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Cable Update (GBPUSD)

  • #145,961
  • Jul 14, 2009 3:05am Jul 14, 2009 3:05am
Quoting Bull_Bear
Cable UP bro.... bit concern about the EUR decline though, bad data didn't help.

Well, the GU & EU have been traveling in different directions for a few days now. So it "might" just be good confirmation for your long.

Hmmmm...that hour closed below my 6320. I'm thinking a short may be in order now. But I'll wait for a bit and watch PA.
Ghost Rider - WWTBMD?
  • #145,962
  • Jul 14, 2009 3:08am Jul 14, 2009 3:08am
Hey, the bulls had their turn. Now it's bears turn. Come on. Give us our turn!
  • #145,963
  • Jul 14, 2009 3:08am Jul 14, 2009 3:08am
Quoting Pham
Hey man,

Do you think US stock will go higher today?

You're asking the wrong guy. I know less about stocks than I do about Forex and I'm still learning that...LOL

All I know (from my very limited knowledge) is right now, stocks are way to risky for me in this economy.
Ghost Rider - WWTBMD?
  • #145,964
  • Jul 14, 2009 3:09am Jul 14, 2009 3:09am
Quoting albchr
Hey WB,

I've never used TL's before (I think they're subjective as to how you draw them and I don't really know how) but, give me your take on this one.

It intersects with my SR at 6320 which is where I've been thinking of shorting. Soooo...if price breaks and closes on the 1H above both my SR and this TL, that would be a good indication that we might go higher?? If it doesn't, then lower??

Just looking for your thoughts......
Hi chris, yup they're subjective as how one plots them. But some of the key criteria isn't subjective. As price leans higher towards the rising tl indicates bullish expansion. They were some major tl that you have left out. I have roughly plot the tl on your chart to give you a rough idea of what the key levels are to me and where it'll be favourable to short if you're considering it.
Atm, however I wouldn't be looking to short.
Hope it helps bro & sorry for the delay. I was out jogging lol
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Thank You
  • #145,965
  • Jul 14, 2009 3:09am Jul 14, 2009 3:09am
yes...cable move up..im still with long ehee....wait US market open ehee....wait and see...really hope going up again...
be patient, self-belief and discipline... stay focus...
  • #145,966
  • Jul 14, 2009 3:10am Jul 14, 2009 3:10am
Hi Wolf,

How far it might go down...? What is the TP?
Thx,
London Trader
Quoting Wolf.
Didn't bother stating the entry thought it was clear from the chart, its were price is now.

Converging T/Ls, R1, top of the present 4HR range, bottom of the previous 4HR range, Monthly pivot at 336.

Daily pin is against it though so if it makes it down to the DP that may be a good area to long.

Just my opinion I could be very wrong .
Discomfort and profit often stand side by side
  • #145,967
  • Jul 14, 2009 3:10am Jul 14, 2009 3:10am
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  • #145,968
  • Jul 14, 2009 3:12am Jul 14, 2009 3:12am
Quoting piper20
i'm trapped on news, i'm newbie in this industry... & this forum helpfull for me to learn , sorry my engglish so bad

Your English is fine. I always marvel at all the folks here that know at least 2 languages. Wish I did....
Ghost Rider - WWTBMD?
  • #145,969
  • Jul 14, 2009 3:14am Jul 14, 2009 3:14am
Quoting Faryad
I think down she goes now
Not b4 hitting 6360 methink.
In all your ways acknowledge Him and He will direct your path.
  • #145,970
  • Jul 14, 2009 3:16am Jul 14, 2009 3:16am
Quoting omegafire
not b4 hitting 6360 methink.
dont worry she is down at any moment
  • #145,971
  • Edited 4:01am Jul 14, 2009 3:18am | Edited 4:01am
Quoting LondonTrader
Hi Wolf,

How far it might go down...? What is the TP?
Thx,
London Trader
Hi London Trader,

Firstly it may not go down (don't tell anyone but I still have a small portion of my long from yesterday).

See this post from a little earlier.

http://www.forexfactory.com/showpost...stcount=145942

Wormboy being long isn't helping my shorts LOL.
  • #145,972
  • Jul 14, 2009 3:18am Jul 14, 2009 3:18am
Quoting wormboy
Hi chris, yup they're subjective as how one plots them. But some of the key criteria isn't subjective. As price leans higher towards the rising tl indicates bullish expansion. They were some major tl that you have left out. I have roughly plot the tl on your chart to give you a rough idea of what the key levels are to me and where it'll be favourable to short if you're considering it.
Atm, however I wouldn't be looking to short.
Hope it helps bro & sorry for the delay. I was out jogging lol

I see. So your ltl was drawn from the 2 wicks at the swing low? See, that's where I get confused. To me, there wasn't 2 lower points to draw one. But I see what you're doing.

