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Cable Update (GBPUSD)

  • #20,541
  • Jul 20, 2007 12:04pm Jul 20, 2007 12:04pm
Quoting danegg7
hmmmm, just made a new high and people are talking of shorting?
That particular spike there ( the new high) looks like the big boys chasing SL. I'm not sure if they do it just for the sake of getting money or to test the terrain....or both !!!! Well....I guess both...right ???
For he that would be deceived, let him.
  • #20,542
  • Jul 20, 2007 12:05pm Jul 20, 2007 12:05pm
Quoting OrionsWay
Glad u nailed it


Maybe good for another yard next week keep an eye out
I'll sure do ... got a margin a call on my cable position though damage could have been worse if i didn't take the euppy entry
  • #20,543
  • Jul 20, 2007 12:19pm Jul 20, 2007 12:19pm
Quoting dswk
currently opening the next H4 candle... let's see...
and the previous is a very nice hammer.
  • #20,544
  • Jul 20, 2007 12:19pm Jul 20, 2007 12:19pm
Quoting OrionsWay
the inverted kind

THE INVERTED HAMMER
While not a star pattern, an inverted hammer looks similar to a
to the shooting star. The inverted hammer is a bullish pattern after a downtrend.


Does not the inverted hammer come after a downtrend??

Attached Image
  • #20,545
  • Jul 20, 2007 12:23pm Jul 20, 2007 12:23pm
Quoting dswk
and the previous is a very nice hammer.
It's not exactly an inversed hammer...
  • #20,546
  • Jul 20, 2007 12:23pm Jul 20, 2007 12:23pm
Quoting wwwin

THE INVERTED HAMMER

While not a star pattern, an inverted hammer looks similar to a
to the shooting star. The inverted hammer is a bullish pattern after a downtrend.



Does not the inverted hammer come after a downtrend??

it is downtrend right now, new high goes down, means downtrend, rather small one, but still down...500 defended, we are ready for a take of to the more realistic numbrs like 20664/20668...whatch out. messy on the way.
its just money
  • #20,547
  • Jul 20, 2007 12:28pm Jul 20, 2007 12:28pm
Quoting de123
it is downtrend right now, new high goes down, means downtrend, rather small one, but still down...500 defended, we are ready for a take of to the more realistic numbrs like 20664/20668...whatch out. messy on the way.
Hope u r right about where is going, but I do not believe we are in a downtrend, as applied to an inverted hammer.
  • #20,548
  • Jul 20, 2007 12:51pm Jul 20, 2007 12:51pm
Late friday afternoon. Shouldn't be much more big movement. If anything it should be to the upside. So doubt an inverted hammer.
  • #20,549
  • Jul 20, 2007 12:52pm Jul 20, 2007 12:52pm
Last intraday pivot 2.0535 should hold.
  • #20,550
  • Jul 20, 2007 12:55pm Jul 20, 2007 12:55pm
Quoting ganymedes
Regarding the Dow: I have put on my "retarded contrarian" hat today.
I expect the Dow to end above 14000 with a rally.
My setup is quite insane, but gives a pleasant R:R of 1:20 if Dow goes really nutty and close between 14080 and 14100.


Ooops! We are on the wrong side of 14000 now, I guess. :surprised
  • #20,551
  • Jul 20, 2007 12:56pm Jul 20, 2007 12:56pm
Quoting SunTrader
Late friday afternoon. Shouldn't be much more big movement. If anything it should be to the upside. So doubt an inverted hammer.
Location Location Location, no matter where we close, I don't believe it would be an inverted hammer, but it could be a shooting star. I hope not anyway.
Attached Image
  • #20,552
  • Jul 20, 2007 1:13pm Jul 20, 2007 1:13pm
You are talking daily bars right ?

If so the bar I see is far from being inverted hammer. If anything it is a bullish engulfing since the body (right now) is bigger than yesterday's.

Candlesticks are low on checklist for trade direction. Too subjective.
Attached Image (click to enlarge)
Click to Enlarge Name: Inverted where.jpg Size: 31 KB
  • #20,553
  • Jul 20, 2007 1:58pm Jul 20, 2007 1:58pm
Yes i think we will or be nice to have a bar like the 13th from far right in above post
"Millionaires don't use astrology, billionaires do"
  • #20,554
  • Edited 2:24pm Jul 20, 2007 2:06pm | Edited 2:24pm
Quoting SunTrader
You are talking daily bars right ?

If so the bar I see is far from being inverted hammer. If anything it is a bullish engulfing since the body (right now) is bigger than yesterday's.

Candlesticks are low on checklist for trade direction. Too subjective.
I am not saying that it is an inverted hammer or a shooting star. The only thing I am saying is that location determines whether it is an inverted hammer or a shooting star. That is according to Nisson's books. The same exact bar would be a shooting star at the top of an uptrend and it would be an inverted hammer at the bottom of a downtrend. Yes, I am talking about dailys. According to Nisson, it would not be a bullish engulfing because the low of today is higher then yesterdays low, so it does not completely engulf the prior day, although it is so close that some might call it engulfing. A true bullish engulfing would be the bar at 7-13-07. I am not using them to trade. Right now I am with the trend that has been very good to me. The few times that I tried to be a genius and pick a top, I got phucked. So this thing is on auto pilot until I get stopped out by a reversal. Ain't picking no more tops on a trending market, no matter how high the price appears to me, I don't set the prices.
  • #20,555
  • Jul 20, 2007 2:10pm Jul 20, 2007 2:10pm
Quoting wwwin
Right now I am with the trend that has been very good to me. The few times that I tried to be a genius and pick a top, I got phucked. So this thing is on auto pilot until I get stopped out by a reversal. Ain't picking no more tops on a trending market, no matter how high the price appears to me, I don't set the prices.
  • #20,556
  • Jul 20, 2007 2:11pm Jul 20, 2007 2:11pm
I know your pain there, but good thing about tops and bottoms they give a person several chance before they actually pull away tests, upthrusts, shakeouts
"Millionaires don't use astrology, billionaires do"
  • #20,557
  • Jul 20, 2007 2:22pm Jul 20, 2007 2:22pm
I thought what todays bar was what were talking about. Since I don't use candles, nevermind then.

As far as the uptrend I keep and will keep stressing, it is not wise to look for shorts until there is at least a close below the low 2 bars previous.

Traders are an impatient lot and want to get the top price. Then they make a whopping 15 pips and scream how great their call was.
  • #20,558
  • Jul 20, 2007 2:40pm Jul 20, 2007 2:40pm
Quoting SunTrader
Traders are an impatient lot and want to get the top price. Then they make a whopping 15 pips and scream how great their call was.
15 pips

Sometimes I wonder if people forget about the spreads.
Let's imagine that you have 2 pips spread. That means the "house" (broker) takes more than 10% of all your (15 pips) winnings. Meaning you could just as well play at your nearest casino or something...
  • #20,559
  • Jul 20, 2007 2:45pm Jul 20, 2007 2:45pm
It will be intresting to see the vol and oi for todays action in futures
"Millionaires don't use astrology, billionaires do"
  • #20,560
  • Jul 20, 2007 2:48pm Jul 20, 2007 2:48pm
Quoting OrionsWay
It will be intresting to see the vol and oi for todays action in futures
Yep, that will tell us if went up on short covering or on new open longs. I will know those on Monday.
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