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Cable Update (GBPUSD)

  • #87,561
  • Sep 12, 2008 5:39am Sep 12, 2008 5:39am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting trickytrader
ok, just gone long again @ 17710, stp 17679. I actually made a mistake as I execute my trades on my phone, I quickly pressed the button and sold instead, then had to get out and reverse, but no damage done.
ok, I trade macd's and moving averages mostly. The 20SMA is a good guide line on the direction of the market. I combine this with a normal 12,26,9 MACD and another one with higher parameters to measure the longer term direction.
Also, I include a short EMA (10) and a longer EMA (20).
Its not just one thing I look at but a combination of these, whilst also looking at breakout levels and possible trendlines. I do not use fibonacci, etc, I have tested many indicators and tools over the years and they don't work for me personally. Finally, I look at the strength in direction of as many time frames as I can. So with the time its taken to write this message after my trade, the g/u has turned bearish on the 1min, 5min charts, but still looks bullish still on higher timeframes.
sorry I cannot post charts, but i'm not too good with computers but will do so if I learn how to do it.
I beg to differ about the fibs my friend. My way is the only right way to trade...lol. Just kidding. Fib's are a great tool if you can figure 'em out. On lower TF's I've been using them with 34 EMA, and 200 EMA w/ some success. I took entry when I saw engulfing bullish pattern at .50 of last swing right on top of 34 EMA. I'm looking at the lower TL to hold and targeting the top of the TL, taking partial off at resistance at 7736, and also targeting 7774 (heavy resistance at 7771 though so need to be careful) and 7797 short term. Will exit if RSI leaves my projected uptrend channel, price closes below my 34 EMA, and also below .618 7675 of last swing.
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"Wishful thinking dies hard." Igor T.
  • #87,562
  • Sep 12, 2008 5:40am Sep 12, 2008 5:40am
15m chart channel down? what you think?
  • #87,563
  • Sep 12, 2008 5:40am Sep 12, 2008 5:40am
hard head I don't really understand why you are complaining... To me you seem like an experienced trader so why are you letting a call of direction fluster you, particularly from someone that you think is incompetent.
This isn't the only forum in the world and it is not difficult to start your own forum somewhere. I think you should stop complaining and give the newbies a go, so that they can gather some confidence. I remember when I started, I wouldn't comment much at all and I was very hesitant to put a chart up for the fear that my peers would laugh at me. Relax a little.
  • #87,564
  • Sep 12, 2008 5:43am Sep 12, 2008 5:43am
Quoting Ritz
i short at 7615
closed with -30pip
  • #87,565
  • Sep 12, 2008 5:47am Sep 12, 2008 5:47am
Quoting Ritz
closed with -30pip
Negative pip doesn't me you are looser but you learn something from you mistake right?

Be happy, don't fight the market and don't let your emotion control you body.

cheers.
Qs
"Invest With The Insiders, Not The Masses" George Muzea
  • #87,566
  • Sep 12, 2008 5:49am Sep 12, 2008 5:49am
Because I believe it is hurting the newbys, you are missing the point. I am on their side.

Quoting pip me
hard head I don't really understand why you are complaining... To me you seem like an experienced trader so why are you letting a call of direction fluster you, particularly from someone that you think is incompetent.
This isn't the only forum in the world and it is not difficult to start your own forum somewhere. I think you should stop complaining and give the newbies a go, so that they can gather some confidence. I remember when I started, I wouldn't comment much at all and I was very hesitant to put a chart up for the fear that my peers would laugh at me. Relax a little.
  • #87,567
  • Sep 12, 2008 5:54am Sep 12, 2008 5:54am
Well, if you look at H4 chart and the daily chart, we are still very much in a downtrend, if US session erases all the gains made on g/u so far, then we might make a new low later.

I do not discount this possibility as the daily candle just leave a long wick on top and be a down candle.

Monthly chart still have room to go down.
  • #87,568
  • Sep 12, 2008 5:55am Sep 12, 2008 5:55am
Quoting pip me
hard head I don't really understand why you are complaining... To me you seem like an experienced trader so why are you letting a call of direction fluster you, particularly from someone that you think is incompetent.
This isn't the only forum in the world and it is not difficult to start your own forum somewhere. I think you should stop complaining and give the newbies a go, so that they can gather some confidence. I remember when I started, I wouldn't comment much at all and I was very hesitant to put a chart up for the fear that my peers would laugh at me. Relax a little.
to be honest rather than go this will tank it good for people to see why it will tank...and a chart would certainly help, every1 is effected by these views, base yur analysis and share it...

as for jim, he helps plenty of people in here and are using his system so his contribution to thread such as cable cant be questioned...post chart please or at least say why u think it will go down....

it isnt hard. u only had to say " dailly top trendline is hit and this is where u sell as appossed to buy..".....lol assuming channel isnt breached. however since u couldnt even come up with a reason for short...it isnt good to give call like long or short...post your anaysis and discuss cable movements..
  • #87,569
  • Sep 12, 2008 5:58am Sep 12, 2008 5:58am
Quoting nAVIN2007
to be honest rather than go this will tank it good for people to see why it will tank...and a chart would certainly help, every1 is effected by these views, base yur analysis and share it...

as for jim, he helps plenty of people in here and are using his system so his contribution to thread such as cable cant be questioned...post chart please or at least say why u think it will go down....

