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Cable Update (GBPUSD)

  • #263,041
  • Nov 3, 2010 10:28am Nov 3, 2010 10:28am
i'm in again, still the same chart, break this one i'll run ASAP, could be no sleep tonight..
I will be the number one Manager.
  • #263,042
  • Nov 3, 2010 10:28am Nov 3, 2010 10:28am
Quoting cloggie
I just wanted to show you how simple trading can be, you just need the confidence to believe in your turts and ranges.
Spoon fed to a profit!..lol

Thanks Cloggie, it was very helpful.

See you around tomorrow.

bye for now. Have a good afternoon - what's left of it!
  • #263,043
  • Nov 3, 2010 10:32am Nov 3, 2010 10:32am
Quoting TommyPips
Spoon fed to a profit!..lol

Thanks Cloggie, it was very helpful.

See you around tomorrow.

bye for now. Have a good afternoon - what's left of it!

No problem, it was fun doing a play by play. Wormy and I used to do loads of these but the trolls and muppets here took the fun out of it a bit.
  • #263,044
  • Nov 3, 2010 10:33am Nov 3, 2010 10:33am
Quoting cloggie
No problem, it was fun doing a play by play. Wormy and I used to do loads of these but the trolls and muppets here took the fun out of it a bit.


good to see u back
  • #263,045
  • Nov 3, 2010 10:35am Nov 3, 2010 10:35am
Quoting nAVIN2007

good to see u back
It will only last so long till the muppets p!ss me of again.
  • #263,046
  • Nov 3, 2010 10:35am Nov 3, 2010 10:35am
11133 posts ?! Did you start posting even before FF existed or what ?



Quoting nAVIN2007

good to see u back
Hello.
  • #263,047
  • Nov 3, 2010 10:36am Nov 3, 2010 10:36am
Quoting honeybhi
Its indeed looking good.

It had a perfect bounce of the 38.2 of the previous swing.
Looks like a higher low on daily.Waiting for it to take out previous high.

Lets see how it close today.

swissy on dailly may well now recover..
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  • #263,048
  • Nov 3, 2010 10:36am Nov 3, 2010 10:36am
Quoting emene
11133 posts ?! Did you start posting even before FF existed or what ?


He is a position trader so he gets bored easily waiting for his plan to play out which at times takes months.
  • #263,049
  • Nov 3, 2010 10:38am Nov 3, 2010 10:38am
Quoting cloggie
He is a position trader so he gets bored easily waiting for his plan to play out which at times takes months.

yup hit the nail on the head..
  • #263,050
  • Nov 3, 2010 10:42am Nov 3, 2010 10:42am
Quoting cloggie
Here you go job done, simples.

Top chart is the one from this morning, bottom chart is the one now, red area was the one to watch for your direction and to keep your nerves in check.
Cloggie,

Thanks very much for that play by play commentary. Learned alot.
Those ranges that you plot; 30+/- for GU and 20+/- for EU, are they generally consistent on all timeframes or do you adjust them for trendlines or EMAs that you are using as well?

Am I right in saying that 4007 (EU) being the lower level of the bottom "box"... you would wait until price holds above or breaks below? If it didn't break below, what do you use to signal getting in long? Wait for the first break/retrace upside? or enter if it breaks the top of the box ie. 4023?

And of course, similar for GU.

Many thanks in advance

Vlad
A pip is only worth it if you know how much you risked to earn it
  • #263,051
  • Nov 3, 2010 10:49am Nov 3, 2010 10:49am
Quoting vlady1974
Cloggie,

Thanks very much for that play by play commentary. Learned alot.
Those ranges that you plot; 30+/- for GU and 20+/- for EU, are they generally consistent on all timeframes or do you adjust them for trendlines or EMAs that you are using as well?

Yes those ranges work on all TF's, the higher ones just have multiples of them I don't really use EMA's myself just use it as a visual aid when I do these play by plays because they are so simple and effective.

Quoting vlady1974
Cloggie,

Thanks very much for that play by play commentary....
4007 was the top of the box and price touched it nicely as it was just a logical continuation of the pattern that was formed by the Franky and london open this morning. Both Fibre and Cable follow very set patterns during the day and I have gone over them dozens of times before. London breaks, moves a multiple of 30 (usually 60-90), consolidates and reverses then NY sets the extremes and TY reverses it.

