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Cable Update (GBPUSD)

  • #4,001
  • Dec 29, 2006 8:16am Dec 29, 2006 8:16am
Why did you pick 9570 as a target? I chose 9550 because if I draw a fib expansion from today's swing high to the low at 4am this morning I get a projected target of 9550 for the 161.8% target. And this fits the 1-2-3 parameters...

What's your reasoning MM?
  • #4,002
  • Dec 29, 2006 8:18am Dec 29, 2006 8:18am
Quoting Donadoney
Why did you pick 9570 as a target? I chose 9550 because if I draw a fib expansion from today's swing high to the low at 4am this morning I get a projected target of 9550 for the 161.8% target. And this fits the 1-2-3 parameters...

What's your reasoning MM?
Let me get the post from last night.... hold one...
  • #4,003
  • Dec 29, 2006 8:20am Dec 29, 2006 8:20am
Quoting MoneyMa$ter
This ain't got nothin' to do with hope. Or should I say hope is irrelevant in this matter as what counts is whether you believe in your current transaction, based on the information provided.

Well my 1hr chart looks great to be short, but you have to understand Im the guy that seems to have the power to control the market with a single click of my mouse so if you are ever wondering what happen to the market it just reversed on me its probably because I bought into a trend or something like that
Greed Kills
  • #4,004
  • Dec 29, 2006 8:21am Dec 29, 2006 8:21am
Here you go donadoney,

Quoting MoneyMa$ter
Lonespruce,

1.9563ish was Thursday's low; assuming support is now in the 9550-9560 area, it would make sense for cable to drop to 1.9562 as it continues establishing the new support level.

Also guys and gals, if you draw your fib on the 1 HOUR CHART, from Dec 18th's low of 9430 to the Dec 20th high of 9750, you will see all the prices moving about the fib levels. For example, you'll see today's high bounced of the 23 level; you'll see 9550 at the 61 fib (with six bounces over the last week) and you'll see current price hovering at 38 fib.

So QwikTrader, I don't know lonespruce's reasoning but the following makes sense to me: the last two times price passed 9675 breaking through 23 fib on the 21st and 22nd of December, cable fell back to the 61 fib, which as we know is 9550. However, because cable broke through Cesarnc's Channel, chances are it won't fall that low this time but more likely to fall to 9560-9570.

One last point, there's a nice little pin bar on the one hour, signaling a possible move to the upside and as we know, overnight it's not unusual for cable to move up.

Conclusion: Overnight gain to 9650 area, followed by short move targeting 9560ish, more like 9570. Higher gain tonight helps lock in 100 pips to the downside as we move to 9570 tomorrow.
  • #4,005
  • Dec 29, 2006 8:21am Dec 29, 2006 8:21am
+20 pips from 9600 and out...

It's all about scalping, buddies...
  • #4,006
  • Dec 29, 2006 8:24am Dec 29, 2006 8:24am
OK Money Master !! Got my 15 pips going down... just like you said... that's it for me this year... my wife is sick... got to go buy kleenex !!!
  • #4,007
  • Dec 29, 2006 8:24am Dec 29, 2006 8:24am
Quoting MoneyMa$ter
Conservative trade is to get ahead of the short, on the other side of 9600. Less risk averse can be in now. In any event, include a typical cable SL of 25-35 pips.
u are getting quite good at this MM
Ghost Swoopen in for my pips while no one is lookin !!
  • #4,008
  • Dec 29, 2006 8:25am Dec 29, 2006 8:25am
9580 played resistance on Dec 26 and support yesterday. No reason why it cannot "touch" 9570, but I don't see volume here to pull it much further down...

the modest opinion from a overstressed-scared-sphincter-damaged trader...
  • #4,009
  • Dec 29, 2006 8:26am Dec 29, 2006 8:26am
See it as hope that we can all be as good one day and that making money in this market is possible. Thanks from me also.
  • #4,010
  • Dec 29, 2006 8:27am Dec 29, 2006 8:27am
I would just like to stress that if you take one thing away from what MM does is that he has a plan and he trades his plan. It is so important, don't just click and execute trades to trade.

Big thanks to MM, a ton of wisdom he shares in this thread day after day.

  • #4,011
  • Dec 29, 2006 8:29am Dec 29, 2006 8:29am
More than welcome and thank you. I just noticed that post went up at 7:30 est Thursday night. Prices hit 9650, as expected. Prices went higher as mentioned in that post, thought I didn't target 9660. And now we're moving in the direction of 100 pips from the 9668 high overnight to 9577 now.

Peace and prosperity to you all in the New Year!
  • #4,012
  • Dec 29, 2006 8:33am Dec 29, 2006 8:33am
That trade went well NOT!!!! first day back on the Job Blues


Stopped at 85, long again at 78, so far so average.

Kudos those that where short, you got lucky
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #4,013
  • Dec 29, 2006 8:34am Dec 29, 2006 8:34am
Quoting mbqb11
Hey seek

Although i wasnt gonna trade today i woke up right as that last pin formed so i had to trade it, my stops at b/e now cause i dont want to get carried away. Also that S/R line you show throw the 365 in there thats definitley my target and i will definitley call it a year after that haha

Best,
Mike

Heya Mike

Yea, I was conservative with my target, too, but really only because I was shopping. Came back and saw my 1.9587 limit traded(sometimes the market can be a b... and stop 5-10 pips short of potential danger areas) and position closed for +47. Not perfect but considering how I blew it the other day it's at least a winning trade to go out on the year on

This trade was a good example how pin bars at important s/r lines can lend themselves to good entries with small stops if you're lucky

Hope the rest of you guys are doing ok, too, just try not to get carried away with timeframes under 1H.

Best wishes and have a happy new year,

SeekingLight
Trust price. Know yourself.
  • #4,014
  • Dec 29, 2006 8:34am Dec 29, 2006 8:34am
everyone still riding this badboy?
Man who scratches ass should not bite fingernails
  • #4,015
  • Dec 29, 2006 8:34am Dec 29, 2006 8:34am
Quoting Turveyd
Kudos those that where short, you got lucky
  • #4,016
  • Dec 29, 2006 8:34am Dec 29, 2006 8:34am
Look forward to you comments/analysis next year, good job
  • #4,017
  • Dec 29, 2006 8:36am Dec 29, 2006 8:36am
Quoting Leugimp
everyone still riding this badboy?
why how low can it go?
Ghost Swoopen in for my pips while no one is lookin !!
  • #4,018
  • Dec 29, 2006 8:38am Dec 29, 2006 8:38am
Quoting Leugimp
everyone still riding this badboy?
L,

Tell me you got a piece of the action...
  • #4,019
  • Dec 29, 2006 8:38am Dec 29, 2006 8:38am
MM do u only look at the hourly ? except for entry? this is what you base your direction in, where do u think i should go to learn how u trade?
Ghost Swoopen in for my pips while no one is lookin !!
  • #4,020
  • Dec 29, 2006 8:39am Dec 29, 2006 8:39am
Quoting mbqb11
my target hit I am NOW OFFICIALY DONE FOR THE YEAR I SWEAR

good luck for everyone today

ill keep an eye on this thread,

Mike
Meetoo.. Happy New Year everyone! i'm headed off to ski for a few days, see you next week/year for more of this 'fun' http://www.forexfactory.com/forexfor...ons/icon12.gif
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