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Cable Update (GBPUSD)

  • #122,401
  • Feb 20, 2009 1:16pm Feb 20, 2009 1:16pm
I was gunna try another long when I closed out shorts, wasn't paying close enough attention, we may see a run just to or just below hod...

CRAP!

I'll get em next week!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #122,402
  • Feb 20, 2009 1:47pm Feb 20, 2009 1:47pm
Alright, so the dollar is getting flushed and we're headed back to 2.00 right?

I don't think so. I'm still in the bear camp personally. Remember the Shampoo I posted earlier in the week and in the middle of the week, well we're on the top of the right shoulder of the Shampoo. Here's how I see it.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4h.jpg Size: 142 KB
Just digging in the trenches like everyone else!
  • #122,403
  • Feb 20, 2009 2:09pm Feb 20, 2009 2:09pm
Notice the area circled in orange. The dollar index was filling a gap at the end of the day.
Attached Image (click to enlarge)
Click to Enlarge Name: dollar.jpg Size: 125 KB
Just digging in the trenches like everyone else!
  • #122,404
  • Feb 20, 2009 2:10pm Feb 20, 2009 2:10pm
Quoting eohater
Alright, so the dollar is getting flushed and we're headed back to 2.00 right?

I don't think so. I'm still in the bear camp personally. Remember the Shampoo I posted earlier in the week and in the middle of the week, well we're on the top of the right shoulder of the Shampoo. Here's how I see it.
WowNice day to miss today.After getting squeezed yesterday on the spike in E/J I decided not to trade today to end the week green.It was good cause I wouldve certainly been caught short in either cable or euro as yesterdays spike quickly reversed and today it was a much more thorough job.Hope you came out green.
  • #122,405
  • Feb 20, 2009 2:14pm Feb 20, 2009 2:14pm
Quoting trader2160
WowNice day to miss today.After getting squeezed yesterday on the spike in E/J I decided not to trade today to end the week green.It was good cause I wouldve certainly been caught short in either cable or euro as yesterdays spike quickly reversed and today it was a much more thorough job.Hope you came out green.
I did come out green. I wish I would have put a short on up higher. I took one around 4450 and closed out at 4420.

Good job on ending your week green! There will be more opportunities next week.
Just digging in the trenches like everyone else!
  • #122,406
  • Feb 20, 2009 2:31pm Feb 20, 2009 2:31pm
Quoting eohater
I did come out green. I wish I would have put a short on up higher. I took one around 4450 and closed out at 4420.

Good job on ending your week green! There will be more opportunities next week.
It wouldve been great but yesterday I really got caught out.I usually avoid adding to a losing position but I thought I was adding at the top.Funny how we make basic mistakes when we are confident.Ruined what wouldve been a great week.
Lol and it was sickening the way it reversed shortly after I got stopped out.Pip knows what Im talking about.

I wouldve closed out too.Dont know what might happen over the weekend.Looking at the, chart great short,right near the top.
But as Im sure youve noticed weve had this pattern lately of crazy rallies on friday and crashing or gapping down on monday.
Lol I see gold hit 1k and the dow broke lower,but not S&p.
  • #122,407
  • Feb 20, 2009 2:46pm Feb 20, 2009 2:46pm
Hey Pip, hows it going mate.
  • #122,408
  • Feb 20, 2009 2:47pm Feb 20, 2009 2:47pm
Quoting trader2160
It wouldve been great but yesterday I really got caught out.I usually avoid adding to a losing position but I thought I was adding at the top.Funny how we make basic mistakes when we are confident.Ruined what wouldve been a great week.
Lol and it was sickening the way it reversed shortly after I got stopped out.Pip knows what Im talking about.

I wouldve closed out too.Dont know what might happen over the weekend.Looking at the, chart great short,right near the top.
But as Im sure youve noticed weve had this pattern lately of crazy...
I didn't see gold hit 1K, that's interesting. It'll pullback and then off to the moon Alice!
Just digging in the trenches like everyone else!
  • #122,409
  • Feb 20, 2009 2:57pm Feb 20, 2009 2:57pm
Quoting eohater
I didn't see gold hit 1K, that's interesting. It'll pullback and then off to the moon Alice!
yeah this time might be different from last year when it went south with a vengeance.All the money printing is drawing almost everyone in.
  • #122,410
  • Feb 20, 2009 3:00pm Feb 20, 2009 3:00pm
I'm outta here for now guys!

