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Cable Update (GBPUSD)

  • #84,741
  • Aug 28, 2008 8:15pm Aug 28, 2008 8:15pm
maybe catch a few pips here within the next few hours but I would much prefer going short and waiting for the next fall... follow your TL
Lets do this...
  • #84,742
  • Aug 28, 2008 8:34pm Aug 28, 2008 8:34pm
Quoting steelhead
What I would like to see happen is for it to break teh 8300 area. Here is the reason. If it does it will get most traders panicing to go short off the break of 8300. That is the perfect situation to take a long position and take there money. As we know most breakouts are false breakouts.

I guarantee you one thing. Everyone and the mouse will be wanting to trade to the short side if it breaks this level, and I will be smilin going the other way.


Like I have said many times today. It feels good to be on the right side of the trade. 60 pips on one trade so far. Keep looking for those shorts though.
  • #84,743
  • Aug 28, 2008 8:34pm Aug 28, 2008 8:34pm
Quoting Optimum
Gable Up Signal Is it giving?
I see the up signal! It's still a counter trend trade though.
Just digging in the trenches like everyone else!
  • #84,744
  • Aug 28, 2008 8:40pm Aug 28, 2008 8:40pm
i see short now.
"Invest With The Insiders, Not The Masses" George Muzea
  • #84,745
  • Aug 28, 2008 8:40pm Aug 28, 2008 8:40pm
Quoting eohater
I see the up signal! It's still a counter trend trade though.
I saw on me..
  • #84,746
  • Aug 28, 2008 8:42pm Aug 28, 2008 8:42pm
whats frame are you guys watching for the long?
Lets do this...
  • #84,747
  • Aug 28, 2008 8:52pm Aug 28, 2008 8:52pm
The signal gave
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  • #84,748
  • Aug 28, 2008 8:54pm Aug 28, 2008 8:54pm
I'm also in the market for a short... but I'm gonna try to be patient this time and pick the ideal entry (not that I've ever been good at that sort of thing)
Do you think the karate kid knows kung-fu?
  • #84,749
  • Aug 28, 2008 9:00pm Aug 28, 2008 9:00pm
Quoting ddblue
I'm also in the market for a short... but I'm gonna try to be patient this time and pick the ideal entry (not that I've ever been good at that sort of thing)
i went short at 8272,looking for a quick 20,perhaps that was a poor decision,time will tell,it can't go down forever
  • #84,750
  • Aug 28, 2008 9:00pm Aug 28, 2008 9:00pm
Quoting ddblue
I'm also in the market for a short... but I'm gonna try to be patient this time and pick the ideal entry (not that I've ever been good at that sort of thing)
Good
but we must always be prepare IF the market go opposite.
"Invest With The Insiders, Not The Masses" George Muzea
  • #84,751
  • Aug 28, 2008 9:01pm Aug 28, 2008 9:01pm
thank you optimum... well done friend
Lets do this...
  • #84,752
  • Aug 28, 2008 9:11pm Aug 28, 2008 9:11pm
this might be a real negligent comment.... but what are some good ways to determine a trend change (using indicators) ... I know it's difficult but Im new and just wondering if there are any tricks to this. ha
Lets do this...
  • #84,753
  • Aug 28, 2008 9:20pm Aug 28, 2008 9:20pm
Quoting Optimum
The signal gave
The long signal shown in your chart is not a commitment at this time for me. These trades I consider scalps for 10-15 pips max. It is countertrend at this point in time. Higher channel support still needs to be broken before one can say a fall from the 15 July 08 is now changing direction and longs are the higher probablity trade. I'm not saying don't trade a long now, just have the proper expectations for results. Money management and risk to reward. Good luck trading!
Just digging in the trenches like everyone else!
  • #84,754
  • Aug 28, 2008 9:28pm Aug 28, 2008 9:28pm
Quoting eohater
The long signal shown in your chart is not a commitment at this time for me. These trades I consider scalps for 10-15 pips max. It is countertrend at this point in time. Higher channel support still needs to be broken before one can say a fall from the 15 July 08 is now changing direction and longs are the higher probablity trade. I'm not saying don't trade a long now, just have the proper expectations for results. Money management and risk to reward. Good luck trading!
You wrote very long.
The writing It is becoming very difficult to turn to turkish.
It is difficult to understand.
But, I thank

hehe
  • #84,755
  • Aug 28, 2008 9:55pm Aug 28, 2008 9:55pm
who knows, where to get weekly and monthly pivot/support and resistance??
  • #84,756
  • Aug 28, 2008 10:17pm Aug 28, 2008 10:17pm
Quoting eohater
The long signal shown in your chart is not a commitment at this time for me. These trades I consider scalps for 10-15 pips max. It is countertrend at this point in time. Higher channel support still needs to be broken before one can say a fall from the 15 July 08 is now changing direction and longs are the higher probablity trade. I'm not saying don't trade a long now, just have the proper expectations for results. Money management and risk to reward. Good luck trading!

