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Cable Update (GBPUSD)

  • #661
  • Dec 4, 2006 9:25am Dec 4, 2006 9:25am
Quoting Donadoney
Height of the flagpole is 213pips...should be around there somewhere
I'm not disagreeing with you, just saying that I'm not sure, because I don't trade like that. It's totally possible that you are correct.
  • #662
  • Dec 4, 2006 9:28am Dec 4, 2006 9:28am
Quoting Fx1618
on which time frame and RSI how much?
On the daily with the standard RSI settings (14 day). A break below 70 is a very reliable indication that a big fall is coming, but it sometimes takes a few days to develop. Look to sell the peaks.
  • #663
  • Dec 4, 2006 9:34am Dec 4, 2006 9:34am
Quoting Donadoney
Its forming what seems to me to be a clear as day bullflag with a target of 2.0011.

Am I missing something?
This rally looks like the rally that ended on 17 May of this year. That also looked like a bull flag but was a top and the start of long 800 pip decline. The difference between a top and bull flag is only obvious with hindsight.
  • #664
  • Dec 4, 2006 9:39am Dec 4, 2006 9:39am
Quoting notouch
This rally looks like the rally that ended on 17 May of this year. That also looked like a bull flag but was a top and the start of long 800 pip decline. The difference between a top and bull flag is only obvious with hindsight.
This may also be a good observation. In my opinion what people should stop doing is predicting. A flag itself does indicate a bull, but it's not enough to act on it. If you see it break some resistance, then buy, if you see it break down then short. Why is everyone trying to get all the pips there are? If there is 200 pips for the taking are you going to be dissatisfied with 150? : Just wait for the market to tell you what to do.
  • #665
  • Edited Feb 6, 2007 12:09pm Dec 4, 2006 9:46am | Edited Feb 6, 2007 12:09pm
does this tell you, that reversal of the trend is getting closer?!
It is now available in each book shop throu out the world
its just money
  • #666
  • Dec 4, 2006 9:54am Dec 4, 2006 9:54am
Quoting de123
does this tell you, that reversal of the trend is getting closer?!
It is now available in each book shop throu out the world
Good point. All the newspapers and TV programmes in the UK have run stories on $2 to the £ being just around the corner. As "ordinary folk" don't generally make money on the financial markets (they lose it) this is a good indicator of a reversal. As one successful trader said, if the taxi driver starts asking if it's time to buy a stock, sell it.
  • #667
  • Dec 4, 2006 9:55am Dec 4, 2006 9:55am
Someone much wiser than i once told me that; "Taking NO Position, is in fact a Position". Refering to the idea that sometimes staying out of the market is just as valid a "trade" as being long or short : ) Last nite in my homework time i decided to give the ol trade station a break and not even look at the charts until my homework time during the Tuesday morning Asian session after NY close Monday. I'm learning that for my personality/ego i must dicipline myself to just chill out and let the market doodle around its chop and wait for a sure signal. . . which my model did not give me today.

: ) Thom
  • #668
  • Dec 4, 2006 10:22am Dec 4, 2006 10:22am
Quoting de123
does this tell you, that reversal of the trend is getting closer?!
It is now available in each book shop throu out the world
LOL
Good one de123!
Hold on to your seats for the ride to 1.95 ;-)
  • #669
  • Dec 4, 2006 10:24am Dec 4, 2006 10:24am
Quoting de123
does this tell you, that reversal of the trend is getting closer?!
It is now available in each book shop throu out the world
You hit the nail right on the head
  • #670
  • Dec 4, 2006 10:38am Dec 4, 2006 10:38am
Quoting accrete
I'm learning that for my personality/ego i must dicipline myself to just chill out and let the market doodle around its chop and wait for a sure signal
I couldn't agree with you more. It is obvious that the market is ranging today. So just stay out if you are looking for a lot of pips. The only type of trades to take today were scalping trades for a few pips, like the one I showed you before.

Let's just let the market do its thing and break out of the range, whichever way it goes. Once it does there will be no question about what to do.
  • #671
  • Dec 4, 2006 10:38am Dec 4, 2006 10:38am
Quoting notouch
On the daily with the standard RSI settings (14 day). A break below 70 is a very reliable indication that a big fall is coming, but it sometimes takes a few days to develop. Look to sell the peaks.
Thank you
  • #672
  • Dec 4, 2006 10:42am Dec 4, 2006 10:42am
i tried to short oil...but did withdraw,...since the support still high
and everybody is doing currency,...so low volatility elsewhere....
but if euro brakes 1.34 then the pound will break 1.99 and touch 2.0
but who am i to prevent it from going further up....or down ...i dont have the milions or. bilions of money to define the trend
its just money
  • #673
  • Dec 4, 2006 11:08am Dec 4, 2006 11:08am
You guys see this divergence on EUR? I'm going to try to get a few pips (just 5 maybe) with good leverage.
Attached Image
  • #674
  • Dec 4, 2006 11:36am Dec 4, 2006 11:36am
Got my 5 pips with a good number of lots on it. Easy pips. Keep it simple guys.
Attached Image
  • #675
  • Dec 4, 2006 11:48am Dec 4, 2006 11:48am
Ikolod, good job! In a market like today, scalping a few PIPS here and there isn't a bad idea to make some quick cash. There have been times where'd I would trade $25 lots and scalp 4 PIPS and call it a day in conditions like this. Of course staying out of the market until we get a clearer picture is a wise choice as well.
Show me the PIPS!
  • #676
  • Dec 4, 2006 12:42pm Dec 4, 2006 12:42pm
Quoting Donadoney
Its forming what seems to me to be a clear as day bullflag with a target of 2.0011.

Am I missing something?
Just stay in a range. But once it breaks the resistance or support, u should know what to do. It can be ur friend when u treat it it well and it can be a nightmare when u try to against it. Don't try to predict it
  • #677
  • Dec 4, 2006 1:05pm Dec 4, 2006 1:05pm
Today I could make 21 pips in this area in the picture. A LOT of patience and cold blood to get out - there's always that feeling that market's gonna rocket skyhigh one minute later .

But in the end, it was worth it.

http://i2.photobucket.com/albums/y28...c/dec4pips.jpg
  • #678
  • Dec 4, 2006 2:44pm Dec 4, 2006 2:44pm
Quoting cesarnc
Today I could make 21 pips in this area in the picture. A LOT of patience and cold blood to get out - there's always that feeling that market's gonna rocket skyhigh one minute later .

But in the end, it was worth it.

http://i2.photobucket.com/albums/y28...c/dec4pips.jpg
I see a bit of MACD, Parabolic SAR, Bollinger Bands, some moving averages but basically that just looks like spaghetti.
  • #679
  • Dec 4, 2006 2:50pm Dec 4, 2006 2:50pm
Quoting notouch
basically that just looks like spaghetti.
On a Monday like this, having a good deal of spaghetti instead of trading was probably a good idea.
  • #680
  • Dec 4, 2006 2:54pm Dec 4, 2006 2:54pm
ready for a strong move... keep long...
Yacob I dive the market without Fear.
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