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Cable Update (GBPUSD)

  • #247,161
  • Aug 19, 2010 9:34am Aug 19, 2010 9:34am
Quoting cloggie
Nothing special really, just identify a range on the lower TF and trade the breakout in the direction of the higher one. That's pretty much it.
Is tht almost like looking for 123 on lower timeframes in direction of the higher timeframe???
  • #247,162
  • Aug 19, 2010 9:36am Aug 19, 2010 9:36am
trapped in last box
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  • #247,163
  • Aug 19, 2010 9:42am Aug 19, 2010 9:42am
Quoting pawpaw1000
nah, reckon we still going down, seemed very kneejerk! there was ALOT of power behind the last down move and then it seems like someone or something pushed us back up...

Got stopped on 20% of my position, still holding the rest down 8 pips...

http://www.youtube.com/watch?v=bsOVRYjI9fk
Took the 10 pips. Price just entering next box down so might go short here. 5642 to 5620 kind of area.

I'm only in it for a quick scalp as could go wrong quite easily. Bit too sticky for my liking.
  • #247,164
  • Aug 19, 2010 9:42am Aug 19, 2010 9:42am
Quoting pawpaw1000
Cloggs, Mind posting one of your mind boggling boxes?

or someone else, dont have my other platform now...

Here's what I have
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  • #247,165
  • Aug 19, 2010 9:43am Aug 19, 2010 9:43am
camon...
no more play-play..
let go home GU..
go down for sure...
Revesal Trader
  • #247,166
  • Aug 19, 2010 9:43am Aug 19, 2010 9:43am
Quoting AllyB
Here is what 4xStar wrote up on using boxes ...
Thanks Ally, I think I've seen that one before. My problem is knowing how to draw the range boundaries correctly. In the past I've tended to draw S/R lines through the open/closing prices but perhaps the highs/lows (wicks) are more significant for the box method. Just looking for some pointers.

Thanks
  • #247,167
  • Aug 19, 2010 9:44am Aug 19, 2010 9:44am
Quoting alex1976
Bits, a break below 5625, does'nt mean anything. price has been range bound for over a week.

Only significant points to look at right now are 496, and 710.
Looks like a flag to me. I took a short near the top of the rage at 5655. It just tested the bottom, if it breaks then its all good, if it starts to rise away from the bottom TL, I'll just take what pips I have on the table.
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  • #247,168
  • Aug 19, 2010 9:46am Aug 19, 2010 9:46am
Quoting mygoldenpips
camon...
no more play-play..
let go home GU..
go down for sure...
too big lot?
  • #247,169
  • Aug 19, 2010 9:48am Aug 19, 2010 9:48am
Quoting Bitstream
Looks like a flag to me. I took a short near the top of the rage at 5655. It just tested the bottom, if it breaks then its all good, if it starts to rise away from the bottom TL, I'll just take what pips I have on the table.
just closed mine for +7... guess it gets me to BE seeing as i was stopped with the other 20%...

Will watch PA for confirmation and then get in!
@pawpaw1000 on Twitter
  • #247,170
  • Aug 19, 2010 9:49am Aug 19, 2010 9:49am
Quoting mouse09
too big lot?
yup..
kamikaze trade..
capital 100usd turn 1000usd in couple of hours.
that my style..
and please to try this at home..
but my SL move to BE +1pips
Revesal Trader
  • #247,171
  • Aug 19, 2010 9:49am Aug 19, 2010 9:49am
Quoting Sutts
Thanks Ally, I think I've seen that one before. My problem is knowing how to draw the range boundaries correctly. In the past I've tended to draw S/R lines through the open/closing prices but perhaps the highs/lows (wicks) are more significant for the box method. Just looking for some pointers.

Thanks

And that is the biggest problem with PA trading, there is no simple rule to setting a range to trade and to its behaviour once in the trade. That's why most retail traders like to use Indy's, it gives a modulated backwards view of price.

It is not just a matter of drawing a box and trading its break, you need to take care of how to place the range based on candle patterns, price patterns, TL's, channels, fib's etc.

We had a long discussion here (for about a week in beginning of this month) about PA trading and to facilitate the visualisation of price moves I kind of came up with drawing boxes, that has since progressed to a system that 4X kindly called the river box method.

PA trading is the old style of tapereading, trying to find repetitive patterns within the price and its behaviour.

To get any good at it you need to spend some serious time chart gazing and a few boxes here and there are not the end-all to PA trading, it is just another tool in the toolbox trying to wean you of your dependance of Indy's.

