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Cable Update (GBPUSD)

  • #64,181
  • May 5, 2008 7:38am May 5, 2008 7:38am
Quoting ciscoguy
Nav, look at your weekly chart. You have the daily upper trend line as resistance, and the weekly 61.8% fib as support. We're also just about to hit the weekly lower trend line, probably this week. I'll be looking for long term longs this week or maybe early next week.
yes bro ...i bought already ...i to believe we shall be going up...very soon ...and actually have same idea as yurself
  • #64,182
  • May 5, 2008 7:41am May 5, 2008 7:41am
Twin Spinners on the 5, its about to do something.
  • #64,183
  • May 5, 2008 7:44am May 5, 2008 7:44am
Seeing those spinners is a good sign it may continue short, which, by the way is with the trend. I dont know why everyone wants to fight the long term trend. I just put my stop way back and ride out the retracement and add when it comes back, Its safer, and you make a hell of a lot more pips.

Jim

Quoting hornet
Yes but, I use the 5mins just for triggers in my 30mins context. I work off the 30m but the 5m usually give me earlier entries instead of waiting for the 30m to close. I would not trade off the 5m alone. Having said that, some patterns on the 5m at certain levels are just a pleasure to see. Especially if you're still short of 20 lots
  • #64,184
  • May 5, 2008 7:47am May 5, 2008 7:47am
I mean, Im sorry, but how can anyone ignore this on the 4 Hr. that just closed.

Jim
Attached Image (click to enlarge)
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  • #64,185
  • May 5, 2008 7:51am May 5, 2008 7:51am
Quoting hard1head1
Seeing those spinners is a good sign it may continue short, which, by the way is with the trend. I dont know why everyone wants to fight the long term trend. I just put my stop way back and ride out the retracement and add when it comes back, Its safer, and you make a hell of a lot more pips.

Jim
Jim, I haven't seen a chance to add to be honest. I have 50 pips locked in with the trail at 1.9726 at the moment and moving by 10 at a time. So all in all I am quite happy with the day. 62 pips on half, 103 on a quarter and 50 locked in the other quarter.

Free ride, and if I get stopped out on my trail....still

Unless something REALLY interesting happens, I will not look at trading again given the time of day. Especially today.
The quality of your life is brought about by the quality of your thinking.
  • #64,186
  • May 5, 2008 7:51am May 5, 2008 7:51am
Quoting hard1head1
Seeing those spinners is a good sign it may continue short, which, by the way is with the trend. I dont know why everyone wants to fight the long term trend. I just put my stop way back and ride out the retracement and add when it comes back, Its safer, and you make a hell of a lot more pips.

Jim

i agree with u but there are signals buddy ..1 hr chart got a hammer and 30 minute got a bullish piercing pattern and both formation are of a support line ...if it going up it might be here..
  • #64,187
  • May 5, 2008 7:52am May 5, 2008 7:52am
I will be adding to my short at 9721 & 9735 depending how far back it comes
  • #64,188
  • May 5, 2008 7:53am May 5, 2008 7:53am
Quoting hard1head1
I mean, Im sorry, but how can anyone ignore this on the 4 Hr. that just closed.

Jim
Jim, my 4hr still hasn't closed and I wouldn't put too much weight on that sort of pattern in a sideways market.

Just my 2 cents.

Michael
The quality of your life is brought about by the quality of your thinking.
  • #64,189
  • May 5, 2008 7:54am May 5, 2008 7:54am
Nav, Im not saying that it wont retrace, all pairs retrace. Its the nature of the beast. But, it probably will not go far. I will be very surprised if it goes beyond 9730

Quoting nAVIN2007
i agree with u but there are signals buddy ..1 hr chart got a hammer and 30 minute got a bullish piercing pattern and both formation are of a support line ...if it going up it might be here..
  • #64,190
  • May 5, 2008 7:56am May 5, 2008 7:56am
Quoting hard1head1
I will be adding to my short at 9721 & 9735 depending how far back it comes
we're in sync hardhead, i have a sell order at 9716 for tp 9630

i will probably reverse there, will reassess tomorrow
  • #64,191
  • May 5, 2008 8:06am May 5, 2008 8:06am
Hard, you have to define what "long term trend" means. Gu has been in an uptrend since July of 2001. Everything from November until now is a normal retracement, which seems to be ending soon. The 4 hour chart may be long term to you, but the overall picture is pointing to a Bull move.


