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cable short for gbpusd? 10 replies

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Attachments: Cable Update (GBPUSD)
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Cable Update (GBPUSD)

Quoting Vourvoul
Well... that's the conclusion from not having pivots and Fibs on your chart. If you did, you would have noticed that it rejected the 50% Fib and the Daily pivot and is now moving up...

I am long since 4651 and locked in profit.

But that's what I like about this forum... different styles of trading.

I never used MAs before I read eo's thread and observed the way he is trading together with infinity.

All in all, it all depends what you are looking for, i.e how many pips per trade.

I do respect your calls but for me it's mainly PA and Fibs...
Actually the conclusion from not having fibos and pivots is I have been long since the lows at 1.4500. Just didnt need fibos and pivots to get that entry.

But hey sherms trade just worked so for him fibos are good. for me they for the most part arent worth a swift kick in the arsh. Just so you know I think we can all agree swift kicks to the arsh arent worth alot right?

To each his own
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long @1.4705 s/l +2 and t/p 1hr 62ema....thanks EO

stop hit, wait to short @ 1hr 62ema

Trying it once more....
long from 1.4705 s/l +2 and t/p 1hr 62ema
Please ask questions and share your experiences with us all!
Quoting steelhead
Actually the conclusion from not having fibos and pivots is I have been long since the lows at 1.4500. Just didnt need fibos and pivots to get that entry.

But hey sherms trade just worked so for him fibos are good. for me they for the most part arent worth a swift kick in the arsh. Just so you know I think we can all agree swift kicks to the arsh arent worth alot right?

To each his own

My new cable four hour chart with all the pretties. See I know how to play the indicator game too lol.

I am having too much fun tonight
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Quoting alcando
You are probably better off waiting, we are still in a small up trend so we may still touch the TL on infinity's chart @around 4695.
Thanks for that yesterday Alcando,

waited and then took 100+ on the way down, but boy did i wait for it...
Quoting steelhead
Actually the conclusion from not having fibos and pivots is I have been long since the lows at 1.4500. Just didnt need fibos and pivots to get that entry.

But hey sherms trade just worked so for him fibos are good. for me they for the most part arent worth a swift kick in the arsh. Just so you know I think we can all agree swift kicks to the arsh arent worth alot right?

To each his own

you are a professional trader (and successful - thats the important part); therefore i have to asked the following:
1) if you trade naked; what determines your entry and exits (i assume you trade off of the higher charts H1, H4, and D1) are you range trading the highs and lows? what happens if you get a breakout?

2) going long at 1.45 in a strong bear market takes a lot of guts; now it is easy to see it was the right choice; however when you pulled the trigger, it looked as if it could go farther south (being it just hit the lowest low since 2001) - what made you make that call?
EO, just so I understand the 1H 62 EMA, it's now moved down to around 1.475. Would you treat that as strong resistance now or is 1.48 likely to still be the point it would reverse?

Thanks for your great advice so far.
Cheers. The wait is the hardest thing to do but a buy from that level was only safe after the re-tests as infinity did. I took 30pips off the bounce off that level twice. 3rd time was not worth the risk tho. Glad you got your pips.

Quoting Beeps
Thanks for that yesterday Alcando,

waited and then took 100+ on the way down, but boy did i wait for it...
Ride the Bulls bearback!
I think this baby is bullish today.
Entered long @ 1.4700
Quoting steelhead
My new cable four hour chart with all the pretties. See I know how to play the indicator game too lol.

I am having too much fun tonight
Quoting gagakrimba
I think this baby is bullish today.
Entered long @ 1.4700
Trading against the major trend on a Friday can be VERY dangerous to your account. Especially against the Pound which practically no serious buyer wants to hold.
Quoting mpurdy1973
you are a professional trader (and successful - thats the important part); therefore i have to asked the following:
1) if you trade naked; what determines your entry and exits (i assume you trade off of the higher charts H1, H4, and D1) are you range trading the highs and lows? what happens if you get a breakout?

