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Daily Cable Analysis

  • #3,741
  • Jan 24, 2007 10:45pm Jan 24, 2007 10:45pm
Yes youre right, just sideways chop for now, but surely you're not saying the asian session can't move this pair?!
There's a lot of support underneath current price, you must realise those traders will be defending their positions, its just a matter of where and when.
  • #3,742
  • Jan 24, 2007 10:48pm Jan 24, 2007 10:48pm
Sup Leugimp,

Good explanation you have there, I thought I was the only one, cause no matter how I look at my chart and analyze them, it keeps giving me an obvious sign that is moving up, I even thought that I was looking at the wrong chart...lol...But I know I can't be wrong on this...
I am just here to talk nonsense =D
  • #3,743
  • Jan 24, 2007 10:50pm Jan 24, 2007 10:50pm
Zarul, make sure you're prepared to be wrong. Anything is possible. If you're prepared for the worst then you won't be disappointed.
I agree that cable will move up, but it may not be yet.
  • #3,744
  • Jan 24, 2007 10:53pm Jan 24, 2007 10:53pm
Okay, look at a daily candlestick chart of GBP/JPY. It is trading at a 14 year high and is very unsustainable. GBP/USD is being affected by the revelation yesterday that there is indecision within BOE regarding the direction of interest rates. These factors both caused me to start looking for mid-term shorts last night on the technicals, which I finally took around 0430 CST.

I'm enjoying some pretty big profits now, but I'm looking for a reason to exit my short trades. I don't see any reason at all unless Japanese CPI causes a big ass move, and I doubt it. I'm short until Monday...

10% account appreciation right now, BTW...
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,745
  • Jan 24, 2007 10:53pm Jan 24, 2007 10:53pm
Quoting Zarul Shahrin
Sup Leugimp,

Good explanation you have there, I thought I was the only one, cause no matter how I look at my chart and analyze them, it keeps giving me an obvious sign that is moving up, I even thought that I was looking at the wrong chart...lol...But I know I can't be wrong on this...

Although I agree with you, we CAN in fact both be wrong. Plan it well and put it in action, It is very possible to be wrong and still make money or break even, just a matter of how you leverage yourself and set up for the opportunities that you see.
Man who scratches ass should not bite fingernails
  • #3,746
  • Jan 24, 2007 10:54pm Jan 24, 2007 10:54pm
I believe gbp/jpy will drop another 500 pips by next week at least.

This will definitely drag g/u down another 200 pips at least.

I personally do not think we should be even thinking of going long for big pips.

If you want to scalp yes then.

Just took my 20 pips short from the highs made late US session

No harm going for those pips either way as long as you put ur SL in place.
  • #3,747
  • Jan 24, 2007 10:55pm Jan 24, 2007 10:55pm
Quoting dukeofdents
Okay, look at a daily candlestick chart of GBP/JPY. It is trading at a 14 year high and is very unsustainable. GBP/USD is being affected by the revelation yesterday that there is indecision within BOE regarding the direction of interest rates. These factors both caused me to start looking for mid-term shorts last night on the technicals, which I finally took around 0430 CST.

I'm enjoying some pretty big profits now, but I'm looking for a reason to exit my short trades. I don't see any reason at all unless Japanese CPI causes a big ass move, and I doubt it. I'm short until Monday...

10% account appreciation right now, BTW...
Im not doubting your views, these things are all relative.
Man who scratches ass should not bite fingernails
  • #3,748
  • Jan 24, 2007 10:55pm Jan 24, 2007 10:55pm
Quoting bodge
Zarul, make sure you're prepared to be wrong. Anything is possible. If you're prepared for the worst then you won't be disappointed.
I agree that cable will move up, but it may not be yet.
No worries dude, I am not even worry that I will be wrong, my trading experience taught me a lot on not to be worried of that...the worst case scenario is I will be losing the profit I made yesterday..
I am just here to talk nonsense =D
  • #3,749
  • Jan 24, 2007 10:57pm Jan 24, 2007 10:57pm
GBP/JPY made a new low again......... 236.75

  • #3,750
  • Jan 24, 2007 11:00pm Jan 24, 2007 11:00pm
Quoting henrycarol
GBP/JPY made a new low again......... 236.75


Lets see if GBPUSD Diverges with this.
Man who scratches ass should not bite fingernails
  • #3,751
  • Jan 24, 2007 11:05pm Jan 24, 2007 11:05pm
Quoting traderone
Jacko...

