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Cable Update (GBPUSD)

  • #254,821
  • Sep 21, 2010 2:52pm Sep 21, 2010 2:52pm
Quoting Precap2
Anyone thinking GU is bullish is still basking on the euphoria of FOMC. Just zoom out and have a good unbiased look at H4 or daily. You can add fib if you please.

P
P .. good view but there is another one

IF gu breaks out 1.5650 area ( it completed more than days range of 150 pip) then this could be the breakout of a cup and handle formation. These do not come along that often .... not as clear as this. If 1.5650 gives way 1.6 is target

Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 168 KB
Blogging daily now at www.volume.zone
  • #254,822
  • Sep 21, 2010 2:52pm Sep 21, 2010 2:52pm
Any thought Cloggie (or anyone else).

I am thinking of continuing with cable but not during the LO session. I just seem to get a clearer picture through the end of the Asian session and the US session. LO session seems to go out of it's way to play with my thinking.
This space intentionally left blank.
  • #254,823
  • Sep 21, 2010 2:59pm Sep 21, 2010 2:59pm
Quoting Capn79
Cloggie,

Your riverbox (consolidation) teaching in preparation for the LO helped make me just over 40pips this morning. Many, many thank yous! Don't let the asinine posters affect you...focus on those of us that appreciate it.

Is there a way to correlate the Swissy with the LO? I've been trying to understand the best way to trade/approach the CHF. It seems the biggest break-outs occur between 11am -2pm (GMT).

Thanks Cloggs,

The Swissy behaves differently to Sterling, it is very much a risk driven currency and you need to judge the risk appetite for the day or the lack thereof to see where she wants to go. Especially in September which is generally an equity driven month. Cable and Fibre have clear directions during the Franky open and the London open and have also been of late risk driven. Fibre and Cable are a bit more technically driven then the swiss crosses are. That said, UC and GC are good ones to trade of risk.

Swissy does tend to lag behind fibre and Cable, especially on risk on days, so when equities go up.
  • #254,824
  • Sep 21, 2010 3:00pm Sep 21, 2010 3:00pm
Quoting Precap2
Anyone thinking GU is bullish is still basking on the euphoria of FOMC. Just zoom out and have a good unbiased look at H4 or daily. You can add fib if you please.

P
LOL seriously? Draw a line from the first point on your chart you see to the last and tell me which direction it's going. If you can't do it, hand it to any 5 year old and ask them to do the same.
check out my blog: forexmademillionaire dot com
  • #254,825
  • Sep 21, 2010 3:00pm Sep 21, 2010 3:00pm
Quoting AdrianHNV
Just Buzzing in to thank MR CLOGGIE

with your wisdom and encouragement to change at least part of my trading strategy I have managed to gain +250 pips between Euro and Cable in less than an hour.

Many thanks for your persistence and continued help too all us New-Bees. It is most appreciated.

And also all the other good and helpful members here too.

I am glad I can help a few of you guys along the way, together with lots more here on the thread that contribute and help the "newer" traders without asking for much in return, just a bit of respect.
  • #254,826
  • Sep 21, 2010 3:02pm Sep 21, 2010 3:02pm
Quoting Geppy
LOL seriously? Draw a line from the first point on your chart you see to the last and tell me which direction it's going. If you can't do it, hand it to any 5 year old and ask them to do the same.

Yup, put up a 200 bar H4, you couldn't draw a nicer hyperbole if you tried.
  • #254,827
  • Sep 21, 2010 3:04pm Sep 21, 2010 3:04pm
Quoting Uphios
Any thought Cloggie (or anyone else).

I am thinking of continuing with cable but not during the LO session. I just seem to get a clearer picture through the end of the Asian session and the US session. LO session seems to go out of it's way to play with my thinking.

You need to clearly define the Franky open and the London open and set both as seperate ranges, trading the TY session is more pivot level driven and the moves are slower and more subdued. A thing to keep in mind is that TY likes to give us a retrace.
  • #254,828
  • Sep 21, 2010 3:07pm Sep 21, 2010 3:07pm
Those are interesting tips ... however I guess I do it the easy way, every 3 months or so I download a new MT4 from somewhere. I usually have 2 running and one in reserve, all with the same charts and templates.

