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Cable Update (GBPUSD)

  • #65,581
  • May 13, 2008 6:38am May 13, 2008 6:38am
As of right now, it could go either way. Lets see what happens when the doors open at 8. Doose, have you looked at the triple bottom on the 1 hr?

Quoting Doose
oh so basically I believe is to begin however the entry isnt ideal as I think 1.9450 area is the place to enter. So much for that.

I could hope that it test that area again but it may not happen.

Hmmmm.. Interesting morning. I read the last 5 pages or so.

Nav I was about to take my laptop out and check the market (which was 8 hours ago) only to wake this morning.

Now I am looking to long.
  • #65,582
  • May 13, 2008 6:39am May 13, 2008 6:39am
Quoting fxdoc
Cable did 5 quick waves down to Pivot S1 support.
Taken profit 103 pips
Will resell "abc" retracement 1.9510/1.9525 if seen.
Cable has retraced in 5 small swings so far to 1.9488
This is "a" of the abc structure required.
  • #65,583
  • May 13, 2008 6:46am May 13, 2008 6:46am
Good info, FX. That would coincide with a DPP rejection. If the Daily pivot point is rejected, you will get your wish. But it all depends on the news.

Jim

Quoting fxdoc
Cable has retraced in 5 small swings so far to 1.9488
This is "a" of the abc structure required.
  • #65,584
  • May 13, 2008 6:52am May 13, 2008 6:52am
Is anyone else feeling "short" at about 1.9535-1.9340 later today? Confluence of DPP, 50% Fib from the most recent swing, a serous resistance line, and a potential upper trendline very close to one another.

I know a lot of folks are currently worried about their long positions, but I'd like to chat about planning the next intraday trend trade.


Regards,
C

Quoting hard1head1
As of right now, it could go either way. Lets see what happens when the doors open at 8. Doose, have you looked at the triple bottom on the 1 hr?
{Promotion Removed}
  • #65,585
  • May 13, 2008 6:53am May 13, 2008 6:53am
Quoting hard1head1
As of right now, it could go either way. Lets see what happens when the doors open at 8. Doose, have you looked at the triple bottom on the 1 hr?
Yeah it was the second thing I saw when I was getting my bearings...

Now I have to go to work...I hope nothing happens in the next hour
  • #65,586
  • May 13, 2008 6:54am May 13, 2008 6:54am
I am now looking for a short trigger around 1.9520. hope it gets there and sets up. might see the day through without taking trades
The quality of your life is brought about by the quality of your thinking.
  • #65,587
  • May 13, 2008 6:58am May 13, 2008 6:58am
all know is yesterday daily had a high wave candle, confirming support which better be the bottom ..today supposed to be up...i really dont get whats happening as bulls cant even pass m3 level let along the damn daily pivot..

seems to me no bull strength ...not good sign


4 hr chart
morning star and a confirmation of the support area...this better go up other i might start thinking trading is just a easy way to lose money ..
  • #65,588
  • May 13, 2008 7:01am May 13, 2008 7:01am
Quoting nAVIN2007
all know is yesterday daily had a high wave candle, confirming support which better be the bottom ..today supposed to be up...i really dont get whats happening as bulls cant even pass m3 level let along the damn daily pivot..

seems to me no bull strength ...not good sign
I agree. It's very frustrating. Both the chart and fundamentals show that cable should be going up. I just got in the long position. Hope the US news will give it a lift. Let's see.
Expected the unexpected
  • #65,589
  • May 13, 2008 7:02am May 13, 2008 7:02am
Why does this wipe have to speak 10 minutes before the release.
  • #65,590
  • May 13, 2008 7:08am May 13, 2008 7:08am
I now think my original position was the right one, I think we will break DPP and test and run on up for awhile. Lets watch.
  • #65,591
  • May 13, 2008 7:10am May 13, 2008 7:10am
Quoting hard1head1
Why does this wipe have to speak 10 minutes before the release.

Somebody suggested that it might have planned deliberately that way. There might be some very extreme news with the retail sales number. But who knows. We might be reading too much into it.
Expected the unexpected
  • #65,592
  • May 13, 2008 7:11am May 13, 2008 7:11am
Quoting hard1head1
I now think my original position was the right one, I think we will break DPP and test and run on up for awhile. Lets watch.
tell me about it, went short at 1.9620 and closed at 1.9579 because I wanted to have a proper dinner with the family.