2) going long at 1.45 in a strong bear market takes a lot of guts; now it is easy to see it was the right choice; however when you pulled the trigger, it looked as if it could go farther south (being it just hit the lowest low since 2001)...
This isnt a cable chart but maybe it will help.

The top white line is previous s/r level right.

the second white line is where the four hour closed. Good solid candle closing below the s/r level drawn with upper white line.

Most folks when that level of first white line is drawn will trade the breakout to the short side. Most the time they get trapped.

Solid candle closing low like that is a classic candle for me to buy. Remember I buy as market is going down and sell as market is going up

The third line we might have a gour hour candle closing on the lows of the tails from previous four hour candles. Another good sign for long for me. Also in a good s/r level.

The one drawback for me on this one is what is coming up in 5 hours. I most likely wont take this trade.
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MarkyBoy, I don't want to interfere with EO's answer but the times the 1h62ema has worked best is when it is backed up by fib or resistance levels. In my opinion you would do well to wait for respect of the minor resistance levels at 14780 before you consider a sell there as it is likely blow thru the 1h62ema in this case but may still turn around there. As EO says you need to wait for confirmation on the candle close first.

I will most be placing a sell at 14780 if it gets there but it may prove to be a scalp on the bounce.

Quoting MarkyBoy
EO, just so I understand the 1H 62 EMA, it's now moved down to around 1.475. Would you treat that as strong resistance now or is 1.48 likely to still be the point it would reverse?

Thanks for your great advice so far.
Ride the Bulls bearback!
Quoting gmohata
Trading against the major trend on a Friday can be VERY dangerous to your account. Especially against the Pound which practically no serious buyer wants to hold.
Maybe so but let's see what nfp has to offer today
Quoting Vourvoul
Well... that's the conclusion from not having pivots and Fibs on your chart. If you did, you would have noticed that it rejected the 50% Fib and the Daily pivot and is now moving up...

I am long since 4651 and locked in profit.

But that's what I like about this forum... different styles of trading.

I never used MAs before I read eo's thread and observed the way he is trading together with infinity.

All in all, it all depends what you are looking for, i.e how many pips per trade.

I do respect your calls but for me it's mainly PA and Fibs that...
Good entry ! I am late !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
Quoting gmohata
Trading against the major trend on a Friday can be VERY dangerous to your account. Especially against the Pound which practically no serious buyer wants to hold.

I want to hold the pound it needs love as well. Dont be so close minded and think that longs cannot work.

Keep an open mind
Just won my long in the gbpusd with 90 percent of my trade made 50 ...hope some of you guys took it...the market can collapse now lol...its a stress free trade let the market take me out lol

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Quoting steelhead
I want to hold the pound it needs love as well. Dont be so close minded and think that longs cannot work.

Keep an open mind
absolutely - i will now open my mind - but i wont lose any of my trading money while opening my mind. I usually keep my mind away while trading - its just my eyes, the charts, background knowledge of fundamentals and thats it - no mind / no heart.
Quoting gagakrimba
Maybe so but let's see what nfp has to offer today
Good point - though i believe NFP will be terrible and pound will be the loser (ironic).

Why will NFP be terrible - those who have followed the markets for years and have regularly read and understood the fundamentals - they know that numbers such as NFP are seldom real facts - they are more politically drawn and botched up with what the fed, treasury want the markets to react to. There is no more politics which can help anyone in the current administration - they obviously dont want to make it easy for the next team - so numbers will reflect the actual (or so) which will be quite bad and revisions will be worse.

Thats my understanding - i could be wrong though.
Quoting manize
Good entry ! I am late !
More trading opportunities along the way.
Here is an interesting example of the beauty of Support and Resistance.
I went hunting on a naked chart for past levels of S&R in the old data to see what levels could be important to s&R traders. One of the levels I found on the daily chart to be used over and over again during Dec2001 was the level at 14560. After I had marked it up I realised it had been the low on 12 Nov and was very important of course yesterday

Just my 5c worth...
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Ride the Bulls bearback!
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