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Cable Update (GBPUSD)

  • #252,281
  • Sep 10, 2010 8:58am Sep 10, 2010 8:58am
Quoting cloggie
You got it, I am anticipating a range to form though from 5380-5411, which could well tighten to 5380-5400
Well as anticipated that is forming nicely and she is actually tightening up a bit more to 5380-5396
  • #252,282
  • Sep 10, 2010 8:58am Sep 10, 2010 8:58am
Quoting geeWcee
Hi Cloggie, first post here but a very long time lurker! Your times have confused me, as I'm obviously still a newb. All the time charts I have found on the net have shown London open at 0800GMT and US open at 1300GMT. I'm in the UK so currently the time is 13:30 DST, (12:30 GMT).
So are all the charts I've seen got the opening times wrong? It should be 07:00GMT/08:00DST? Head explodes!
Whilst I make my first post just want to say thanks to you and also peeps like 4xStar who keep this thread one of the best on the net.
Cheers!
We are on BST Britsh Summer Time at moment which is GMT plus 1 hour which is 0700 hrs GMT plus 1 which equals 8 am
  • #252,283
  • Sep 10, 2010 8:59am Sep 10, 2010 8:59am
shorting dow (ym) @ 10428 as well...
Hear the music before the song is over ...
  • #252,284
  • Sep 10, 2010 9:01am Sep 10, 2010 9:01am
Quoting cloggie
Well as anticipated that is forming nicely and she is actually tightening up a bit more to 5380-5396
already scalped her twice for 8 pips each (3%)

EDIT: Sorry, was actually talking bout the fibre range... very niiiiice
@pawpaw1000 on Twitter
  • #252,285
  • Sep 10, 2010 9:02am Sep 10, 2010 9:02am
Quoting pawpaw1000
already scalped her twice for 8 pips each (3%)

EDIT: Sorry, was actually talking bout the fibre range... very niiiiice

They are both consolidating nicely on the NY open, you are doing the right thing, find the obvious ranges and use whatever strategy suits you, scalp the inside or trade the break.
  • #252,286
  • Sep 10, 2010 9:05am Sep 10, 2010 9:05am
Quoting cloggie
They are both consolidating nicely on the NY open, you are doing the right thing, find the obvious ranges and use whatever strategy suits you, scalp the inside or trade the break.
Yep, wormy and magix were explaining to me last night that I shouldn't be so set in my ways and so i went for it today...

So far up 12%

EDIT: quick question.... Would you scalp it just going with the trend, like now I'm just shorting as it could break at any moment and just targeting 8 pips per go...
@pawpaw1000 on Twitter
  • #252,287
  • Sep 10, 2010 9:05am Sep 10, 2010 9:05am
Quoting need-help
Hi,
Hope everyone is doing great.

Well here is my analysis. I want start by letting you know (if you haven't already guessed it) that I am new. I see improvement in myself as time goes by. With that said, criticism is very welcome.

ok so I had a position on cable at 5446. But price was really struggling at that area which got me nervous so I closed at break even.

Now I am looking to buy. I want to place a buy order around the area I have 'circled'. In my opinion, that is a risky buy so I don't really intend to hold it for long. If price makes...
Will this be a day-trade or a longer-term trade? We are getting close to the end of the week and I try to avoid longer-term trades on a Friday as it is too close to the weekend and I don't want to hold a position over the weekend that is close to my entry.

Long-term we are currently in a range within a meandering downtrend based on h4 and d1 charts. Some might say that this is a pull back from the recent uptrend that occurred over the summer months. It all depends how YOU look at your charts, but for me I would look for a longer-term swing long around the 1.49-1.50 mark.

If it is a day-trade, then it might take some time to get to your entry as there seems to be a small equity rally on the markets, although that is being beaten down as we speak...

Otherwise, if the trade you are showing us is in your plan and you are following your rules, I see nothing wrong with this trade. Good luck
  • #252,288
  • Sep 10, 2010 9:08am Sep 10, 2010 9:08am
Quoting pawpaw1000
Yep, wormy and magix were explaining to me last night that I shouldn't be so set in my ways and so i went for it today...

So far up 12%

That's it, just go with the flow. Trading is actually pretty boring, there is nothing special about it, we don't invent anything, we don't lead, we are not creative, we are not trying to be intelligent, we just sit and wait for someone else to show us the direction and follow them like a blind man only to bump in the back of them when they decide to stop for a bit, we hang around and follow them on their next little jaunt, whether it is back on the same road we came from or continuing in the same direction.
  • #252,289
  • Sep 10, 2010 9:08am Sep 10, 2010 9:08am
Quoting cloggie
You got it, I am anticipating a range to form though from 5380-5411, which could well tighten to 5380-5400
Nice prediction - is 5380-5411 your NY opening range? The reason I ask is because my openning range is way off! I use 08:00-09:00 NY time which gives me a range of 1.54537-1.53923.

Have I got the times wrong?
  • #252,290
  • Sep 10, 2010 9:11am Sep 10, 2010 9:11am
Quoting Sutts
Nice prediction - is 5380-5411 your NY opening range? The reason I ask is because my openning range is way off! I use 08:00-09:00 NY time which gives me a range of 1.54537-1.53923.

Have I got the times wrong?

I use other means of anticipating ranges, most traders just wait for ranges to form, I try to anticipate them. It goes back to my morning's planning for each trading day, I tend to calculate and visually find areas of interest that could well form into consolidation areas, just a matter of loads of chart gazing to finetune them.

I was accused last week by several members here of not posting trade calls live, so I figured instead of posting calls, which is pretty useless in my book I would go one step further and actually call the entire move from the LO to the LC with areas of interest, at least that is useful information.