Quoting dag777
think i have to familiarize more with my mt4,
after 1,5 years i should have found this function already,
up to now i thought it´s the regular speed of mt4, lol

guy´s thank you for help, now i will pimp up my mt4
******************* I'd rather make money than be right.
  • #254,829
  • Sep 21, 2010 3:07pm Sep 21, 2010 3:07pm
Quoting cloggie
The Swissy behaves differently to Sterling, it is very much a risk driven currency and you need to judge the risk appetite for the day or the lack thereof to see where she wants to go. Especially in September which is generally an equity driven month. Cable and Fibre have clear directions during the Franky open and the London open and have also been of late risk driven. Fibre and Cable are a bit more technically driven then the swiss crosses are. That said, UC and GC are good ones to trade of risk.

Swissy does tend to lag behind fibre and Cable,...
I've haven't been trading the franky-fake just yet (per your previous advice), but the LO has been great to me. We still aren't getting a ton of movement (50-70 pips), does this typically change in October, or is this simply a sign of "The Chosen One's" economic policy?

If I understand you correctly, then I can treat Fiber the same way as cable regarding the LO? (riverbox breakout)
What we obtain too cheap, we esteem too lightly.
  • #254,830
  • Sep 21, 2010 3:11pm Sep 21, 2010 3:11pm
Quoting Capn79
I've haven't been trading the franky-fake just yet (per your previous advice), but the LO has been great to me. We still aren't getting a ton of movement (50-70 pips), does this typically change in October, or is this simply a sign of "The Chosen One's" economic policy?

If I understand you correctly, then I can treat Fiber the same way as cable regarding the LO? (riverbox breakout)

Leave Franky alone for now, it is great to start watching the PA though for that hour as it gives you a good feel for the day. Just mark them seperately on you chart for reference throughout the day, the open on both Franky and London will come back into play more often then not. A good LO gives you 60-80 pips on a normal day, if you catch it to the pip. Getting 40 out of the open daily is something that most traders here would kill for. Yes, Fibre can be traded just the same.

Have a look at these: You need to know your doji's from your 3 crows and your evening stars. It will give you better entries.

http://thepatternsite.com/visualcpindex.html
http://www.candlesticker.com/Default.asp

Have a look at this thread too:

http://www.forexfactory.com/showthread.php?t=222822
  • #254,831
  • Sep 21, 2010 3:17pm Sep 21, 2010 3:17pm
Quoting malcolmb14
P .. good view but there is another one

IF gu breaks out 1.5650 area ( it completed more than days range of 150 pip) then this could be the breakout of a cup and handle formation. These do not come along that often .... not as clear as this. If 1.5650 gives way 1.6 is target

Attachment
my rookie view, if we can hold a daily close above 1.5600 the door is open for visiting one more time 1.5720 this is my line in the sand,
if this goes 1.60 can be target,
  • #254,832
  • Sep 21, 2010 3:18pm Sep 21, 2010 3:18pm
Quoting Magix
Even when you close the pairs, you still need to delete the history from your MT4. The historical data will still bog down your laptop and kill the speed of your charts.

Go to your main Meta4 folder, click on History Tab.

Open each folder that is there and delete all docs inside.

I run 3 sets on my old laptop, 5 on my main pc and can grind a couple out of my netbooks.

Call it overkill?