Thanks buddy. Didn't mean to put you through any work like that. Much appreciated!!
Ghost Rider - WWTBMD?
  • #145,973
  • Jul 14, 2009 3:23am Jul 14, 2009 3:23am
Quoting albchr
Thanks buddy. Didn't mean to put you through any work like that. Much appreciated!!
No issue bro, don't mention it
Don't short yet btw .. good luck
Thank You
  • #145,974
  • Jul 14, 2009 3:24am Jul 14, 2009 3:24am
Quoting wormboy
Hi chris, yup they're subjective as how one plots them. But some of the key criteria isn't subjective. As price leans higher towards the rising tl indicates bullish expansion. They were some major tl that you have left out. I have roughly plot the tl on your chart to give you a rough idea of what the key levels are to me and where it'll be favourable to short if you're considering it.
Atm, however I wouldn't be looking to short.
Hope it helps bro & sorry for the delay. I was out jogging lol

The running man is back.... Mate you keep fit. The most excercise I get is lifting the beer to my mouth.

Good advise on the not shorting direction Wormie.

I saw some amateur was giving you lip earlier. He obviously don't know your status.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #145,975
  • Jul 14, 2009 3:28am Jul 14, 2009 3:28am
Quoting wormboy
No issue bro, don't mention it
Don't short yet btw .. good luck

Yeah, I'm not. That's why I ALWAYS wait a bit into the next bar. I never enter a trade right off the close of a bar. And as usual, you're right on the money my friend!!!.....

Now if this hour closes as a nice pin below 6320, That would fit my style and I'd consider a short then. But with both you and BB thinking long, I'll be patient. My youngest starts collage next year, can't afford to be stupid....LOL
Ghost Rider - WWTBMD?
  • #145,976
  • Jul 14, 2009 3:32am Jul 14, 2009 3:32am
Quoting Bull_Bear
The running man is back....
Lol how's it going bb, with all this sitting around the computer, I need the heart workout!
Superb call on the long bro, I see your 64xx target is within sight btw, crystal clear on my chart now, unless the market decides to surprise us again. You the man

Here's the earlier chart: http://www.forexfactory.com/showthre...34#post2871934
Thank You
  • #145,977
  • Jul 14, 2009 3:40am Jul 14, 2009 3:40am
Quoting wormboy
Lol how's it going bb, with all this sitting around the computer, I need the heart workout!
Superb call on the long bro, I see your 64xx target is within sight btw, crystal clear on my chart now, unless the market decides to surprise us again. You the man

Here's the earlier chart: http://www.forexfactory.com/showthre...34#post2871934
Yup I like what i see, no deviations from it at this point

Still habg'n long with my panicky friend UB.... Only joking bro
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #145,978
  • Jul 14, 2009 3:41am Jul 14, 2009 3:41am
Quoting albchr
Yeah, I'm not. That's why I ALWAYS wait a bit into the next bar. I never enter a trade right off the close of a bar. And as usual, you're right on the money my friend!!!.....

Now if this hour closes as a nice pin below 6320, That would fit my style and I'd consider a short then. But with both you and BB thinking long, I'll be patient. My youngest starts collage next year, can't afford to be stupid....LOL
If I may say, even if it forms a pin below 6320 I won't consider shorting. You can see there were numerous reversal candles (pins, tweezers, stars) all had been crushed prior to this move up. And this move so far is symmetrical, so there is a possibility you get the double top formation if there is a reversal pattern at the 6420 resistance level. I think shorting below the ltl break would give you a good 200 pips at least. Might reverse at 6320 still, but I still think a close below the ltl is paramount before considering short because price might just reverse from 6320, bounce on the ltl and kill your short position. Might as well take the long position on the possible bounce.
Just a thought .. in no means trying to confuse you bro

Oh btw, it has nothing to do with being stupid bro, has everything with being patient
Thank You
  • #145,979
  • Edited 3:49am Jul 14, 2009 3:47am | Edited 3:49am
Quoting wormboy
If I may say, even if it forms a pin below 6320 I won't consider shorting. You can see there were numerous reversal candles (pins, tweezers, stars) all had been crushed prior to this move up. And this move so far is symmetrical, so there is a possibility you get the double top formation if there is a reversal pattern at the 6420 resistance level. I think shorting below the ltl break would give you a good 200 pips at least. Might reverse at 6320 still, but I still think a close below the ltl is paramount before considering short because price might...

Thanks mr worm boy for that deep insight u make it very clear for us on what things to look for when we read the chart. God bless you bro !!
  • #145,980
  • Jul 14, 2009 3:49am Jul 14, 2009 3:49am
Move up not yet exhausted, so looking to add some more to my position.

Quoting 5abi
added one more long 6235. Stop 6170.
Its all in the mind.
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