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Cable Update (GBPUSD)

  • #126,621
  • Mar 16, 2009 5:44am Mar 16, 2009 5:44am
Quoting blurrcow
There is not much adverse news from here on.... so I think it will be bullish for some time... i just went long at 1.4173 and added at 1.4218...

Fly baby fly !!!
wow that's scarry for me
  • #126,622
  • Mar 16, 2009 6:05am Mar 16, 2009 6:05am
Still no trade, waiting for next one hour on H4 open/close !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #126,623
  • Mar 16, 2009 6:26am Mar 16, 2009 6:26am
Quoting manize
Still no trade, waiting for next one hour on H4 open/close !
Hi Manize, you are obviously an experienced trader. After your last post I was wondering if you enter a trade after the 4hr has closed, let say it closes below 14150, where would you put your SL. Above the high would be a sizeable trade with expectations of a TL of at least 14000. Is that a fair assumption. I am just trying to get some insight into how longer TF traders work their SL's. I trade 1hr and 15Min. All comments would be great.
  • #126,624
  • Edited 6:57am Mar 16, 2009 6:35am | Edited 6:57am
Quoting Barny
Hi Manize, you are obviously an experienced trader. After your last post I was wondering if you enter a trade after the 4hr has closed, let say it closes below 14150, where would you put your SL. Above the high would be a sizeable trade with expectations of a TL of at least 14000. Is that a fair assumption. I am just trying to get some insight into how longer TF traders work their SL's. I trade 1hr and 15Min. All comments would be great.
Can not say now. I need next H1 & H4 open/close, to identify the next trend. If the trend is long I wouldn't like to trade because the basic trade rule is no go long at the top. Who is impatient go short now, in my view should place SL at least at 1.4285 ( next H1 closes above this level, the probability is going more up ) and then moves if already got the green pips !

I maybe short if next H4 closes below the yellow line (1.4170), but need to wait a moment pull back up a bit to get a good level to short !
Attached Image (click to enlarge)
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #126,625
  • Mar 16, 2009 6:42am Mar 16, 2009 6:42am
Quoting blurrcow
There is not much adverse news from here on.... so I think it will be bullish for some time... i just went long at 1.4173 and added at 1.4218...

Fly baby fly !!!
not to dispute you candid advise..but she traded 50pips from there..i mean 1.4227....

sometimes we may be right.
  • #126,626
  • Mar 16, 2009 7:12am Mar 16, 2009 7:12am
Quoting manize
Can not say now. I need next H1 & H4 open/close, to identify the next trend. If the trend is long I wouldn't like to trade because the basic trade rule is no go long at the top. Who is impatient go short now, in my view should place SL at least at 1.4285 ( next H1 closes above this level, the probability is going more up ) and then moves if already got the green pips !

I maybe short if next H4 closes below the yellow line (1.4170), but need to wait a moment pull back up a bit to get a good level to short !
H4 closed above 1.4170, it is indicated that long pressure still strong at least for next 0.15 - 1 hour !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #126,627
  • Mar 16, 2009 7:27am Mar 16, 2009 7:27am
Hey Gang,

On my weekly chart i see 1.4349,
as 'next hard resistance, if/when she blows northward.
-Just curious who concur's,
Thanks,

Jeff
I will work to Objectively Identify my Edges
  • #126,628
  • Mar 16, 2009 7:33am Mar 16, 2009 7:33am
Quoting manize
H4 closed above 1.4170, it is indicated that long pressure still strong at least for next 0.15 - 1 hour !
Good call. It was just on the limit! The next 1hr candle will certainly tell a story. I took half off the table on my earlier short term trade when it hit the 15min 21 MA. Stop on remaining half just above recent high set @ 14237
  • #126,629
  • Mar 16, 2009 7:45am Mar 16, 2009 7:45am
Arvo Terp!

My charts are reading ever so slightly different, with the next area of major resistance located at 1.43050 (March 6, High), followed by 1.43800 (Feb 26, High) which also coincides as the Fibonacci 0.764 retracement level following the Feb, 25 slide.

Personally I am decidedly undecided which way the Cable will flow today. The spate of positive sentiment has carried over from last week, and has been further strengthened over the weekend. Interestingly even with poor housing data out the UK, which usually has a significant impact on the Cable, it has continued to drift higher.

As long as market sentiment remains positive, I see it at least testing the 1.43050 level, which coincides with the top of the 4H Bullish Channel.

Now to plot an entry point, for which I am leaning towards 1.41485 which is the 0.236 Fibonacci retracement level for today's northbound move.
  • #126,630
  • Mar 16, 2009 7:59am Mar 16, 2009 7:59am
Hey Trading...

Great to hear from you.
Yeah,
I picked about that retracement level too earlier,
but i think it dropped to about 1.4156.
-That is when i got out of a bad trade, an 'headed
back northward.

