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Cable Update (GBPUSD)

  • #130,661
  • Apr 29, 2009 2:56am Apr 29, 2009 2:56am
Morning to all
  • #130,662
  • Apr 29, 2009 3:04am Apr 29, 2009 3:04am
Took a loss on my shorts -110pips, aborting shorts above 1.4700 (in previous post). Have long position hit on my stop buy of 1.4720. looking to add on retrace.

Buy is the order of the day....
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #130,663
  • Apr 29, 2009 3:09am Apr 29, 2009 3:09am
hi bull, do u think cable may hit 1.4800 again today, or this week maybe?
  • #130,664
  • Apr 29, 2009 3:25am Apr 29, 2009 3:25am
Quoting HolyTrinity
hi bull, do u think cable may hit 1.4800 again today, or this week maybe?
This is the picture as it stands. Just closed my order of 1.4720 for a +10 pips. Have entry order set @ 1.4670 to the top side..... Think market will be ranging until action time.

Not pretty for shorties....
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 138 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #130,665
  • Apr 29, 2009 3:27am Apr 29, 2009 3:27am
hiya
anyone agree with a short till 4665 ?
  • #130,666
  • Apr 29, 2009 3:27am Apr 29, 2009 3:27am
Quoting HolyTrinity
hi bull, do u think cable may hit 1.4800 again today, or this week maybe?
yes it can but its too much up now so it will retrace few pips down and may be in US session after US data it will touch but this week it will reach there i am out from my long and looking for short now for short term..long term trend is on upside


Ub
  • #130,667
  • Apr 29, 2009 4:56am Apr 29, 2009 4:56am
1.4812 is the 61% retracement. I will try a sell limit there. it also a pivot point and GU will reach in overbought mode there.
  • #130,668
  • Apr 29, 2009 4:57am Apr 29, 2009 4:57am
wow, it's already around the 1.4800, think that our next stop is 1.4870
  • #130,669
  • Apr 29, 2009 4:59am Apr 29, 2009 4:59am
i'm with u terminale. ammended sell limit 1.4780 to 1.4810. hope it will retrace a bit to 1.4780s level
  • #130,670
  • Apr 29, 2009 5:00am Apr 29, 2009 5:00am
It must be rising because of the stress tests results, have market leaving Dollar!
  • #130,671
  • Apr 29, 2009 5:09am Apr 29, 2009 5:09am
Quoting Delboy1930
It must be rising because of the stress tests results, have market leaving Dollar!
For mee it look like a bull trap. remember that last rise ? same volume are bringing it up. low and fast . maybe the big dogs are laughting now waiting for their entry.
  • #130,672
  • Apr 29, 2009 5:14am Apr 29, 2009 5:14am
Man

I think we will return down again from max 1.4830

On the weekly chart the diverges on Stock indicator is very clear, which mean we will go down this weel, so we have rest of today, tommorow and fraiday , if the 1.4515 area is broken, we will go to 1.4110 direct

Quoting Terminale
For mee it look like a bull trap. remember that last rise ? same volume are bringing it up. low and fast . maybe the big dogs are laughting now waiting for they entry.
  • #130,673
  • Apr 29, 2009 5:43am Apr 29, 2009 5:43am
For those that missed the move like i did (silly me closed the long @ 1.4720 thinking market won't move till later and position lower for upside) playing the short side is high risk. 1.4700 level is stronger support, wait for the retrace.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #130,674
  • Apr 29, 2009 5:49am Apr 29, 2009 5:49am
Quoting riskmgr
Hi Fix me1too;

Can you give us your reasoning (charts). So us newbies can learn.

TIA
So for the last eight days or so we have been in a nasty 4 wave should have broke out of it today my ultimate TP is 1.5380's but there will be some pull backs before we get to that my short term TP is high 4800's then 5100's then high 5300's. I only trade Elliot wave and have been trading it for years to me its the only real way to make money in forex but everyone has there own preference. Happy Trading


FixMe1ToO
  • #130,675
  • Apr 29, 2009 5:58am Apr 29, 2009 5:58am
Good call fixme1too and thanks for the wave count. A few more calls like that and you will make Elliot wave students of us all.

Good trading.
  • #130,676
  • Apr 29, 2009 6:07am Apr 29, 2009 6:07am
Quoting riskmgr
Good call fixme1too and thanks for the wave count. A few more calls like that and you will make Elliot wave students of us all.

Good trading.
If you are serious about FOREX and not in it for excitement and thrill like in the casinos, but in it to make money. Then you would look into Elliot Wave Theory...... Check out my old thread I have some info there about how waves work.....
  • #130,677
  • Apr 29, 2009 6:14am Apr 29, 2009 6:14am
Quoting Bull_Bear
For those that missed the move like i did (silly me closed the long @ 1.4720 thinking market won't move till later and position lower for upside) playing the short side is high risk. 1.4700 level is stronger support, wait for the retrace.
hahah same here i closed at 4720 too was a bad decision if i havent close so i have chance to see 200 GREEN pips...but better luck next time looking for short i already missed short waiting for GDP data of US

Ub
  • #130,678
  • Apr 29, 2009 6:15am Apr 29, 2009 6:15am
How about this..
Attached Image (click to enlarge)
Click to Enlarge Name: gu30min.gif Size: 12 KB
  • #130,679
  • Apr 29, 2009 6:22am Apr 29, 2009 6:22am
Quoting Mr.Sabah
How about this..
lets hope north please
  • #130,680
  • Apr 29, 2009 6:24am Apr 29, 2009 6:24am
Quoting ubaidahsan
hahah same here i closed at 4720 too was a bad decision if i havent close so i have chance to see 200 GREEN pips...but better luck next time looking for short i already missed short waiting for GDP data of US

Ub
Yeah mate, thats ok..... I still ahead in the green side this week but could be much better though.

I rather not have a position of high risk, rather wait for the retrace, if i don't get in, its better having no position than a losing one.
Veni, Vidi, Vici (We came, we saw, we conquered)
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