you are a good guy eohater and i respect your opinion, but you are dead wrong with this statement. Look at everytime this week you have a big red candle at the close of the four hour. You could have gone long at least four times this week when the candle closed for more than 60 pips each time.

The 9 am pacific close on four hour was no different this morning. If you took that trade at 8250 or right below you could have had more than 80 pips today trading just that one time. No drawdown to speak of. As you and I have talked about yesterday was no different. You could have bought at the close of the four hour candle at 9 am pacific and had no drawdown.

Almost everytime this week when that four hour candle closes down you could have done that. If you know when is the right time to do it, and what the wrong time to do it is.

Again atleast four times this week you could have traded it to the longside for more than 60 pips with virtually no drawdown. That is the best part you can take the trade and let it run. You don't have to sit in front of your computer all day.
  • #84,757
  • Aug 28, 2008 10:34pm Aug 28, 2008 10:34pm
Quoting AMFfx
who knows, where to get weekly and monthly pivot/support and resistance??
try this one
http://www.actionforex.com/technical...-200603205734/
i hope it can help u. good luck
  • #84,758
  • Aug 28, 2008 10:35pm Aug 28, 2008 10:35pm
Anybody see a pattern. This is why I'm not commited to longs at this point in time. There are two levels of upper channel resistence that need to be taken out fo the Longs to be here to stay in my trades. I traded last night with two quick longs at seperate times from the same price level and secured 45 before the London open. Money can be made at any point with either a buy or sell order. The key is entering the trade on the right side and securing your profits.

I'm currently watching on my charts below the consolidation that is occuring in the wedge. It's getting close to the point and could initiate a strong movement one direction or anothe.
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Just digging in the trenches like everyone else!
  • #84,759
  • Aug 28, 2008 10:44pm Aug 28, 2008 10:44pm
Quoting steelhead
you are a good guy eohater and i respect your opinion, but you are dead wrong with this statement. Look at everytime this week you have a big red candle at the close of the four hour. You could have gone long at least four times this week when the candle closed for more than 60 pips each time.

The 9 am pacific close on four hour was no different this morning. If you took that trade at 8250 or right below you could have had more than 80 pips today trading just that one time. No drawdown to speak of. As you and I have talked about yesterday was no different. You could have bought at the close of the four hour candle at 9 am pacific and had no drawdown.

Almost everytime this week when that four hour candle closes down you could have done that. If you know when is the right time to do it, and what the wrong time to do it is.

Again atleast four times this week you could have traded it to the longside for more than 60 pips with virtually no drawdown. That is the best part you can take the trade and let it run. You don't have to sit in front of your computer all day.
You are exactly right! Those were some nice trades to have taken long and some of them I did play on. It's all about the timing. I do like to pick tops and bottoms and I play them often, but it's not my only trading strategy. With the trend being so strongly down, it's easier to ride it from the top, than try and catch it at the bottom to ride it back up to where it's going to fall again. If I traded this way, I would never be out of the market. I've considered it! I've played around with the theory that if I'm confident enough to close out one position, then I should be confident enough to enter an opposing order.
Just digging in the trenches like everyone else!
  • #84,760
  • Aug 28, 2008 10:54pm Aug 28, 2008 10:54pm
Quoting eohater
The long signal shown in your chart is not a commitment at this time for me. These trades I consider scalps for 10-15 pips max. It is countertrend at this point in time. Higher channel support still needs to be broken before one can say a fall from the 15 July 08 is now changing direction and longs are the higher probablity trade. I'm not saying don't trade a long now, just have the proper expectations for results. Money management and risk to reward. Good luck trading!
I would like to clarify that I was refering to the long signal on Optimum's current 30 min chart, it was probably only good for about 10-15 pips. Each opportunity for a counter trend trade arrives, the reward has different amounts. The one shown in Optimum's chart was after it had been going long for the last 7 hours.
Just digging in the trenches like everyone else!
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