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Cable Update (GBPUSD)

  • #252,101
  • Sep 10, 2010 3:20am Sep 10, 2010 3:20am
Quoting Sutts
Nice analysis Java, thanks. Was it the potential demand zone to the left, the S1 pivot or that M30 TL that made you take profit and expect and move back up to the upper channel line? This is occuring mid-channel so I'm trying to understand the rules. Thanks.
Not sure to understand your question....
I don't use pivot, S1, R1.......just fibs
To draw my channels I use SHI.....and my trading is very simple.....I wait for PA to bounce up and down to each side of my channel and add to my positions according to the fibs...and exit on other side.....
Of course I trade this way only if I understand clearly PA on H4 and daily....
Hope it helps
Non licet omnibus adire Corinthum
  • #252,102
  • Sep 10, 2010 3:20am Sep 10, 2010 3:20am
Quoting cloggie
Am not a big fan of harmonics on London Breaks, the open volume tends to have a mind of its own. I tend to use pure price patterns, backed up with SR/TL/MA's for a London break setup. Today was the concealing baby on the 5 with a confirmation of MA, cam and a quick glance at MM that showed us the way.

I generally use harmonics for my position trades on the higher TF's, have not taken any positions yet as we have only just started normal trading season. Am keeping an eye on the pattern on H4 though to see if I may join nAvin on the ride back up....

Edit:...

Thanks, I'll keep that in mind in future. Would you mind telling me which MA you used to confirm the move please?

I was watching oil put in a solid bullish bar between 7-8 GMT which I thought might lead stocks as you've mentioned before. Didn't have the experience to go long like you did though. Do you mind me asking if you used this correlation or something else to confirm?

Thanks
  • #252,103
  • Sep 10, 2010 3:22am Sep 10, 2010 3:22am
Quoting cloggie
76 is still the key for a further rally, been mentioning it for days now and most equity boys are keeping an eye on that one.
OK thanks, I'll keep an eye on that.
  • #252,104
  • Sep 10, 2010 3:22am Sep 10, 2010 3:22am
Quoting Sutts
Thanks, I'll keep that in mind in future. Would you mind telling me which MA you used to confirm the move please?

I was watching oil put in a solid bullish bar between 7-8 GMT which I thought might lead stocks as you've mentioned before. Didn't have the experience to go long like you did though. Do you mind me asking if you used this correlation or something else to confirm?

Thanks

The concealing baby right before the open on the Franky fake was the key, the 25ema on the M1 is a good guidance on London breaks, just be careful not to trade of the MA, to me they are purely secondary tools.

Oil had a bit of a fundamental boost today with inventories unexpectedly dropping last night. So careful seeing every bull move as a leader of stocks, ask yourself first what else could be the cause of it.
  • #252,105
  • Sep 10, 2010 3:23am Sep 10, 2010 3:23am
Quoting tetis
pending order sell 1.54350
your pending hit ?
not euphoria follower
  • #252,106
  • Sep 10, 2010 3:25am Sep 10, 2010 3:25am
Quoting javajames
Not sure to understand your question....
I don't use pivot, S1, R1.......just fibs
To draw my channels I use SHI.....and my trading is very simple.....I wait for PA to bounce up and down to each side of my channel and add to my positions according to the fibs...and exit on other side.....
Of course I trade this way only if I understand clearly PA on H4 and daily....
Hope it helps
Thanks for that. I'll check out SHI - never tried it before.
  • #252,107
  • Sep 10, 2010 3:26am Sep 10, 2010 3:26am
Quoting cloggie
The concealing baby right before the open on the Franky fake was the key, the 25ema on the M1 is a good guidance on London breaks, just be careful not to trade of the MA, to me they are purely secondary tools.

Oil had a bit of a fundamental boost today with inventories unexpectedly dropping last night. So careful seeing every bull move as a leader of stocks, ask yourself first what else could be the cause of it.
Great stuff, thanks.
  • #252,108
  • Sep 10, 2010 3:27am Sep 10, 2010 3:27am
  •  zigizum
  • | Joined Aug 2010 | Status: Not in a hurry too blow my account | 52 Posts
Quoting javajames
Not sure to understand your question....
I don't use pivot, S1, R1.......just fibs
To draw my channels I use SHI.....and my trading is very simple.....I wait for PA to bounce up and down to each side of my channel and add to my positions according to the fibs...and exit on other side.....
Of course I trade this way only if I understand clearly PA on H4 and daily....
Hope it helps

SHI?
  • #252,109
  • Sep 10, 2010 3:27am Sep 10, 2010 3:27am
Quoting Sutts
Great stuff, thanks.