Regards,
C

Quoting hard1head1
Seeing those spinners is a good sign it may continue short, which, by the way is with the trend. I dont know why everyone wants to fight the long term trend. I just put my stop way back and ride out the retracement and add when it comes back, Its safer, and you make a hell of a lot more pips.

Jim
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  • #64,192
  • May 5, 2008 8:07am May 5, 2008 8:07am
Quoting hornet
Jim, my 4hr still hasn't closed and I wouldn't put too much weight on that sort of pattern in a sideways market.

Just my 2 cents.

Michael
agree...also no need to fight against the trend unless there is a strong sign..lock the pips and let it run
  • #64,193
  • May 5, 2008 8:08am May 5, 2008 8:08am
Now we watch, took 3/4 of my short load off, will add it back at 9721

Quoting tomaz55
we're in sync hardhead, i have a sell order at 9716 for tp 9630

i will probably reverse there, will reassess tomorrow
  • #64,194
  • May 5, 2008 8:09am May 5, 2008 8:09am
Quoting ciscoguy
Hard, you have to define what "long term trend" means. Gu has been in an uptrend since July of 2001. Everything from November until now is a normal retracement, which seems to be ending soon. The 4 hour chart may be long term to you, but the overall picture is pointing to a Bull move.


Regards,
C
your "long term" understanding doesnt need to follow a daily trading room
  • #64,195
  • May 5, 2008 8:17am May 5, 2008 8:17am
I am talking about the 4 Hr trend, which is down, and if this dailt trendline is broken and tested, the daily goes down...Right???? Comments

Quoting nomask
your "long term" understanding doesnt need to follow a daily trading room
Attached Image(s) (click to enlarge)
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  • #64,196
  • May 5, 2008 8:19am May 5, 2008 8:19am
This thing may not make it back, guys.
  • #64,197
  • May 5, 2008 8:20am May 5, 2008 8:20am
Im with Nav on this one looks like we have seen the low of the day.
Attached Image (click to enlarge)
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  • #64,198
  • May 5, 2008 8:25am May 5, 2008 8:25am
Quoting ciscoguy
Hard, you have to define what "long term trend" means. Gu has been in an uptrend since July of 2001. Everything from November until now is a normal retracement, which seems to be ending soon. The 4 hour chart may be long term to you, but the overall picture is pointing to a Bull move.


Regards,
C
Ahhhh but if you draw a trendline from the beginning of time when GBP and USD didn't even exist therefore it was 0.0000 you'll clearly see the trend is up and you should hold longs until the end of time.

Be warned you might not have long to spend your profits at the end of time!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64,199
  • May 5, 2008 8:26am May 5, 2008 8:26am
My gut says the GU is going to go down after the ISM Non-Manufacturing Composite comes out in about 30 mins. It's good to follow ur instinct sometimes.
Don't be afraid to challenge the pros, even in their own backyard.
  • #64,200
  • May 5, 2008 8:30am May 5, 2008 8:30am
hahaha! Thanks for your insight. I'll keep that in mind when doing my estate planning. My point was simply that the weekly 61.8% fib should not be ignored. The price has hit it and bounced six times since 8 April. I ONLY take short trades on GU right now. But, it's getting tighter and tighter. I'm looking forward to either this weekly retracement ending, or the price breaking downward, below the weekly 50.

C

Quoting Turveyd
Ahhhh but if you draw a trendline from the beginning of time when GBP and USD didn't even exist therefore it was 0.0000 you'll clearly see the trend is up and you should hold longs until the end of time.

Be warned you might not have long to spend your profits at the end of time!!
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