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Cable Update (GBPUSD)

  • #252,161
  • Sep 10, 2010 4:37am Sep 10, 2010 4:37am
Quoting Indyfx
Hi Cloggie,

I was wondering how you avoid false breaks of a range

At present the barrier is your ass level at 5456. On what basis would you enter a new long trade

Many thanks for all your help

Purely PA, right how we have loads of wicks testing 5457 with a mini double forming on the 5, coupled with 3 crows on the 15 all right at the top of my range, so longs are not looking good yet, any long from here would need a solid close on the 15, however we need to negate the possible 3 crows first. All in all we are still in the same range I alluded to earlier and nothing has really changed. The hourly is not looking so bullish now, but the H4 (as long as you use London times) has a nice doji on the last bar with another 90 mins to go on this one.

So overall, am flat as my range has not broken yet, just scalping setups out there and I hate scalping.
  • #252,162
  • Sep 10, 2010 4:40am Sep 10, 2010 4:40am
Quoting PipGrabber
Cloggie,

Forgive me! I know you've covered this several times, but... is "the open" the London open 0800GMT or is it 0700GMT (Euro open)?

The Franky open is tiny and 80% of the time a fake, 70% of cable volume and 45% of the world volume starts at the London open.

Your times are both out, Franky (europe) opens at 0600 GMT and London at 0700 GMT. I tend to start my day at around 0600 GMT just to see what Franky is up to.
  • #252,163
  • Sep 10, 2010 4:40am Sep 10, 2010 4:40am
this is what i call a good setup with an indicator one where the probability is high..bullish div at trendline support to move up...ud have caught this move up

i thought id point it out..everything u ever need to know is already in the charts..it simply amazes me to what u can forecast via technical analysis

tom ud like this one buddy
Attached Image
  • #252,164
  • Sep 10, 2010 4:41am Sep 10, 2010 4:41am
Quoting cloggie
Purely PA, right how we have loads of wicks testing 5457 with a mini double forming on the 5, coupled with 3 crows on the 15 all right at the top of my range, so longs are not looking good yet, any long from here would need a solid close on the 15, however we need to negate the possible 3 crows first. All in all we are still in the same range I alluded to earlier and nothing has really changed. The hourly is not looking so bullish now, but the H4 (as long as you use London times) has a nice doji on the las bar with another 90 mins to go on this...
Cloggie...

what TF you use ?
not euphoria follower
  • #252,165
  • Sep 10, 2010 4:41am Sep 10, 2010 4:41am
London equities have 'continuous trading times 0800am-1630pm Uk time, and as I understand it although forex does not have an official open and close, it is accepted that 0700am Uk time is when London forex oredrs begin to get processed and the accepted overnight 'asian' session is ending. Of course highest liquidity is seen when all markets are trading, ie equities etc...

G/L
ex member
  • #252,166
  • Sep 10, 2010 4:42am Sep 10, 2010 4:42am
Quoting cloggie
The Franky open is tiny and 80% of the time a fake, 70% of cable volume and 45% of the world volume starts at the London open.

Your times are both out, Franky (europe) opens at 0600 GMT and London at 0700 GMT. I tend to start my day at around 0600 GMT just to see what Franky is up to.
Cloggie, does this stay the same when clocks go back ??
  • #252,167
  • Sep 10, 2010 4:42am Sep 10, 2010 4:42am
Quoting nAVIN2007
this is what i call a good setup with an indicator one where the probability is high..bullish div at trendline support to move up...ud have caught this move up
hi bro navin,

why so many traders here .... short in the bottom ? i could not understand
not euphoria follower
  • #252,168
  • Sep 10, 2010 4:43am Sep 10, 2010 4:43am
Quoting iqyu5an
Cloggie...

what TF you use ?

I use all TF's, even starting to use the M1 now that summer trading is over. It all depends on what strategy I am using at the time, on here I mainly discuss intraday trades so M5-H1
  • #252,169
  • Sep 10, 2010 4:43am Sep 10, 2010 4:43am
Quoting Fudomyo
I saw you said you have 16 years market experience. If you don't mind me asking. Why do you depend on so many indicators? I'm not doubting what you say, I'm just curious what advantage there is to have so many things on your chart.

During my evolution as a trader, my charts have continually become much simpler, so I'm always curious to hear altering viewpoints on charting.

I know you said you do your analysis on higher TFs. imho, I think it would be more interesting if you shared those charts here versus the lower time frame indicator charts....
I don't depend on any indicator.....I just depend on MY analysis according to MY own strategy.....I just use them for confirmation......sometimes when in doubt....

You're right my decisions come ONLY from higher TF.....sometimes I even use weekly and monthly.....so it's difficult to post every TF.... .....and let me be free to choose which one I post....

Maybe one day I'll post A daily one .....but as I'll have to explain further what I'm using, why and so on.....I'm not sure to be prepared to do it......I'm in front om PC to do my business which is TRADING.....

