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Cable Update (GBPUSD)

  • #28,401
  • Aug 31, 2007 7:36pm Aug 31, 2007 7:36pm
Quoting bunton
I was just trying to learn chart reading and was wondering if this 4hr chart makes any sense? I'm seeing possible double resistance at current price.

http://img180.imageshack.us/img180/9...usd1dg9.th.png
Well the R-line did pop but failed the retest. Current chart shows bullish bias back down to lower channel. R/line is acting as pretty stiff resistance. 4hr has thus far had a few successful retests of lower channel.
http://img208.imageshack.us/img208/9...usd1yv6.th.png
Check Mate GAME OVER
  • #28,402
  • Aug 31, 2007 7:38pm Aug 31, 2007 7:38pm
Quoting SunTrader
Thanks, benssol.

Persona non grata = ungrateful person.

Have a good one and preferably "a cold one" since that seems to be the theme on friday's. Anyway I have to get up early tomorrow (sat. 4am) to drive 1300 miles so no alcohol for me.
1300 miles........how long will that take???????

Haven't done that distance since I drove from Mountain Home ID, to Atlanta GA........those were the days....
  • #28,403
  • Edited 11:05pm Aug 31, 2007 8:16pm | Edited 11:05pm
persona non grata means "unwelcome person". (latin)

Quoting SunTrader
Thanks, benssol.

Persona non grata = ungrateful person.

Have a good one and preferably "a cold one" since that seems to be the theme on friday's. Anyway I have to get up early tomorrow (sat. 4am) to drive 1300 miles so no alcohol for me.
Nihil Sine Deo.
  • #28,404
  • Aug 31, 2007 9:55pm Aug 31, 2007 9:55pm
Quote
TO be honest, my a/c blow up!
I disappear nearly 7 months and just this month i start my trading again.

Even if you have 10% left in it, send me the login/pass, I'll fix it up.

You know pretty well how precise n right my call can be.
Hello World!
  • #28,405
  • Aug 31, 2007 11:17pm Aug 31, 2007 11:17pm
Haha, great pic there, you can see the BS shining right through those gleaming foreheads. Anyway nice to see you guys still around here, although I really don't understand why it was such a difficult day to trade given your experience. OK it wasn't easy either but I was never more relaxed in my life.. so many times in my trading "career" I've been hit by trying to join the frantic interpretations of news + anticpated future events + complex analysis that I simply don't care anymore. Bernanke speaking? Great, lets have a laugh,just stay out or widen or stops, or watch the charts every hour or so during the day. I am lucky enough to be in EST zone now so NY session is my home base, but I think everyone should be able to get a glimpse even if you live in europe or the middle-east.

Now short on EURUSD, USDJPY, GBPJPY following price action and statistical reasoning. Fibs have not been obeyed by the pip but most reversals happening near the 61.8 levels of the previous great fall. Waiting to short cable next week although the bad data + BS is causing expected chaos on the well-traded cable, so I need the charts to turn in my favor before making a call. Volatile periods, lots of pips to lose or make.. good luck.


Quoting cesarnc
WE SURVIVED THE DOUBLE-BS!!

http://www.foreignpolicy.com/images/bush_bernanke.jpg

Nice job guys!!!

On me, green for the month, red for the day, there is a nice juicy trade right around the corner...

Those morons didn't kill me today, but my wife will certainly do if I don't scramble to the supermarket, like she says, "RIGHT NOW!!! STOP PLAYING VIDEOGAME!"...

Two 6-packs of the finest beer in the list
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #28,406
  • Aug 31, 2007 11:45pm Aug 31, 2007 11:45pm
Perrrsonaaaaa non graaaataaaa....Mr No Body.....that be me last nite on the town.
The road to pipland is arduous and fraught with challenge.
  • #28,407
  • Sep 1, 2007 12:45am Sep 1, 2007 12:45am
Link on CNBC about "AUTO" sub-prime lenders starting to take a hit....

Didn't know that there was a market for this.............

Just added something to my toolbox, that could be used further down the line......

Wonder if that is why the DOW took a little hit in the afternoon.......
  • #28,408
  • Sep 1, 2007 1:33am Sep 1, 2007 1:33am
I've always noticed that they both have the same chart..why do you guys prefer GBP/USD when EUR/USD is not as volatile and gives the same results for traders?
  • #28,409
  • Sep 1, 2007 1:57am Sep 1, 2007 1:57am
Quoting haks79
I've always noticed that they both have the same chart..why do you guys prefer GBP/USD when EUR/USD is not as volatile and gives the same results for traders?
For the very same reasons you gave: higher volatility. Because the cable moves more, and is affected by less factors (Euro - 12 currencies) many prefer to trade cable for more pips. I do both, because in situations such as today they don't have the same chart at all. The slight differences in price action provide different entry points and if you pay close attention to several majors at the same time, you will soon be able to detect movements beforehand when one pair drives the other.

Good luck.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #28,410
  • Sep 1, 2007 4:34am Sep 1, 2007 4:34am
Quoting SunTrader
Thanks, benssol.

Persona non grata = ungrateful person.

