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Cable Update (GBPUSD)

  • #262,681
  • Nov 1, 2010 4:27pm Nov 1, 2010 4:27pm
Quoting darrenware
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
Under proper conditions and with a grand understanding, WB is correct. They will help show, to a certain extent, the trend and when is a good time/bad time to be playing with the trend.

Logic of all indicators, imo, can be based on the type of trader you see yourself as...if you are in it for a quick couple or in for a longer term swing.

There really is nothing easier then drawing a straight line on a chart and having an idea of where price is headed...Really is nothing wrong when price crosses that line to exit a good trade and wait for the next set up...but...

That being said, I think one of the biggest issues I have with a lot of traders is they refuse to learn the rules or proper trading that will follow trend lines or channel trading. Almost to an idea that they have to mail in an order to open/close trades. I have seen countless traders continue to draw the lines to justify bad trades and hold into massive losses, continually posting charts on the thread with no real comprehension of Price Action.

It is not that I do not have the ability to trade off of them, but more so that I have select brands and ideas based on other indicators that are a lot more successful and offer a lot less guessing.

It is not that I believe that you should trade like me or adopt my ideas of trading, but more so that if you are having no luck with them, it is time to move on.

Read through the posts that WB put up and have a looksie at the info he provided...you really can't lose much by having a better understanding.

Best of luck in your trades D-Mango!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,682
  • Nov 1, 2010 4:31pm Nov 1, 2010 4:31pm
Quoting bbakker
LOL. Sometimes those MAs of yours work as lovely trendlines
B, we all know price does what it wants, when it wants.

Yeah, sometimes it can be easy to get caught in a headfake with a whippy market, and like any other system, if you have an idea of exits, it really isn't that hard to take exit on a shit trade and wait for the next setup.

One of the things I hate to see is that traders will use trendlines, wrongly drawn, as an idea of how to or where to set an order...or, for that matter, guessing tops and bottoms. As price crushes against them, continue to add lines and orders to justify their first thoughts.

I guess as the saying goes, no bad indicators, only bad ideas for using them.

It really is the poor carpenter who blames his tools.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,683
  • Nov 1, 2010 4:35pm Nov 1, 2010 4:35pm
Quoting bbakker
I have a spinning top now and possibly a doji at the close... indecision, indecision...
yup me too. I've loaded a small short position in, now waiting for the close.
I'd take the spinning top or a doji today, a bit premature but the 3 stars in the north I have on the h4 & way that the current body is gaping up from the previous body suggests topping out. If tomorrow's high does not exceed 6060 we'll have an evening star.

still 25 minutes to go, if it does not close anything like we imagine, i'm pulling the plug
Thank You
  • #262,684
  • Nov 1, 2010 4:36pm Nov 1, 2010 4:36pm
Quoting Magix
B, we all know price does what it wants, when it wants.

Yeah, sometimes it can be easy to get caught in a headfake with a whippy market, and like any other system, if you have an idea of exits, it really isn't that hard to take exit on a shit trade and wait for the next setup.

One of the things I hate to see is that traders will use trendlines, wrongly drawn, as an idea of how to or where to set an order...or, for that matter, guessing tops and bottoms. As price crushes against them, continue to add lines and orders to justify their first thoughts....
I couldn't agree more!
  • #262,685
  • Nov 1, 2010 4:36pm Nov 1, 2010 4:36pm
Cheers BB

Quoting bbakker
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...
Enter Signature
  • #262,686
  • Nov 1, 2010 4:42pm Nov 1, 2010 4:42pm
Quoting Magix

