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Cable Update (GBPUSD)

  • #262,661
  • Nov 1, 2010 1:50pm Nov 1, 2010 1:50pm
Quoting cloggie
That's it you got it, a couple of nice handy levels for the day and play the price in between them all. You need to be fluid with them, they are not set in stone but are a great little guide to steer you in the right direction, Just put them on a piece of paper and keep them handy for tomorrow, you'd be surprised how they continue to interact on the next day.

A sketchpad next to your keyboard is a great tool to take the noise out of the market and see price movement in nice little chunks. Just put the levels on them and draw a rudimentary chart...
I suppose, since cable has a habbit of moving 30 pips up or down, if before the days close it makes a new high or low, will just have to add another level keeping in mind 30 pip rule, am I correct? but how do you know the trend of the day?
  • #262,662
  • Nov 1, 2010 1:54pm Nov 1, 2010 1:54pm
Quoting cloggie
That's it you got it, (just ignore that spike, that was an anamoly and should not be used) a couple of nice handy levels for the day and play the price in between them all. You need to be fluid with them, they are not set in stone but are a great little guide to steer you in the right direction, Just put them on a piece of paper and keep them handy for tomorrow, you'd be surprised how they continue to interact on the next day.

A scratchpad next to your keyboard is a great tool to take the noise out of the market and see price movement in nice little...
Without the spike I suppose it should be like this;
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  • #262,663
  • Nov 1, 2010 2:00pm Nov 1, 2010 2:00pm
Quoting cloggie
6044 is the driver/trigger, 6067 is the target.

Today from the open we have seen a double 30 up, a 30 down, a 30 up, a 30 down, a 30 up, a double 30 down, a 30 up and now we are getting ready for the next move that is 270 pips of tradeable moves so far today, if you only catch 10-20 pips of each that would have been 100-150 pips for one day of trading, not bad....
Does double 30 up means a 60 pip move without consolidation?
Play should be in accordance with PA, like the ones j16 teaches? Kind regards
  • #262,664
  • Nov 1, 2010 2:14pm Nov 1, 2010 2:14pm
Quoting mkashifk
Without the spike I suppose it should be like this;
Hi mkashifk.

EUR/USD was a nice example of trading the range breakouts today.

My only problem is still getting faked in like at the red area in the chart below this is something I am working on but I think I'm just going to have to accept the losing trades. But I proably shouldn't have been trading in the hour before NYO.

The two black arrows are breakouts I wouldn't take as they are known times for fakeouts. I am still working on this way of trading and I think it is one of the best ways to trade and realize I should have listend to cloggie a long time ago lol. Reason for me not doing long breakouts of the ranges is I wouldn't go counter trend.

There was also a nice indicator on the H1 to look for short breakouts after LO fake. see chart below.

Cheers.

Edit: if anyone sees anything wrong with what I have said please correct me I am still learning.
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  • #262,665
  • Nov 1, 2010 2:31pm Nov 1, 2010 2:31pm
Quoting cloggie
That's it you got it, (just ignore that spike, that was an anamoly and should not be used) a couple of nice handy levels for the day and play the price in between them all. You need to be fluid with them, they are not set in stone but are a great little guide to steer you in the right direction, Just put them on a piece of paper and keep them handy for tomorrow, you'd be surprised how they continue to interact on the next day.

A scratchpad next to your keyboard is a great tool to take the noise out of the market and see price movement in nice...
Nice post Cloggie and very helpful, thanks mate.
You've got to be IN IT to WIN IT!
  • #262,666
  • Nov 1, 2010 2:35pm Nov 1, 2010 2:35pm
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  • #262,667
  • Nov 1, 2010 2:53pm Nov 1, 2010 2:53pm
Price sticking to EMA20(M15) for the last 4hrs...am long 16040 looking to break a minor downward channel toward 16080
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  • #262,668
  • Nov 1, 2010 2:56pm Nov 1, 2010 2:56pm
Quoting bbakker
The more I read your posts, the more I think you're an adolescent.
Cheers,bb
All systems of divination, like music itself,work through patterns.
  • #262,669
  • Nov 1, 2010 2:58pm Nov 1, 2010 2:58pm
Quoting Delite
Good to have you back, Cloggie.
Echo
All systems of divination, like music itself,work through patterns.
  • #262,670
  • Nov 1, 2010 3:05pm Nov 1, 2010 3:05pm
Quoting AdrianHNV
Possibly......... who knows...........
You poor little ejit, no-one would know anything the way you talk. Do you have any idea of how many people have put you on iggy. BTW you are missing out on the best advice and humour anywhere on this planet... leave alone FF
All systems of divination, like music itself,work through patterns.
  • #262,671
  • Nov 1, 2010 3:39pm Nov 1, 2010 3:39pm
While the thread is so slow could someone please explain to me how important Trendlines are?

I know what they are and how to use them and they do LOOK very important when drawn on historical data but i seriously find them unreliable in most cases as once i have drawn them i have to change them once the chart as changed.....so i am moving them to suit my chart

Can someone here explain in more detail....sorry if its a muppet question but if you dont ask the question I will not get the answer.

Darren
Enter Signature
  • #262,672
  • Nov 1, 2010 3:40pm Nov 1, 2010 3:40pm
Bidge,

Answer your phone buddy
I need to finish something i started
  • #262,673
  • Nov 1, 2010 4:03pm Nov 1, 2010 4:03pm
Quoting darrenware
While the thread is so slow could someone please explain to me how important Trendlines are?