Have a good one and preferably "a cold one" since that seems to be the theme on friday's. Anyway I have to get up early tomorrow (sat. 4am) to drive 1300 miles so no alcohol for me.
I wish you good trip,
OMG 1300 mile= 2100 KM
and if you drive with speed 110KM/hour=70mph
you will spend aprox. 19 hours on the road
OMG :surprised :surprised
  • #28,411
  • Sep 1, 2007 7:36am Sep 1, 2007 7:36am
GJ will show next big ride 1000+ pips. My TA shows that we shall visit 220 in next 30 – 60 days. I have announced that on 29 august but on wrong place and to wrong gays.
If it is interesting just go to
http://www.forexfactory.com/showpost.php?p=1565176&postcount=17971
That structure was prove a lot of times and if the trigger pulled price go to target 95% of times.
I wish a lot of pips in your account.
God to bless you.
It’s just emotions & money
  • #28,412
  • Sep 1, 2007 7:56am Sep 1, 2007 7:56am
Quoting Val144
GJ will show next big ride 1000+ pips. My TA shows that we shall visit 220 in next 30 – 60 days. I have announced that on 29 august but on wrong place and to wrong gays.
If it is interesting just go to
http://www.forexfactory.com/showpost.php?p=1565176&postcount=17971
That structure was prove a lot of times and if the trigger pulled price go to target 95% of times.
I wish a lot of pips in your account.
God to bless you.
If the huge selloff in the stock market, like it's being said here and there and everywhere is for real, 220 is the figure to aim.

But purely on 1H EW? I don't EW in any timeframe. Seen more "oopps, gotta restart the wave count" than "told'ya so".
  • #28,413
  • Sep 1, 2007 8:10am Sep 1, 2007 8:10am
Sorry buddy u can see the same on 4H. That is not just in my mind.

Quoting cesarnc
But purely on 1H EW? I don't EW in any timeframe. Seen more "oopps, gotta restart the wave count" than "told'ya so".
Attached Image (click to enlarge)
Click to Enlarge Name: gu_4h.gif Size: 8 KB
Attached File(s)
File Type: pdf Wolfe Waves.pdf   235 KB | 525 downloads
It’s just emotions & money
  • #28,414
  • Sep 1, 2007 9:18am Sep 1, 2007 9:18am
I don't know...

IMO, the more you see people calling for the same direction, more likely it will go otherwise.

And

The the crazier the call, the faster and huge it goes otherwise...

And right now, the amount of apocalyptical calls is mouting fast across this forum....

I've got some nice trades going otherwise here. That's why I'm spreading buy stops across the board for Monday.

As they say, if everybody is selling out, it's time to buy
  • #28,415
  • Sep 1, 2007 9:47am Sep 1, 2007 9:47am
That is my strategy to. I am bayer up to 238. At the same time i have sell stops siting below 23% fibo retrasement down. Triger will be puled (if it will) above 236.5. As close to that area I go I will make my traling stop smaler from 300+ to maybe 90 pips.
It’s just emotions & money
  • #28,416
  • Sep 1, 2007 9:52am Sep 1, 2007 9:52am
Hi quicksuilver how are things ???
.
  • #28,417
  • Sep 1, 2007 9:53am Sep 1, 2007 9:53am
i will wait...if i couldnt resist my self i will go long, and long only,..but hope for a good price,..if the aussy tread can get me a good price,..even better...but what do we know,...september should be bullish at the begining, 11.sept till 17 sept. slightly bearish/sideway, after that rocket bull...
thats my analise,...didnt even check the calendar......lets see.
its just money
  • #28,418
  • Sep 1, 2007 12:10pm Sep 1, 2007 12:10pm
My direction shall be only one that leads to making pips / money

short or long, whatever makes me money/pips, I'll follow it

Hello World!
  • #28,419
  • Sep 1, 2007 12:19pm Sep 1, 2007 12:19pm
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting ClockTrader
My direction shall be only one that leads to making pips / money
short or long, whatever makes me money/pips, I'll follow it
Just asking for your opinion only..

Do you think GU has a higher chance to rise or fall??

I read in the news segment a great H&S pattern is forming right now but at the same time, GU Up Channel has not been broken since last year..

"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #28,420
  • Sep 1, 2007 1:55pm Sep 1, 2007 1:55pm
I'm thinking about a bold trade here. Not sure if I'll take it or chicken out on it.....

Premise1: "There is not such thing as 'double false breakout'"
Premise2: "If 2.0210 is traded from here, 2.0450 will be traded within days without returning to 0250 first"

The Moon or Swamp Trade
Buy Stop 2.0210 (again - according to Premise 1)
Target: 2.0450 Initial Stop: 2.0170 (for -40) -> 1:6 initial risk reward
At 0250, SL @ 2.0210 (B/E) - Denial of premise 1
At 0350, SL @ 2.0250 (+40pips) - Denial of premise 2

Reward: Double the account at 0450 - lot size accordingly
Major Risk: 16% (Initial Stop)
If SL @ 0250 is achived, the trade is locked in 16% profit, balance the initial risk. If hit, the trade is off.

Premise 2 is, as it says, a premise. A number, a call, a figure. Please no EWs and NASA Techis trying to prove me otherwise. Can be bad, can be good. Can be 0650 as well :

Doubts so far:
- Lifting the SL above 0250 or not. SL placement here has a major role.
- Take partials or not at first toppish (estimated price?), and reenter this portion at some level (x% fib?) - if well done, will boost the proft above 100%. Otherwise, can kill the whole damn trade. And won't look so simple. I don't like complex stuff.

You can reduce the risk with lot size. But then you will reduce the reward.
You can reduce the initial risk to zero if you know Mr. Johnnie Waker.

Who's in?

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