The quality of your life is brought about by the quality of your thinking.
  • #65,593
  • May 13, 2008 7:14am May 13, 2008 7:14am
Quoting hornet
tell me about it, went short at 1.9620 and closed at 1.9579 because I wanted to have a proper dinner with the family.

Just think you could've gotten an extra 100 pips. That happens to be all the time. I thought I was the only one being picked on by the market.
Expected the unexpected
  • #65,594
  • May 13, 2008 7:16am May 13, 2008 7:16am
Quoting scyang
Just think you could've gotten an extra 100 pips. That happens to be all the time. I thought I was the only one being picked on by the market.
no, i don't think that to be honest.

i think i closed out because i was making enough and wanted to give it up for the day and have some quality time wih my family.
The quality of your life is brought about by the quality of your thinking.
  • #65,595
  • May 13, 2008 7:18am May 13, 2008 7:18am
Quoting hornet
no, i don't think that to be honest.

i think i closed out because i was making enough and wanted to give it up for the day and have some quality time wih my family.
Very sensible thing to do - get what you think is good and say that's enough for the day. Lock up your profit and be happy.
Expected the unexpected
  • #65,596
  • May 13, 2008 7:18am May 13, 2008 7:18am
Nav, trading IS a very easy way to lose money. You saw the high Wave on yesterday's daily. That's great. A high Wave is not a sign of trend reversal. it's more of a sign of confusion. If you want to trade off the daily chart, and use the High Wave, then look for a confirmation candle at the close of today's candle. If you see a close above the real body of yesterday's candle, you can give it more credit. However, if today's candle is a Bullsih Engulfing, you might want to change your mind. I believe we are very near a major trend reveral. But the chart has not confirmed that, so it's still Bearish. You already know exactly what to do... You said "bulls cant even pass m3 level let along the damn daily pivot..". After that statement, why don't you place a shrot order off the daily pivot when the price fails to break it? Don't be so frustrated by the market. Go with what you see instead of what you think.

Regards,
C

Quoting nAVIN2007
all know is yesterday daily had a high wave candle, confirming support which better be the bottom ..today supposed to be up...i really dont get whats happening as bulls cant even pass m3 level let along the damn daily pivot..

seems to me no bull strength ...not good sign


4 hr chart
morning star and a confirmation of the support area...this better go up other i might start thinking trading is just a easy way to lose money ..
{Promotion Removed}
  • #65,597
  • May 13, 2008 7:19am May 13, 2008 7:19am
ideally i would like 1.9520 area to go short but 1.9500 is interesting. lets see if it all sets up.

The quality of your life is brought about by the quality of your thinking.
  • #65,598
  • May 13, 2008 7:29am May 13, 2008 7:29am
encountering a little resistance on the 1 hr trend

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  • #65,599
  • May 13, 2008 7:29am May 13, 2008 7:29am
Quoting ciscoguy
Nav, trading IS a very easy way to lose money. You saw the high Wave on yesterday's daily. That's great. A high Wave is not a sign of trend reversal. it's more of a sign of confusion. If you want to trade off the daily chart, and use the High Wave, then look for a confirmation candle at the close of today's candle. If you see a close above the real body of yesterday's candle, you can give it more credit. However, if today's candle is a Bullsih Engulfing, you might want to change your mind. I believe we are very near a major trend reveral. But the chart has not confirmed that, so it's still Bearish. You already know exactly what to do... You said "bulls cant even pass m3 level let along the damn daily pivot..". After that statement, why don't you place a shrot order off the daily pivot when the price fails to break it? Don't be so frustrated by the market. Go with what you see instead of what you think.

Regards,
C
yur right but its creepy slowly up ..i have 3 longs in progress....the high wave candle bottom spike just to confirms a base for now ...i also expecting a trend reversal....i just gotta get out of this mess, news got me today ..oh well can only learn from it and make sure it doesnt happen again

thx for advise i shall defiantely digest it and use it
  • #65,600
  • May 13, 2008 7:35am May 13, 2008 7:35am
Quoting hornet
ideally i would like 1.9520 area to go short but 1.9500 is interesting. lets see if it all sets up.


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