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Cable Update (GBPUSD)

  • #55,241
  • Feb 21, 2008 12:26pm Feb 21, 2008 12:26pm
Quoting bullrock
Yes it is overbought. There is another thing We had 5 consecutive upwards closing bars on the 4H chart. In the last 7 years only 90 times was more than 5. And 1189 times more than 2 so you can compare. I think it is hoigh time for a bit of a correction.

Bullrock, anything can happen in the market. ANd there is always a first time for something. I am bearish is aswell, but I will take everything the chart shows me from an unbiased viewpoint.
  • #55,242
  • Feb 21, 2008 12:28pm Feb 21, 2008 12:28pm
Quoting mazdaz
Bullrock, anything can happen in the market. ANd there is always a first time for something. I am bearish is aswell, but I will take everything the chart shows me from an unbiased viewpoint.
Whatever. Just a bit of statistics. All I am saying with that the more it goes up straight without interruption the higher the probability that it will correct. And the likelihood of that is just getting closer.
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  • #55,243
  • Feb 21, 2008 12:31pm Feb 21, 2008 12:31pm
Quoting mazdaz
Bullrock, anything can happen in the market. ANd there is always a first time for something. I am bearish is aswell, but I will take everything the chart shows me from an unbiased viewpoint.
I would listen to Bullrock. I (and others) consider him to be an expert on GU. It is such a pleasure to learn from him and I would highly recommend that everyone listen and try to learn from him.
Humble Lifetime Member
  • #55,244
  • Feb 21, 2008 12:32pm Feb 21, 2008 12:32pm
Quoting bullrock
Whatever. Just a bit of statistics. All I am saying with that the more it goes up straight without interruption the higher the probability that it will correct. And the likelihood of that is just getting closer.
Thanks for statistics. How did you get them? Could you please share?

Thanks!

Ash
Humble Lifetime Member
  • #55,245
  • Feb 21, 2008 12:34pm Feb 21, 2008 12:34pm
Quoting Ash
I would listen to Bullrock. I (and others) consider him to be an expert on GU. It is such a pleasure to learn from him and I would highly recommend that everyone listen and try to learn from him.
Hehe. Thanks for that Ash. I am flattered.

That is true that I am trading only the cable and whenever I venture in other currency I am loosing. Except maybe the EU. And I try to feel every heartbeat of it... But I am far away being an expert o fit yet...
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  • #55,246
  • Feb 21, 2008 12:34pm Feb 21, 2008 12:34pm
Modest short to 1.9605, already gained 8 pips.. may move it further down if I'm at the computer to catch it. EU as well till 1.4785
On the path to Enrichment.
  • #55,247
  • Feb 21, 2008 12:36pm Feb 21, 2008 12:36pm
Quoting mazdaz
I am telling you all, Cable will go down. (Book)Mark my words!

down when??? not today......mark your words!!!!??? now we touching 9628
  • #55,248
  • Feb 21, 2008 12:41pm Feb 21, 2008 12:41pm
Quoting bullrock
Hehe. Thanks for that Ash. I am flattered.

That is true that I am trading only the cable and whenever I venture in other currency I am loosing. Except maybe the EU. And I try to feel every heartbeat of it... But I am far away being an expert o fit yet...
That's what makes an individual an expert when he or she trades a very few and learns what makes it tick, and gets to know the inner workings. You see things that others don't. I am currently only trading the Yen crosses due to the volatility. I follow the major indices carefully and the effect that they have on their respective currencies. Once we get through all the bearish crap, can I start trading on higher TF's, in search of 1000, 1300 and 3000 pip trades.

Until then, just trading intra-day to keep myself busy.

Thanks once again for sharing your insight. A majority of the major threads have lost senior members due to infighting / bickering with every Tom, Dick and Harry calling shots.

I usually keep myself confined to Cesar's market talk , gossip and BWR's journal.

Humble Lifetime Member
  • #55,249
  • Feb 21, 2008 12:43pm Feb 21, 2008 12:43pm
Quoting Ash
That's what makes an individual an expert when he or she trades a very few and learns what makes it tick, and gets to know the inner workings. You see things that others don't. I am currently only trading the Yen crosses due to the volatility. I follow the major indices carefully and the effect that they have on their respective currencies. Once we get through all the bearish crap, can I start trading on higher TF's, in search of 1000, 1300 and 3000 pip trades.

