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Cable Update (GBPUSD)

  • #137,901
  • Jun 17, 2009 5:30pm Jun 17, 2009 5:30pm
Quoting malcolmb14
Sorry i do not post often in here forgot to add chart and resoning last post. i am on VSA and auslanos threads as I am gj trader

Here we have GU 60 min

OK who was buying on up move ? low volume .. what a shake out ...Designed to catch Geppy , but with courage and determination they held on .

Price stops right under the lower value area of yesterday = bearish on its own

we know have a bearish triangle / wedge or what ever that thing is called.

As long as we get lower highs on the high pivotsa that base of the triangle will be tested...
Hi Malcomb,

I really appreciate your charts...and explanations.....
Will hold on to my positions....also the TL makes complete sense....

Nice one thanks

GeppyG
Let Price determine your future!
  • #137,902
  • Jun 17, 2009 5:48pm Jun 17, 2009 5:48pm
trade levels

http://forexforums.dailyfx.com/attac...yst-forex2.jpg

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S + R =$$$

.
  • #137,903
  • Jun 17, 2009 5:50pm Jun 17, 2009 5:50pm
I`m still long with sl under daily pivot.. after the wins this week i can lose this it will be no problem.
But since the cabble refused to drop today even tho stocks fell, i guess the big boys don`t want it lower.....
After how the daily candle looks, i think there is a chance it will drop... but what is trading without some risk......

We will see....

Just trade it with tight SL`s as the price action didn`t make much sense the last few days.
  • #137,904
  • Jun 17, 2009 5:58pm Jun 17, 2009 5:58pm
Quoting alexandru987
I`m still long with sl under daily pivot.. after the wins this week i can lose this it will be no problem.
But since the cabble refused to drop today even tho stocks fell, i guess the big boys don`t want it lower.....
After how the daily candle looks, i think there is a chance it will drop... but what is trading without some risk......

We will see....

Just trade it with tight SL`s as the price action didn`t make much sense the last few days.

the volume was on 200 pip move down .. not a bunch of volumeo n way up

I suggest moves up are to dry up demand ... if the pros are playing it this way we will see 1.6000 test and maybe lower. Pros only dry up demand for one reason and one reason only .. to drop price rapidly on high volume
Blogging daily now at www.volume.zone
  • #137,905
  • Jun 17, 2009 6:05pm Jun 17, 2009 6:05pm
I've receive loads and loads of questions about money management and risk.

To answer all these I have created a video which can be found at:

Inserted Video


Please rate / comment as it will help me determine what I cover in the next lesson.

Cheers WG
  • #137,906
  • Edited 6:45pm Jun 17, 2009 6:12pm | Edited 6:45pm
Quoting malcolmb14
the volume was on 200 pip move down .. not a bunch of volumeo n way up

I suggest moves up are to dry up demand ... if the pros are playing it this way we will see 1.6000 test and maybe lower. Pros only dry up demand for one reason and one reason only .. to drop price rapidly on high volume
Yes i saw... and thank you for the warning... i`ll just see how it goes for a few more hours(if i manage to stay up)

I don`t do long term trading, so for me it`s enough if it just retests the highs to get some profit.

If it drops i`ll just short it with the rest of the guys after i get stopped here.


EDIT: Closed at BE.
  • #137,907
  • Jun 17, 2009 7:26pm Jun 17, 2009 7:26pm
This is a very tricky call!
  • #137,908
  • Jun 17, 2009 7:27pm Jun 17, 2009 7:27pm
Quoting jack.canadia
possible trade plans for longs and shorts
short filled 6425. view quote for chart.
  • #137,909
  • Jun 17, 2009 7:30pm Jun 17, 2009 7:30pm
Good read been following this today and tomorrow im starting with a demo account
  • #137,910
  • Jun 17, 2009 8:05pm Jun 17, 2009 8:05pm
Some education here.. just basic stuff .. bounce, pullback, break, pullback, entry .. 1-2-3 pattern

one from this morning and another possible one tonight .. nothing is exact, remember that.
Attached Image (click to enlarge)
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  • #137,911
  • Jun 17, 2009 8:23pm Jun 17, 2009 8:23pm
Quoting jack.canadia
Some education here.. just basic stuff .. bounce, pullback, break, pullback, entry .. 1-2-3 pattern

one from this morning and another possible one tonight .. nothing is exact, remember that.

