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Cable Update (GBPUSD)

  • #61,621
  • Apr 15, 2008 4:30am Apr 15, 2008 4:30am
Quoting twofeet
To be honest, I am so @#$$-ing relieved the price dropped back to 1.9660 levels. The last 2 days have been living hell for me holding onto a bad entry - short @ 1.9680 last Friday. When the price shot up to almost 1.9900 because of bluddy Wachoiv bank, or whatever the #@$# its called, I almost pissed on my pants. Thank God for trendlines.

Now closed it for 0 pips. So damned relieved I tell you. No more impulse trades...
u did well to hold out that long ..i find with myself if the entery is bad then i panic and end up canceling the position at a loss, good im fine...and i missed the opportunity for a short at a very good price all because i thought it will go back up...sometimes u just cant win ...
  • #61,622
  • Apr 15, 2008 4:33am Apr 15, 2008 4:33am
Quoting tomaz55
got out of short at 9700 for +90

now long 9699

Hmm..what fundamental or technical reason did you see that made you go long at this stage?
  • #61,623
  • Edited 6:35am Apr 15, 2008 4:40am | Edited 6:35am
I short at 1.9693, looking for a few pips before rebound if come true ! Just closed for 10 pips. Another test for the unknown area between 1.9677 - 1,9717. My feeling will be reversed up, but no one knows what is the market trend in hours next. Two important things during my 4 months tradding experience, the patient and the specific method strategy are the key success to enter the trade.
Attached Image
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,624
  • Apr 15, 2008 4:41am Apr 15, 2008 4:41am
Quoting shajib
Hmm..what fundamental or technical reason did you see that made you go long at this stage?
the only thing i can see why he did this is because yesterdaly canle was bullish and we have completely over turned it ....expecting a retracement back up ..
  • #61,625
  • Apr 15, 2008 5:01am Apr 15, 2008 5:01am
Quoting nAVIN2007
the only thing i can see why he did this is because yesterdaly canle was bullish and we have completely over turned it ....expecting a retracement back up ..

I see. I still think until we see 4h candle closing above 9725, g/u should continue down. I am guessing he went long because 30min RSI hit a low. The last time that happened (around 9688), retracement was around 40 pips meaning 9725 will act as a strong resistance for the time being. But you never know...afterall yesterday we did see 270pip rally from such low RSI level.
  • #61,626
  • Apr 15, 2008 5:13am Apr 15, 2008 5:13am
Quoting shajib
I see. I still think until we see 4h candle closing above 9725, g/u should continue down. I am guessing he went long because 30min RSI hit a low. The last time that happened (around 9688), retracement was around 40 pips meaning 9725 will act as a strong resistance for the time being. But you never know...afterall yesterday we did see 270pip rally from such low RSI level.
im more confident seeling from a high that buying from a low ..so i wont be doing anything ...apart from selling from the top ..i just hope it goes up and falls....LOL

I THINK WE GONNA END THE DAY SOMEWHERE AROUND THE TOP..i dunno why but i feel this because of cable movements in the past ..
  • #61,627
  • Apr 15, 2008 5:18am Apr 15, 2008 5:18am
Quoting nAVIN2007
im more confident seeling from a high that buying from a low ..so i wont be doing anything ...apart from selling from the top ..i just hope it goes up and falls....LOL
On the 1hr the down momentum has slowed and as long as the suppotrt at 9650 holds, which we might see retracement, once this 9650 support is broken, there shall be a nice breakout do the downside probably lasting several days with the potential target in the 9400 region, or even slightly below it. There is still a highier timeframe direction which makes me to choose shors on retracements, atm, which also stands in agreement with time cycles analysis I use on a highier time frames. Overall my long term bias is long, and shall be so until there is the change of direction on a daily timeframe, yesterdays High I am tempted to count as a fulfilment of EW pattern, though it came a bit early for my liking.:cheesy:
Happy trading to all,
2be
Make sure losses are small and profits are bigger!
  • #61,628
  • Apr 15, 2008 5:27am Apr 15, 2008 5:27am
Quoting nAVIN2007
im more confident seeling from a high that buying from a low ..so i wont be doing anything ...apart from selling from the top ..i just hope it goes up and falls....LOL
I suppose taking a chance at quite strong support level is still a good way to make some quick pips even if g/u is falling in the longer time frames. Since g/u respects channels and trend lines quite well, personally I will wait for the pair to reach support near 9600 before even thinking about going long. Meanwhile I will keep lowering my stop loss until we get there.
  • #61,629
  • Apr 15, 2008 5:28am Apr 15, 2008 5:28am
There is a Double No Touch option at 1.9615 that is worth 2mln pounds until next Thursday- how does that factor into a break of 1.9640? I'm just wondering because it seems like options do a pretty good job of bouncing rallies or extensions.