Until then, just trading intra-day to keep myself busy.

Thanks once again for sharing your insight. A majority of the major threads have lost senior members due to infighting / bickering with every Tom, Dick and Harry calling shots.

I usually keep myself confined to Cesar's market talk , gossip and BWR's journal.

Yes they are experts too.
.
  • #55,250
  • Feb 21, 2008 12:53pm Feb 21, 2008 12:53pm
I have to go now. 1.9632 is a resistance level. Migh hold.
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  • #55,251
  • Feb 21, 2008 1:04pm Feb 21, 2008 1:04pm
I beleive the up move that ended on 1/30 with a high of 1.9958 was wave A. The downward move that ended on 2/7 with a low of 1.9387 was wave B. It is very common for a triangle to form after wave B going into wave C of a correction as the market is playing thug a war. As Bullrock has stated we should have a bit of a correction and then up to see the 7's and down one more time into the low 4's , maybe high 3's before we see the 2's. Before cable tanks. Another thing to look at is on the monthly chart we have a dragon fly doji from Jan. Which the low should hold as support till we have a retracement. All depends on what kind of trader you are swing, interday or scalper. Or maybe a little of everything.

I have drawn new channel lines from the low at 2/7 to 2/20 and from the high 2/14 to ? ( I have drawn the channel line to be even with the bottom channel line ) which puts the channel top around the 700 range.

This is just my input. Just keep in mind that cable always goes just past almost every target channels , fibs and s/r that has she gets you.
  • #55,252
  • Feb 21, 2008 1:32pm Feb 21, 2008 1:32pm
Quoting makey2u
I do believe someone once said i did a dumb trade and to admit it, and my limit was at 9630... right but who am I, ay?... anyways... i really Hope all of you got something out of it, and if you have im very porud at each one of you guys, good SHIT! WOOT!
Well done Mikey,you did good man,even though you never had much sleep,lol
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #55,253
  • Feb 21, 2008 1:45pm Feb 21, 2008 1:45pm
Personally I am looking for a close over or through that 38.2 daily down fib fan as Big Wave Rider pointed out earlier today ,to proceed with my long
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #55,254
  • Feb 21, 2008 1:50pm Feb 21, 2008 1:50pm
i know this is a bad type of question but based on ur experiences shouldnt there be a correction
and if there was a correction would it travel more than 50 pips downwards for 230 pip north movement
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,255
  • Feb 21, 2008 2:09pm Feb 21, 2008 2:09pm
Quoting salah k.
i know this is a bad type of question but based on ur experiences shouldnt there be a correction
and if there was a correction would it travel more than 50 pips downwards for 230 pip north movement
It is a good question if your scalping, I really want a long term trade under my belt, don’t worry I have closed some position out already
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #55,256
  • Feb 21, 2008 2:12pm Feb 21, 2008 2:12pm
Was looking at GBPUSD last night on daily and was thinking long...I was thinking one nice fat candlestick straight up would be sweet...then I said, ahh to dream. What happens? The impossible. SHoulda woulda coulda.
  • #55,257
  • Feb 21, 2008 2:13pm Feb 21, 2008 2:13pm
its been a great day for me ..i think i achieved a new record for myself.
I made 170 pips on the long so far...
good shit ehh?
  • #55,258
  • Feb 21, 2008 2:18pm Feb 21, 2008 2:18pm
Quoting Bones
It is a good question if your scalping, I really want a long term trade under my belt, don’t worry I have closed some position out already
i dont want to scalp i want to buy but it seems stupid to buy now so i was kinda wondering wat a good price is.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,259
  • Feb 21, 2008 2:30pm Feb 21, 2008 2:30pm
any1 think its correction might hit 9540(61.8 fibo level)????????????
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,260
  • Feb 21, 2008 2:33pm Feb 21, 2008 2:33pm
Quoting salah k.
any1 think its correction might hit 9540(61.8 fibo level)????????????
Do you trade based on what other's think?
Trade what you see, not what you think.
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