Your last two posts of this thread may be the greatest I have ever read.

I needed them badly.

Thanks.
Hey Jacko,

What are you doing here? Let's keep the Holy Grail our secret, huh. I see that I missed all the action here yesterday, I was too busy trading. Some people cant handle your no bullshit straitforward advice. Will call you later. Thanks for everything
  • #3,752
  • Jan 24, 2007 11:09pm Jan 24, 2007 11:09pm
A close above 9695(lower Keltner channel band) on 1600 tick chart should initiate the move back up and act as solid confirmation.
Man who scratches ass should not bite fingernails
  • #3,753
  • Jan 24, 2007 11:11pm Jan 24, 2007 11:11pm
This is a quote from "Reminiscences of a Stock Operator", a must have book for all traders.

The Wisdom of 'Old Turkey'
The customers used to go into Old Turkey [a nickname, of course] and tell him what some friend of a friend had advised them to do in a certain stock. But whether the tip they had was to buy or sell, the old chap's answer was always the same.
The customer would finish the tale of his perplexity and then ask: 'What do you think I ought to do?'
Old Turkey would cock his head to one side, contemplate his fellow customer with a fatherly smile, and finally he would say very impressively, 'You know, it's a bull market!'
Time and again I heard him say, 'Well, this is a bull market, you know!' as though he were giving to you a priceless talisman wrapped up in a million-dollar accident-insurance policy. And of course I did not get his meaning...
I think it was a long step forward in my trading education when I realized at last that when Old Turkey kept on telling the other customers, 'Well you know this is a bull market!' he really meant to tell them that the big money was not in the individual fluctuations but in the main movements - that is... in sizing up the entire market and its trend.
After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It was never my thinking that made the big money for me. It always was my sitting.
...Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance...
Old Turkey was dead right in doing and saying what he did. He had not only the courage of his convictions, but the intelligent patience to sit tight.
...Nobody can catch all the fluctuations. In a bull market your goal is to buy and hold until you believe that the bull market is near its end. To do this, you must study general conditions and not tips or special factors affecting individual stocks. You have to use your brains and your vision to do this; otherwise my advice would be as idiotic as to tell you to buy cheap and sell dear.'


RIP Livermore.
  • #3,754
  • Jan 24, 2007 11:13pm Jan 24, 2007 11:13pm
Nothing but technical B.S. is going to happen the rest of the week on this, let's just wait for next Wednesday and see the FOMC deal, plus NFP on Friday. It's going to go down until then, maybe with some ups and downs, I figure I'll make a few hundred pips shorting it...
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,755
  • Jan 24, 2007 11:16pm Jan 24, 2007 11:16pm
Bodge,

"Be right and sit tight!"

That is badass! That should be my mantra right now...

What a philosopher you are!
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,756
  • Jan 24, 2007 11:19pm Jan 24, 2007 11:19pm
I didn't think you would understand
  • #3,757
  • Jan 24, 2007 11:19pm Jan 24, 2007 11:19pm
Quoting dukeofdents
I would like to point out a major error I have made in the past, that many people here at FF are making right now. I learned the hard way to not make price projections. Once you make them, you believe them. Once you believe them, you act on them. Then price goes the wrong way, and you still believe them. This is a flaw of purely technical trading, .
Hey duke
this is one of the things that I have learnt too. There are much better ways to trade.
  • #3,758
  • Jan 24, 2007 11:23pm Jan 24, 2007 11:23pm
"you know this is a bull market" <--- LOL!!!!!!!!
I am just here to talk nonsense =D
  • #3,759
  • Jan 24, 2007 11:26pm Jan 24, 2007 11:26pm
Quote
Men who can both be right and sit tight are uncommon

That is the main point I guess...
I am just here to talk nonsense =D
  • #3,760
  • Jan 24, 2007 11:28pm Jan 24, 2007 11:28pm
Quoting cesarnc
9670 is 38 fib from today's move up.

9680 has played an important resistance. Let's see if it has turned to support now. Or, what will play support in case price don't retrace to 9670s of below, today.

Makes sense, please?
this is acting as near term resitance above this level and we should challenge 1.9700 to 1.9720
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