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Cable Update (GBPUSD)

  • #66,381
  • May 16, 2008 2:51am May 16, 2008 2:51am
major resistance at 19500.
  • #66,382
  • May 16, 2008 3:09am May 16, 2008 3:09am
Quoting hard1head1
Next week starting new thread for those interested. It will be a combo G/U & E/J. Making money on E/J right now while everyone is watching this one pee all over itself.

Jim
Hi Jim,Pls im in for the new thread, its all about making moneywoleadu
  • #66,383
  • May 16, 2008 3:15am May 16, 2008 3:15am
Careful with this pair, it eats accounts for lunch. I call it the ( Hellevator )


Quoting scyang
Nav,

Are you still in short? The thing shot up like a rocket today. I escaped with my life.
  • #66,384
  • May 16, 2008 3:18am May 16, 2008 3:18am
Discussed below is a price action phenomen I have noticed in respect of entering a trend at a potential Supp becomes Res or Res becomes Supp area. Admittedly the example today deals with a weak uptrend, but the phenomenon is applicable to stronger trends too. Ignore all the pretty couloured lines just look at the price action.

Make of it what you will.

The example is shown on my intermediate chart the 5min but it applies across any combination of t/f's.

The assumption is that you can look for Re-entries to a trend on your trend t/f by dropping down to your intermediate t/f and possibly timing the entry on your trigger chart. For me and in this example 30min is my trend t/f, 5min the intermediate t/f, and 1min the trigger.

The screenshot shows the 5min intermediate chart.

5min intermediate t/f this a.m sesison puts in a LH then aLL but then a quick run up to record a H above last LH of downtrend, so that t/f is now in a weak uptrend, as is the 30min trend t/f, which recorded a L at that 5min LL then a H above it's last LH at that H on 5min. (keeping up? lol) So 30min trend t/f was then in a weak uptrend too.

Here is the thing; Price retraces off the H to record a HL on 5min intermediate (although this Hl occurred below the last LH of previous downtrend on that t/f...1st early warning?) this HL resulted in a LH then a L, although this L was HL on the trend t/f into whose trend we are looking to get with. At this L a Hidden/divergence Re-entry set-up occurred, at Potential RBS/Supp = Prev Offers/bids now, Dly Pivot area, 38.2% of the 9362-9523 move. So a fair Potential RBS/Supp area.

The fact that the set-up/Potential RBS/Supp area came at a L not a HL on the intermediate chart, although this was still at a HL on the trend t/f 30min, meant that it has a reduced chance of see-ing a continutaion of the trend ie above the last H at 9523. Added to this is that the set-up @ potential RBS/Supp area came also below the last LH of the previous downtrend on the 5min intermediate chart.

Re-entries to trend at potential SBR/RBS have a greater probability of exceeding the last LL/HH if at a LH/HL on both the intermdiate and trend t/f's. That is not to say that the trend won't continue given the above but that it has a lesser probability over a sample, and so a quicker than normal move of stop to B/e or booking some profit should be preferred?
Attached Image (click to enlarge)
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ex member
  • #66,385
  • May 16, 2008 3:21am May 16, 2008 3:21am
Quoting hard1head1
Careful with this pair, it eats accounts for lunch. I call it the ( Hellevator )

yeah i got burned already entered again ...moves like crazy but i like its movements....looks on the way up to..passed and closed above pivot
will have to study its movements ..
yur system told me to get out ...so i exited..
  • #66,386
  • May 16, 2008 3:40am May 16, 2008 3:40am
text books would say look for a break in direction of trend....
Attached Image (click to enlarge)
Click to Enlarge Name: picture.JPG Size: 78 KB
  • #66,387
  • May 16, 2008 4:18am May 16, 2008 4:18am
.....i'm loading to the max and go long,this is clear long!
  • #66,388
  • Edited 4:39am May 16, 2008 4:23am | Edited 4:39am
Quoting nAVIN2007
yeah i got burned already entered again ...moves like crazy but i like its movements....looks on the way up to..passed and closed above pivot
will have to study its movements ..
yur system told me to get out ...so i exited..
Scalpe long at a M30 dip with SL 1.9450. 3 times succeed for 50 pips. No dare for short !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #66,389
  • May 16, 2008 5:18am May 16, 2008 5:18am
Hey all, I can gaurantee 1 thing, we will make a hell of a lot more money on E/J than we are on G/U. I mean, G/U is a strong pair, but it is also one of the pairs the experts tel you to stay away from when your new. They say to give it a year or so, and I heeded the warning. The EUR/JPY moves like a ballet dancer with smooth moves and clear breaks. If you want to know what I mean, put my template on a 5 min chart and pull everything in and look.

