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Cable Update (GBPUSD)

  • #62,241
  • Edited 4:28pm Apr 21, 2008 4:01pm | Edited 4:28pm
Some modification on Abuawad method, I always review to revise the unknown area on M 30 when the cable already went beyond the current unknown area at least 20 pips, and it is effective for me, no need waiting for the fundamental news. No greedy just 10 - 20 pips target each open trade. For open trade I analyze H1/H4 chart. Current unknown area 1.9775 - 1.9815.
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,242
  • Apr 21, 2008 4:24pm Apr 21, 2008 4:24pm
Manize, where do you usually put your stop loss when you're trading with this "system"?
  • #62,243
  • Apr 21, 2008 4:35pm Apr 21, 2008 4:35pm
What do you think Ameri we have had a bearish outside bar on the daily and we have the Bearish monthly pin,and we have more of a Doji on the 4hr rather than the nice bullish pin I hoped for,so you Bullish or Bearish?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #62,244
  • Apr 21, 2008 6:18pm Apr 21, 2008 6:18pm
Well recently this simple system is working great again.

6am GMT set a Buy and Sell Limit +/- 10 pips below the 0:00-06:00 high/low, easy ( to go the direction, ie price drops to lows go short )

It's working 80% of the time with gains upto 200pips if you've the balls to hold that long.

Set a trailing stop strategy 40 pips area away would likely work for a hand free well profitable system to.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,245
  • Apr 21, 2008 7:45pm Apr 21, 2008 7:45pm
Quoting Turveyd
It's working 80% of the time with gains upto 200pips if you've the balls to hold that long.
I tend to get spooked by strong retracements. Any tips on telling a retrace from a reversal?

Quote
Set a trailing stop strategy 40 pips area away would likely work for a hand free well profitable system to.

On the big 2 cent moves, I've seen price retrace ~85 pips.
Darkness lies one inch ahead..
  • #62,246
  • Apr 21, 2008 8:20pm Apr 21, 2008 8:20pm
i went short at 1.9815,
try to make lil pips
  • #62,247
  • Apr 21, 2008 8:28pm Apr 21, 2008 8:28pm
Quoting manize
Some modification on Abuawad method, I always review to revise the unknown area on M 30 when the cable already went beyond the current unknown area at least 20 pips, and it is effective for me, no need waiting for the fundamental news. No greedy just 10 - 20 pips target each open trade. For open trade I analyze H1/H4 chart. Current unknown area 1.9775 - 1.9815.
Prob with Abuawad Unknown Area is it's dependent on the time zone (UA = day's close ± 20 pips basically).

ATM my server uses CEST, but Abuawad uses IBFX which uses GMT - 2 hr behind CEST
Darkness lies one inch ahead..
  • #62,248
  • Apr 21, 2008 8:39pm Apr 21, 2008 8:39pm
Quoting Ultraman
i went short at 1.9815,
try to make lil pips
currently +6pips, i'm looking short term downtrend with to many support below..so need to be patience and how about ur guys?
how far it's to falling down
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  • #62,249
  • Apr 21, 2008 8:42pm Apr 21, 2008 8:42pm
Quoting Bones
What do you think Ameri we have had a bearish outside bar on the daily and we have the Bearish monthly pin,and we have more of a Doji on the 4hr rather than the nice bullish pin I hoped for,so you Bullish or Bearish?
Bones,
I haven't been watching the market that much lately, but I am still bearish. We just had the top of 2nd bearish wave that formed recently, so look for more lows in the near future.

Happy Trading.
  • #62,250
  • Apr 21, 2008 8:49pm Apr 21, 2008 8:49pm
Quoting AmeriTrini
Bones,
I haven't been watching the market that much lately, but I am still bearish. We just had the top of 2nd bearish wave that formed recently, so look for more lows in the near future.

