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Cable Update (GBPUSD)

  • #315,981
  • Jun 11, 2012 7:28am Jun 11, 2012 7:28am
then of course i decided my entry based on 2 main factors:

1. gold an commodities and EU pointing down.
2. i waited patiently the price to show weakness near high level, and opened when i saw m5+m10 price below its VWAP (volume weighted average price) which is a kind of MA but with volumes data: very good!!

while writing i cutted most position @+20

anyway this is an idea, then to increase confidence have a lot of things but bit complex to explain in few words
Attached Image (click to enlarge)
Click to Enlarge Name: vwap entry.jpg Size: 80 KB
90% of traders use TA, indicators and prediction
  • #315,982
  • Jun 11, 2012 7:28am Jun 11, 2012 7:28am
TauTrader,
Thanks, somewhat see the picture here. I never go lower than M15, I use H4 and D1 or weekly to see the overall trend. Now holding 2 short position on M15 based on TDI.
  • #315,983
  • Jun 11, 2012 7:32am Jun 11, 2012 7:32am
last last thing
i prefer thousands times to read price in horyzontal levels than in diagonal.
so much better to see when a recent level goes or is respected, while TL are a bit tricky IMO
90% of traders use TA, indicators and prediction
  • #315,984
  • Jun 11, 2012 7:35am Jun 11, 2012 7:35am
very nice bb


Quoting _BBKing_
good day mrTau,
tks for kind words, always appreciated.
actually i'm in a kind of mixed trading system.

i mean: overall i read price and respect (i try to) PA rules.
best best setup is always at the beginningof the week when price building levels like pivots, opens, highs etc...

so for example this is my h1 chart where red is highs and green is possible low so my target area.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #315,985
  • Jun 11, 2012 7:36am Jun 11, 2012 7:36am
cable down ,down
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #315,986
  • Jun 11, 2012 7:39am Jun 11, 2012 7:39am
closed 3/4 of GU short and EU for good and scalped some more long

rest of GU on BE now and I'll trail it

next stop down 1.5509-1.5495 where are parked some buyers as well and 50% fibo is

I would only scalp long here as price should go lower to 61.8% 1.5472 and as mentioned in a previous post it chart works out 1.5430 and very last stop 1.5380-90 from where it will pop up 60 pips.

have a good evening
  • #315,987
  • Jun 11, 2012 7:40am Jun 11, 2012 7:40am
p.s.

cable might pop up now to 1.5540 but too risky to scalp this one for only 20 pips
  • #315,988
  • Jun 11, 2012 7:43am Jun 11, 2012 7:43am
Quoting _BBKing_
then of course i decided my entry based on 2 main factors:

1. gold an commodities and EU pointing down.
2. i waited patiently the price to show weakness near high level, and opened when i saw m5+m10 price below its VWAP (volume weighted average price) which is a kind of MA but with volumes data: very good!!

while writing i cutted most position @+20

anyway this is an idea, then to increase confidence have a lot of things but bit complex to explain in few words
Good day to you, sir

Ah, ok.

You remember the gold / GU correlation chart I set up over the week-end?

Going to show you something soon - I can not get into my MT4 platform at the moment and I have 2 open shorts...

Now, my next question - fibs, pivots, moving averages - even elliot waves etc. are they not all indicators?

Why is it that any person with a set of indicators on a chart is normally frowned upon?

We have all seen the comments: " I can not see the PA on your chart".." Looks like a christmas tree"..." indicators lag"... They only work in trending markets"... " price action only"..." nice clean chart"... bla,bla,bla

I say stuff you all. What do you think a support/resistance level is? It is .... wait for it..... an indicator.

My apology for the rant.

BB - I have read through your posts on DukaScopy. Now waiting to see you on TV..

All success. Like your posts.

Regards
  • #315,989
  • Jun 11, 2012 7:47am Jun 11, 2012 7:47am
Quoting sudosandwich
TauTrader,
Thanks, somewhat see the picture here. I never go lower than M15, I use H4 and D1 or weekly to see the overall trend. Now holding 2 short position on M15 based on TDI.
Good day to you, Sir

Work systematically... the one confirms the next.

15min, 1hr, 4hr

Equal time distribution.

Good on your shorts!

All the best to you

Regards
  • #315,990
  • Jun 11, 2012 7:57am Jun 11, 2012 7:57am
Quoting TauTrader
Good day to you, sir

Ah, ok.