I'm a newbie, but that has been my observation.
  • #61,630
  • Apr 15, 2008 5:30am Apr 15, 2008 5:30am
IF US news come in good euro will fall and take cable with it
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,631
  • Apr 15, 2008 5:35am Apr 15, 2008 5:35am
Quoting 2be
On the 1hr the down momentum has slowed and as long as the suppotrt at 9650 holds, which we might see retracement, once this 9650 support is broken, there shall be a nice breakout do the downside probably lasting several days with the potential target in the 9400 region, or even slightly below it. There is still a highier timeframe direction which makes me to choose shors on retracements, atm, which also stands in agreement with time cycles analysis I use on a highier time frames. Overall my long term bias is long, and shall be so until there is the change of direction on a daily timeframe, yesterdays High I am tempted to count as a fulfilment of EW pattern, though it came a bit early for my liking.:cheesy:
Happy trading to all,
2be

Don't you think for such rallies to take place we will need to build up stronger momentum on the longer time frames? G/U and E/U are not able to plunge yet even after terrible UK/EU news mainly due to record oil price. Lets see if pressure on USD eases after the news.
  • #61,632
  • Apr 15, 2008 5:48am Apr 15, 2008 5:48am
it looks like we might be developing a hammer on 4 hr chart this may be the start of up movement ..
  • #61,633
  • Apr 15, 2008 6:38am Apr 15, 2008 6:38am
hmm...i guess the cable will go down trend.......
be patient, self-belief and discipline... stay focus...
  • #61,634
  • Apr 15, 2008 7:10am Apr 15, 2008 7:10am
Quoting radit27
hmm...i guess the cable will go down trend.......
I am waiting for a H4 candle open/close below or above 1.9677 to make another trade ! Maybe late, but already got 50 pips, I think not so bad result today.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #61,635
  • Apr 15, 2008 7:31am Apr 15, 2008 7:31am
hmm..
be patient, self-belief and discipline... stay focus...
  • #61,636
  • Apr 15, 2008 7:41am Apr 15, 2008 7:41am
Quoting radit27
hmm..
HMMMMMMM
  • #61,637
  • Apr 15, 2008 7:47am Apr 15, 2008 7:47am
Quoting shajib
Don't you think for such rallies to take place we will need to build up stronger momentum on the longer time frames? G/U and E/U are not able to plunge yet even after terrible UK/EU news mainly due to record oil price. Lets see if pressure on USD eases after the news.
I trade on technical analysis and myself do not try to understand the rationale for the present cable performance. What the charts tel me is that on a highier timeframe the direction is south, and that SBR priciple would apply to 9650 level. So I am shorting looking at T1 &9578 - the spread (9575), how and when do we get there, I do not know, poss near the close of the session, if we travel at the present speed on the displayed 1hr chart.
Happy trading
2be
Make sure losses are small and profits are bigger!
  • #61,638
  • Apr 15, 2008 8:04am Apr 15, 2008 8:04am
Ahhh, good news for the home team.......!
  • #61,639
  • Apr 15, 2008 8:10am Apr 15, 2008 8:10am
Quoting hard1head1
Ahhh, good news for the home team.......!

ahhhhhhhhhhhhhhh, about time we crossed friggin' 1.9650. Now, there's some direction, and back to the Abuwad system!

Daily S1 @ 1.9622
Daily S2 @ 1.9516

If cross 1.9600, then I'm shortin' this baby for a ride down. Probably not today though.
Trade the reaction, not the news!
  • #61,640
  • Apr 15, 2008 8:11am Apr 15, 2008 8:11am
Quoting hard1head1
Ahhh, good news for the home team.......!
what do u mean bro ? lol..
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