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Cable Update (GBPUSD)

  • #12,381
  • May 9, 2007 7:23am May 9, 2007 7:23am
thanks leelee75k.
  • #12,382
  • May 9, 2007 7:25am May 9, 2007 7:25am
Cesar left????!!!!!!

huh, wha did I miss? why???

Cesar get back in here now!!!!!!!
  • #12,383
  • May 9, 2007 7:35am May 9, 2007 7:35am
Why Cesar left ????!!!!!!
  • #12,384
  • May 9, 2007 7:39am May 9, 2007 7:39am
Hello all,

I am new to this forum but have been known to post on others, its just that there don't seem to be that many cable people on other forums.

I took a small long today (but am out now) for the following reasons:

1. Daily trend is up
2. I think that the correction sideways could be done. As shown by the abc on a 2 hourly chart.
3. I think we printed a (i) and (ii) but I was looking for some kind of confirmation, which I got when we broke out of the flag / parallel lines.

I think the green line on the chart is now pretty key and will probably only play it from the long side in the near term.

Verno
Attached Image (click to enlarge)
Click to Enlarge Name: GBP090507.jpg Size: 58 KB
  • #12,385
  • May 9, 2007 7:51am May 9, 2007 7:51am
Quoting m_j_1984
thanks leelee75k.
what a beautiful avatar!!

I remember I saw this girl in a movie, is that right?!
  • #12,386
  • May 9, 2007 8:06am May 9, 2007 8:06am
Quoting verno
Hello all,

I am new to this forum but have been known to post on others, its just that there don't seem to be that many cable people on other forums.

I took a small long today (but am out now) for the following reasons:

1. Daily trend is up
2. I think that the correction sideways could be done. As shown by the abc on a 2 hourly chart.
3. I think we printed a (i) and (ii) but I was looking for some kind of confirmation, which I got when we broke out of the flag / parallel lines.

I think the green line on the chart is now pretty key and will probably only play it from the long side in the near term.

Verno
Hi Verno,

Welcome to the thread.

Just to confirm, does your last sentece mean that you intend to trade bullish in the near term?

Also, if Cesarnc is viewing (probably sighing with disbelief at mine and others posts), then please come back, the thread needs your guidance. Try to ignore our immaturity and help us to learn to contribute more.
  • #12,387
  • May 9, 2007 8:09am May 9, 2007 8:09am
Quoting benssol
what a beautiful avatar!!

I remember I saw this girl in a movie, is that right?!

yea. Shi is Hillary Duff.
  • #12,388
  • May 9, 2007 8:16am May 9, 2007 8:16am
First let me agree with many of the earlier comments about the unsupported opinions that have started clogging up this thread. Without any supporting work to show the reasoning they are totally usless and may negatively influence inexperienced traders. They can also cause experienced traders to leave the thread as has just happened.

I´ve just read RJFs post on a moving average cross over system and decided to post a chart of a simpler way that I find useful of viewing short term charts.

I view Price in relation to two EMAs rather than looking for the cross over of MAs - this helps to eliminate lag and makes for a clear picture - IMO.

The Agua lines are a 34 ema in the center with an 0.11% envelope. Price tends to react around this envelope.

The green line is a 200 ema with dashed +/- 40, 80 and 120 bands - these are where price often stalls.

The Stochastic is for high-lighting divergence and also a reminder to only Sell when its >80 or Buy when <20

When the Agua lines are sloping UP its OK to Buy and when sloping Down, to Sell.

For more info, send me a PM
Attached Image (click to enlarge)
Click to Enlarge Name: cable 5m may 9 10am.jpg Size: 44 KB
Trading Levels with WRBs
  • #12,389
  • May 9, 2007 8:28am May 9, 2007 8:28am
I agree bit more explanation when posting what you believe cable will do next would be helpful.

What experienced traders have left?
  • #12,390
  • May 9, 2007 8:37am May 9, 2007 8:37am
regardless of anything you should continously apply and exploit your edge and stay focused within the opportunity flow like Mark Douglas talks about, dont focus on where price will or will not go,(dont project your expection onto the market) remain nuetral predefine your risk, and dont focus on past losses each opportunity is unique and different from the last, be rigid with your rules but flexible with what the market can do, embrace uncertaintity anything can happen at any time regardless of fundamentals, if enough traders wish it so, all it takes is one trader to tip the scales...
  • #12,391
  • May 9, 2007 8:37am May 9, 2007 8:37am
Quoting el_duende
I agree bit more explanation when posting what you believe cable will do next would be helpful.