Jim
  • #66,390
  • May 16, 2008 5:19am May 16, 2008 5:19am
wow
cable has made us quit on it.

i know this is freaking irritating
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #66,391
  • May 16, 2008 5:24am May 16, 2008 5:24am
Quoting hard1head1
Hey all, I can gaurantee 1 thing, we will make a hell of a lot more money on E/J than we are on G/U. I mean, G/U is a strong pair, but it is also one of the pairs the experts tel you to stay away from when your new. They say to give it a year or so, and I heeded the warning. The EUR/JPY moves like a ballet dancer with smooth moves and clear breaks. If you want to know what I mean, put my template on a 5 min chart and pull everything in and look.

Jim
is that a money back guarantee ??
Trading is 80% Emotional, 20% Technical
  • #66,392
  • May 16, 2008 5:25am May 16, 2008 5:25am
the grass is not always greener!
Trading is 80% Emotional, 20% Technical
  • #66,393
  • May 16, 2008 5:41am May 16, 2008 5:41am
good news for the USD. i think cable is doomed
  • #66,394
  • May 16, 2008 5:44am May 16, 2008 5:44am
Quoting fx local
the grass is not always greener!
im getting burnt on AUSUSD ...went short in a uptrend and am paying the price.....i thought it hit the top, tricked again ..
when it moves it moves...i thought cable was volatile
  • #66,395
  • May 16, 2008 5:49am May 16, 2008 5:49am
AUD just bounced off the weeklyR1 (0.9511) and daily R2 (0.9498) Probably won't go too far down though, good luck, Navin!
In my experience with AUD, once it bounces off 0.xx10 to less than 0.xx94 the uptrend is over for the near future
"Luxury is one of the basic needs", (c), Don Corleone
  • #66,396
  • May 16, 2008 5:51am May 16, 2008 5:51am
Smooth clear entry on E/J for me, Im there. Have fun with cable.
  • #66,397
  • May 16, 2008 5:54am May 16, 2008 5:54am
Quoting nAVIN2007
im getting burnt on AUSUSD ...went short in a uptrend and am paying the price.....i thought it hit the top, tricked again ..
when it moves it moves...i thought cable was volatile
hows ur short now
told u never underestimate the power of news

really good news for US housing
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #66,398
  • May 16, 2008 5:55am May 16, 2008 5:55am
Quoting salah k.
hows ur short now
told u never underestimate the power of news

really good news for US housing

So it should be good for Nav's short.
Expected the unexpected
  • #66,399
  • May 16, 2008 5:56am May 16, 2008 5:56am
Quoting nAVIN2007
im getting burnt on AUSUSD ...went short in a uptrend and am paying the price.....i thought it hit the top, tricked again ..
when it moves it moves...i thought cable was volatile
I got in there too.

But I guess it was cause by many SLs concreated at 9500s

Should form a head and down later if USD news si good.
  • #66,400
  • May 16, 2008 5:56am May 16, 2008 5:56am
Quoting Firstboss
AUD just bounced off the weeklyR1 (0.9511) and daily R2 (0.9498) Probably won't go too far down though, good luck, Navin!
In my experience with AUD, once it bounces off 0.xx10 to less than 0.xx94 the uptrend is over for the near future

i exited with a £40 loss ...b4 i lose my account
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