Hey, I never know where I'm gunna be when opportunity hits.
Quoting cloggie
Another thing to do on slow PC's/laptops is to right click the market window and select "hide all" that will stop the datafeed to any currency pair you don't have a chart open for and speed up your MT4 tremendously.
Thanks
  • #254,833
  • Edited 3:38pm Sep 21, 2010 3:20pm | Edited 3:38pm
Can I apply for the Worst Trader of the Week award? I was gardening during the FOMC announcement, I had completely forgotten about it. Half an hour earlier, I had checked a sad and underwater long I had on GU (1.5550, price was 1.5532), but I was busy and had that feeling of righteousness about my trade that only undisciplined types tend to carry (better traders would probably have cut it off at the knees much earlier). Not long later I came in and sat down to see it sitting at 1.5556, and I thought "phew, time to close". Before my hand could reach the mouse, it went like a crazy mutha to 1.5562, then 1.5580 then 1.5534 again within the space of half a second, then 1.5590, 1.5545, 1.5616, wtf! I've traded some news before but this was bizarre. All over the shop. Closed at 1.5590, somewhat early in hindsight, but with a smirk on my face. Right but really wrong on so many levels.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #254,834
  • Sep 21, 2010 3:25pm Sep 21, 2010 3:25pm
Quoting cloggie
Leave Franky alone for now, it is great to start watching the PA though for that hour as it gives you a good feel for the day. Just mark them seperately on you chart for reference throughout the day, the open on both Franky and London will come back into play more often then not. A good LO gives you 60-80 pips on a normal day, if you catch it to the pip. Getting 40 out of the open daily is something that most traders here would kill for. Yes, Fibre can be traded just the same.

Have a look at these: You need to know your doji's from your 3 crows...
I learned to leave Franky alone the hard way. haha

I've studied the candlesticker site (have those on my wall), and have studies baby-pips.com as well. The chart pattern site looks solid. Many thanks! I will study that one today.

Once I have become fairly comfortable with the LO on Cable & Fiber, there seem to be many directions to head in my studies, but from your vantage point, what is the next area to really dive into that has the most return. (btw, I've been trying to follow what you've taught in relation to following equities, gold, oil, bonds, etc.) That 10,000 hrs of screen time is legit!
I've been focusing on the riverbox breakout for LO, and correlated that with 25 ema on the 1min once I am in the trade and have had a significant down move.
What we obtain too cheap, we esteem too lightly.
  • #254,835
  • Sep 21, 2010 3:28pm Sep 21, 2010 3:28pm
Quoting 4xStar
Those are interesting tips ... however I guess I do it the easy way, every 3 months or so I download a new MT4 from somewhere. I usually have 2 running and one in reserve, all with the same charts and templates.
ty, for your suggestion 4xStar, that´s another possibility
but if you load a new mt4 you always have to configurate,
import custom indis and tpl´s,
i think magix/cloggie´s tips are the faster version and less work,

see you all at LDN
  • #254,836
  • Sep 21, 2010 3:47pm Sep 21, 2010 3:47pm
what happened to day..the thing gone up..??
  • #254,837
  • Sep 21, 2010 4:11pm Sep 21, 2010 4:11pm
Quoting dag777
ty, for your suggestion 4xStar, that´s another possibility
but if you load a new mt4 you always have to configurate,
import custom indis and tpl´s,
i think magix/cloggie´s tips are the faster version and less work,

see you all at LDN
It really just takes a minute .. I open Explorer and drag the indys and templates from one program to another (holding control key so they are copied not moved). Then I delete the templates & indys I don't use that came with the new MT4 and presto it is done.
******************* I'd rather make money than be right.
  • #254,838
  • Sep 21, 2010 4:12pm Sep 21, 2010 4:12pm
Quoting nAVIN2007
what happened to day..the thing gone up..??
Did you have a nice nap?
******************* I'd rather make money than be right.
  • #254,839
  • Sep 21, 2010 4:17pm Sep 21, 2010 4:17pm
Hey Navin,

I'm check'in outta here... Gotta do the long drive home,
But yeah,
It was the Classic Frankie Run her down, then up then down,
Right before London.

London doesn't take her above 1.5585,
So London take's her down for 70-80 pips, and then...

On a 5min candle around 9am -(YOUR Time), !
"Double Bottom's" @1.5503... I think it never touched,
maybe as low as 1.5505 i recall...(?)

So London Get's in Low, before the F.O.M.C....
For an additonal 139 pip "Run-Up" people gawk at! !
-All in the plan!
I chisleld what 'could during the day...
Hope all's well,
Have a Great one Nav,

Jeff !
I will work to Objectively Identify my Edges
  • #254,840
  • Sep 21, 2010 4:31pm Sep 21, 2010 4:31pm
Time to take evening walk. Wish all of you guys good luck.

Till 8GMT tomorrow
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
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