Aug 18, 2010 9:04am
Quoting fxoxford
hi, vilas how you been?
Hi, Oxford, Down with Flu - can't concentrate - so out of mkt.

Funny mkt no ? Not Up - not down.

You will get your Pips on short but be careful - she could turn up - very uncertain steps for a Belly-Dancer !
  • #246,686
  • Aug 18, 2010 9:05am Aug 18, 2010 9:05am
Quoting forexlion
i don't buy it

for me its a ping pong game between H1 & H4 200 EMA
ping pong bell

the magic of 200 EMA

Magix ........ u r a gem

  • #246,687
  • Aug 18, 2010 9:06am Aug 18, 2010 9:06am
Quoting cloggie
And know your patterns so you can trade the fakes, that last one on M15 was a 3 inside down so short on the fake to the top ....
I don't see 3 inside down...
******************* I'd rather make money than be right.
  • #246,688
  • Aug 18, 2010 9:08am Aug 18, 2010 9:08am
done for the day with 75 pips in the last hour. Time for real work for 9 hours. Good luck all.
  • #246,689
  • Aug 18, 2010 9:08am Aug 18, 2010 9:08am
Quoting cloggie
The large box was not mine, the smaller black one is mine. I split up Anonymous's large green box into 2 smaller black ones.
Ah .. ok, I will study that chart since your boxes are still different than mine. And you are catching more pips
******************* I'd rather make money than be right.
  • #246,690
  • Aug 18, 2010 9:08am Aug 18, 2010 9:08am
  • #246,691
  • Aug 18, 2010 9:10am Aug 18, 2010 9:10am
Quoting cloggie
And know your patterns so you can trade the fakes, that last one on M15 was a 3 inside down so short on the fake to the top and out about here would have given you another 60 pips without even waiting for a break, the momentum bar on the break out of the bottom would have been the confirmation to hold onto the trade. Right now we are back at the earlier range of the move up so watch your range or get out and bank your 60, which is what I did. Rinse and repeat, patiently trading your ranges should give you loads of pips a week, 4X had over 400 in...
So you're kind of using higher tf's to cross-check what is happening on the 5m?
  • #246,692
  • Aug 18, 2010 9:11am Aug 18, 2010 9:11am
Bounced off DP after a large upmove, however the close was bearish engulfing. I would prefer to see the reaction to a test of the breakout down towards 1.5560-65 before shorting. I had a small long just above DP but closed it, action looks iffy..

Same picture on EU, touched DP but did not close as bearish engulfing. Could be forming a megaphone pattern on 30/60m.

Cloggie - Can you post an example of trading off double touches? I think I know what you mean but would like to be on the same page.
  • #246,693
  • Aug 18, 2010 9:11am Aug 18, 2010 9:11am
Quoting AnonYmos
So you're kind of using higher tf's to cross-check what is happening on the 5m?

Always, patterns within patterns, ranges within ranges, trends within trends. Bit easier when you have multiple screens (I use 6)
  • #246,694
  • Aug 18, 2010 9:13am Aug 18, 2010 9:13am
Quoting cloggie
Always, patterns within patterns, ranges within ranges, trends within trends. Bit easier when you have multiple screens (I use 6)
Gotta go, bro. Got a girl waiting. Thanks for the lesson. Looking forward to more tmw. Take care!
  • #246,695
  • Aug 18, 2010 9:15am Aug 18, 2010 9:15am
Quoting cloggie
Always, patterns within patterns, ranges within ranges, trends within trends. Bit easier when you have multiple screens (I use 6)
Lucky devil.

I use Metatrader and tile GU and EU so I can see different tf's squeezed on to the same screen.
  • #246,696
  • Aug 18, 2010 9:15am Aug 18, 2010 9:15am
what is the long term trend here? which is worse, US or UK economy?
  • #246,697
  • Aug 18, 2010 9:16am Aug 18, 2010 9:16am
Quoting Geelong_Cats
what is the long term trend here? which is worse, US or UK economy?
US, but you can't use that as a guide for a trend.
  • #246,698
  • Aug 18, 2010 9:18am Aug 18, 2010 9:18am
Quoting 4xStar
I don't see 3 inside down...

Me either.
  • #246,699
  • Aug 18, 2010 9:26am Aug 18, 2010 9:26am
Quoting GlobalMacro
Huge short squeeze...

Price re-entering congestion zone...

Taking long at 1.5563 !
Exiting longs here @ 1.5610

and taking profit of +ve 47 pips

My Position Is Now FLAT.
Hear the music before the song is over ...
  • #246,700
  • Aug 18, 2010 9:32am Aug 18, 2010 9:32am
Quoting 4xStar
I don't see 3 inside down...

Doji/ inverted hammer followed by 3 inside down. The momentum bar confirmed the clean break, of you go.
Attached Image (click to enlarge)
Click to Enlarge Name: doji 3 inside down.gif Size: 21 KB
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