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Cable Update (GBPUSD)

  • #257,461
  • Sep 30, 2010 10:18am Sep 30, 2010 10:18am
Quoting Bull_Bear
Well I can't complain.



CAble TP adjusted to 1.5670
Congrats,great call
  • #257,462
  • Sep 30, 2010 10:20am Sep 30, 2010 10:20am
Quoting Bull_Bear
Well I can't complain.



CAble TP adjusted to 1.5670
well cant complain either
http://cdn.forexfactory.com/attachme...3&d=1285850484

http://cdn.forexfactory.com/attachme...3&d=1285850484
Verily, in every difficulties there is relief
  • #257,463
  • Sep 30, 2010 10:20am Sep 30, 2010 10:20am
looking at 5680 bounce with my 5min MA
GELORE
  • #257,464
  • Sep 30, 2010 10:21am Sep 30, 2010 10:21am
sumbitch!! who let the dogs out?
Thank You
  • #257,465
  • Sep 30, 2010 10:23am Sep 30, 2010 10:23am
Quoting Bull_Bear
Ifty bro, how you been?

Long time no see bud. You riding her too?
I had a serious arm injury so have been nursing that until last week. I sure am riding her bro, went short at 1.5885 as the parabolic sar broke through on the 15 minute chart. Now that I have had this crazy fall I will stay in this trade by watching the daily candle.
You've got to be IN IT to WIN IT!
  • #257,466
  • Sep 30, 2010 10:23am Sep 30, 2010 10:23am
Quoting wormboy
sumbitch!! who let the dogs out?

area to watch ..i know bro! damn..i thought that trendline was a bit much..oh well hindsight is a wonderfull thing!

this i see as a dip..temporary..bloody dollar on support gained
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  • #257,467
  • Sep 30, 2010 10:25am Sep 30, 2010 10:25am
Quoting cloggie
Need to rework the train now 5716 went.

This is just a short little play by play on how I see levels in Cable and how I trade the PA surrounding them.
Hi Cloggie,

I'm pretty impressed with your level calls. Trying hard to figure out how you come up with the level values you quote as my lines are often way off. Do these figures all come from the M15?

Would be great if you could describe how I can learn to find these levels like you do. What I think you might be doing is this....

Watch price rise until until it stalls

Draw a line in the sand at the high it achieved based on the M15 bar

Watch subsequent PA for tests of that level

If price continues to close below that level then the level remains intact

If price manages to close on the M15 higher than the level then use the high of that M15 bar as the new level

If price forms a flat top below the level than adjust the level down to that top

Watch for price to break the level and find support on it, only then go long.


Am I on the right lines please? Any advice would be much appreciated.

Thanks
  • #257,468
  • Sep 30, 2010 10:25am Sep 30, 2010 10:25am
Quoting wormboy
sumbitch!! who let the dogs out?
Bernake???
... feel better day by day.
  • #257,469
  • Sep 30, 2010 10:29am Sep 30, 2010 10:29am
Quoting Sutts
Hi Cloggie,

I'm pretty impressed with your level calls....
My levels are a combination of a lot of things, mainly pivots, fibs, extensions, previous SR on higher TF's. I tend to ignore the wicks when I find my levels they are part of my noise filtering, I also tend to look at the ADR's and see what the average moves are per 15 and 30 minute bars without wicks, I then mix it all together and draw up my levels for the day. I do all this in the morning while I watch the Franky fake so I keep using the same levels pretty much throughout the day. My levels are usually right to within a few pips during the entire London sessions. Once London closes I revisit some of them to draw some new levels to watch.

The levels are fluid though if PA forms a new one during the day that is not news driven then I make a note of it for further reference.

I just tend to break down the day into manageable chunks and trade them accordingly.
  • #257,470
  • Sep 30, 2010 10:30am Sep 30, 2010 10:30am
So is THIS the bottom then? Kinda feels that way, but still to nervous to try a buy right now... Guess I am just staying flat. Maybe take the rest of the day off, go out and get some sunshine... I dunno.
  • #257,471
  • Sep 30, 2010 10:31am Sep 30, 2010 10:31am
Quoting cloggie
My levels are a combination of a lot of things, mainly pivots, fibs, extensions, previous SR on higher TF's. I tend to ignore the wicks when I find my levels they are part of my noise filtering, I also tend to look at the ADR's and see what the average moves are per 15 and 30 minute bars without wicks, I then mix it all together and draw up my levels for the day. I do all this in the morning while I watch the Franky fake so I keep using the same levels pretty much throughout the day. My levels are usually right to within a few pips during the entire...
I have been incorporating the wicks into my levels which will explain why they don't match yours. You have really aided my learning, Cloggie. I am very grateful.
  • #257,472
  • Sep 30, 2010 10:32am Sep 30, 2010 10:32am
Quoting cloggie
Need to rework the train now 5716 went.
.

