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Cable Update (GBPUSD)

  • #439,841
  • Sep 13, 2016 1:43am Sep 13, 2016 1:43am
Quoting HaLBot
{quote} Is there any of those that you have been consistently good at?? Because if not you might end up going through same stage as with Gbp/Usd...
No I've just been trading then on longer timeframes and not trying to catch a quick buck on the shorter timeframes as I seem to be doing with cable.
Striving for consistency
  • #439,842
  • Sep 13, 2016 1:45am Sep 13, 2016 1:45am
Supply increase. Prior to a fall ?
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Money moves the market, not an indicator.
  • #439,843
  • Sep 13, 2016 1:48am Sep 13, 2016 1:48am
Quoting Wdfx
{quote} No I've just been trading then on longer timeframes and not trying to catch a quick buck on the shorter timeframes as I seem to be doing with cable.
What I'm getting at is it's probably your trading style and not the pair...so no matter what pair you trade you'll eventually end up in same position because I'm 10,000% sure Cable is not the only pair traders do their dough on....

Don't take this personally, it applies to all of us who haven't mastered trading yet....
Don't Leave Money on the Table
  • #439,844
  • Sep 13, 2016 1:53am Sep 13, 2016 1:53am
Quoting HaLBot
{quote} What I'm getting at is it's probably your trading style and not the pair...so no matter what pair you trade you'll eventually end up in same position because I'm 10,000% sure Cable is not the only pair traders do their dough on.... Don't take this personally, it applies to all of us who haven't mastered trading yet....
I don't take offence and agree with you totally. I recognise it is psychological and due to in experience.....it still cracks me up though. I know what I am doing wrong. Trying to fix it. Just give me a verbal slap every time I do something stupid.
Striving for consistency
  • #439,845
  • Sep 13, 2016 1:54am Sep 13, 2016 1:54am
Quoting Lock
{quote} Yes and I may add that it's not only a matter of time (how many time you will spend in front of your screen doing something) or how much you are smart, disiplined atc. It is also a matter of the the people you are trading with, meaning the people are mentoring you (by books, webinar, forums or whatever) If you met the wrong people (mentors, books, atc.) you may loss your antire life trading without obtaining absolutely nothing.
I agree with Lock on this one. If I may, let me recommend the books I have used, two of them, read cover to cover:

  1. Technical Analysis of the Financial Market by John J Murphy
  2. Technical Analysis: The complete Resource for Financial Markets Technicians by Kirkpatrick

I am currently reading Market Profile by Chicago Board of Trade obviously inspired by Lock here

I'm high on trading, cant you tell?
  • #439,846
  • Sep 13, 2016 1:54am Sep 13, 2016 1:54am
Quoting Sammih
{quote} When I started out back in 07, I exclusively traded the EU on a 30 mins TF. I had mixed results, I blew up countless accounts, over a long period of time. I read that the higher TFs are better and I could not for the life of me contemplate trading on higher TFs. I particularly hated the 4HR TF. But over the years I have come to appreciate the power of the 4hr TF. Its a very strong picture and if followed,particularly on the cable, can make the picture way clearer. Scalping for me is way too difficult, I prefer to have time to think over...
This +1. Couldn't agree more. Also a big fan of 4H...if only one chart I could see, would be that one.
  • #439,847
  • Sep 13, 2016 2:02am Sep 13, 2016 2:02am
Can somebody throw down a Yard Short so I can close my Short at 3300....
Don't Leave Money on the Table
  • #439,848
  • Sep 13, 2016 2:03am Sep 13, 2016 2:03am
Quoting Lock
{quote} I add a note to yesterday pit session: when coming higher it left behind 2 anomalies one at 3318 zone and an other one at 3309 zone. These two could be revisited before or after.
Also note that price went down and revisited both of the yesterday pit anomalies (at the pip).
Ubi maior minor cessat
  • #439,849
  • Sep 13, 2016 2:05am Sep 13, 2016 2:05am
Quoting HaLBot
Can somebody throw down a Yard Short so I can close my Short at 3300....
Give me a minute
  • #439,850
  • Sep 13, 2016 2:06am Sep 13, 2016 2:06am
Quoting digger1
{quote} Give me a minute
Cheers Digger....
Don't Leave Money on the Table
  • #439,851
  • Sep 13, 2016 2:07am Sep 13, 2016 2:07am
Quoting HaLBot
Can somebody throw down a Yard Short so I can close my Short at 3300....
Its a little conflicted because the gbpjpy wants to go up
  • #439,852
  • Sep 13, 2016 2:10am Sep 13, 2016 2:10am
Quoting digger1
{quote} Its a little conflicted because the gbpjpy wants to go up
Yeah and all GBP crosses are going up ATM....
Don't Leave Money on the Table
  • #439,853
  • Sep 13, 2016 2:12am Sep 13, 2016 2:12am
Quoting Lock
{quote} GB open with a gap from yesterday high but right below the old gap down base 3221. So there is no an overlapping of those two gaps. If the new gap upwards resists the old one is a pretty target.
If it doesn't resists and price will come back inside yesterday GB range we could retrace completely yesterday short covering and eventually find ourselves with a pit gap down. In this particular case, everything will change. But let's see how gb will develp from here.