Happy Trading.
how far GBPUSD will drop AmeriTrini,
i want sleep now so sleepy didn't sleep yer from last nite..
coz i'm waiting to hit target my short EURUSD and GBPUSD last nite..
luckly both diz pair hit my target..
isn't possible it's drop down around 100pips?
or it will break at 1.9777 which it's a yesterday previous low
  • #62,251
  • Apr 21, 2008 9:17pm Apr 21, 2008 9:17pm
Quoting Ultraman
how far GBPUSD will drop AmeriTrini,
i want sleep now so sleepy didn't sleep yer from last nite..
coz i'm waiting to hit target my short EURUSD and GBPUSD last nite..
luckly both diz pair hit my target..
isn't possible it's drop down around 100pips?
or it will break at 1.9777 which it's a yesterday previous low
close manual at +21pips, it's good start for diz morning..
hhaahh so sleepy, i need to collect more +30pips then i zzzzzzzzzzzz
  • #62,252
  • Apr 21, 2008 9:22pm Apr 21, 2008 9:22pm
Ok all,

We have touched the back of the wedge as ordered and I know it was hard to bring yourselves to believe that it would come all the way back, but I had no doubt. It will now head north after maybe bouncing around and consolodating awhile.

Jim
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  • #62,253
  • Apr 21, 2008 10:22pm Apr 21, 2008 10:22pm
Lets see which way it breaks
  • #62,254
  • Apr 22, 2008 12:05am Apr 22, 2008 12:05am
Quoting hard1head1
Ok all,

We have touched the back of the wedge as ordered and I know it was hard to bring yourselves to believe that it would come all the way back, but I had no doubt. It will now head north after maybe bouncing around and consolodating awhile.

Jim
Why do you think it will not test the bottom of the wedge? It now only in the middle.
What does make me think it will go up is those 3 pinchers forming on the 4H. Same as on the 15th and 17th! could go up +150 only bottom side is tomorros MPC meeting which should hold rates then cable could go down.
I'll wait for clear directional signal BUY above 1.9830 sell below 1.9780
  • #62,255
  • Apr 22, 2008 12:08am Apr 22, 2008 12:08am
Quoting hard1head1
Ok all,

It will now head north after maybe bouncing around and consolodating awhile.

Jim
What makes you so certain? Is "awhile" a few days or a few hours?

tia
Darkness lies one inch ahead..
  • #62,256
  • Apr 22, 2008 12:23am Apr 22, 2008 12:23am
Yes, its possible that it can break back into the wedge and test the bottom again, but not likely. Now, it may bounce down the backside of the DTL off of the wedge, but chances are it will go long.

Jim

Quoting Runway Trade
Why do you think it will not test the bottom of the wedge? It now only in the middle.
What does make me think it will go up is those 3 pinchers forming on the 4H. Same as on the 15th and 17th! could go up +150 only bottom side is tomorros MPC meeting which should hold rates then cable could go down.
I'll wait for clear directional signal BUY above 1.9830 sell below 1.9780
  • #62,257
  • Apr 22, 2008 12:26am Apr 22, 2008 12:26am
Look at the 15 Min TF and you will find a triangle that I have just made 75 pips trading from top to bottom. This will enor a signal on this TFd up as consolodation on the 4 Hr. I will look for a signal on this TF to go long

Quoting TraderJR
What makes you so certain? Is "awhile" a few days or a few hours?

tia
  • #62,258
  • Apr 22, 2008 12:27am Apr 22, 2008 12:27am
what's up w/eur/usd any one know?
  • #62,259
  • Apr 22, 2008 12:33am Apr 22, 2008 12:33am
Check out the triangle on the 4 hr chart. Its been sitting at the top. May come back to test 5885 area

Quoting Pipspur
what's up w/eur/usd any one know?
  • #62,260
  • Apr 22, 2008 12:40am Apr 22, 2008 12:40am
Very clean bounce after that nicely formed hammer off the DTL. This all started for me with a triangle on the 15 Min chart.
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