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Cable Update (GBPUSD)

  • #150,181
  • Jul 23, 2009 11:31am Jul 23, 2009 11:31am
Quoting nihon.john
why is your avatar so scary?
b'cos he's a Forex van-helson. Has no choice if he to survive the the onslought of the vampires called 'Brokers' .
In all your ways acknowledge Him and He will direct your path.
  • #150,182
  • Jul 23, 2009 11:32am Jul 23, 2009 11:32am
Quoting ganymedes
Yes, that's a Cobra chart
  • #150,183
  • Jul 23, 2009 11:33am Jul 23, 2009 11:33am
Should go up if this chart still valid..
Attached Image (click to enlarge)
Click to Enlarge Name: channel.JPG Size: 119 KB
Pride of opinion is a characteristic of losing traders
  • #150,184
  • Jul 23, 2009 11:33am Jul 23, 2009 11:33am
Quoting albchr
This is what confuses me Stew. Just how do you know when the "trend" is now down?

I've traded what most would call many up & down "trends" over the last 2 months. How high does price have to get and then turn before you'd call it a down trend?

Thats the 64000 dollar question and a lot depends on what timeframe you trade.

My favourite is the h4 to identify the current trend.

But I will only trade it if it agrees with a higher tf - say the daily.

So if the h4 trend is down but the daily is up - then I'm looking for it to reverse to up and will ignore it until it does.

Then I look at the hourly to identify the trend of the moment and when that agrees with the h4 I'm ready.

Then I'll look at the m15/m5 for the best entry.

I also look for s/r levels for instance, but for a different reason than most here.

To me the 66 level was a clear target - I was pretty sure that price would eventually hit it again so I was looking for the price to go up to it. What it does when it gets there I don't know or care, but I'll tighten my stops as it gets closer.

Hope that makes sense.
  • #150,185
  • Jul 23, 2009 11:37am Jul 23, 2009 11:37am
Quoting 2be
I would not be surprised by a spike to the round number 1.6600 with the momentum reversing just above that level. I am setting market order to go short & 1.6615 with SL 1.6665. It is a risky trade, H4 and daily momentum providing some insight. Market order just in case I am not at the comp.
Why take such a risk when you can wait and go short on precision or probbly 10-20 pips less than anticipated, but at least you are sure of the direction.

Has someone pulled the plug out of the Forex machine. Price stands still.
In all your ways acknowledge Him and He will direct your path.
  • #150,186
  • Jul 23, 2009 11:40am Jul 23, 2009 11:40am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
eu is tanking ????


ams
  • #150,187
  • Jul 23, 2009 11:40am Jul 23, 2009 11:40am
3rd test of intraday uptrend in progress.
  • #150,188
  • Jul 23, 2009 11:42am Jul 23, 2009 11:42am
Dont post very often so hopefully this is ok,

Hindsight is a wonderful thing but i believd that the sm would drive this market up to the 9000 dow this week prior to option expirations tomorrow on the back of this the usually suspects would be dragged up with it gj - 157 and gu 1.66 being fair targets , Hey the resession is over long live the king. It was a fair bet that the majority of the earning reports would show good gains (there expectations were very low anyway) and as far as the other key reports us unemployment, house sells etc are easy to manipulate if they want to. But as i am sure many are with me when this market has to fall the us unemployment stands at 9.8 % (probably closer to 19% in reality) + with hrs worked markedly down with alot of partime and reduced working weeks who is going to buy , with indivdual debt at record levels and no savings and house prices on the knees, no available credit things do not look good to me anyway. The SM in my opinion will use this window of driving things up into a buying climax and then soon maybe even next week on any bad news it will drop so fast it will take your breath away. I have been long all week but clossed my postions at 4pm gmt. i have sold dow 9020 , crude 65 , gj 157 and gu 16545 and lets see gave them some room. but hopefully next week things work out
  • #150,189
  • Jul 23, 2009 11:42am Jul 23, 2009 11:42am
Quoting iqyusan
only my view brother...... others can have other view of the graph.....

4H for the trend.... entry using lower TH 1H or 15 M
  • #150,190
  • Jul 23, 2009 11:45am Jul 23, 2009 11:45am
I was just looking at the monthly charts. It's pretty intersesting to see that, had I been live with my 5K account, I could have slapped a 2 lot standard buy in on the first of April. Open at 1.4358, Low of 1.4272 for a total draw down of 86 pips which a 5k account could handle easily.