it isnt hard. u only had to say " dailly top trendline is hit and this is where u sell as appossed to buy..".....lol assuming channel isnt breached. however since u couldnt even come up with a reason for short...it isnt good to give call like long or short...post your anaysis and discuss cable movements..
it wasn't me he was talkin about Navin...i post charts
  • #87,570
  • Sep 12, 2008 6:00am Sep 12, 2008 6:00am
a down trend triangle on my 15min chart
Jesus Christ is my only Lord !
  • #87,571
  • Sep 12, 2008 6:03am Sep 12, 2008 6:03am
Quoting pip me
it wasn't me he was talkin about Navin...i post charts

its not aimed at u...i dont even know who its aimed at but i do understand where jim is comin from..its effect plenty of people and when someone doesnt know what the hell he is talking about.its even worse.
  • #87,572
  • Sep 12, 2008 6:03am Sep 12, 2008 6:03am
You are right Navin and i think from European opens, ema62 was indicating us that it was (1.7568) lower than current price (1.7590 @ 2:00 am eastern time) and i knew that it would go to at least 1.7680-1.7710 but I know it went actually up to 1.7738....

I had three short orders were in queue @ 1.7650, 1.7640 & 1.7630 and went to bed, just now I checked and found out the top trendline went up to 1.7738 but we need to keep our finger crossed and since 1.7470 level was breached as low as 1.7440 so I expect cable will evenually go down to at least 1.7450 level may be by the end of COB Friday, what do you think Navin?
  • #87,573
  • Sep 12, 2008 6:05am Sep 12, 2008 6:05am
Quoting nAVIN2007
its not aimed at u...i dont even know who its aimed at but i do understand where jim is comin from..its effect plenty of people and when someone doesnt know what the hell he is talking about.its even worse.
lol
  • #87,574
  • Sep 12, 2008 6:10am Sep 12, 2008 6:10am
nice channel forming on the H1, and on the M5 we may get a tripple bottom on the 1.7684xx support line. this pair has been bouncing of tripple bottoms on the M5 like crazy (i like to scalp), so i am thinkin it might bounce up from there and take off. i think only good news can stop it

what do you think?
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  • #87,575
  • Sep 12, 2008 6:15am Sep 12, 2008 6:15am
Quoting asyed4
You are right Navin and i think from European opens, ema62 was indicating us that it was (1.7568) lower than current price (1.7590 @ 2:00 am eastern time) and i knew that it would go to at least 1.7680-1.7710 but I know it went actually up to 1.7738....

I had three short orders were in queue @ 1.7650, 1.7640 & 1.7630 and went to bed, just now I checked and found out the top trendline went up to 1.7738 but we need to keep our finger crossed and since 1.7470 level was breached as low as 1.7440 so I expect cable will evenually go down to at least 1.7450 level may be by the end of COB Friday, what do you think Navin?
to be honest bro.i have no idea but based on charts without emotion id try do this....see chart.
I sure as hell wont buy being right at the top of the dailly trendline..we need confirmations..

might go to 1.7559 and then go up..
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  • #87,576
  • Sep 12, 2008 6:40am Sep 12, 2008 6:40am
I told ya
  • #87,577
  • Sep 12, 2008 6:48am Sep 12, 2008 6:48am
From a newbie's point of view............YES, it is a learning experience seeing the charts and each members views on them. I will speak for myself and that I want to learn how to recognize a good trade set up, use the indicators, and there are soooooo may of them and to be quite honest with you not sure how they work in conjunction with each other. and of course where to get some of them, and how to set them up correctly. We can place indicators all over our charts but it does not mean we know what to do with them, but it sure does make a prrrrretty chart. lol......

JUST A BIG THANKS TO ALL OF YOU FOR BEING HERE! you make the learning experience a little easier, entertaining at times, and takes away some of the loneliness of sitting in front of a computer
  • #87,578
  • Sep 12, 2008 6:48am Sep 12, 2008 6:48am
there goes my theory
  • #87,579
  • Sep 12, 2008 6:57am Sep 12, 2008 6:57am
Quoting pip me
nice channel forming on the H1, and on the M5 we may get a tripple bottom on the 1.7684xx support line. this pair has been bouncing of tripple bottoms on the M5 like crazy (i like to scalp), so i am thinkin it might bounce up from there and take off. i think only good news can stop it

what do you think?
just see that u entered based on emotion...u entered in the middle of a channel and bought when a dailly top trendline hadnt been breached..other than that .it was good

we all do it...can only learn from it....and like fxlocal keep saying to try and develop yourself to a point where yur strong enough to not let these emotions influence your trading...
  • #87,580
  • Sep 12, 2008 7:07am Sep 12, 2008 7:07am
Quoting nAVIN2007
just see that u entered based on emotion...u entered in the middle of a channel and bought when a dailly top trendline hadnt been breached..other than that .it was good

we all do it...can only learn from it....and like fxlocal keep saying to try and develop yourself to a point where yur strong enough to not let these emotions influence your trading...
thanks for the feedback.
a little confused tho...why are you saying my emotions got the better of me? is it because i was saying the bounce of a tripple bottom/top?
and the daily top trend line, do you mean the daily pivot s/r?
thanks Navin
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