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Cable Update (GBPUSD)

  • #108,261
  • Dec 19, 2008 10:12am Dec 19, 2008 10:12am
Quoting cisco
I'm short from 1.5161 which is the 38.2% of yesterday's PA. If it turns out to be the c-d leg of an ab=cd pattern, then the projected TP is around 1.4450.
Nice price! I was short at 5160 and locked in too quick last night. Oh well, that damn hindsight being 20/20 is really true. I do like 4450 though. I don't see it, but I'll take it if she wants to give it to us.
Just digging in the trenches like everyone else!
  • #108,262
  • Dec 19, 2008 10:13am Dec 19, 2008 10:13am
Quoting ferndog
I think it will hit 1.4900. See what happens. I think Dow stays long. When Dow has been long cable has gone down.
The correlation between the DOW and cable has been severed recently. You have it backwards. When the dow went down, cable went down (Dollar strength) Dollar typically strengthens when the DOW goes down because of the risk aversion. We'll see how she plays out.
Just digging in the trenches like everyone else!
  • #108,263
  • Dec 19, 2008 10:14am Dec 19, 2008 10:14am
Quoting eohater
Nice price! I was short at 5160 and locked in too quick last night. Oh well, that damn hindsight being 20/20 is really true. I do like 4450 though. I don't see it, but I'll take it if she wants to give it to us.
If she does decide to go there, I'm sure it will be a long and winding road.
Hi, my name is Barry and you can keep your doctor...
  • #108,264
  • Dec 19, 2008 10:18am Dec 19, 2008 10:18am
Quoting cisco
If she does decide to go there, I'm sure it will be a long and winding road.
It always is. That's why longs and shorts can make money together in this market. It's all about your timing and entry.
Just digging in the trenches like everyone else!
  • #108,265
  • Dec 19, 2008 10:19am Dec 19, 2008 10:19am
Quoting eohater
The correlation between the DOW and cable has been severed recently. You have it backwards. When the dow went down, cable went down (Dollar strength) Dollar typically strengthens when the DOW goes down because of the risk aversion. We'll see how she plays out.
You are right. My bad. I was looking at the Dow chart & the cable at the same time & got mixed up.
  • #108,266
  • Dec 19, 2008 10:21am Dec 19, 2008 10:21am
Quoting ferndog
You are right. My bad. I was looking at the Dow chart & the cable at the same time & got mixed up.
No worries! I don't chart the dow, just watch the price. Just like oil, just watch the price. My oil shares are currently taking a bath. I'm still adding though and will continue to $30 and evaluate from there if I need to through more dosh at her.
Just digging in the trenches like everyone else!
  • #108,267
  • Dec 19, 2008 10:24am Dec 19, 2008 10:24am
Quoting eohater
No worries! I don't chart the dow, just watch the price. Just like oil, just watch the price. My oil shares are currently taking a bath. I'm still adding though and will continue to $30 and evaluate from there if I need to through more dosh at her.
I went to fill up my truck yesterday with gas. Couldn't believe how cheap it was. What is next 5 cent beers & sodas? gl
  • #108,268
  • Dec 19, 2008 10:26am Dec 19, 2008 10:26am
Quoting eohater
.... My shorts are from 4980 and I'm covered at +3.....
Just took 3 off at 4880 and move the remaining 3 to +25. I'm done for the day, she'll either close me out or keep going down.

I'll still be hanging around, just taking care of the office now.

Trade well everyone.
EO
Just digging in the trenches like everyone else!
  • #108,269
  • Dec 19, 2008 10:28am Dec 19, 2008 10:28am
Quoting ferndog
I went to fill up my truck yesterday with gas. Couldn't believe how cheap it was. What is next 5 cent beers & sodas? gl
Sounds good to me!!
Just digging in the trenches like everyone else!
  • #108,270
  • Dec 19, 2008 10:30am Dec 19, 2008 10:30am
Quoting eohater
Just took 3 off at 4880 and move the remaining 3 to +25. I'm done for the day, she'll either close me out or keep going down.

I'll still be hanging around, just taking care of the office now.