That being said, I think one of the biggest issues I have with a lot of traders is they refuse to learn the rules or proper trading that will follow trend lines or channel trading. Almost to an idea that they have to mail in an order to open/close trades. I have seen countless traders continue to draw the lines to justify bad trades and hold into massive losses, continually posting charts on the thread with no real comprehension of Price Action.
this is true. I've seen many people plotting meaningless trendlines to justify bad trades as well. By doing so they defeat the purpose of having them on the charts in the first place.
Thank You
  • #262,687
  • Nov 1, 2010 4:43pm Nov 1, 2010 4:43pm
Quoting wormboy
yup me too. I've loaded a small short position in, now waiting for the close.
I'd take the spinning top or a doji today, a bit premature but the 3 stars in the north I have on the h4 & way that the current body is gaping up from the previous body suggests topping out. If tomorrow's high does not exceed 6060 we'll have an evening star.

still 25 minutes to go, if it does not close anything like we imagine, i'm pulling the plug
With current price action as it is, I can't see it closing any other way. Nice supply zones above us and we couldn't break the high of October 15th (1.6105). If we break 1.6, 1.59 is on the cards. Let's see what happens because anything can happen!
  • #262,688
  • Nov 1, 2010 5:00pm Nov 1, 2010 5:00pm
Quoting cloggie
It is not really a strategy, just a way of breaking down the noise into manageable bites. And a way to identify how Cable behaves, range, 30 pip, range, 30 pip move, range, double 30, range 30 and so on.

Here is a post from 2 hours ago and still in play:



3885 went on fibre, but 6044 held on Cable so no joy and still within the same range 6029-6044 and like Kill says no break no shag. 3885 on fibre had no momentum so playing that as a fakeout. A move on fibre below 3885 and within the previous range will keep Cable from breaking 6044 and...
Great stuff Cloggie, as always!
  • #262,689
  • Nov 1, 2010 5:07pm Nov 1, 2010 5:07pm
Quoting wormboy
yup me too. I've loaded a small short position in, now waiting for the close.
I'd take the spinning top or a doji today, a bit premature but the 3 stars in the north I have on the h4 & way that the current body is gaping up from the previous body suggests topping out. If tomorrow's high does not exceed 6060 we'll have an evening star.

still 25 minutes to go, if it does not close anything like we imagine, i'm pulling the plug
leaving the small short in with emergency stop placed @6108, 62 pips risk.
will be adding to the shorts only if today closes bearish.
time for bed. hope everyone have a good day.

good luck
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Thank You
  • #262,690
  • Nov 1, 2010 5:24pm Nov 1, 2010 5:24pm
Quoting reflex
Edit: if anyone sees anything wrong with what I have said please correct me I am still learning.
Wouldn't know if something was wrong.

One of your trendlines, I like. (Not the multi-pivot-touch one, though of course it's fine.)
It has
power -- a high contrast of calm and jumpy candles
shape -- divides candles to know which ones suggest only one direction
resolution -- tells a story about the area following where candles intersect

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  • #262,691
  • Nov 1, 2010 5:55pm Nov 1, 2010 5:55pm
Quoting redsword11
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  • #262,692
  • Nov 1, 2010 6:15pm Nov 1, 2010 6:15pm
Out of a few cheeky longs here....

Watching for triggers now. A close below purple line, short. A retrace on cross on aqua line, long.

Nice.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,693
  • Nov 1, 2010 6:26pm Nov 1, 2010 6:26pm
out for a few as well magix...looking for touch of EMA20 M5 for long again
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  • #262,694
  • Nov 1, 2010 6:29pm Nov 1, 2010 6:29pm
Can someone check the current volume on a M5 chart for cable? It's coming up under a UTL I had previously identified and is bouncing as expected but the volume is HUGE and thus terribly unusual for this time of Asia - check the height of my M5 bar - it was teetering back & forth for almost the whole 5 minutes alternating between a 3 pip buy & sell set of prices - looks like a major fight right at that point, or, my MT4 is malfunctioning! (My LP is Citibank, so the volume is indicative of more than retail traders too)
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  • #262,695
  • Nov 1, 2010 6:29pm Nov 1, 2010 6:29pm
Quoting chazzle
out for a few as well magix...looking for touch of EMA20 M5 for long again
Watch for a retrace on daily open Chaz, don't try to catch them falling knives.