I know what they are and how to use them and they do LOOK very important when drawn on historical data but i seriously find them unreliable in most cases as once i have drawn them i have to change them once the chart as changed.....so i am moving them to suit my chart

Can someone here explain in more detail....sorry if its a muppet question but if you dont ask the question I will not get the answer.

Darren
If you have no success with them, they are really of no importance at all. They can be of some assistance with your trading, but with the vast array of tools that are available, and systems that you can work with, why limit yourself to any one of them?

The shorter time frames, if working with closed candles can show a shift in trend or when to take exit from a position...stretched out into the weekly/monthly charts as we see a lot of people do, I really don't put any importance on them at all...as much as to say they are as relevant as the picture posted below...ZERO...NONE...NADA...
Attached Image
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,674
  • Nov 1, 2010 4:08pm Nov 1, 2010 4:08pm
Quoting darrenware
While the thread is so slow could someone please explain to me how important Trendlines are?

I know what they are and how to use them and they do LOOK very important when drawn on historical data but i seriously find them unreliable in most cases as once i have drawn them i have to change them once the chart as changed.....so i am moving them to suit my chart

Can someone here explain in more detail....sorry if its a muppet question but if you dont ask the question I will not get the answer.

Darren
Depends on who you ask. I'd tell you alongside s/r levels, trendlines are the only things you'll ever need to read price.
you will find them unreliable if you don't know the basics my friend.
If you have the basics but you find yourself unable to work with them is because you do not have enough practise.

They don't look important, they are important. You can basically map out the direction if it's done correctly.

Here's when I scalped the minute chart with cloggs earlier using trendlines & s/r:
1. http://www.forexfactory.com/showpost...stcount=262623
2.http://www.forexfactory.com/showpost...stcount=262650
3. http://www.forexfactory.com/showpost...stcount=262653

Here's when I took the euro short last week based on htf charts using trendline breakout & s/r:
1. http://www.forexfactory.com/showpost...postcount=8852
2. http://www.forexfactory.com/showpost...postcount=8863
3. http://www.forexfactory.com/showpost...postcount=8874

If you want to master them, you look up studies by demark or igor toshchakov. both have different approaches, both work. igor has a thread here in the factory. search for igrok & you'll find it.
Thank You
  • #262,675
  • Nov 1, 2010 4:14pm Nov 1, 2010 4:14pm
Thanks WB.....thanks for taking the time to explain and provide the links. Really appreciate

Quoting wormboy
Depends on who you ask. I'd tell you alongside s/r levels, trendlines are the only things you'll ever need to read price.
you will find them unreliable if you don't know the basics my friend.
If you have the basics but you find yourself unable to work with them is because you do not have enough practise.

They don't look important, they are important. You can basically map out the direction if it's done correctly.

Here's when I scalped the minute chart with cloggs earlier using trendlines & s/r:
1. http://www.forexfactory.com/showpost...stcount=262623
2.http://www.forexfactory.com/showpost...stcount=262650
3....
Enter Signature
  • #262,676
  • Nov 1, 2010 4:18pm Nov 1, 2010 4:18pm
Hi Magix

Thanks for your input on this...I know your a successful trader as is Wormboy so I respect your comments and take them on board


Quoting Magix
If you have no success with them, they are really of no importance at all. They can be of some assistance with your trading, but with the vast array of tools that are available, and systems that you can work with, why limit yourself to any one of them?

The shorter time frames, if working with closed candles can show a shift in trend or when to take exit from a position...stretched out into the weekly/monthly charts as we see a lot of people do, I really don't put any importance on them at all...as much as to say they are as relevant as the picture...
Enter Signature
  • #262,677
  • Nov 1, 2010 4:21pm Nov 1, 2010 4:21pm
Quoting darrenware
Thanks WB.....thanks for taking the time to explain and provide the links. Really appreciate
you're welcome

daily close is shaping up nicely
Thank You
  • #262,678
  • Nov 1, 2010 4:21pm Nov 1, 2010 4:21pm
Quoting darrenware
While the thread is so slow could someone please explain to me how important Trendlines are?

I know what they are and how to use them and they do LOOK very important when drawn on historical data but i seriously find them unreliable in most cases as once i have drawn them i have to change them once the chart as changed.....so i am moving them to suit my chart

Can someone here explain in more detail....sorry if its a muppet question but if you dont ask the question I will not get the answer.

Darren
Trendlines do have their uses but they are subjective. Draw the obvious ones, because the more obvious they are, the more people will see them. A minimum of 2 touches on closed candlesticks, but 3 or more are better. Some traders like fanned trendlines or use Andrew's pitchforks. I use trendlines for confluence with my demand and supply zones. Wormboy uses trendlines, chart patterns and candlestick formations very effectively.

You can also trade trendline breakouts, but they are more effective on the higher timeframes. Here is a link on how to trade the trendline breakouts. Never trade the actual breakout, wait for the pullback first!

http://www.forexvideozone.com/4148-t...line-breakouts
  • #262,679
  • Nov 1, 2010 4:25pm Nov 1, 2010 4:25pm
Quoting wormboy
you're welcome

daily close is shaping up nicely
I have a spinning top now and possibly a doji at the close... indecision, indecision...
  • #262,680
  • Nov 1, 2010 4:27pm Nov 1, 2010 4:27pm
Quoting Magix
If you have no success with them, they are really of no importance at all. They can be of some assistance with your trading, but with the vast array of tools that are available, and systems that you can work with, why limit yourself to any one of them?

The shorter time frames, if working with closed candles can show a shift in trend or when to take exit from a position...stretched out into the weekly/monthly charts as we see a lot of people do, I really don't put any importance on them at all...as much as to say they are as relevant as the picture...
LOL. Sometimes those MAs of yours work as lovely trendlines
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