I covered my trades earlier, as I posted, and am expecting a range to form now from 5457-DP, either break will set up a further trade.

Today may well be the first day that Cable acts pretty normal again after the summer, volumes are still thin on the equity side though this week and may pick up again next week. I expect a "normal" cable day to have a break on the open for about 80-120 pips, consolidate and then give us the second move.
  • #252,110
  • Sep 10, 2010 3:28am Sep 10, 2010 3:28am
Still trading outside downtrend channel in 4H TF... Still trading above 200EMA daily, suggesting probable bull strength...

Long @ 1.54462
TP @ 1.55070
SL @ around 1.54 levels

Suggestion/comments guys?
  • #252,111
  • Sep 10, 2010 3:30am Sep 10, 2010 3:30am
Quoting HowieTrader
Still trading outside downtrend channel in 4H TF... Still trading above 200EMA daily, suggesting probable bull strength...

Long @ 1.54462
TP @ 1.55070
SL @ around 1.54 levels

Suggestion/comments guys?

Why don't you wait and see to make sure the DP holds first? Am expecting at least a test of it here.
  • #252,112
  • Sep 10, 2010 3:31am Sep 10, 2010 3:31am
Quoting zigizum
SHI?
is this ?
Attached File(s)
File Type: ex4 SHI_Channel_true.ex4   6 KB | 359 downloads
File Type: mq4 SHI_Channel_true.mq4   8 KB | 402 downloads
not euphoria follower
  • #252,113
  • Sep 10, 2010 3:31am Sep 10, 2010 3:31am
Quoting cloggie
am expecting a range to form now from 5457-DP, either break will set up a further trade.

Nicely forming.
  • #252,114
  • Sep 10, 2010 3:33am Sep 10, 2010 3:33am
Hi cloggie, greetings... What test exactly should I expect here? I'm a little bit confused, but the engulfing body is a good signal correct?


Quoting cloggie
Why don't you wait and see to make sure the DP holds first? Am expecting at least a test of it here.
  • #252,115
  • Sep 10, 2010 3:34am Sep 10, 2010 3:34am
Quoting HowieTrader
but the engulfing body is a good signal correct?

On what TF?
  • #252,116
  • Sep 10, 2010 3:36am Sep 10, 2010 3:36am
I'm looking at 1H for entry signal, you know, too many noises in 15m... Overall trend is 4H - 1D
The pair also pierced through the 200EMA in this 1H chart, after a little retreat, I decided to jump longs and move on...


Quoting cloggie
On what TF?
  • #252,117
  • Sep 10, 2010 3:37am Sep 10, 2010 3:37am
Biggish demand area approaching on the dollar index and we've had a hell of a drop already. Could this be the trigger for renewed dollar strength to take us through the DP?
  • #252,118
  • Sep 10, 2010 3:38am Sep 10, 2010 3:38am
Quoting cloggie

I expect a "normal" cable day to have a break on the open for about 80-120 pips, consolidate and then give us the second move.

On a 'normal' day does the London break tend to be the real deal?
  • #252,119
  • Sep 10, 2010 3:41am Sep 10, 2010 3:41am
Quoting Delite
On a 'normal' day does the London break tend to be the real deal?

Not always, but roughly 80% of the time or so, you need to look for a good pattern break and then the success rate goes up tremendously. London has to go somewhere, they collect orders all night long and the majority of the world's business starts at London Open, so yes there are always good breaks to be found, I tend to make my biggest trades of the day on the LO, the rest is just gravy.
  • #252,120
  • Sep 10, 2010 3:42am Sep 10, 2010 3:42am
Quoting HowieTrader
I'm looking at 1H for entry signal, you know, too many noises in 15m... Overall trend is 4H - 1D
The pair also pierced through the 200EMA in this 1H chart, after a little retreat, I decided to jump longs and move on...

But if you use the 1HR as your signal, don't you scale down to finetune your entry? I do, a signal on the H1, needs an entry on the M5/15 for me.
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