What experienced traders have left?
Cesarnc left this thread.
  • #12,392
  • May 9, 2007 8:44am May 9, 2007 8:44am
For those of you who havent read trading in the zone yet, a really good case in point is the tech analyst who gets called into the big traders office when the analyst says the market cant go any lower because its at support the trader owner says oh yeah? he calls in an order to sell and the market drop right thru it leaving the analyst feeling very stupid... excellent story.
  • #12,393
  • May 9, 2007 8:59am May 9, 2007 8:59am
Quoting enoc2g
For those of you who havent read trading in the zone yet, a really good case in point is the tech analyst who gets called into the big traders office when the analyst says the market cant go any lower because its at support the trader owner says oh yeah? he calls in an order to sell and the market drop right thru it leaving the analyst feeling very stupid... excellent story.
I just started reading trading In the Zone by mark Douglas. i had finished reading first two chapters(because i read it carefully) and i think it will change any kind of mind into a good trader mind.:
  • #12,394
  • May 9, 2007 9:03am May 9, 2007 9:03am
wait till you read it again, its like reading it from scratch all new insights flood in each time...
  • #12,395
  • May 9, 2007 9:07am May 9, 2007 9:07am
Hmm, d&u
  • #12,396
  • May 9, 2007 9:09am May 9, 2007 9:09am
Quoting goonergonebad
Hi Verno,

Welcome to the thread.

Just to confirm, does your last sentece mean that you intend to trade bullish in the near term?

Also, if Cesarnc is viewing (probably sighing with disbelief at mine and others posts), then please come back, the thread needs your guidance. Try to ignore our immaturity and help us to learn to contribute more.
I intend to trade from the long side unless the market gets below about 1.9920 at which point I will be unsure.

Thinking of a long circa 1.9940 if it gets there.
  • #12,397
  • Edited 9:48am May 9, 2007 9:11am | Edited 9:48am
http://i165.photobucket.com/albums/u...lipboard01.jpg

On a trend point of view....

From the simple chart above we can see that since 18th April we have had a down trend. It has been quite good in fitting into these trend lines ive drawn. If for this downtrend to finish we would need $2 to breach first (suspect resistance at this point to be quite big) and to confirm end of trend 2.0070 to breach in my view.

Now I also use bollinger bands, RSI and look for divergence signals to help (looking on 30 min chart) At 2.30 PM (shows as 3.30 on chart for some reason) we had a divergence signal and price was at top of bollinger band. Also RSI above 70 maybe signalling overbought. Coupled with the big $2 area looked like a good sell to me and it has been so far

http://i165.photobucket.com/albums/u...nde007/ggg.gif


I know its a bit late to post this but im just showing what helps me make a decision. Most of my trades do not follow a set religious pattern there is a the human factor to it.
  • #12,398
  • May 9, 2007 9:12am May 9, 2007 9:12am
Quoting enoc2g
wait till you read it again, its like reading it from scratch all new insights flood in each time...
Thanks I will do it.
  • #12,399
  • May 9, 2007 9:28am May 9, 2007 9:28am
someone give me a lesson on how to do those screen shots and upload them here... or my opinions will continue without any charts to show how i formulate them.
  • #12,400
  • May 9, 2007 9:29am May 9, 2007 9:29am
Quoting el_duende
http://i165.photobucket.com/albums/u...lipboard01.jpg

On a trend point of view....

From the simple chart above we can see that since 18th April we have had a down trend. It has been quite good in fitting into these trend lines ive drawn. If for this downtrend to finish we would need $2 to breach first (suspect resistance at this point to be quite big) and to confirm end of trend 2.0070 to breach in my view.

Now I also use bollinger bands, RSI and look for divergence signals to help (looking on 30 min chart) At 2.30 PM we had a divergence signal and price was at top of bollinger band. Also RSI above 70 maybe signalling overbought. Coupled with the big $2 area looked like a good sell to me and it has been so far

http://i165.photobucket.com/albums/u...nde007/ggg.gif


I know its a bit late to post this but im just showing what helps me make a decision. Most of my trades do not follow a set religious pattern there is a the human factor to it.
Thanks el duende,

It certainly helps me, both visually and in respect of thinking about the potential for trend boundaries. You know, 'a picture is worth a thousand words', etc.

BTW, is the first chart a 2 hour period?
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