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Cable Update (GBPUSD)

  • #257,481
  • Sep 30, 2010 8:38am Sep 30, 2010 8:38am
Quoting wormboy
sumbitch!! who let the dogs out?
She's a bitch bro.

She's pretends she loves you than she f%$ks you over HARD
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #257,482
  • Sep 30, 2010 8:38am Sep 30, 2010 8:38am
Quoting Sutts
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
Yes, I tend to use the same levels throughout the day, the main fibo is the 50 for Cable, she just loves the 50.

I use all 3 pivots, the daily, weekly and monthly and their SR levels and fib extensions of the pivots.

Don't forget 5744 though, that has been a key player this afternoon. It is actually the afternoon pivot.
  • #257,483
  • Sep 30, 2010 8:39am Sep 30, 2010 8:39am
Hi Cloggie,

I think your 30 pip chunk method based on specific levels is quite interesting and you obviously do pretty well with it.

I am interested to know how much price has to deviate from a level before it qualifies as rejection in either direction.

Do you go to a lower time frame or do just just go right thats 5 pips above or below thats confirmation ?

Regards and well done


V
  • #257,484
  • Sep 30, 2010 8:40am Sep 30, 2010 8:40am
Quoting Villonius
Hi Cloggie,

I think your 30 pip chunk method based on specific levels is quite interesting and you obviously do pretty well with it.

I am interested to know how much price has to deviate from a level before it qualifies as rejection in either direction.

Do you go to a lower time frame or do just just go right thats 5 pips above or below thats confirmation ?

Regards and well done


V
Price deviation does not come into it, just patterns, momentum and TL's
  • #257,485
  • Sep 30, 2010 8:40am Sep 30, 2010 8:40am
mm..my last post for today...

i respect for the most who keep looking for long...but

look at S&P, DJ , Gold as well as UCAD...

Look at daily n weekly right now....how many hr going to close for weekly as well as monthly....opss..sorry i am swinger...forgot

just my 2 cent..

good luck guys

chow
  • #257,486
  • Sep 30, 2010 8:42am Sep 30, 2010 8:42am
Quoting grashid
mm..my last post for today...

i respect for the most who keep looking for long...but

look at S&P, DJ , Gold as well as UCAD...

Look at daily n weekly right now....how many hr going to close for weekly as well as monthly...

just my 2 cent..

good luck guys

chow

As a day trader I play both sides of the field, uCAD 0315 together with EG 8667 are the ones to watch.

9826 on UC will be the big one to ruin any longs for the rest of the day.
  • #257,487
  • Sep 30, 2010 8:43am Sep 30, 2010 8:43am
Quoting cloggie
As a day trader I play both sides of the field, uCAD 0315 together with EG 8667 are the ones to watch.
...
  • #257,488
  • Sep 30, 2010 8:44am Sep 30, 2010 8:44am
Quoting cloggie
Yes, I tend to use the same levels throughout the day, the main fibo is the 50 for Cable, she just loves the 50.

I use all 3 pivots, the daily, weekly and monthly and their SR levels and fib extensions of the pivots.

Don't forget 5744 though, that has been a key player this afternoon. It is actually the afternoon pivot.
This is great stuff Cloggie, I've picked up a huge amount from your posts. It is appreciated.

I think what's missing for me is knowing what constitutes a level holding or failing. Do you watch the M5 PA for this or wait for a bullish/bearish bar to close the other side of the key level?

Also, do you enter on the close of such a bar or wait for it to break? Sooo many questions. Hope you don't mind.
  • #257,489
  • Sep 30, 2010 8:44am Sep 30, 2010 8:44am
Quoting Petar_Serbia
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...

dont worry..i have no emotion..i understand support and resistance completely..i trade monthly and so far nothing has happened..it just means that my target is delayed..

i dont like exiting and getting back in cause i wait for the setup to occur..the only setup i would have considered was a short at the weekly trendline..but my rules of counter trend trading messed it up..so long as this support does hold it all good!..thanks for concern
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  • #257,490
  • Sep 30, 2010 8:46am Sep 30, 2010 8:46am
Quoting Sutts
This is great stuff Cloggie, I've picked up a huge amount from your posts. It is appreciated.

I think what's missing for me is knowing what constitutes a level holding or failing. Do you watch the M5 PA for this or wait for a bullish/bearish bar to close the other side of the key level?

Also, do you enter on the close of such a bar or wait for it to break? Sooo many questions. Hope you don't mind.

Lots of times, it is just intuition with a healthy dose of M5 patterns, but the bars leading up to levels are just as important, if they show loads of momentum then the level is not going to give much resistance.

