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Cable Update (GBPUSD)

  • #140,901
  • Jun 29, 2009 12:27pm Jun 29, 2009 12:27pm
Quoting malcolmb14
I know why .. they like losing money.
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Losing money? Not hardly. I mean no disrespect as I see you have many posts and vouchers but I've been trading this range for 3 weeks and have made an absolute KILLING both up and down....LOL

It's ALL about trade management. I'm in great "banked" profit today and all from shorts at the upper end of this "range"....
Ghost Rider - WWTBMD?
  • #140,902
  • Jun 29, 2009 12:36pm Jun 29, 2009 12:36pm
Quoting malcolmb14
Jack .. check out post last night from me before London . i suggested i was selling rallies , however looked like a bear trap. If price stayed above the lower value area of Friday 6445 for more than 30 min then 80% chance 6510 would be hit . Odd how uisng pivots or values areas we all come up with same areas. I am only buying dips today , have been on gj and gu all day

this 1 hour shows the way

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Ya i like to watch the candles around the pivots, especially the 1hr. First hurdle up will be daily R1 at 6597.

And to those of you complaining about everyone wanting to short, we are thinking of doing so since we are near the top of a range, and thats what you do at the top of a range, you short.
  • #140,903
  • Jun 29, 2009 12:38pm Jun 29, 2009 12:38pm
Quoting jack.canadia
Ya i like to watch the candles around the pivots, especially the 1hr. First hurdle up will be daily R1 at 6597.

And to those of you complaining about everyone wanting to short, we are thinking of doing so since we are near the top of a range, and thats what you do at the top of a range, you short.
I hope so before 22GMT, because that is my cutoff time for trading.
  • #140,904
  • Jun 29, 2009 12:40pm Jun 29, 2009 12:40pm
Quoting jack.canadia
And to those of you complaining about everyone wanting to short, we are thinking of doing so since we are near the top of a range, and thats what you do at the top of a range, you short.
Sure, unless price action or your strategy tell you otherwise...
  • #140,905
  • Jun 29, 2009 12:41pm Jun 29, 2009 12:41pm
Quoting jack.canadia
Ya i like to watch the candles around the pivots, especially the 1hr. First hurdle up will be daily R1 at 6597.

And to those of you complaining about everyone wanting to short, we are thinking of doing so since we are near the top of a range, and thats what you do at the top of a range, you short.



Went short at 6575 with 3 lots. Sold off two of them already (probably too soon on the second one) and I'm locked in profit on the third.

I know there's a zillion ways to trade but baby, this is how I make EASY money...LOL
Ghost Rider - WWTBMD?
  • #140,906
  • Jun 29, 2009 12:43pm Jun 29, 2009 12:43pm
Quoting albchr


Went short at 6575 with 3 lots. Sold off two of them already (probably too soon on the second one) and I'm locked in profit on the third.

I know there's a zillion ways to trade but baby, this is how I make EASY money...LOL
Yeah long/short for two weeks now until the range falls apart.

Longer term I am still bearish on this pair. My short term bias changes on the fly since I like to trade all day.
  • #140,907
  • Jun 29, 2009 12:44pm Jun 29, 2009 12:44pm
Quoting albchr
Losing money? Not hardly. I mean no disrespect as I see you have many posts and vouchers but I've been trading this range for 3 weeks and have made an absolute KILLING both up and down....LOL

It's ALL about trade management. I'm in great "banked" profit today and all from shorts at the upper end of this "range"....

no do not get me wrong. You can short the trend, but you have to know that you are maxing risk by doing so. Great job in making money doing so !!

All the dips are being bought on 5 min right now.

why ? that is easy. I see 1.6600 test and maybe a break out later in London , unless i see some convincing reason to sell rallies , which i do not right now

there are not any no demand bars at top of range indicating buyers have lost interest , instead the pros know there are some like you out there trying to fade the trend right now. They stop buying and let the sellers take their sell position of the top of range. Thuus price drops a few pips before beng bought again . Pros are not selling , just not in markets for 15 min periods.

There have been low volume tests on a 5 min x 3 last hour. This mean that in reality pros are not interested in selling right now.

this smells of a breakout later , maybe not Asia. I hope london as this will be a real mover and shaker , fast to lock in traders that would be selling at 1.6600 (ie to keep longs in the trade) and to stop out all shorts , driving the move higher.

today from what I am seeing on the charts selling is swimming up river....

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  • #140,908
  • Jun 29, 2009 12:45pm Jun 29, 2009 12:45pm
Quoting jack.canadia
Yeah long/short for two weeks now until the range falls apart.

Longer term I am still bearish on this pair. My short term bias changes on the fly since I like to trade all day.

Precisely!
Ghost Rider - WWTBMD?
  • #140,909
  • Jun 29, 2009 12:50pm Jun 29, 2009 12:50pm
Quoting malcolmb14
instead the pros know there are some like you out there trying to fade the trend right now.
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Some like me? You mean guys taken good money off the table all day? As long as I'm at BE or better (which I am very quickly), let the "pros" do what they will...LOL

They ain't taking any of my cash. PA tells me where to get in. The rest is up to me....