Trade well everyone.
EO
Moved SL to +50
Just digging in the trenches like everyone else!
  • #108,271
  • Dec 19, 2008 10:32am Dec 19, 2008 10:32am
Quoting ferndog
I went to fill up my truck yesterday with gas. Couldn't believe how cheap it was. What is next 5 cent beers & sodas? gl
Two weeks ago our local gas prices were in the $1.40 range. Now they're up in the $1.60 range. It doesn't make sense.
Hi, my name is Barry and you can keep your doctor...
  • #108,272
  • Dec 19, 2008 10:34am Dec 19, 2008 10:34am
Quoting steelhead
Thats funny cause based on your info i will do the opposite. Breaks below 4920 I will buy
I would start buying at 4850 down to 4750. Our 4h candles are forming nice for a long. The only challenge I have is the weekend and I do not hold positions over the weekend.
Just digging in the trenches like everyone else!
  • #108,273
  • Dec 19, 2008 10:36am Dec 19, 2008 10:36am
Quoting eohater
The correlation between the DOW and cable has been severed recently. You have it back wards. When the dow went down, cable went down (Dollar strength) Dollar typically strengthens when the DOW goes down because of the risk aversion. We'll see how she plays out.
Well spotted -this is the problem for us and for newbies alike - we spot a correlation, we find a method that works, and for a week or two we make hay - then somebody switches the rules and we are scratching our heads and wondering what happened

Its like when US figures go bad in reasonable times, the dollar goes down - then the figures get worse and the dollar goes up because its now 'world reserve currency'

the rules changed - same direction of stats but the chart does 180 degree turn


ok enough of this - what is the trend ?

Usually I poke fun at people who ask that - but seriously ? did we turn when the US rates went to zero ? or was that just a blip on a downtrend ?

what is the trend right now ? help !
  • #108,274
  • Dec 19, 2008 10:38am Dec 19, 2008 10:38am
Quoting eohater
I would start buying at 4850 down to 4750. Our 4h candles are forming nice for a long. The only challenge I have is the weekend and I do not hold positions over the weekend.
With that being said, I'm moving my SL to +75 and going to lunch. Buyers are down here and I expect to be closed out when I get back. Again, volume is decreasing, weekend is 6 hours away and I won't hold a position into the weekend.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #108,275
  • Dec 19, 2008 10:46am Dec 19, 2008 10:46am
Quoting cisco
Two weeks ago our local gas prices were in the $1.40 range. Now they're up in the $1.60 range. It doesn't make sense.
I filled up at 1.49. I hadn't filled up since a month ago. Sometimes i don't use that vehicle too much.
  • #108,276
  • Dec 19, 2008 10:54am Dec 19, 2008 10:54am
Quoting eohater
With that being said, I'm moving my SL to +75 and going to lunch. Buyers are down here and I expect to be closed out when I get back. Again, volume is decreasing, weekend is 6 hours away and I won't hold a position into the weekend.

Trade well!
EO

Took a short from 4900.......couldn't resist!!

Took some profit, left 3 lots on, s/l @ +2.

Everyone have a great weekend, let the partying begin!!!!!

HOLLA
  • #108,277
  • Dec 19, 2008 10:55am Dec 19, 2008 10:55am
Dow daily candle formed the higher wick of the candle & is going down to reach 8600. That may help cable go lower. Still shooting for 1.4800 or close to it.
  • #108,278
  • Dec 19, 2008 11:45am Dec 19, 2008 11:45am
Great job on the shorts guys.. I had a short from 1.5000 that I just closed at 1.4850.. ...I am now done for the week... maybe for the month...

It's been a sweet week... and I have to say, I am not looking for any buys on this pair if the weekly closes anywhere near this current price...
Patience + Discipline - Greed = Success
  • #108,279
  • Dec 19, 2008 12:11pm Dec 19, 2008 12:11pm
Quoting allserene
Well spotted -this is the problem for us and for newbies alike - we spot a correlation, we find a method that works, and for a week or two we make hay - then somebody switches the rules and we are scratching our heads and wondering what happened

Its like when US figures go bad in reasonable times, the dollar goes down - then the figures get worse and the dollar goes up because its now 'world reserve currency'

the rules changed - same direction of stats but the chart does 180 degree turn


ok enough of this - what is the trend ?

Usually I...
You know, I don't like the whole, the trend is your friend statement. I believe she moves up, she moves down. It's our job to trade her both ways and not get caught buying the top or selling the bottom. If I was to call a trend, I would say short term is short, but long term it's long. Being an intraday trader, I don't worry about either one. I focus on price action and key levels of S/R.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #108,280
  • Dec 19, 2008 12:16pm Dec 19, 2008 12:16pm
Quoting Infinity
Great job on the shorts guys.. I had a short from 1.5000 that I just closed at 1.4850.. ...I am now done for the week... maybe for the month...

It's been a sweet week... and I have to say, I am not looking for any buys on this pair if the weekly closes anywhere near this current price...
I hear that...especially the way that weekly candle is looking.

Great job on that short!!

HOLLA
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