It is really down to screen time and continuously see how price behaves.
  • #257,491
  • Sep 30, 2010 8:46am Sep 30, 2010 8:46am
I think that a fair bit of today's PA is due to end of month/end of quarter portfolio adjustments, profit taking and a nice spate of stop running on long positions. Does anyone else agree/disagree with this?
  • #257,492
  • Sep 30, 2010 8:49am Sep 30, 2010 8:49am
Hi Cloggie

OK so in the 15 min TF after the 3 red descending candles and price is approaching your 1.5716 level how do you decide if that level is a hold or a fail.I'm presuming you were already short and trailing the move down.Momentum is obviously bearish on that TF at that point.

I see that roughly every 90 pips of the drop there is a short rally of around 30 pips so you are just looking for that and then see if it extends to the next 30 pip level?

cheers


V
  • #257,493
  • Sep 30, 2010 8:50am Sep 30, 2010 8:50am
Quoting cloggie
My new train is 5686-5716-5744, then if 5744 gives 5777

Check 1,2 and 3.

We are back at 5744 (again) an important decider here, if it gives 5777, if it holds 5716.

It looks very much like she wants to give.
  • #257,494
  • Sep 30, 2010 8:51am Sep 30, 2010 8:51am
Quoting cloggie
Lots of times, it is just intuition with a healthy dose of M5 patterns, but the bars leading up to levels are just as important, if they show loads of momentum then the level is not going to give much resistance.

It is really down to screen time and continuously see how price behaves.

OK thanks, that's what I need to work on.

We just had a 5 min close above your 5716 level. I guess you would have entered on the break of that bar? You haven't mentioned the weekly pivot at 5724 though. How did you know that wouldn't stop the move above 5716 in its tracks?

I'm confused.
  • #257,495
  • Sep 30, 2010 8:52am Sep 30, 2010 8:52am
  •  samirb
  • | Joined Nov 2009 | Status: Investing is simple, but not easy. | 247 Posts
Quoting samirb
Good day everyone..
things looking as expected..
Good luck

Good day everyone..

Long term view updated

old chart
http://cdn.forexfactory.com/attachme...1&d=1284709459

Current chart
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  • #257,496
  • Sep 30, 2010 8:53am Sep 30, 2010 8:53am
Quoting Sutts
OK thanks, that's what I need to work on.

We just had a 5 min close above your 5716 level. I guess you would have entered on the break of that bar? You haven't mentioned the weekly pivot at 5724 though. How did you know that wouldn't stop the move above 5716 in its tracks?

I'm confused.

I have been in since 5701, the first level was the start of the train and I am not going to ignore that after I posted it here.

5716 was not going to stop it with those momentum bars right below it, same here with 5744.

Don't just look at the price once a level is reached, look at the price on the way to it, that tells you more then the price once it reaches.

All my levels will give some resistance so I expect price to slow down, that is not the indication I am looking for, I am looking at the price in the runup to the level.
  • #257,497
  • Sep 30, 2010 8:55am Sep 30, 2010 8:55am
Quoting cloggie
I have been in since 5701, the first level was the start of the train and I am not going to ignore that after I posted it here.

As the 16.30 M5 candle posted a HL?

Edit - I know this isn't an exact science, but it just helps to get a feel for what you see.
  • #257,498
  • Sep 30, 2010 8:57am Sep 30, 2010 8:57am
Quoting Delite
As the 16.30 M5 candle posted a HL?

Edit - I know this isn't an exact science, but it just helps to get a feel for what you see.

I actually used the drop on EG to warrant my entry, it gets a bit easier when you have multiple screens.
  • #257,499
  • Sep 30, 2010 8:57am Sep 30, 2010 8:57am
Good answer cloggie re above, I am sure you would agree it also about confluenc, take the set-up at current lo...both the confluence of supporting tech factors across more than 1 t/f and the confluence of potential supp/res factors-this discussed re the lowin my post above...repeating patterns used in the highest probability circumstances and having an eye for it borne of screentime experience...

The 5min was the trigger for me for an entry long at the bottom and it had some supporting tech confluennce on 15min in respect of the patterns or component parts I lookm for and that are part of my overall trading edge.

Confluence is king-it is where the best and highest probability tradingh opportunities lie.

G/L
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ex member
  • #257,500
  • Sep 30, 2010 8:58am Sep 30, 2010 8:58am
Cable going mental today..all TP hit before the drop..pendings left open and closed during the day for profit...just had long from 15700 and closed for 40.
Lots of pips and I didn't even short once,lol
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