I have no need to drop below a 1H chart.
Ghost Rider - WWTBMD?
  • #140,910
  • Jun 29, 2009 12:50pm Jun 29, 2009 12:50pm
Quoting jack.canadia
Yeah long/short for two weeks now until the range falls apart.

Longer term I am still bearish on this pair. My short term bias changes on the fly since I like to trade all day.

note last time 4 hour hit that upper area ... wham down she went .

This time been hovering there all session. 3 x 4 hour candles. A VERY different set up than other peaks.

I smell breakout.

I will not be shorting this intraday until i get price trading under the value area of the previous session

newer traders that are short be CAEEFUL. This top does not look the same as the rest. make sure those stop are in . I am 80 % convinced this is destined for 1.700 test within next 2 weeks.
Blogging daily now at www.volume.zone
  • #140,911
  • Jun 29, 2009 12:51pm Jun 29, 2009 12:51pm
Quoting malcolmb14
note last time 4 hour hit that upper area ... wham down she went .

This time been hovering there all session. 3 x 4 hour candles. A VERY different set up than other peaks.

I smell breakout.

I will not be shorting this intraday until i get price trading under the value area of the previous session

newer traders that are short be CAEEFUL. This top does not look the same as the rest. make sure those stop are in . I am 80 % convinced this is destined for 1.700 test within next 2 weeks.
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  • #140,912
  • Jun 29, 2009 12:55pm Jun 29, 2009 12:55pm
what is on 1.6470 1.6480 which make a such strong resistance i can't
find anything !!!
  • #140,913
  • Jun 29, 2009 1:01pm Jun 29, 2009 1:01pm
Quoting albchr
Some like me? You mean guys taken good money off the table all day? As long as I'm at BE or better (which I am very quickly), let the "pros" do what they will...LOL

They ain't taking any of my cash. PA tells me where to get in. The rest is up to me....

I have no need to drop below a 1H chart.

No disrespect meant. I meant bears sitting at top of range.

no you are doing awesome job ..... in selling of top of rally.

Lets me show you my esignal charts and why I am not selling rallies.

the volume does not lie to me. I am just saying pros know there are bears at the top of range ... just does not seem to be them . The background is buying. I do 90% of my trades using volume. This looks like accumulation pahse. Seem odd at this high price.

I would love to see a 50 pip move down right now , then this gets bought into. This is called a shake out in vsa and would show very clearly the intent of the pros

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  • #140,914
  • Jun 29, 2009 1:01pm Jun 29, 2009 1:01pm
Quoting peyman
what is on 1.6470 1.6480 which make a such strong resistance i can't
find anything !!!
On the 5 minute each time it came off this area is made a higher low.. Should break here soon and shoot up toward 6600
  • #140,915
  • Jun 29, 2009 1:11pm Jun 29, 2009 1:11pm
Hi! Which is the best time to set pivot points? oo:oo gmt or NY open for GBP/USD?
  • #140,916
  • Jun 29, 2009 1:11pm Jun 29, 2009 1:11pm
i am hedging now .. @ 1.6534 short
and @ 1.6577 long with same amout
any idea how to get out of this trouble
it is my first time to hedge !!!
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #140,917
  • Jun 29, 2009 1:15pm Jun 29, 2009 1:15pm
Quoting malcolmb14
No disrespect meant. I meant bears sitting at top of range.
No I wasn't trying to imply you meant any disrespect...LOL

In fact I see what you mean and tend to agree if I see PA tell me long above 6600.

As I said in an earlier post... http://www.forexfactory.com/showpost...stcount=140788

I'm waiting for PA action around the 6600 area to see if we're going to finally break this range or stay in it. So far today all the signs I've seen say we're staying in it so I'm just taking advantage of that.

I have a style that gets me to BE+ very quickly so even though I have a small account and play HUGE risk via lots, I never loose much when I do and the wins are always much bigger than the losses.
Ghost Rider - WWTBMD?
  • #140,918
  • Jun 29, 2009 1:15pm Jun 29, 2009 1:15pm
Quoting Pollux
Hi! Which is the best time to set pivot points? oo:oo gmt or NY open for GBP/USD?
I use london open .. most of volume comes london and us and also price action , so i set daily pivots and my volume histogram to start then
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  • #140,919
  • Jun 29, 2009 1:18pm Jun 29, 2009 1:18pm
Quoting malcolmb14
I use london open .. most of volume comes london and us and also price action , so i set daily pivots and my volume histogram to start then
Thanks a lot .
  • #140,920
  • Jun 29, 2009 1:18pm Jun 29, 2009 1:18pm
Quoting Pollux
Hi! Which is the best time to set pivot points? oo:oo gmt or NY open for GBP/USD?
However, having done some extensive research into pivots, there are 2 trains of thought as you have listed. Having back tested this going back to 2005 on CABLE only, Cable responds better to the Midnight NY pivots. I can't say the same for other pairs as I only trade Cable.
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