I look at price and price trend to judge when to get in once price leaves a box, then I find my next turt (SR level) and see how she interacts there. Everytime price leaves a box I have a level in my mind that I am looking for as target and I just follow the price to see if she gets me there, does it always work to the pip? Probably 90% of the time or so, but the general direction is always spot on.

I probably spend an hour or so in the morning planning my day and looking at the levels that interest me and rating them to what I feel are the important ones, then I just follow the price from level to level. Levels rarely change during the day and most are good for a few days or even a week.

The big levels become my "turts" and the minor ones my ranges. If you go back over the posts over the last few days I identify areas of consolidation pretty accurately before they happen, that just comes with loads of screentime.

On Cable I am looking at a range to form here 6063-6080. On Cable I still want to see 6052 as a natural bottom here but we are getting awfully close to FOMC and that is going to give us some serious volatility
  • #263,052
  • Nov 3, 2010 10:58am Nov 3, 2010 10:58am
Quoting darrenware
BAD call Mr Ware....someone here kick my ass!

It takes guts to trade against me but kudos for sticking to your convictions, trade your plan even if your plan is rubbish.....

The problem is that you never know if your plan is cr@p until you give it chance to run and we all trade different TF's.
  • #263,053
  • Nov 3, 2010 11:02am Nov 3, 2010 11:02am
Quoting cloggie
Yes those ranges work on all TF's, the higher ones just have multiples of them I don't really use EMA's myself just use it as a visual aid when I do these play by plays because they are so simple and effective.....
Thanks so much for that. I'll try and apply that approach.
I use Murrey Math Levels at home and when I plotted your levels last night, they were also pretty spot on. Unfortunately, I don't have Metatrader on my work PC so I gotta rely on IG Index's Platform, which aside from placing trendlines, I pretty much have to look at naked price. Learning to do it like this has been very very educational if not a little unnerving. it's funny how all these indies really clutter your train of thought.

Anyways, cheers for the coaching. Gonna try and apply what I've learned to GU now.... but I'll watch EU for triggers like you said.

A pip is only worth it if you know how much you risked to earn it
  • #263,054
  • Nov 3, 2010 11:11am Nov 3, 2010 11:11am
Quoting vlady1974
Thanks so much for that....

Don't just look at the yooro for triggers, go and trade it, it is a lot simpler then Cable is.

For EU I am looking at 4007 holding here as NY has filled the range and set the low already so we can safely work our way back up again, 4023 is still the turt in the punchbowl. Just get out before FOMC we can see 100-200 pip swings there.

4007 holding, 4023 giving will set the way to 4038, but you got to give it time here to consolidate first she is not going to move in a hurry. Let it run through a few test cycles so you can have a visual aid to use for direction.
  • #263,055
  • Nov 3, 2010 11:13am Nov 3, 2010 11:13am
Quoting cloggie
It takes guts to trade against me but kudos for sticking to your convictions, trade your plan even if your plan is rubbish.....

The problem is that you never know if your plan is cr@p until you give it chance to run and we all trade different TF's.

Which TF do you use on EU?
  • #263,056
  • Nov 3, 2010 11:13am Nov 3, 2010 11:13am
Quoting Sammie
Which TF do you use on EU?

Intraday the 15 and 30, but that is because I look for 40-50 pip trades and not for scalps.
  • #263,057
  • Nov 3, 2010 11:14am Nov 3, 2010 11:14am
Quoting cloggie
Don't just look at the yooro for triggers, go and trade it, it is a lot simpler then Cable is.

For EU I am looking at 4007 holding here as NY has filled the range and set the low already so we can safely work our way back up again, 4023 is still the turt in the punchbowl. Just get out before FOMC we can see 100-200 pip swings there.
Yep, I caught your post just before lunch and shorted from 4029 down to 4007 (chicken), but I had to hold my nerve when it shot past to 4037
A pip is only worth it if you know how much you risked to earn it
  • #263,058
  • Nov 3, 2010 11:14am Nov 3, 2010 11:14am
better go fishing than eating given fish

rgds,iqyu

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not euphoria follower
  • #263,059
  • Nov 3, 2010 11:15am Nov 3, 2010 11:15am
Posted wrong chart on swissy earlier.

Here's then correct one navin .

The broken trendline should be tested soon.
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  • #263,060
  • Nov 3, 2010 11:33am Nov 3, 2010 11:33am
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