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Cable Update (GBPUSD)

  • #138,321
  • Jun 18, 2009 11:44pm Jun 18, 2009 11:44pm
Quoting forexlion
okay, but i trade 4 hour and daily

one of the grand masters of GU i met at marketiva who now owns a shipping business in holland once told me GU is best traded only on 4 hour charts or above, less than that she bites a lot.

his trades were always to the mark, and that surprised me a lot.

anyways, his concept was pretty simple

below day open the trend is bearish, above it is bullish, rest depends on what 4 hour says.

so going by that, below day open i will look to short, but if it does reverse and go above it then i will reconsider my...

sounds like how i used to trade stocks .. place high and low 1st 30 min of market open .. above open range high = bullish buy dips , below = bearish sell rallies
Blogging daily now at www.volume.zone
  • #138,322
  • Jun 19, 2009 12:02am Jun 19, 2009 12:02am
Quoting malcolmb14
sounds like how i used to trade stocks .. place high and low 1st 30 min of market open .. above open range high = bullish buy dips , below = bearish sell rallies
looks like a good plan to work with while i try to figure out volume trading
  • #138,323
  • Jun 19, 2009 12:02am Jun 19, 2009 12:02am
Quoting malcolmb14
sounds like how i used to trade stocks .. place high and low 1st 30 min of market open .. above open range high = bullish buy dips , below = bearish sell rallies
i would have considered going long if GU had started above day open

but since we started below day open and remained below day open, i am bearish.

this is how i decide what to do.
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  • #138,324
  • Jun 19, 2009 12:17am Jun 19, 2009 12:17am
Quoting forexlion
i would have considered going long if GU had started above day open

but since we started below day open and remained below day open, i am bearish.

this is how i decide what to do.

I use a volume histogram and trade the upper and lower value areas of prior day . They work awesome . If testing the lower value area and I see strength as we did on gu with all that volume she is a long. the 80% rule comes into effect , where 2 consecutive 30 min bars in the value area there is an 80 % chance we go across the value area , which we did

Tomorrow / london tonight if we breakout 6381 , which is also todays upper value area this and remain above there this is considered bullish .

http://www.secretsoftraders.com/ValueAreaHelpGuide.htm

i have not find a decent volume histogram for mt4 out there that shows the values areas .

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Blogging daily now at www.volume.zone
  • #138,325
  • Jun 19, 2009 12:28am Jun 19, 2009 12:28am
over analysis leads to paralysis!

Keep it simple.

Trade what you see not what you want to make yourself believe!
  • #138,326
  • Jun 19, 2009 12:30am Jun 19, 2009 12:30am
I see buyers on dips clear as day

for now .. keeping open mind but I think 6405 test on cards

still holding my long , 6305

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  • #138,327
  • Jun 19, 2009 12:38am Jun 19, 2009 12:38am
1h chart is so bearish.. i'm shorting with T/P @ 1.6230
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  • #138,328
  • Jun 19, 2009 12:42am Jun 19, 2009 12:42am
Quoting forexlion
your 2 words are confusing -- anal-y-sis and paral-y-sis

why sis ??

Thats how they teach you to spell it in school!

please dont be confused!
  • #138,329
  • Jun 19, 2009 12:44am Jun 19, 2009 12:44am
Quoting invicta79
1h chart is so bearish.. i'm shorting with T/P @ 1.6230
make sure you have tight stop .. gu being bought every dip on 5 right now

6405 test at least
Blogging daily now at www.volume.zone
  • #138,330
  • Jun 19, 2009 12:48am Jun 19, 2009 12:48am
Im off to bed..

see some of u for this freaky witch friday! lol
  • #138,331
  • Jun 19, 2009 1:00am Jun 19, 2009 1:00am
I haven't seen so many trend lines line up in a while.
And if my MACD get any flatter, It's going to need Defib.

I think I'm calling it a night.

Spike
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Will, Knowledge, Discipline, And tenacity=Success
  • #138,332
  • Jun 19, 2009 1:09am Jun 19, 2009 1:09am
Quoting Spike
I haven't seen so many trend lines line up in a while.
And if my MACD get any flatter, It's going to need Defib.

I think I'm calling it a night.

Spike
yeah the 4 hour macd is just too much for me too, i am out
  • #138,333
  • Jun 19, 2009 1:15am Jun 19, 2009 1:15am
holding a short from 6372, hourly chart looks strongly bearish, if this hour candle will prove it, then i think there could be a run to 6210.
  • #138,334
  • Jun 19, 2009 1:18am Jun 19, 2009 1:18am
Quoting Endrju
holding a short from 6372, hourly chart looks strongly bearish, if this hour candle will prove it, then i think there could be a run to 6210.
im in there from 6370, stop @ be.
Keep It Simple Stupid
  • #138,335
  • Jun 19, 2009 1:22am Jun 19, 2009 1:22am
same here.. T/P @ 6220
  • #138,336
  • Jun 19, 2009 1:54am Jun 19, 2009 1:54am
staying out here!

could go either way.

too tough to call direction right now!

be patient and wait for the breakout!
  • #138,337
  • Jun 19, 2009 2:00am Jun 19, 2009 2:00am
Im long. Once London wakes up its going to go to the moon. SL at 6300.
  • #138,338
  • Jun 19, 2009 2:00am Jun 19, 2009 2:00am
Good morning everyone. I see cable still has no clear directions.

4h is looking bearish to me. It looks like it may try 64. I'll look to short around there.

Good luck to all.
  • #138,339
  • Edited 2:37am Jun 19, 2009 2:22am | Edited 2:37am
Today Price Open at 1.6341 well the touch down around 1.6140 is expected while weekly chart offer big Up To 1.6890. my prediction market could play for today around 1.6150 at low and 1.6450 at high.
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  • #138,340
  • Jun 19, 2009 2:37am Jun 19, 2009 2:37am
Quoting forexlion
yeah the 4 hour macd is just too much for me too, i am out
Hi forexlion .. did i eat your stop yet ??lol .
Now do you believe me volume works ?
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