You really need to know your Harami's from your 3 crows and your abandoned baby, coupled with pattern formations, TL's, channels, pivots and fib retraces.
  • #247,172
  • Aug 19, 2010 9:50am Aug 19, 2010 9:50am
Quoting Sutts
Thanks Ally, I think I've seen that one before. My problem is knowing how to draw the range boundaries correctly. In the past I've tended to draw S/R lines through the open/closing prices but perhaps the highs/lows (wicks) are more significant for the box method. Just looking for some pointers.

Thanks
Start drawing them when price start to consolidate. If it's just one candle that changes color, I tend to ignore. If two or more, then draw a box that includes them until the color changes again. Try that.
  • #247,173
  • Aug 19, 2010 9:50am Aug 19, 2010 9:50am
Quoting pawpaw1000
just closed mine for +7... guess it gets me to BE seeing as i was stopped with the other 20%...

Will watch PA for confirmation and then get in!
That broadening top on the 15 is the key here.
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  • #247,174
  • Aug 19, 2010 9:51am Aug 19, 2010 9:51am
Quoting pawpaw1000
just closed mine for +7... guess it gets me to BE seeing as i was stopped with the other 20%...

Will watch PA for confirmation and then get in!
Yeah same, took 10ish pips off the table, it tested the lower TL started to rise so just closed out the position for some small pips. If it rises to the top of the range, will short it again. Keep rinsing and repeating till one of the TL's give way.
  • #247,175
  • Aug 19, 2010 9:51am Aug 19, 2010 9:51am
Quoting cloggie
That broadening top on the 15 is the key here.

Which would indicate a pretty sharp drop if it plays out?
  • #247,176
  • Aug 19, 2010 9:52am Aug 19, 2010 9:52am
Quoting Sutts
Thanks Ally, I think I've seen that one before. My problem is knowing how to draw the range boundaries correctly. In the past I've tended to draw S/R lines through the open/closing prices but perhaps the highs/lows (wicks) are more significant for the box method. Just looking for some pointers.

Thanks
Draw the boxes where price seems to gather...no set rules, although Cloggie does say he likes it to touch a top and bottom a couple of times to set the range. As mentioned, it is purely a visual thing to help you see things, it isn't a method per se.

But keep on drawing your S/R lines. Last Wednesday's close 56277 is providing all this support at the moment...I wouldn't have seen this otherwise.
  • #247,177
  • Aug 19, 2010 9:53am Aug 19, 2010 9:53am
Quoting cloggie
That broadening top on the 15 is the key here.
how bout the 25 on m15, holding us down nicely and turning...

The trade is actually starting to look good

will wait for break...

Reckon if we break we could be going further than Pivot, if we go down!

it's pretty close now
@pawpaw1000 on Twitter
  • #247,178
  • Aug 19, 2010 9:54am Aug 19, 2010 9:54am
Quoting Delite
Which would indicate a pretty sharp drop if it plays out?
Yup, key is 560-ish and any break is only valid if any retrace stays below the 50% mark of the broad side.

It is called a right angled broadening top as the bottom is flat.

For the drop not to be considered a partial, it will need to move down at least 50% of the broad side, so right now we need any move down to exceed 5590 and any retrace to stop at 5645.

Unlike pawpaw, don't trade this in anticipation as any trade without it breaking will just stay inside the top. It has now formed perfectly with 2 touches on each end, so just sit back and wait for a break in either direction keeping an eye on the 50 extension.

Of course while it sits here there is nothing wrong with scalping the inside of it. If you do your key will be the 50 retrace within the top of 5645, any rejection on that indicates a reversal to the opposite side of the top.
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  • #247,179
  • Aug 19, 2010 9:56am Aug 19, 2010 9:56am
I was trying to make enough dough so I can get a new Ferari I saw at a garage, then I started entering the market too early. See where I land myself with two sell orders both under an important box. But price is below my Major TL (blue) so I hope I recover from this lil mess. But still waiting to trade the box breakdown. . . I hope it's down though
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #247,180
  • Aug 19, 2010 10:00am Aug 19, 2010 10:00am
Quoting Precap2
I was trying to make enough dough so I can get a new Ferari I saw at a garage, then I started entering the market too early. See where I land myself with two sell orders both under an important box. But price is below my Major TL (blue) so I hope I recover from this lil mess. But still waiting to trade the box breakdown. . . I hope it's down though
ooooh... I'm hoping for your part mate! Why the sells there?
@pawpaw1000 on Twitter
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