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Cable Update (GBPUSD)

  • #62,881
  • Apr 25, 2008 6:25am Apr 25, 2008 6:25am
Quoting DJ4x
Closed both positions for pos 120 pips in total... so that leaves me with 255 pips positive for the week. and no open positions at present
Have to get back to my "real" job now. Chat later.
i'm still holding short GBPUSD and EURUSD,
like it's need to shoting up
  • #62,882
  • Apr 25, 2008 6:44am Apr 25, 2008 6:44am
cable taking a bounce off Daily S1/Yesterdays High area now acting as support. Nice hidden/reverse divergence based 5min set-up.

Is uptrend good or will we see a range/reversal short from a lower high on this t/f?
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ex member
  • #62,883
  • Apr 25, 2008 6:46am Apr 25, 2008 6:46am
im just confused, i got in short after the hammer on r2 level (1 hr chart) ....14 pips and out ...dunno whats going on ..

bbmac thx man just read yur post ......lol
  • #62,884
  • Apr 25, 2008 6:51am Apr 25, 2008 6:51am
Nice profits there fellow intraday momentum players, and yes I slept through my alarm but it's definately the way to do it.

Like taking candy from a baby that doesn't even like candy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,885
  • Apr 25, 2008 7:03am Apr 25, 2008 7:03am
so anyone can give the direction where the cable heading to ?
  • #62,886
  • Apr 25, 2008 7:06am Apr 25, 2008 7:06am
Quoting hard1head1
By the way Nav, thanks for your comments last night, kept me in check on a trade which could have cost me... Thanks again.

Jim
glad whatever i wrote helped ..
  • #62,887
  • Apr 25, 2008 7:06am Apr 25, 2008 7:06am
Is cable on steroid or something? Really can't see how slowest economy pace sincce 2005 can be cosidered good news and send it up.
Expected the unexpected
  • #62,888
  • Apr 25, 2008 7:10am Apr 25, 2008 7:10am
Quoting scyang
Is cable on steroid or something? Really can't see how slowest economy pace sincce 2005 can be cosidered good news and send it up.

i know what u mean ....its been going down and shon nothig to come up and then out of nowhere, it rallies 120 pips up ..so now i dont know whats going on ..4 months of confused cable and no real direction ....

but saying this some are doing excellent in these condition, clearly have the edge ...
  • #62,889
  • Apr 25, 2008 7:11am Apr 25, 2008 7:11am
Maybe it's good sell point before US news, if that news will be better than expected.
  • #62,890
  • Apr 25, 2008 7:13am Apr 25, 2008 7:13am
I did not enter the market but thought to share the chart
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When life gives you lemons, make lemonade
  • #62,891
  • Apr 25, 2008 7:16am Apr 25, 2008 7:16am
Quoting nAVIN2007
im just confused, i got in short after the hammer on r2 level (1 hr chart) ....14 pips and out ...dunno whats going on ..

bbmac thx man just read yur post ......lol

Errrr whats going on, well everytime you trust a candle formation and trade it you lose money, faily easy.


The market is just chopping around, reacting to news, news came in okay on forecaste so gbp goes up, going short on something that is going up, and trying to pick a top = losses, as simple as that.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,892
  • Apr 25, 2008 7:24am Apr 25, 2008 7:24am
Quoting Turveyd
Errrr whats going on, well everytime you trust a candle formation and trade it you lose money, faily easy.


The market is just chopping around, reacting to news, news came in okay on forecaste so gbp goes up, going short on something that is going up, and trying to pick a top = losses, as simple as that.

Inverted hammer and hangling man on 1H chart after long bullish candle indicates reversal. Doesn't always work I agree but probability is good.
  • #62,893
  • Apr 25, 2008 7:32am Apr 25, 2008 7:32am
Nav, where was your stop? If your stop was 10 above the wick, you would still be going, ole buddy.

Quoting nAVIN2007
im just confused, i got in short after the hammer on r2 level (1 hr chart) ....14 pips and out ...dunno whats going on ..

bbmac thx man just read yur post ......lol
  • #62,894
  • Apr 25, 2008 7:32am Apr 25, 2008 7:32am
I think the target is 1.9750 4h so I short from 1.9845
Grasp all lose all
  • #62,895
  • Apr 25, 2008 7:32am Apr 25, 2008 7:32am
The AB=CD plays

#62597 Original post
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Attached Image
  • #62,896
  • Apr 25, 2008 7:34am Apr 25, 2008 7:34am
Quoting Turveyd
Errrr whats going on, well everytime you trust a candle formation and trade it you lose money, faily easy.


The market is just chopping around, reacting to news, news came in okay on forecaste so gbp goes up, going short on something that is going up, and trying to pick a top = losses, as simple as that.

to be honest the candle formation on chart at vital area is the edge in trading if u ask me...i just dont trust them right now as there was a reluctance to go up and then all of a sudden shot up..the candle pattern actually backed the move up, just that i hestitated cause of risk:reward

no way any1 knew it would shot up like it did ..candle stick patterns are the way to trade and are a leading indicator of price action ...but better indicator is there? and as u know already i dont use much less and actuallyapart from exiting winnig trades early ..im doing great....
  • #62,897
  • Apr 25, 2008 7:38am Apr 25, 2008 7:38am
Quoting shajib
Inverted hammer and hangling man on 1H chart after long bullish candle indicates reversal. Doesn't always work I agree but probability is good.
Technically did work, but you can't trade off a 1hour chart and use a 14pip stop, stop shoulda been over the bullish hours high 1.9865+ or the high 1.9890 area.

M30 same setup, woulda got U short @1.9850, 1.9890 stop
M15, Short 1.6865 same stop, notice it's getting less of a stop and a better every price. ( had a fake out though earlier on )

M5's is to fast for candle pattern trading.

and back to M1, thats better
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,898
  • Apr 25, 2008 7:39am Apr 25, 2008 7:39am
Back to 1,9690 or even to 1,9650.
What do you think about that channel?
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  • #62,899
  • Apr 25, 2008 7:40am Apr 25, 2008 7:40am
Quoting nAVIN2007
i know what u mean ....its been going down and shon nothig to come up and then out of nowhere, it rallies 120 pips up ..so now i dont know whats going on ..4 months of confused cable and no real direction ....

but saying this some are doing excellent in these condition, clearly have the edge ...
i took a lost to buddy, shit happens.
If I Go Broke Trying Then I Will die happy.
  • #62,900
  • Apr 25, 2008 7:41am Apr 25, 2008 7:41am
cable been choppy this whole year, there still pips on the table, but cable haven't had a good trending week this year.
If I Go Broke Trying Then I Will die happy.
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