Note that we are testing overnight low right now. So if you want to buy here this is a licit trade (if you are fast enough if something will go wrong) Your structural SL could be right inside the gb gap up. And your initial targets up to Sydney high at 33405. The risk in this is that the main POC is right below here at 3300 zone: and it is a big pole of attraction for price. So watch out if you buy here.
Ubi maior minor cessat
  • #439,854
  • Sep 13, 2016 2:23am Sep 13, 2016 2:23am
Based on what I see on the 1h / 4h charts my plan is short at a break below 1.3300, long break above 13350
Striving for consistency
  • #439,855
  • Sep 13, 2016 2:31am Sep 13, 2016 2:31am
IF price continues to move down, it may stall at 1.3280 and come back up a bit to to wait for inflation news.
  • #439,856
  • Sep 13, 2016 2:33am Sep 13, 2016 2:33am
Quoting Lock
{quote} Good morning, overnight action added 2 possible (probable) tagets to the last list: today Tokyo poor high at 33385 today Sydney poor high at 33405 Yesterday 09.12 pit session poor high at 33468 Friday 09.09 preUS session poor high at 33595. GB 09.07 poor high at 3421 Tokyo 09.07 poor high at 3424 Tuesday 09.06 pit session poor high at 34445. I repeat here that the fact that these reference are close one each other increases exponentially the odds for a higher price action in order to remove them. But this not mean it is sure, nor that it...
Hello Lock,
shall u please explain how you decide if a low or high is poor or rich?

The old Gap (3339-3221) is refered to what session ?

Thank you
  • #439,857
  • Sep 13, 2016 2:34am Sep 13, 2016 2:34am
Quoting pursuit_21
IF price continues to move down, it may stall at 1.3280 and come back up a bit to to wait for inflation news.

That's for sure but also expecting a bounce at 3300 where bids are placed....
Don't Leave Money on the Table
  • #439,858
  • Sep 13, 2016 2:36am Sep 13, 2016 2:36am
Quoting HaLBot
{quote} That's for sure but also expecting a bounce at 3300 where bids are placed....
Better have that trigger finger loosened up lol
  • #439,859
  • Sep 13, 2016 2:40am Sep 13, 2016 2:40am
Quoting digger1
{quote}Better have that trigger finger loosened up lol
Morning D where you at ? Regards
  • #439,860
  • Sep 13, 2016 2:41am Sep 13, 2016 2:41am
Quoting Devart
{quote} Hello Lock, shall u please explain how you decide if a low or high is poor or rich? The old Gap (3339-3221) is refered to what session ? Thank you
There are normal or poor highs and lows. A poor low or high is a price level where 2 or more m30 periods established their respective lows or highs, when this happens at the bottom or the top of an auction. Example: right now we got a normal low because B period went below A period and left behind a "buying tale" id est more then 2 pips "clean" below A period low. At the same time we have a normal high because B period didn't reach A period high and then we got a "selling tale" in A period. Yesterday pit session high, at the opposite has periods H and K at the top of the session auction with the same high. This is a poor high. Now if for instance K period was a single pip below or above H period high also in this case we could speak of a poor high. The minimum selling or buying tale is infact (technically) at least 2 pips. Note that the bigger the selling or buying tale is, the stronger is the action of the market starting from the top or the bottom of it respectively.
Ubi maior minor cessat
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