News in a couple min's time.
-We'll see what she does.
I think it's a waiting game, for sure.
Thanks Buddy, great charting,

Jeff !
I will work to Objectively Identify my Edges
  • #126,631
  • Mar 16, 2009 8:01am Mar 16, 2009 8:01am
- 43 on the long term purchases,

Geee that's not too Good!
To the MOON!
I will work to Objectively Identify my Edges
  • #126,632
  • Mar 16, 2009 8:06am Mar 16, 2009 8:06am
TIC Long-Term Purchases
http://www.forexfactory.com/images/m...dar_detail.gif -43.0B
44.3B 34.7Bhttp://www.forexfactory.com/images/m...us_revised.gif
down?
  • #126,633
  • Mar 16, 2009 8:06am Mar 16, 2009 8:06am
Quoting Tmac
U.S. retail sales got a bump here this morning. So that is another sector, RTH that has not broken to new lows along with the DJIA and SPY. The QQQQ has not broken to new lows. The RTH has not broken to new lows. The OIH has not broken to new lows. The EEM(emerging markets) and FXI(China Fund), EWZ(Brazil) has not taken out November 21 lows. Most JPY crosses have not taken out Nov lows. The AUDUSD has not taken out Nov lows. These are all important divergances and point to higher commodity prices
which point to a nice GU rally in the works
dollar...
ya'll still had and have shortitis

common sense plays a part in trading as well... when things like the above post happen its telling you direction and its money in the bank the charts will not tell you what those simple facts said

most here just ignored it and were STILL lookin short

good luck to you guys, like always in here over the years, most of you do not wanna learn to trade you wanna be right

dont chase the market, let it come to you

been long since 3728
Don't chase the market, Let the market come to you
  • #126,634
  • Mar 16, 2009 8:07am Mar 16, 2009 8:07am
Well,

More news in 9,
I think the dow to push up would move it too,
Let's see if the world wants to wait on both of these!
I will work to Objectively Identify my Edges
  • #126,635
  • Mar 16, 2009 8:15am Mar 16, 2009 8:15am
Good day everyone!

I too am completely confuzzled as to which way it's going. I have my WR1 at 4217, level 233 on my 169 MA at 4200 and a R/S line at 4225. All of which it seems to be respecting over the last 3 hours.

Momentum seems to be bullish but I really haven't a clue if that will hold. Only thing I know for sure is....this is a tough economic environment to be a newbie...LOL

I made a couple of pips on a quick short last hour but I hesitate to trade against the trend. Which leads me to a question for you experienced traders.

At what point (over how long a period or how many bars) would you consider it a trend? I know it all depends on the TF so let's say a 1 and 4 hour for example.
Ghost Rider - WWTBMD?
  • #126,636
  • Mar 16, 2009 8:16am Mar 16, 2009 8:16am
Quoting rgitt05
I posted a chart 4 days ago that PA will PB to the 1.4076 area before falling again to the lows


http://www.forexfactory.com/showpost...stcount=125913

I expect the PA to test the lows again possible forming a "Double Bottom"

Wait and See..

if that is a trend line you have on the chart it is not touching the candle/bar tops and cannot be accurate in any way, if you are going to use TL's use them correctly and dont cheat on then, it will only cost you
Don't chase the market, Let the market come to you
  • #126,637
  • Edited 8:25am Mar 16, 2009 8:24am | Edited 8:25am
see this guys!
http://preview.shareapic.net/preview5/015456044.jpg

down baby
http://www.shareapic.net/content.php...wner=mrromance
  • #126,638
  • Mar 16, 2009 8:26am Mar 16, 2009 8:26am
Quoting albchr
Good day everyone!

I too am completely confuzzled as to which way it's going. I have my WR1 at 4217, level 233 on my 169 MA at 4200 and a R/S line at 4225. All of which it seems to be respecting over the last 3 hours.

Momentum seems to be bullish but I really haven't a clue if that will hold. Only thing I know for sure is....this is a tough economic environment to be a newbie...LOL

I made a couple of pips on a quick short last hour but I hesitate to trade against the trend. Which leads me to a question for you experienced traders....
Ignore the colour commentary & trade what your charts tell you mate. Try to stop predicting the direction & concentrate on managing risk. You will be fine.
Good luck
Thank You
  • #126,639
  • Mar 16, 2009 8:26am Mar 16, 2009 8:26am
I wouldn't think it matter since my broker price is different..Why would I cheat ? I only post the chart for reference..I hope you are making pips.

Trade your charts..




Quoting Tmac
if that is a trend line you have on the chart it is not touching the candle/bar tops and cannot be accurate in any way, if you are going to use TL's use them correctly and dont cheat on then, it will only cost you
[
  • #126,640
  • Mar 16, 2009 8:33am Mar 16, 2009 8:33am
If shares rally on the back of that news out of the US i will eat my hat! guess were heading down down now
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