Hope you understand
Non licet omnibus adire Corinthum
  • #252,170
  • Sep 10, 2010 4:44am Sep 10, 2010 4:44am
Quoting cloggie
I use all TF's, even starting to use the M1 now that summer trading is over. It all depends on what strategy I am using at the time, on here I mainly discuss intraday trades so M5-H1
Simple and silly question,

Sorry, u hate scalping but why u use m1 ?
not euphoria follower
  • #252,171
  • Sep 10, 2010 4:47am Sep 10, 2010 4:47am
Quoting iqyu5an
Simple and silly question,

Sorry, u hate scalping but why u use m1 ?

I hate scalping, but I also hate missing out on a few pips on entries, I just keep scaling down to finetune entries and go as far down as the M1/tick to get just the right entry. Once in a while I get it just about spot on and can use a 1 pip SL.
  • #252,172
  • Sep 10, 2010 4:48am Sep 10, 2010 4:48am
Quoting iqyu5an
hi bro navin,

why so many traders here .... short in the bottom ? i could not understand
cause trading is a complex thing..infact looking at how most trade im not surprised at all..theres no discipline, Ego issues..no ability to stick to plan..people simply chasing every pip..why would u not understand..

seem obvious to me..cloggie is saving people in here

another thing emotion impedes how people view data..this truely is like the matrix u have to learn the code
if people can be aggresive towards others..what kind of aggresion they gonna show against the market? ..nobody can foul any1..market show everything

i will stop talking like yoda now..LOL
  • #252,173
  • Sep 10, 2010 4:48am Sep 10, 2010 4:48am
Quoting javajames
I don't depend on any indicator.....I just depend on MY analysis according to MY own strategy.....I just use them for confirmation......sometimes when in doubt....

You're right my decisions come ONLY from higher TF.....sometimes I even use weekly and monthly.....so it's difficult to post every TF.... .....and let me be free to choose which one I post....

Maybe one day I'll post A daily one .....but as I'll have to explain further what I'm using, why and so on.....I'm not sure to be prepared to do it......I'm in front om PC to do my business...
Really trading ? or Scalping ? that's different what i know
not euphoria follower
  • #252,174
  • Sep 10, 2010 4:48am Sep 10, 2010 4:48am
Quoting iqyu5an
hi bro navin,

why so many traders here .... short in the bottom ? i could not understand
Why are you sure that this is the bottom? Selling too late, as it so
  • #252,175
  • Sep 10, 2010 4:50am Sep 10, 2010 4:50am
Quoting nAVIN2007
cause trading is a complex thing..infact looking at how most trade im not surprised at all..theres no discipline, ago issues..no ability to stick to plan..people simply chasing every pip..why would not understand..

seem obvious to me..cloggie is saving people in here

another thing emotion impedes how people view data..tyhis truely is like the matrix u have to learn the code
not euphoria follower
  • #252,176
  • Sep 10, 2010 4:51am Sep 10, 2010 4:51am
Quoting cloggie
The Franky open is tiny and 80% of the time a fake, 70% of cable volume and 45% of the world volume starts at the London open.

Your times are both out, Franky (europe) opens at 0600 GMT and London at 0700 GMT. I tend to start my day at around 0600 GMT just to see what Franky is up to.
Thank you. I get it now. Much appreciated.
  • #252,177
  • Sep 10, 2010 4:53am Sep 10, 2010 4:53am
Quoting nAVIN2007
i agree ..
I hope my answer to Fudomyo.......will have your agreement too.....
Non licet omnibus adire Corinthum
  • #252,178
  • Sep 10, 2010 4:54am Sep 10, 2010 4:54am
Quoting Dayboy001
I don't know but, isn't it the more it resists the more valid a resistance it becomes and the stronger it gets?

More people notice that area and add their TP's there and more people also add their shorts there ??

As I said I don't know and would welcome further comment !!
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Support or Resistance's Length
The longer the time or the number of hits it got, the stronger it is. For example, a week's support or resistance creates a minor support or resistance, a month's support or resistance provides an intermediate level support or resistance, while 1 year's range will become a major / strong support or resistance. But you should keep in your mind that there is a point, where these levels are gradually become weaker when they get older. This is caused by fading people memories along with time.
  • #252,179
  • Sep 10, 2010 4:54am Sep 10, 2010 4:54am
Quoting cloggie
Purely PA, right how we have loads of wicks testing 5457 with a mini double forming on the 5, coupled with 3 crows on the 15 all right at the top of my range, so longs are not looking good yet, any long from here would need a solid close on the 15, however we need to negate the possible 3 crows first. All in all we are still in the same range I alluded to earlier and nothing has really changed. The hourly is not looking so bullish now, but the H4 (as long as you use London times) has a nice doji on the last bar with another 90 mins to go on this...
Many thanks
  • #252,180
  • Sep 10, 2010 4:54am Sep 10, 2010 4:54am
Quoting javajames
I hope my answer to Fudomyo.......will have your agreement too.....
u are one of the few post analysis i actually take notice off..nice charting buddy
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