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Cable Update (GBPUSD)

  • #61,061
  • Apr 9, 2008 9:10am Apr 9, 2008 9:10am
Quoting asyed4
I think if you guys want to rest your brain for few hours then my suggestion is put a stop loss of your short trades at 1.9850+ and PT level is at least 1.9500 and just monitor the rate every 4 hours because 1 HR chart is showing upward momentum but 4 HR and daily chart is showing downward momentum. My eyes are very tired by looking up my two monitor screens so I did it the above and I am going back to bed for rest. See you guys in a while.

Thank you for all the help so far. May Allah give us success to all the Short trades assuming that everybody at this point is playing short trade at least for this week.
http://i81.photobucket.com/albums/j2...us/lskgh-4.gif
I believe . . .
  • #61,062
  • Edited 9:25am Apr 9, 2008 9:15am | Edited 9:25am
Quoting deboooo2005
Good Day

i watch 4 hour chart and i see cable gain some strength and gathering momentum ... but till now when cable dont reach 1.9714 and go above ... still worry from long breaking 1.9730 good sign for long otherwise Sell from Top

i think cable news will give clear view
Hi .... Debooo ... time to go long arrive ? Oh .. I miss the train for at least 40 pips.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,063
  • Apr 9, 2008 9:21am Apr 9, 2008 9:21am
Ok, I'm closing my 3 longs , from yesterday 9693, 9714 and 9729 at 9768. And then I'm taking 2 shorts.

I've placed stops on all 3 longs at 9729 now.
  • #61,064
  • Apr 9, 2008 9:26am Apr 9, 2008 9:26am
Quoting mavewei
close on 9715 and open 9716. I use the same server with master Abuawad
Alpari UK Close 19733, Open 19732

Such big differences shake one's confidence in the method of entry...

Anyway price has penetrated upper Target 1 19757
Darkness lies one inch ahead..
  • #61,065
  • Apr 9, 2008 9:32am Apr 9, 2008 9:32am
sold more at 9750

will sell more if it reaches 9780
  • #61,066
  • Apr 9, 2008 9:36am Apr 9, 2008 9:36am
Quoting fx local


cable will now look for 19755 resistance.. looking for small short entry there

finally waiting all day for this rally to sell into, small shorts in at 19755,
Trading is 80% Emotional, 20% Technical
  • #61,067
  • Apr 9, 2008 9:40am Apr 9, 2008 9:40am
Quoting ghous
http://i81.photobucket.com/albums/j2...us/lskgh-4.gif
ok closed the long for +40...the white horiszontal ppz seems to be holding nice resistance, looking for a short now...
I believe . . .
  • #61,068
  • Apr 9, 2008 10:29am Apr 9, 2008 10:29am
Hi Guys and Gals,

If you dont mind, I would like to donate my 2 cents worth here. There is a semi hidden DTL that stopped the fall and formed a falling wedge. If we can just get up thru the daily pivot and the 38 % fib level here, we could go all the way to the major DTL circa 9900 area. see charts below.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu.gif Size: 55 KB
Click to Enlarge Name: gu1.gif Size: 50 KB
  • #61,069
  • Apr 9, 2008 10:44am Apr 9, 2008 10:44am
The 4hr charts still looks bullish, although cable hit daily pivot. I wander whether this move up is not a technical one to prepare cable to go down as a reaction to the BOE rate cut. EUR gained against cable and so did Swissy, Looking at this intermaket data this rise of cable is suspitious.As I type a nice pin is printing on 4hr cable
Make sure losses are small and profits are bigger!
  • #61,070
  • Apr 9, 2008 10:50am Apr 9, 2008 10:50am
Quoting fx local
finally waiting all day for this rally to sell into, small shorts in at 19755,
excellent trading fx local, having the patience to wait for a good entry takes great discipline

