anyone trading cable 2013 - lets roll

[cablemonster]

wtf is that in S&P, the ar$e just fell out and no news here

 

[cablemonster]

cable being very resistant to risk off flows in other markets. hmm

 

[cablemonster]

price action on my short doesn't look good here, my stop is at +0.1 pips and I am just going to hold now. times like this the shudda wudda cudda emotions creep in as I could have easily taken 20-25 pips of the table on this trade but failed to take it as I wanted a cricket score. I am fine with it though, this is my style, this is what works for me, when I catch the 100+ pip moves that's where the real cheesecake is made and eaten.

 

[bbmac]

Seems to have found some demansd at the base of that previous 1hr swing lo zone but the upside recovery is hampered by 23.6% of 6107-6028 (so far?) Bids touted 6020/10 ? and of course 6007 the current weekly low just below that.

G/L with the trade.

 

[cablemonster]

I'm surprised you don't focus on EUR/GBP instead of GBP/USD since you like to trade order flow. EUR/GBP is highly flow traded and controlled more so because of the import/export orders, same with USD/JPY.

Why do you focus on G/U?

Just wondering.

ps. I used to trade order flow all day long a few years ago using IFR.

Hey Dollars

A good question you pose and the reasons i trade cable and not eur/gbp are 2 fold.

(i) volatiliy - case in point yesterday's daily range in eur/gbp 46 pips, cable 97 pips. cable moves a tonne.

(ii) habit

once you have amassed such monster screen time on an instrument it makes no sense to chop and change instruments. for me if you trade intraday with some longer term holds then choose a volatile instrument and stick to it. cable is up and down more times than katie price's knickers. also you get to know the nuances of an instrument, the time based moves. I recognise certain behaviours in the market at certain times of the day in NY/LONDON and all of this info gets 'baked into the cake'

I wouldnt say I am an order flow trader per se it is just one of the factors I consider, i.e. earlier today the option expirations were a factor for holding.

That said I am very interested in looking at order flow based trades in other pairs, I dont see a great deal of info in IFR, would you care to share an example or two for our viewing pleasure.

good trading to you and good luck with your experiment.

 

[cablemonster]

Seems to have found some demansd at the base of that previous 1hr swing lo zone but the upside recovery is hampered by 23.6% of 6107-6028 (so far?) Bids touted 6020/10 ? and of course 6007 the current weekly low just below that.

G/L with the trade.

yeah I agree, when I look at the 30m chart now it looks ugly and maybe I should have taken some off the table. we'll see looks like another scratch trade.

 

[cablemonster]

out for +0.1pips

 

[cablemonster]

Sorry forgot to post example...

During those hours volatility is low and the market searches for liquidity on the books.

You wont see much resistance/fight from the early attempts at the closest reported bid or offers, thats why trading order flow (first touch) during that time period is pretty much a banker.

Here is today's reported flow levels:

EUR/USD: Bids 1.3100/05 and 1.3080/90 sell stops below. Offers 1.3130/50

During that time period, you would BUY the bids without hesitation or sell the offers without hesitation, which ever is hit first.

So at 07:30 this morning you would have bought EUR/USD @ 1.3105. Price will need to chew up the bids or offers before moving out of range, which it does @ 12:40.

Your early bird order flow trade would have provided +25 pips.

kinell delete that I am gunna tell Gerry. price stopped at 1.6130 where offers were reported.

 

[cablemonster]

yeah and offers touted this morning 81.50 in eurgbp.

 

[random12345]

I can show you everything there is to know about order flow trading, thats just one little basic way of doing it.

Dollar, I assume that this is on the level II order book using one of the aforementioned institutional packages rather than an ECN version?

Cheers.

 

[random12345]

There are various packages you can get, but you can also get the large levels for free from ForexLive each morning, or you can pay a subscription for IFR which is around £200 pm or Market News International which is around £100 pm. Those will report the large bids/offers for you on a squawk box type thing.

Much appreciated.

 

[random12345]

The key to order flow trading and how you use it is all down to particular times of the day.

Anyway I'm off for dinner.

Understood - it's not a method I employ currently (obviously), but I'll look into it in some detail over the next few weeks as I'm looking to expand my skillset with volatility remaining low.

 

[random12345]

The key to order flow trading and how you use it is all down to particular times of the day.

Anyway I'm off for dinner.

And would you say IFR has any advantages over MNI? Not that I'm cheap or anything...

Thanks.

 

[random12345]

The both pretty much the same info.

I was told you can get IFR for free if you open an OANDA account, don't think you need to deposit or trade with them.

I feel bad as this is cablemonsters thread and is about his cable trades.

Alright thanks - agreed - I'll be quiet now.

 

[cablemonster]

cable monster lying low today.

Level
Technical Significance
1.6255
Daily High Jan 3
1.6160
21 DMA
1.6140
10 DMA
1.6129
Daily High Jan 8
1.6033
12:10 GMT WED 09 JAN
1.6023
21 DMA Lower Bollinger
1.6022
Daily Low Jan 7
1.6010
Daily Low Jan 4
1.6002
Daily Low Dec 7

 

[cablemonster]

short at 1.5999 tight stop

 

[cablemonster]

she gunna burst.......................

 

[bbmac]

I think you sold into potential support with 76.4% 5881-6349, a previous 4hr/daily swing lo zone.

G/L with it though...price still @ only 90% of 20day atr at the current daily lo and price has broken downside of other potential support factors so far today .

 

[cablemonster]

I think you sold into potential support with 76.4% 5881-6349, a previous 4hr/daily swing lo zone.

G/L with it though...price still @ only 90% of 20day atr at the current daily lo and price has broken downside of other potential support factors so far today .

yeah there are some daily lows knocking around, I sold on reported sales from a custodial bank, big stops report @ 95's, sovereign names on the bid @ 95 apparently.

 

[cablemonster]

out for -19.8 shocker