Roll price @ 1.6032. If the 20 fails, thats where we headed.

I got a couple shorts IMA riding on EU...but thats cuz we got an h4 200 waaaaaaaaaaaaaaaaaaaaaaaaaay down. UJ hopefully holds support and if EU traces the H4 200, cable gunna follow.

A few days until NFP...we could see a little more to the downside.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,696
  • Nov 1, 2010 6:33pm Nov 1, 2010 6:33pm
Quoting Beljevina
Can someone check the current volume on a M5 chart for cable? It's coming up under a UTL I had previously identified and is bouncing as expected but the volume is HUGE and thus terribly unusual for this time of Asia - check the height of my M5 bar - it was teetering back & forth for almost the whole 5 minutes alternating between a 3 pip buy & sell set of prices - looks like a major fight right at that point, or, my MT4 is malfunctioning! (My LP is Citibank, so the volume is indicative of more than retail traders too)
If I was you...

I'd be finding Mal or one of his minion VSA fellas to be checking the volume here.

The rest of us hacks use other shit.

Mal is our volume spread guy. The go to guy!
The mal"Ster", the mal"eroni", mal"guy"...

Look, the mal"man" is making Muffins.....

MALCOLMB14
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #262,697
  • Nov 1, 2010 6:35pm Nov 1, 2010 6:35pm
Quoting Beljevina
Can someone check the current volume on a M5 chart for cable? It's coming up under a UTL I had previously identified and is bouncing as expected but the volume is HUGE and thus terribly unusual for this time of Asia - check the height of my M5 bar - it was teetering back & forth for almost the whole 5 minutes alternating between a 3 pip buy & sell set of prices - looks like a major fight right at that point, or, my MT4 is malfunctioning! (My LP is Citibank, so the volume is indicative of more than retail traders too)
No real volume with Windsor Brokers on m5
  • #262,698
  • Nov 1, 2010 6:36pm Nov 1, 2010 6:36pm
Quoting Magix
If I was you...

I'd be finding Mal or one of his minion VSA fellas to be checking the volume here.

The rest of us hacks use other shit.

Mal is our volume spread guy. The go to guy!
The mal"Ster", the mal"eroni", mal"guy"...

Look, the mal"man" is making Muffins.....

MALCOLMB14
lol
  • #262,699
  • Nov 1, 2010 6:41pm Nov 1, 2010 6:41pm
Quoting Magix
If I was you...

I'd be finding Mal or one of his minion VSA fellas to be checking the volume here.

The rest of us hacks use other shit.

Mal is our volume spread guy. The go to guy!
The mal"Ster", the mal"eroni", mal"guy"...

Look, the mal"man" is making Muffins.....

MALCOLMB14
NP - already posted there too ... was just curious if other MT4s are seeing high volume there too ... esignal would be best for confirming, and it's already posted in Malcolm-land! The size of the volume there is at a huge level & thus very rare - the ceiling for cable is not much farther beyond here IMO esp, with a daily doji behind us; this is potential SM influence here; unfortunately nothing on forexlive or another subscriber service.

EDIT: Malcolm has confirmed it on esignal ... we could be in for a big slide down me thinks...VSA will rock on this ... !
  • #262,700
  • Nov 1, 2010 6:53pm Nov 1, 2010 6:53pm
Quoting Beljevina
NP - already posted there too ... was just curious if other MT4s are seeing high volume there too ... esignal would be best for confirming, and it's already posted in Malcolm-land! The size of the volume there is at a huge level & thus very rare - the ceiling for cable is not much farther beyond here IMO esp, with a daily doji behind us; this is potential SM influence here; unfortunately nothing on forexlive or another subscriber service.

EDIT: Malcolm has confirmed it on esignal ... we could be in for a big slide down me thinks...VSA...
FWIW...

I got resistance on the M30, on cable, but not taking a bite here.

I have however added a short on EJ and EU for the 200 on 5m.

Gunna watch, who knows, maybe I get lucky....
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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