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Cable Update (GBPUSD)

  • #49,841
  • Jan 16, 2008 7:53am Jan 16, 2008 7:53am
last time i ever trade in new time i placed a buy and sell i got out of the buy and now stuck with the sell from 1.9610 ..it has to come down the bloody thing is overbought and hit a resistance at 1.9651
what do u guy think....down or up?
  • #49,842
  • Jan 16, 2008 7:55am Jan 16, 2008 7:55am
Quoting nAVIN2007
last time i ever trade in new time i placed a buy and sell i got out of the buy and now stuck with the sell from 1.9610 ..it has to come down the bloody thing is overbought and hit a resistance at 1.9651
what do u guy think....down or up?
give some time for cable after news, at the end of the day - down for sure.
  • #49,843
  • Jan 16, 2008 7:56am Jan 16, 2008 7:56am
Quoting albertotralzt
Guys, I only play with fibos and TLs, could anyone tell me how to determine a strong S/R level?

thx
basically any line that respects the price i.e price doesnt cross it
  • #49,844
  • Jan 16, 2008 7:57am Jan 16, 2008 7:57am
Quoting albertotralzt
Guys, I only play with fibos and TLs, could anyone tell me how to determine a strong S/R level?

thx
i like to do this visually - zoom out on ur charts and on everytime scale draw horizontal lines where the price resists - the greater the time frame and the greater the frequency of bounces on any given level would equate to a stronger level of resistance/support

perhaps others have a better method!
  • #49,845
  • Jan 16, 2008 7:58am Jan 16, 2008 7:58am
Resistance strong at 1.9650. Out long +23. If it turns around now we are down 100pips. In short s/L at 1.9665. This is not a trade call, this is a gamble! (Todays been good to me, willing to gamble 17pip for possible big payoff)
  • #49,846
  • Jan 16, 2008 8:04am Jan 16, 2008 8:04am
Quoting Runway Trade
Resistance strong at 1.9650. Out long +23. If it turns around now we are down 100pips. In short s/L at 1.9665. This is not a trade call, this is a gamble! (Todays been good to me, willing to gamble 17pip for possible big payoff)
Chickend out before I could place the order. Good choice!!
  • #49,847
  • Jan 16, 2008 8:08am Jan 16, 2008 8:08am
Quoting FXdaily
Sorry but only in your dreams.
I wish I could dream this way everyday...
  • #49,848
  • Jan 16, 2008 8:10am Jan 16, 2008 8:10am
A bullish day today could confirm the Inveted Hammer Candle yesterday this pair could be turning up ??
Worth thinking about if your short ?
Attached Image (click to enlarge)
Click to Enlarge Name: daily inverted hammer.gif Size: 31 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #49,849
  • Jan 16, 2008 8:11am Jan 16, 2008 8:11am
just thought id share... the first downward break of the 30Min should target the 4period smoothed moving average - good for a quick scalp (this also works well with G/J
  • #49,850
  • Jan 16, 2008 8:12am Jan 16, 2008 8:12am
next could be 1.9770 but I think It will play retracement first
  • #49,851
  • Jan 16, 2008 8:13am Jan 16, 2008 8:13am
Quoting Malaysia
CABLE so far... failed to break 50% Median (Yellow fibbo) ... this is my entry for intraday trading. Sell From Bounce triggered with SL already a few pips on the green.
Quoting Malaysia
Turned out to be a FALSE breakout to the downside. Profit taken from that SHORT. Now after NEWS... switch side. Looks BULLISH after braking that 50% Fibbo. I got multiple entry LONG. Will place SL below that 50% Fibbo soon. CABLE ping pong ... I SCALPING.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd704a.PNG Size: 53 KB
  • #49,852
  • Jan 16, 2008 8:15am Jan 16, 2008 8:15am
now its hit the trend line....it better bounce otherwise ive blown my account again
  • #49,853
  • Jan 16, 2008 8:16am Jan 16, 2008 8:16am
Quoting Runway Trade
Chickend out before I could place the order. Good choice!!
sure you did

Can't believe I dumped my long at BE only to have it rally 100 pips...

the daily looks like 1.98 is right there.

I am not even going to bother today.
  • #49,854
  • Jan 16, 2008 8:16am Jan 16, 2008 8:16am
gee where is this going to stop!! I took T/P at 1.9650 as it stoped there, but it was just a pause for more gas to go further north. Should have waited, damm.
  • #49,855
  • Jan 16, 2008 8:19am Jan 16, 2008 8:19am
Quoting nAVIN2007
now its hit the trend line....it better bounce otherwise ive blown my account again
real or demo? I am sorry on both
  • #49,856
  • Jan 16, 2008 8:21am Jan 16, 2008 8:21am
Quoting nAVIN2007
now its hit the trend line....it better bounce otherwise ive blown my account again
Ack.

These markets are brutal. May have topped out for now....there was certainly no reason to short down there, though, bro. The US news was not good, just not bad.

The cable should be called Widow Maker.
  • #49,857
  • Jan 16, 2008 8:28am Jan 16, 2008 8:28am
Draw a channel line on 1H or 4H from 30/12 to now. 1.9704 was top of channel and 38.2% Fibo. I think if it breaks we will see 1.9800 before end of week if not we visit 1.9530 again.
  • #49,858
  • Jan 16, 2008 8:29am Jan 16, 2008 8:29am
14:26 GBP/USD: Runs into Resistance Just Shy of 1.9710 Offers London, January 16. Cable has run into resistance just shy of touted offers at 1.9710 after building on gains following its post-US CPI break through 1.9653 (today"s Asian session top). Those gains have been aided by hedge fund demand for GBP.
1.9742 (yesterday"s post-US retail sales data high) is a resistance level north of 1.9710. A large 1.9775 GBP call option rolls off at today"s 10am Eastern NY cut (15:00GMT).
  • #49,859
  • Jan 16, 2008 8:30am Jan 16, 2008 8:30am
Quoting albertotralzt
real or demo? I am sorry on both
im trading 1 lot on the demo...id never do this on live, first experience placing a trade on demo account for news time and it was purely emotional response to place a trade..i think i learn and then do this
I got trigger fingers and am realising that stoct is a load of bulls, the over bought and oversoled things is crazy
I dont think its going to break the trend/resistance area on 4hr chart so i selling from what i think is the top get back the losses..if it work im lucky and will give myself a slap!!
  • #49,860
  • Jan 16, 2008 8:34am Jan 16, 2008 8:34am
What in the world is going on with this pair ? Good GBP news in the morning brought it down...good USD news now brings it up ?????????????? I lost so many pips in these last 2 days its not even funny....
"Lunch ? Lunch Is For Wimps !"
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