Jack do you the 123 on the break of the 2 point at 377?
  • #137,912
  • Jun 17, 2009 8:23pm Jun 17, 2009 8:23pm
Quoting jack.canadia
Some education here.. just basic stuff .. bounce, pullback, break, pullback, entry .. 1-2-3 pattern

one from this morning and another possible one tonight .. nothing is exact, remember that.

Thanks Jack, we appreciate your lessons no matter how basic that you feel they are. It is always good to see how someone has worked a trade.

Keep it up.
Avoiding poverty, one pip at a time.
  • #137,913
  • Jun 17, 2009 8:24pm Jun 17, 2009 8:24pm
Any one in a position?
  • #137,914
  • Jun 17, 2009 8:32pm Jun 17, 2009 8:32pm
Quoting alex1976
Jack do you the 123 on the break of the 2 point at 377?
If it falls a bit lower, remember from the post earlier regarding volume about 6350 is a critical area .. we would expect a bounce there..

a re-test of the #2 area may be as high as 6390 based on a 15 minute chart .. i derive that value from where the most obvious close/open price is near to the #2 zone .. if you cant see it ill post a small chart

you said earlier its tricky.. and its a scary place at the top of that trendline so taking this the conservative way is best ..

if it plays out, and there is a strong bounce from 6350 area, dont dismiss the possibility of a retest as high as 6400 .. this may be short lived if it occurs (i.e. leave a long upper wick on the candle)

so .. below 77/80 .. wait on a retest of 6390/6400 for a conservative entry with a stop at 6425 (6430 if you can handle an extra 5 points) .. and then you could move it to about +10 if 6350 gives out ..

just ideas and a good chunk of my trading mentality
  • #137,915
  • Jun 17, 2009 8:34pm Jun 17, 2009 8:34pm
Quoting jack.canadia
If it falls a bit lower, remember from the post earlier regarding volume about 6350 is a critical area .. we would expect a bounce there..

a re-test of the #2 area may be as high as 6390 based on a 15 minute chart .. i derive that value from where the most obvious close/open price is near to the #2 zone .. if you cant see it ill post a small chart

you said earlier its tricky.. and its a scary place at the top of that trendline so taking this the conservative way is best ..

if it plays out, and there is a strong bounce from 6350 area,...
further to this... a more aggressive approach would be to short on a retest of the 6380 .. thats if you want to deal with a larger stop, still up around 6425 ... where and when, and if you enter is up to you .. just control risk
  • #137,916
  • Jun 17, 2009 8:38pm Jun 17, 2009 8:38pm
75 is the daily pivot as well.
  • #137,917
  • Jun 17, 2009 8:41pm Jun 17, 2009 8:41pm
Quoting jack.canadia
further to this... a more aggressive approach would be to short on a retest of the 6380 .. thats if you want to deal with a larger stop, still up around 6425 ... where and when, and if you enter is up to you .. just control risk

Thanks for your insight Jack!
  • #137,918
  • Jun 17, 2009 8:43pm Jun 17, 2009 8:43pm
Quoting jack.canadia
Any one in a position?

Short @ 6420 on todays second retest of the trendline. TP right now at our last two bounces of 6220 ish. Stops are now at 6430.
Avoiding poverty, one pip at a time.
  • #137,919
  • Jun 17, 2009 8:46pm Jun 17, 2009 8:46pm
Quoting northpeak
Short @ 6420 on todays second retest of the trendline. TP right now at our last two bounces of 6220 ish. Stops are now at 6430.
Nice im short there as well! 6430 is a prett signifcant level in the big picture .. itrs the 38.2 fib from 212 to 135
  • #137,920
  • Edited 9:32pm Jun 17, 2009 8:54pm | Edited 9:32pm
Quoting jack.canadia
Nice im short there as well! 6430 is a prett signifcant level in the big picture .. itrs the 38.2 fib from 212 to 135
I'm hoping that this will be our last bounce and that I'll be able to go short for the longer term when/if the bottom drops out tonight. This scalping is hard on my REM time!

Again, thanks for your postings. Between you and the Worm, I've learned enough of your styles to tweak mine in a positive way....especially in this consolidating market.
Avoiding poverty, one pip at a time.
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