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Cable Update (GBPUSD)

  • #62,441
  • Apr 23, 2008 5:18am Apr 23, 2008 5:18am
hi guys.. for the following reasons i think we may see a test of 1.9620s before we head up:

1. Daily chart outside bearish candle on monday confirmed by the daily candle on tuesday
2. Monthly chart: bearish pin bar

let see tho
  • #62,442
  • Apr 23, 2008 5:19am Apr 23, 2008 5:19am
Quoting Bones
I set 2 buys before work as price fell this morning as shown.
The first was triggered and the other one was so close. I think I do this 2 much as I am a bit of perfectionist and in the end that costs you in this game ,lol
I looking for 2 to break as per my wedge post yesterday.
u have the right idea buddy ..it looks good only i fear that the top is getting more squeezed and we likely to see the bottom end more ..be carefull
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  • #62,443
  • Apr 23, 2008 5:22am Apr 23, 2008 5:22am
Argggggh, wait all day well morning, go YES SHORT, fxcm's system craps out by the time it's loaded again it's too late.

The worlds population is confused for sure
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,444
  • Apr 23, 2008 5:22am Apr 23, 2008 5:22am
we need to breakout of this mess...i feel ..
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  • #62,445
  • Apr 23, 2008 5:35am Apr 23, 2008 5:35am
I'm just hoping a nice safe high probability channel forms, looks like it'll be to the down side if so.


Damn you coin
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,446
  • Apr 23, 2008 5:59am Apr 23, 2008 5:59am
yesterdays highs 9997 found resistance at the newly formed 4hr resistance trend line...see red circle on screenshot. Today's lo-hi range is 107, y/day 252. selling down off 9972 asian/overnight high after knee jerk reaction to that BOE/MPC 6-2-1 split vote.

As for any future direction...when people learn that i am a currency trader, they mstly all ask something like 'where will the $ be in x amount of time?' I tell them that I have no idea where it will be in the next 10mins never mind x time. Unless your edge is 'guessing the future direction' it is irrelevant and totally impractical to guess. We all just employ our edge each time it sets up, some win some lose....we cannt know in advance and it doesn't matter any way as over a sample of set-ups your edge should produce a gain, regardless.
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ex member
  • #62,447
  • Apr 23, 2008 6:13am Apr 23, 2008 6:13am
Quoting bbmac
yesterdays highs 9997 found resistance at the newly formed 4hr resistance trend line...see red circle on screenshot. Today's lo-hi range is 107, y/day 252. selling down off 9972 asian/overnight high after knee jerk reaction to that BOE/MPC 6-2-1 split vote.

As for any future direction...when people learn that i am a currency trader, they mstly all ask something like 'where will the $ be in x amount of time?' I tell them that I have no idea where it will be in the next 10mins never mind x time. Unless your edge is 'guessing the future direction' it is irrelevant and totally impractical to guess. We all just employ our edge each time it sets up, some win some lose....we cannt know in advance and it doesn't matter any way as over a sample of set-ups your edge should produce a gain, regardless.
Well said BBMAC.
It was just this week I read similar words by Mark Douglas.
Rob
  • #62,448
  • Apr 23, 2008 6:16am Apr 23, 2008 6:16am
Yeh Mark Douglas et al, essential reading. Dr. Alex Elder another, (essentially analysing price across 3 time frames, looking for entries to the longer t/f trend after a pullback on the intermediate, timed on the shortest, the trigger.)
ex member
  • #62,449
  • Apr 23, 2008 6:19am Apr 23, 2008 6:19am
Pair has broken the DPP and is continuing the move it was in before the news release. A Critical area to get beyond is .9866 and then there is a lot of room to the short side....Circa 9750 ish
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  • #62,450
  • Edited 6:23am Apr 23, 2008 6:20am | Edited 6:23am
complete reversion of the BOE/MPC minutes induced knee-jerk buy £ move now, as price moves toward intraday lows at 9865 area
ex member
  • #62,451
  • Apr 23, 2008 6:21am Apr 23, 2008 6:21am
Man, talking about drilling the Daily Pivot.....Wow, twice in one day
  • #62,452
  • Apr 23, 2008 6:25am Apr 23, 2008 6:25am
Quoting hard1head1
Pair has broken the DPP and is continuing the move it was in before the news release. A Critical area to get beyond is .9866 and then there is a lot of room to the short side....Circa 9750 ish
Yes, it's back to Plan A - with the same obstacles ahead.
I want to say ..."where things should have gone 1st time round!", but I won't

That monthly pinbar isn't there just for the sake of it.
  • #62,453
  • Apr 23, 2008 6:28am Apr 23, 2008 6:28am
Quoting hard1head1
Man, talking about drilling the Daily Pivot.....Wow, twice in one day
u know it ..sign we going down towards the bottom ..
  • #62,454
  • Apr 23, 2008 6:29am Apr 23, 2008 6:29am
Quoting hard1head1
Man, talking about drilling the Daily Pivot.....Wow, twice in one day
Maybe its a sign that it wants to go and stay below the daily pivot so bad that it keeps piercing.

  • #62,455
  • Apr 23, 2008 6:36am Apr 23, 2008 6:36am
Ya know guys, An argument can be made that this pair is in a rough 250 pip 4 hr channel, and Iam going to trade it that way until it bucks me.... It has worked fine the first 2 trips!
  • #62,456
  • Apr 23, 2008 6:36am Apr 23, 2008 6:36am
cable confused. i seen up, down, sideways now we seeing seasaw ..
  • #62,457
  • Apr 23, 2008 6:38am Apr 23, 2008 6:38am
Well, the news interveaned earlier while people scrambled for position to trade the release, and that is why it went back up thru....LOL it ruined my short I had going, but at least I kept moving my stop down...

Quoting AmeriTrini
Maybe its a sign that it wants to go and stay below the daily pivot so bad that it keeps piercing.

  • #62,458
  • Apr 23, 2008 6:38am Apr 23, 2008 6:38am
My special down channel formed, sadly missed it as a loss what to do too far from the 45sma for me stop / risk to reward wise.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,459
  • Apr 23, 2008 6:40am Apr 23, 2008 6:40am
Yhis is looking more and more like one of those moves that just kinda trickles down 100 or so thruout the day.
  • #62,460
  • Apr 23, 2008 6:42am Apr 23, 2008 6:42am
Quoting hard1head1
Ya know guys, An argument can be made that this pair is in a rough 250 pip 4 hr channel, and Iam going to trade it that way until it bucks me.... It has worked fine the first 2 trips!
jim u have it spot on ..it will keep doing this till it gets the stage it has to break out....sell at the top and buy on the bottom, keep SL tight. if cable is confused it should stay in this range, its just a bit concerning that the tops are lowering so maybe a good idea to buy on the top..

I really have no idea where this thing is heading hence no trade for me till im sure ..
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