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Cable Update (GBPUSD)

  • #131,781
  • May 11, 2009 12:38pm May 11, 2009 12:38pm
Quoting jgnorton
What do you think this chart is telling you? I am seeing long all over it.
I see volume decreasing as price is rising. That to me is bearish.

You may catch another re-test of the highs though, who knows. You bought right at resistance so hopefully it breaks. I would have waited for a thrust higher and a pullback to go long.
  • #131,782
  • May 11, 2009 12:39pm May 11, 2009 12:39pm
Quoting jack.canadia
King that's not really a good way to trade. Closing down one short and opening another will cause you more grief. What if price shoots up really high? Ya sure you got one position in profit, but then youll lose on another. And if you had a stop in on the first one, then there was no risk!

You open a position at a good place, which we all decided was in the 5140's and then you see how it reacts. We had about 20 pips in our favor, enough to put a stop at BE! Then theres no risk! Look I was just taken out for...
thanks jack, can you explain about BE? i dont understand
- Always pray on your trading - God know the best for everyone
  • #131,783
  • May 11, 2009 12:41pm May 11, 2009 12:41pm
Quoting kingindian
thanks jack, can you explain about BE? i dont understand
You shorted 1.5145 .. so when you were at about 20-30 pips in profit, you move your stop to BE (break-even).. meaning, your stop would be 5145, that way if it gets hit you dont take a loss. And look what price has done now. This is not always the case but its better to take 0 pips than suffer negative pips any day.
  • #131,784
  • May 11, 2009 12:43pm May 11, 2009 12:43pm
Quoting jack.canadia
I see volume decreasing as price is rising. That to me is bearish.

You may catch another re-test of the highs though, who knows. You bought right at resistance so hopefully it breaks. I would have waited for a thrust higher and a pullback to go long.
If it dips back down I'll break even. Hopefully I see I nice push for a bit.
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  • #131,785
  • May 11, 2009 12:43pm May 11, 2009 12:43pm
Quoting kingindian
thanks jack, can you explain about BE? i dont understand
Move your stop to at least "Break Even" as the price moves in your favor that way you're not risking anything once the price has gone in your favor a sufficient amount.

Doh! I didn't mean to do that.
  • #131,786
  • May 11, 2009 12:50pm May 11, 2009 12:50pm
Im off for the day.

See yous tonight.
  • #131,787
  • May 11, 2009 12:53pm May 11, 2009 12:53pm
Quoting jack.canadia
I see volume decreasing as price is rising. That to me is bearish.

You may catch another re-test of the highs though, who knows. You bought right at resistance so hopefully it breaks. I would have waited for a thrust higher and a pullback to go long.
Jack could you give me your highest price at 18:34GMT - its 18:53 right now - mine seems to have stalled at 1.51722 Regards Eric
  • #131,788
  • May 11, 2009 12:53pm May 11, 2009 12:53pm
Quoting jack.canadia
You shorted 1.5145 .. so when you were at about 20-30 pips in profit, you move your stop to BE (break-even).. meaning, your stop would be 5145, that way if it gets hit you dont take a loss. And look what price has done now. This is not always the case but its better to take 0 pips than suffer negative pips any day.
Wow....a very nice idea!
never think about it!
thanks

i add it to my system
- Always pray on your trading - God know the best for everyone
  • #131,789
  • May 11, 2009 12:54pm May 11, 2009 12:54pm
Quoting *Pipster*
Move your stop to at least "Break Even" as the price moves in your favor that way you're not risking anything once the price has gone in your favor a sufficient amount.

thanks for your information too!
- Always pray on your trading - God know the best for everyone
  • #131,790
  • May 11, 2009 1:03pm May 11, 2009 1:03pm
Shortin' like Gary Colemen.
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  • #131,791
  • May 11, 2009 1:23pm May 11, 2009 1:23pm
The cable is trading over the supportat1.5100, after hitting a session high of 1.5245 dollars per pound.

I think there will be movements next Wednesday, when the UK quarterly CPI is release.
  • #131,792
  • May 11, 2009 1:45pm May 11, 2009 1:45pm
Quoting kelly
The cable is trading over the supportat1.5100, after hitting a session high of 1.5245 dollars per pound.

I think there will be movements next Wednesday, when the UK quarterly CPI is release.
Folks, I've been monitoring this board all day and see lots of comments about support and resistance, but every posting that mentions them is quoting different levels. Clearly, people are looking at different timeframes, but where do people get your support/resistance/pivot data from?

I use http://www.forexrate.co.uk/pivot_poi...rex_pivots.php.

Anyone care to offer another source?
  • #131,793
  • May 11, 2009 2:15pm May 11, 2009 2:15pm
Looks like GU is not really wanting to fall anymore.
AUDUSD still short @ 0.7634 SL @ BE.
Hear the music before the song is over ...
  • #131,794
  • May 11, 2009 2:40pm May 11, 2009 2:40pm
New Downtrend on 1 hr.
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  • #131,795
  • May 11, 2009 2:44pm May 11, 2009 2:44pm
Quoting jack.canadia
Im off for the day.

See yous tonight.

Hey Jack Canadia, your analysis is spot on dude (66% winning trades with sl/tp 1/3 or higher comes 2 @ least around 90%). Appriciate u taking ur time to post them here.

There used 2 be some other good traders here like ak47, Abawad, wormboy, pipland etc who used 2 do good analysis and share thoughts, but I got no idea where they're gone.
  • #131,796
  • May 11, 2009 2:47pm May 11, 2009 2:47pm
Retrace on 4hr.
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  • #131,797
  • May 11, 2009 2:54pm May 11, 2009 2:54pm
stop move down to 0.7614 in AU.
Hear the music before the song is over ...
  • #131,798
  • May 11, 2009 3:15pm May 11, 2009 3:15pm
Quoting skerdi-meta
Hey Jack Canadia, your analysis is spot on dude (66% winning trades with sl/tp 1/3 or higher comes 2 @ least around 90%). Appriciate u taking ur time to post them here.

There used 2 be some other good traders here like ak47, Abawad, wormboy, pipland etc who used 2 do good analysis and share thoughts, but I got no idea where they're gone.
Thanks for the compliment Skerdi, Im still here just wondering about the forums mostly.

I was calling this short on friday but kept getting stopped out, I posted my analysis on the "trade what you see thread2 if you go back through my posts you should see it.

Heres what Im looking at for now I shorted again at 5209 and ive taken profit on 80% of that position now.

Im leaving the rest running because i see a clear rising wedge pattern which is Bearish, so theres good risk to reward for leaving this running now. We almost had an evening star candlestick pattern on the daily as well but theres no gaps so "technically" its not valid.

Im not adding to the position but id like to see this get below 4920 for continuation down and possibly a break of the wedge and then further down to 4500? maybe?

The dow has had a massive rally and is due for a correction, even with the big rally, Dow still looks very bearish to me and i feel it could test the bottom once again.
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  • #131,799
  • May 11, 2009 3:48pm May 11, 2009 3:48pm
AU short exited @ 0.7591 => +43 pips.Flat in all pairs.
Hear the music before the song is over ...
  • #131,800
  • May 11, 2009 4:07pm May 11, 2009 4:07pm
Still the bias is short .........should I give up after burning with GBP shorts ?
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