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Cable Update (GBPUSD)

  • #96,801
  • Nov 10, 2008 10:27am Nov 10, 2008 10:27am
Quoting Kyen
Navin, are we finally coming to decision point on this bear flag!? I been waiting since start of euro session for this...looking forward to a breakout downwards.
Have some patience pills
Trade what you see, not what you think.
  • #96,802
  • Nov 10, 2008 10:30am Nov 10, 2008 10:30am
Quoting karmostaji
earlier GU broke out of a bear flag and now .5585 is in the way only, if it breaks then down it will go.
yes possibly a break of 1.5515 may bring in more sellers to drive it down
  • #96,803
  • Nov 10, 2008 10:33am Nov 10, 2008 10:33am
Quoting karmostaji
Have some patience pills
Karmo, please let me place an order for a mass quantity from you. The only alternative I have right now is a frying pan and the mighty strength of my right pip hand.
  • #96,804
  • Nov 10, 2008 10:42am Nov 10, 2008 10:42am
Quoting nAVIN2007
yes possibly a break of 1.5515 may bring in more sellers to drive it down
dont foregot that 1.5532 was last rebound .... and it's a good support

so there is choices :

long @ 1.5532 with tight SL
or Short @ 1.5520

and now i see double bottom @ 4 hour chart it could rebound
  • #96,805
  • Nov 10, 2008 10:46am Nov 10, 2008 10:46am
it could be Double Bottom
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  • #96,806
  • Nov 10, 2008 10:50am Nov 10, 2008 10:50am
Quoting Kyen
Navin, are we finally coming to decision point on this bear flag!? I been waiting since start of euro session for this...looking forward to a breakout downwards.

you guys go ahead and sell if it breaks out, i will buy as much as you wanna sell. I know folks have their own way of trading, but why in the world would you sell a breakout? Most breakouts are false, but If you wanna go ahead and do it I will take the other side of the trade.
  • #96,807
  • Nov 10, 2008 10:54am Nov 10, 2008 10:54am
Quoting steelhead
you guys go ahead and sell if it breaks out, i will buy as much as you wanna sell. I know folks have their own way of trading, but why in the world would you sell a breakout? Most breakouts are false, but If you wanna go ahead and do it I will take the other side of the trade.
You have a good point! I'm currently long at 5610 with SL +2. She could smack me out, but I'm not selling at this price. I'm expecting it to head back around 572x area for a nice sell from that price. We'll see how she plays out.
Just digging in the trenches like everyone else!
  • #96,808
  • Nov 10, 2008 10:56am Nov 10, 2008 10:56am
Quoting eohater
You have a good point! I'm currently long at 5610 with SL +2. She could smack me out, but I'm not selling at this price. I'm expecting it to head back around 572x area for a nice sell from that price. We'll see how she plays out.
Im going to wait a bit longer for a buy, but selling here is not a smart move at all. it might work ofcourse but not the way to be consistant.

Eohater why do we agree on almost everything lol
  • #96,809
  • Nov 10, 2008 11:02am Nov 10, 2008 11:02am
Quoting steelhead
you guys go ahead and sell if it breaks out, i will buy as much as you wanna sell. I know folks have their own way of trading, but why in the world would you sell a breakout? Most breakouts are false, but If you wanna go ahead and do it I will take the other side of the trade.
Thats true which is why I normally wait for a retest on 15m before shorting with a tight stop. In this case, my stop is @ 55 and shorted at 30 upon the retest.
  • #96,810
  • Nov 10, 2008 11:07am Nov 10, 2008 11:07am
Let's get some discussion going. What is everyone's take on the last 1h candle closed?
Just digging in the trenches like everyone else!
  • #96,811
  • Nov 10, 2008 11:08am Nov 10, 2008 11:08am
Quoting Kyen
Thats true which is why I normally wait for a retest on 15m before shorting with a tight stop. In this case, my stop is @ 55 and shorted at 30 upon the retest.
Sorry bro! I just ate your short. It was a good entry with good money managment though. Don't forget about the other ma's on the 15m and the higher time frames as well.
Just digging in the trenches like everyone else!
  • #96,812
  • Nov 10, 2008 11:08am Nov 10, 2008 11:08am
Quoting eohater
Let's get some discussion going. What is everyone's take on the last 1h candle closed?
bullish for test of 15m 50 first...

if it can get past 75
Patience + Discipline - Greed = Success
  • #96,813
  • Nov 10, 2008 11:10am Nov 10, 2008 11:10am
In order for me to go long on this I would have to see that one our tail on the last one hour be tested. No tail a good solid close down off the lows of the last one hour i would think about it.
  • #96,814
  • Nov 10, 2008 11:10am Nov 10, 2008 11:10am
Quoting Infinity
bullish for test of 15m 50 first...

if it can get past 75
I concur with that. That's where my TP is currently set.
Just digging in the trenches like everyone else!
  • #96,815
  • Nov 10, 2008 11:12am Nov 10, 2008 11:12am
Quoting Infinity
bullish for test of 15m 50 first...

if it can get past 75
I am not making a call here ...please.... I am only shorting rallies because higher timeframes are still bearish....
Patience + Discipline - Greed = Success
  • #96,816
  • Nov 10, 2008 11:14am Nov 10, 2008 11:14am
Quoting Infinity
I am not making a call here ...please.... I am only shorting rallies because higher timeframes are still bearish....
GOING LONG HERE AND YOU BETTER KNOW WHAT THE F*CK YOUR DOING.
Just digging in the trenches like everyone else!
  • #96,817
  • Nov 10, 2008 11:15am Nov 10, 2008 11:15am
Quoting eohater
I concur with that. That's where my TP is currently set.
Could be a good trade because you got a good entry. I know you got profit locked already and that is the best way to trade when going counter trend..
Patience + Discipline - Greed = Success
  • #96,818
  • Nov 10, 2008 11:16am Nov 10, 2008 11:16am
Quoting eohater
GOING LONG HERE AND YOU BETTER KNOW WHAT THE F*CK YOUR DOING.
That's right!!!

That last m15 close shows strong rejection...
Patience + Discipline - Greed = Success
  • #96,819
  • Nov 10, 2008 11:16am Nov 10, 2008 11:16am
Quoting eohater
Let's get some discussion going. What is everyone's take on the last 1h candle closed?
thats a bullish close but i dont want to go long
When life gives you lemons, make lemonade
  • #96,820
  • Nov 10, 2008 11:17am Nov 10, 2008 11:17am
Quoting Infinity
I am not making a call here ...please.... I am only shorting rallies because higher timeframes are still bearish....
Agreed with that entirely. The push is towards the downside. I'd rather wait and short more IF and IF IF IF it gets to that higher price than make a risky trade to see if it does indeed get there or not. I've done that too many times in my days of trading so far to do it again.

If there is a crowd of 500 people with sticks and helmets against 1 guy holding an egg, which side would you go with? No heroes live in the markets, maybe on the street, but not in this place.

P.S this next 15 minute could close badly for the bulls. A rejection off the gann line which is spelling out strong resistance. If it breaks above, I would expect more upwards movement, but if it closes like this I wouldn't.
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