It goes back to the old question do you sell a guy a fish or teach him how to catch them for himself? Most spammers here want to sell you something, I just want to see guys like pawpaw get from an absolute mumbling muppet to where he is today. Nobody here could pay me enough for me to teach them or mentor them, I am not interested in that, this thread is just a nice place to kill some time between setups.

And that's why today I wanted to post the consolidation areas within a pip or 2 before they materialised, that is actually useful to somebody who is in a trade or thinking about getting into one.
  • #252,291
  • Sep 10, 2010 9:11am Sep 10, 2010 9:11am
Quoting pawpaw1000
Yep, wormy and magix were explaining to me last night that I shouldn't be so set in my ways and so i went for it today...

So far up 12%
Wow! Nice going. There is nothing wrong with increasing your exposure (4%) by increasing your lot size, so long you are comfortable with it. 4% is too much for my liking at this stage.

Another way of doing it is by keeping the same exposure, but you can double the lot size and half the SL size.

For example, if you normally open 2 lots with 20 pip SL, you can keep the same exposure by doubling it to 4 lots with 10 pip SL. You just need to ensure your entry is bang on! It also allows you to play with the trade more as you have more lots to work with and can set intermediate targets on the way to the final target. Basically it allows more flexibility with your trade management.
  • #252,292
  • Sep 10, 2010 9:15am Sep 10, 2010 9:15am
Quoting cloggie

I was accused last week by several members here of not posting trade calls live, so I figured instead of posting calls, which is pretty useless in my book I would go one step further and actually call the entire move from the LO to the LC with areas of interest, at least that is useful information.

It goes back to the old question do you sell a guy a fish or teach him how to catch them for himself?

Its been really, really useful. Thank you.
  • #252,293
  • Sep 10, 2010 9:17am Sep 10, 2010 9:17am
Quoting cloggie
I use other means of anticipating ranges, most traders just wait for ranges to form, I try to anticipate them. It goes back to my morning's planning for each trading day, I tend to calculate and visually find areas of interest that could well form into consolidation areas, just a matter of loads of chart gazing to finetune them.

I was accused last week by several members here of not posting trade calls live, so I figured instead of posting calls, which is pretty useless in my book I would go one step further and actually call the entire move from...

Very impressive. I do feel completely inadequate though...it could take years to anticipate stuff like that.

As for today, I've met my daily loss quota so I think I should quit for the day!

Thanks for the help today. I hope to follow in pawpaw's steps some day.
  • #252,294
  • Sep 10, 2010 9:18am Sep 10, 2010 9:18am
Quoting cloggie
I use other means of anticipating ranges, most traders just wait for ranges to form, I try to anticipate them. It goes back to my morning's planning for each trading day, I tend to calculate and visually find areas of interest that could well form into consolidation areas, just a matter of loads of chart gazing to finetune them.

I was accused last week by several members here of not posting trade calls live, so I figured instead of posting calls, which is pretty useless in my book I would go one step further and actually call the entire move from...
LOL... I hate fishing
  • #252,295
  • Sep 10, 2010 9:20am Sep 10, 2010 9:20am
am using this opportunity to appreciate members of this forum thanks for useful analysis more pips to your account and thanks for sharing
  • #252,296
  • Sep 10, 2010 9:21am Sep 10, 2010 9:21am
Quoting Sutts
As for today, I've met my daily loss quota so I think I should quit for the day!
.

That is another good point you are bringing up, I have individual max losses set per trade, I have a max loss for the day, a max loss for the week and a max loss for the month. All percentage based. Once I hit any of my limits I stop trading and go away.
  • #252,297
  • Sep 10, 2010 9:23am Sep 10, 2010 9:23am
Quoting cloggie
That is another good point you are bringing up, I have individual max losses set per trade, I have a max loss for the day, a max loss for the week and a max loss for the month. All percentage based. Once I hit any of my limits I stop trading and go away.
I think it's safe to say I need them. LOL

Hope to catch you all Monday.

See ya
  • #252,298
  • Sep 10, 2010 9:25am Sep 10, 2010 9:25am
Quoting Sutts
I think it's safe to say I need them. LOL

Hope to catch you all Monday.

See ya

The only way to be consistent in this business is to make sure you live to trade another day, another week, another month, another year. Capital preservation is often overlooked as part of most traders MM. Having no trade on actually is a trade.
  • #252,299
  • Sep 10, 2010 9:25am Sep 10, 2010 9:25am
Quoting pawpaw1000
Yep, wormy and magix were explaining to me last night that I shouldn't be so set in my ways and so i went for it today...

So far up 12%

EDIT: quick question.... Would you scalp it just going with the trend, like now I'm just shorting as it could break at any moment and just targeting 8 pips per go...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #252,300
  • Sep 10, 2010 9:32am Sep 10, 2010 9:32am
Hi bbakker,
Thanks for your response.

The entry at 53.6X area would be for 30 to 50 pips. If price touches the last last line of the upward moving channel, then I would be looking to hold it for about 2 days incase my SL isn't hit for a TP of 200+. But again that's how I see this and being a noob, I might be acting a little ridiculous

on the daily chart, my view is that the trend is up and this is move down is a retrace.

Thanks again for your time.

Have a great weekend
Quoting bbakker
Will this be a day-trade or a longer-term trade? We are getting close to the end of the week and I try to avoid longer-term trades on a Friday as it is too close to the weekend and I don't want to hold a position over the weekend that is close to my entry.

Long-term we are currently in a range within a meandering downtrend based on h4 and d1 charts. Some might say that this is a pull back from the recent uptrend that occurred over the summer months. It all depends how YOU look at your charts, but for me I would look for a longer-term swing long...
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