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Cable Update (GBPUSD)

  • #118,001
  • Feb 4, 2009 11:31am Feb 4, 2009 11:31am
Quoting eohater
Down, down, down.

I don't know to be honest. I wouldn't be surprised to see us close the day with in indecisive candle and continue to range until tomorrow.
Tomorrow will be confusing day too.
Everybody is expecting BOE will cut the rate. Scheduled for 7am EST.
At 8:30am US should report unemployment claims.
  • #118,002
  • Feb 4, 2009 11:33am Feb 4, 2009 11:33am
i went long on 1.45 for just 75 pips since the ATR was too low (around 60).
  • #118,003
  • Feb 4, 2009 11:40am Feb 4, 2009 11:40am
Quoting AmeriTrini
I dont think so, traders who took the long off the 4500 break had 75 pips in profit..........

Nice try hide and seek boy. Most these break out traders wait for a close of a candle above the breakout area.

The first couple times it hit the 4500 area on 15 minute chart it bounced down. As highlighted by red dots.

the one time the 15 minute candle closed above 4500 was 4531 or so. so again nice try but 75 pips was not had on that breakout. 40 at best if you were there to moniter it the whole time.

The point is breakout trading is a sucker play, and for the most part it suckered folks again today
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  • #118,004
  • Feb 4, 2009 11:43am Feb 4, 2009 11:43am
seems like it ready to drop back downward.......
  • #118,005
  • Feb 4, 2009 11:50am Feb 4, 2009 11:50am
steelhead out of interest do u play the reverse of these breakouts?
  • #118,006
  • Feb 4, 2009 11:58am Feb 4, 2009 11:58am
Quoting fry2010
steelhead out of interest do u play the reverse of these breakouts?
yes he does....to be honest half of the time in the past these were my loses its a lot easier to assume its false and im sure probability wise that would hold true
  • #118,007
  • Feb 4, 2009 12:01pm Feb 4, 2009 12:01pm
Bounce off prevailing trend line.

I see another test of this prevailing trendline.
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Probability Professor
  • #118,008
  • Feb 4, 2009 12:03pm Feb 4, 2009 12:03pm
Quoting steelhead
Gotta love those false breakouts that alot of folks go long on. Shorts where the trade. Now i think she breaks up for a time.


By the way Pipland and others I said on page 7827 not to trade the break of 4500. More than 24 hours ago. What say you now?
Fading breakouts is a very lucrative trading methodology: if one knows how best to implement it.
Probability Professor
  • #118,009
  • Feb 4, 2009 12:04pm Feb 4, 2009 12:04pm
think she'll retest high of the day for double top ?
  • #118,010
  • Feb 4, 2009 12:10pm Feb 4, 2009 12:10pm
hi...
i take a long position at 4510...when the chart is going up I'm not at my desk and I can not close my position, and now is goinig down...is she going up again or I coming out!!!?
  • #118,011
  • Feb 4, 2009 12:10pm Feb 4, 2009 12:10pm
I think a bounce off the 1.4454 area is quite possible. If not, it's likely to find support around the 1.4365 area. Then a test of 1.45 and the prevailing trendline.
Probability Professor
  • #118,012
  • Feb 4, 2009 12:12pm Feb 4, 2009 12:12pm
Quoting napster_630
hi...
i take a long position at 4510...when the chart is going up I'm not at my desk and I can not close my position, and now is goinig down...is she going up again or I coming out!!!?
so far she down about 20 pips from your entry...but slowly
  • #118,013
  • Feb 4, 2009 12:20pm Feb 4, 2009 12:20pm
i am still wondering why many people are buying? i only see down
Thank You
  • #118,014
  • Feb 4, 2009 12:24pm Feb 4, 2009 12:24pm
Quoting wormboy
i am still wondering why many people are buying? i only see down

see the bullish divergence on 5 min MACD ?
  • #118,015
  • Feb 4, 2009 12:26pm Feb 4, 2009 12:26pm
Quoting wormboy
i am still wondering why many people are buying? i only see down
I see it going down too, but we can be wrong....!!
I`ve been wrong before,and I may be wrong again.
  • #118,016
  • Feb 4, 2009 12:26pm Feb 4, 2009 12:26pm
Quoting wormboy
i am still wondering why many people are buying? i only see down
In my opinion i'm seeing sideways on 15 minute charts
"The trend is your friend, until the end."
  • #118,017
  • Feb 4, 2009 12:26pm Feb 4, 2009 12:26pm
Quoting wormboy
i am still wondering why many people are buying? i only see down


You are still wondering? Its simple they dont have a clue how the market works. Lets buy a breakout, lets buy a top and sell into a hole.

Its standard practice for most traders. No matter how many times you tell them they continue to trade at the wrong time and in the wrong place.
  • #118,018
  • Feb 4, 2009 12:32pm Feb 4, 2009 12:32pm
Quoting steelhead
You are still wondering? Its simple they dont have a clue how the market works. Lets buy a breakout, lets buy a top and sell into a hole.

Its standard practice for most traders. No matter how many times you tell them they continue to trade at the wrong time and in the wrong place.
Thats the 85% that loose money....let them be! somebody has to pay the brokers

  • #118,019
  • Feb 4, 2009 12:32pm Feb 4, 2009 12:32pm
Quoting joemiami
see the bullish divergence on 5 min MACD ?
not really. i don't trade 5 minutes & i don't use macd.
Thank You
  • #118,020
  • Feb 4, 2009 12:33pm Feb 4, 2009 12:33pm
Quoting ForexRookie
In my opinion i'm seeing sideways on 15 minute charts

i agree she is going sideways and tightening up.....to break where though....that is the question!
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