You remember the gold / GU correlation chart I set up over the week-end?

Going to show you something soon - I can not get into my MT4 platform at the moment and I have 2 open shorts...

Now, my next question - fibs, pivots, moving averages - even elliot waves etc. are they not all indicators?

Why is it that any person with a set of indicators on a chart is normally frowned upon?

We have all seen the comments: " I can not see the PA on your chart".." Looks like a christmas tree"..." indicators lag"......
ehhehehe
yes i agree with you about indicators. problem IMO is how to use them!!
and the same is for sup/dem levels, pivots etc.
i mean... we could draw a line in every single pip and we could have 10 indicators saying short, but opening a long is most probable trade.
not easy to explain.

so, in my trade, i could have short when price near 5580 but i'm unable to open a position short, when price is going up in full bullish body candle.

i wait. i wait a confirmation coming from a combo of factors. this is how indicators should be used: correlated to other things. price was below the vwap also before my entry, but i have not opened short, because things where not lined up.
the same is for pivots: price could now go to pivot area and simply take a tank straight down without caring of that line. so it is not that when price will be there i will open long eyes closed.

but overall, knowing main levels and understand how to read weakness/strenght in price, is the first step to avoid losses.

lol
bout dukas i'm bit worried about the presentation lololollollllool
will be this friday.
give an eye at my last gold study
90% of traders use TA, indicators and prediction
  • #315,991
  • Jun 11, 2012 7:57am Jun 11, 2012 7:57am
forget gap

Quoting Bones
cable down ,down
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #315,992
  • Jun 11, 2012 7:59am Jun 11, 2012 7:59am
longed down there for a 40 pips TP

will see
Attached Image (click to enlarge)
Click to Enlarge Name: buy gu m1.gif Size: 45 KB
  • #315,993
  • Jun 11, 2012 8:00am Jun 11, 2012 8:00am
Quoting redbeben
p.s.

cable might pop up now to 1.5540 but too risky to scalp this one for only 20 pips
yes i agree can go 5540 again. infact i took profits in my short.
if anything i got my +2%
bit scary going long.....
90% of traders use TA, indicators and prediction
  • #315,994
  • Jun 11, 2012 8:02am Jun 11, 2012 8:02am
hit TP and flat

reason : top of the gap

waiting another setup .........


Quoting iqyu5an
am anticipating this pattern
http://www.trade-forex-harmonic-patt...hark-bu-be.gif
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pvj470f.gif Size: 13 KB
Click to Enlarge Name: pvj471.gif Size: 10 KB
not euphoria follower
  • #315,995
  • Jun 11, 2012 8:05am Jun 11, 2012 8:05am
Quoting redbeben
longed down there for a 40 pips TP

will see
Good day to you,

"V" back - respect to you.

This in exchange for your stop..

Just kidding...

Hehe

Regards
  • #315,996
  • Jun 11, 2012 8:06am Jun 11, 2012 8:06am
Quoting iqyu5an
hit TP and flat

reason : top of the gap

waiting another setup .........
good day to you, sir

Nice one...

Regards
  • #315,997
  • Jun 11, 2012 8:13am Jun 11, 2012 8:13am
tq sir...just learning here

success for you too

rdgs
Quoting TauTrader
good day to you, sir

Nice one...

Regards
not euphoria follower
  • #315,998
  • Jun 11, 2012 8:15am Jun 11, 2012 8:15am
Quoting _BBKing_
yes i agree can go 5540 again. infact i took profits in my short.
if anything i got my +2%
bit scary going long.....
Check 1.5465...

Me think.

Regards
  • #315,999
  • Jun 11, 2012 8:24am Jun 11, 2012 8:24am
Quoting TauTrader
Check 1.5465...

Me think.

Regards
yes 5460-70 coud happen a buy setup!
time will tell
90% of traders use TA, indicators and prediction
  • #316,000
  • Jun 11, 2012 8:27am Jun 11, 2012 8:27am
Quoting _BBKing_
yes i agree can go 5540 again. infact i took profits in my short.
if anything i got my +2%
bit scary going long.....
Good day to you,

Herewith my GU/Gold correlation chart set up over the past week-end. gold was first to break the 200 T3 average.... price followed soon after. Red vertical line shows the break of the MA, pink horizontal shows where GU price was at the time.

Will continue to follow this correlation...

Lucky move? ( making it clear this was not used by me to enter trades)

dunno yet..

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: goldgu2.jpg Size: 132 KB
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