i see this tanking to 9585 or 9600 area, will wait until tomorrow. where is your tp?
  • #61,071
  • Apr 9, 2008 10:56am Apr 9, 2008 10:56am
Quoting 2be
The 4hr charts still looks bullish, although cable hit daily pivot. I wander whether this move up is not a technical one to prepare cable to go down as a reaction to the BOE rate cut. EUR gained against cable and so did Swissy, Looking at this intermaket data this rise of cable is suspitious.As I type a nice pin is printing on 4hr cable
I want to comment on the previous chart that it will call for further weakness. I think after the London Close at Noon (US Central Zone) the cable would start declining and the Asia will put more highlights into it. We just have to stick with Shorts for few days at least for tomorrow close.
  • #61,072
  • Apr 9, 2008 10:57am Apr 9, 2008 10:57am
Quoting tomaz55
excellent trading fx local, having the patience to wait for a good entry takes great discipline

i see this tanking to 9585 or 9600 area, will wait until tomorrow. where is your tp?
thanks, look for 1.9650/00 to take some profit, depends reevalute things after BoE reaction, no cut i would cover, 50basis points i would double up for 1.9500 region and below.. trend is firmly sterling bearish, just look at Euro sterling over 0.80 today
Trading is 80% Emotional, 20% Technical
  • #61,073
  • Apr 9, 2008 10:59am Apr 9, 2008 10:59am
Quoting tomaz55
excellent trading fx local, having the patience to wait for a good entry takes great discipline

i see this tanking to 9585 or 9600 area, will wait until tomorrow. where is your tp?
oH yEA i TOTALLY agree because I missed the top out entry because I didn't have patience. I think after tomorrow I will need a break to prepare myself more and read the analysis and charts more and more and more......

Currently my PT level for shorts are 1.9500 - 1.9560 I will monitor these levels along with the time.....
  • #61,074
  • Apr 9, 2008 11:06am Apr 9, 2008 11:06am
nice weekly chart, tool applied is andrews pitchfork, target for shorts near black line 19500 area, weekly close below there would be very bearish for cable, see how it called the successive highs and lows..
Attached Image (click to enlarge)
Click to Enlarge Name: Cable weekly 090408.JPG Size: 136 KB
Trading is 80% Emotional, 20% Technical
  • #61,075
  • Apr 9, 2008 11:07am Apr 9, 2008 11:07am
Quoting fx local
thanks, look for 1.9650/00 to take some profit, depends reevalute things after BoE reaction, no cut i would cover, 50basis points i would double up for 1.9500 region and below.. trend is firmly sterling bearish, just look at Euro sterling over 0.80 today
Hi Fx Local, I have a question I know it sounds silly but asking question is better than make a mistake especially among excellent traders. I have heard from the forum that take some profit at some level. My understanding is when we take profit we will basically close the trade for profit or loss. Then suppose if the market would go down more then we would have to place a new trade in that direction. If that is the case then I would rater wait until it would go at the bottom and will check the trend accordingly.

Thanks, Bro..
  • #61,076
  • Apr 9, 2008 11:10am Apr 9, 2008 11:10am
short @ 1.9725
TP @ 1.9550

Let's wait for tomorrow.
  • #61,077
  • Apr 9, 2008 11:34am Apr 9, 2008 11:34am
Quoting asyed4
Hi Fx Local, I have a question I know it sounds silly but asking question is better than make a mistake especially among excellent traders. I have heard from the forum that take some profit at some level. My understanding is when we take profit we will basically close the trade for profit or loss. Then suppose if the market would go down more then we would have to place a new trade in that direction. If that is the case then I would rater wait until it would go at the bottom and will check the trend accordingly.

Thanks, Bro..

stick to your trading plan, have your stops/limits predetermined before you even think of entering a trade. dont be to too concerned with where the market is going (you have zero control over that), only be concerned about about what u going to do when it gets there (you have 100% control over that). learn to think in probabilites and risk reward, slowly build up your trading edge and confidence. im still in the early part of the learning curve myself which is profoundly steeper that you might imagine.
Trading is 80% Emotional, 20% Technical
  • #61,078
  • Apr 9, 2008 11:59am Apr 9, 2008 11:59am
Yep, its going down all right
  • #61,079
  • Apr 9, 2008 12:01pm Apr 9, 2008 12:01pm
I change my short order at 1.9800.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,080
  • Apr 9, 2008 12:09pm Apr 9, 2008 12:09pm
sold even more at 9785
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