My new train is 5686-5716-5744, then if 5744 gives 5777
  • #257,473
  • Sep 30, 2010 10:32am Sep 30, 2010 10:32am
Quoting nAVIN2007
area to watch ..i know bro! damn..i thought that trendline was a bit much..oh well hindsight is a wonderfull thing!

this i see as a dip..temporary..bloody dollar on support gained
Well I went out for dinner and came back to a loss.
I'm staying flat till prolly next monday. I still have 2% gain for this month after a horrible start, don't plan on giving it back in a hurry.
Trade safe bro

Q, well traded my friend!
Thank You
  • #257,474
  • Sep 30, 2010 10:33am Sep 30, 2010 10:33am
Quoting Delite
I have been incorporating the wicks into my levels which will explain why they don't match yours. You have really aided my learning, Cloggie. I am very grateful.

Every trader needs to find a way to filter out noise, for me discounting wicks to judge my levels is something that works for me, the wicks are important though for PA guidance.

I use line charts a lot set to the close only to find levels of interest.
  • #257,475
  • Sep 30, 2010 10:33am Sep 30, 2010 10:33am
Quoting zoom
Bernake???
sumbitch!
Thank You
  • #257,476
  • Sep 30, 2010 10:35am Sep 30, 2010 10:35am
Quoting Nate04
So is THIS the bottom then? Kinda feels that way, but still to nervous to try a buy right now... Guess I am just staying flat. Maybe take the rest of the day off, go out and get some sunshine... I dunno.
i wont buy..dollar gained at support..the reason im in the trade is because dollar monthly is bearish and this means it will go down again to retest the support there i can make provision towards my trade..

dollar will need to base at this support for it to hold..so theres opportunity both ways..
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  • #257,477
  • Sep 30, 2010 10:36am Sep 30, 2010 10:36am
Quoting cloggie
Navin is too humble to answer this himself, he is a position trader holding trades for weeks and months on end. So far this year he has a 100% winning ratio.

Not a strategy I would use, but he is making money with it. And it is not a demo account.
Ok good for him i just wanted to help to close all orders becosouse there is no sense to hold,he will for sure have more chance lower to take his again buys that is what i talked,also i see he always look for Support for buy but that is psihological thing,he has buy he always post Supports...I just try to help...
"Buy on fear, sell on greed !!!
  • #257,478
  • Sep 30, 2010 10:36am Sep 30, 2010 10:36am
Quoting cloggie
My new train is 5686-5716-5744, then if 5744 gives 5777

We are on the stop and go commuter service here. One level at a time, lovely PA for the "newer" traders among us to jump on erroneous M1/M5 bars.
  • #257,479
  • Sep 30, 2010 10:37am Sep 30, 2010 10:37am
Quoting cloggie
My levels are a combination of a lot of things, mainly pivots, fibs, extensions, previous SR on higher TF's. I tend to ignore the wicks when I find my levels they are part of my noise filtering, I also tend to look at the ADR's and see what the average moves are per 15 and 30 minute bars without wicks, I then mix it all together and draw up my levels for the day. I do all this in the morning while I watch the Franky fake so I keep using the same levels pretty much throughout the day. My levels are usually right to within a few pips during the entire...
Thanks Cloggie, you make it sound so easy!

So...those levels you quoted earlier were all drawn up this morning 5747-5716-5747-5777-5808?

Do you use all daily, monthly and weekly pivots? Also, which fib extensions do you think are worth plotting 1.618 and 1.382 only?

Cheers
  • #257,480
  • Sep 30, 2010 10:38am Sep 30, 2010 10:38am
Precipitous 226 move Hi-Lo now today and 162% of it's 20day average pip range, so well extended....Look where it landed and garnished some new demand...a minor 1hr swing hi zone (=previous res = potential rbs)...I nearly took this zone off earlier in the day as thopught with price up @ 5921 it would be insignificant now...To be fair it'sa around the 5700 round number and Daily S2 pivot also...Area down to 5640 - the previous 1hr/4hr swing lo zone looks like it might hold some bids if tested...Fall has broken both the 1hr and the 4hr ascending trend lines to the downside.

G/L
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