I hope everyone has a great weekend! Get some rest, get some family time, and come back to battle on Sunday.

EO
Just digging in the trenches like everyone else!
  • #122,411
  • Feb 20, 2009 3:02pm Feb 20, 2009 3:02pm
it'll be a gap UP on opening Monday sure
ROBOT FOREX
  • #122,412
  • Feb 20, 2009 3:03pm Feb 20, 2009 3:03pm
Quoting eohater
I'm outta here for now guys!

I hope everyone has a great weekend! Get some rest, get some family time, and come back to battle on Sunday.

EO
Have a great one yourself buddy.
  • #122,413
  • Feb 20, 2009 3:59pm Feb 20, 2009 3:59pm
Quoting eohater
Notice the area circled in orange. The dollar index was filling a gap at the end of the day.
eo you're a great trader mate, thanks for this
  • #122,414
  • Feb 20, 2009 4:18pm Feb 20, 2009 4:18pm
Quoting eohater
Alright, so the dollar is getting flushed and we're headed back to 2.00 right?

I don't think so. I'm still in the bear camp personally. Remember the Shampoo I posted earlier in the week and in the middle of the week, well we're on the top of the right shoulder of the Shampoo. Here's how I see it.
Possible, be careful of this inverted shampoo that's in-play.
Attached Image (click to enlarge)
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  • #122,415
  • Feb 20, 2009 5:24pm Feb 20, 2009 5:24pm
Everyone have is view on the thing, i personnaly trade short term harmonic pattern.
Here we got a possible gartley pattern from the last short term high low, and another possible one from the larger high low.

PA often do that, test a bottom 2 times then return to starting point but at 88.6% then attack the bottom again.
Next move can stop at any next fibs level but most of the time get to 618/786% or extend to 1.27 1.618 and more.

Exemple of gartley= move of 0-100 then correction to 38% then return to 786 or 886 then return to 11.4or 23.6 witch = D point or potential reversal zone.

I personnaly doubt sterling will get over 1.50 before seeing some more down movement.
I can be wrong, its trading.

I hope it can help some around who are not familiar whit harmonic trading pattern.
Link to the site for harmonic pattern: http://harmonictrader.com/price_patterns.htm

http://www.harmonictrader.com/gartleybearre.jpg
Attached Image (click to enlarge)
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  • #122,416
  • Feb 20, 2009 5:33pm Feb 20, 2009 5:33pm
Quoting Forbes55
it'll be a gap UP on opening Monday sure
I'm not in the trade for next 2 week, but its possible to up again... not this month
  • #122,417
  • Feb 20, 2009 5:36pm Feb 20, 2009 5:36pm
They don't call these the "Ultimate Triple Top/Bottom" for no good reason.

Weekly inverted shampoo also possible.

It was the weekly shampoo up above 2.00 that returned a few thousand pips on the way down to here.

Definitely my favourite pattern on cable.
Attached Image
  • #122,418
  • Feb 20, 2009 6:07pm Feb 20, 2009 6:07pm
I believe the weekly upper trendline is strong enough to contain the GU in the down channel..

Trend is your friend!!!



Quoting NuckingFuts
They don't call these the "Ultimate Triple Top/Bottom" for no good reason.

Weekly inverted shampoo also possible.

It was the weekly shampoo up above 2.00 that returned a few thousand pips on the way down to here.

Definitely my favourite pattern on cable.
Attached Image (click to enlarge)
Click to Enlarge Name: weekly gu.gif Size: 17 KB
[
  • #122,419
  • Feb 20, 2009 6:16pm Feb 20, 2009 6:16pm
Quoting rgitt05
Trend is your friend!!!
Until it bends and then ends
  • #122,420
  • Feb 20, 2009 7:02pm Feb 20, 2009 7:02pm
Watch the GJ charts..If the GJ falls than the GU will stay within the downward channel..

Trend is your friend...






Quoting NuckingFuts
Until it bends and then ends
Attached Image (click to enlarge)
Click to Enlarge Name: weekly gj.gif Size: 14 KB
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