I'd now have $44,000 as of today at 1.6558. +2200 pips

Hmmm...who knew?
Ghost Rider - WWTBMD?
  • #150,191
  • Jul 23, 2009 11:48am Jul 23, 2009 11:48am
Quoting stewrigh
Hope that makes sense.
Perfectly...
Ghost Rider - WWTBMD?
  • #150,192
  • Jul 23, 2009 11:51am Jul 23, 2009 11:51am
Quoting albchr
I was just looking at the monthly charts. It's pretty intersesting to see that, had I been live with my 5K account, I could have slapped a 2 lot standard buy in on the first of April. Open at 1.4358, Low of 1.4272 for a total draw down of 86 pips which a 5k account could handle easily.

I'd now have $44,000 as of today at 1.6558. +2200 pips

Hmmm...who knew?
Yeah if we could trade hindsight we'd all be rich.
  • #150,193
  • Jul 23, 2009 11:52am Jul 23, 2009 11:52am
Quoting stewrigh
Thats the 64000 dollar question and a lot depends on what timeframe you trade.

My favourite is the h4 to identify the current trend.

But I will only trade it if it agrees with a higher tf - say the daily.

So if the h4 trend is down but the daily is up - then I'm looking for it to reverse to up and will ignore it until it does.

Then I look at the hourly to identify the trend of the moment and when that agrees with the h4 I'm ready.

Then I'll look at the m15/m5 for the best entry.

I also look for s/r levels for instance, but for a different...
Daily showing overbought. DSS/AD and stochs meeting at the top. However still room on H4 (probably till 6615/6645 before downtrend is confirmed. What do you think?
In all your ways acknowledge Him and He will direct your path.
  • #150,194
  • Jul 23, 2009 11:58am Jul 23, 2009 11:58am
Quoting OmegaFire
Daily showing overbought. DSS/AD and stochs meeting at the top. However still room on H4 (probably till 6615/6645 before downtrend is confirmed. What do you think?

Look at the daily, the trend is up, and I'll be buying the dips untl 1.6 is breached.

When 1.6 gives I think the trend will have reversed to down.
  • #150,195
  • Jul 23, 2009 12:01pm Jul 23, 2009 12:01pm
Quoting stewrigh
Yeah if we could trade hindsight we'd all be rich.
I have just finished my time machine which is in the garage and I am nipping forward to next Friday.

I am taking my laptop with me and taking some screen shots

I will be back in a couple of hours and the screen shots are for sale at $1k each - strictly cash

Come to think of it, I wont need any cash ....

That thought is applicable to 'system sellers' by the way !
  • #150,196
  • Jul 23, 2009 12:05pm Jul 23, 2009 12:05pm
Quoting allserene
I have just finished my time machine which is in the garage and I am nipping forward to next Friday.

I am taking my laptop with me and taking some screen shots

I will be back in a couple of hours and the screen shots are for sale at $1k each - strictly cash

Come to think of it, I wont need any cash ....

That thought is applicable to 'system sellers' by the way !
I never could figure why Dr Who isn't a billionaire yet. lol
  • #150,197
  • Jul 23, 2009 12:06pm Jul 23, 2009 12:06pm
Quoting stewrigh
Yeah if we could trade hindsight we'd all be rich.
What? You telling me we can't make these charts run left to right? Oh man, that's not what that school told me....
Ghost Rider - WWTBMD?
  • #150,198
  • Jul 23, 2009 12:09pm Jul 23, 2009 12:09pm
Quoting albchr
What? You telling me we can't make these charts run left to right? Oh man, that's not what that school told me....
Sue the pants off them......
  • #150,199
  • Jul 23, 2009 12:13pm Jul 23, 2009 12:13pm
Quoting stewrigh
Sue the pants off them......

Well I've just reached trader frustration so I'm done. This wishy washy garbage has cost me enough today and I won't open myself up to revenge trading.

Perhaps tomorrow there will actually be a market to trade.

Best wishes everyone...
Ghost Rider - WWTBMD?
  • #150,200
  • Jul 23, 2009 12:16pm Jul 23, 2009 12:16pm
HI All,

As you probably saw there is a nice divergence on H1
She might go down for a while. Just a thought

London Trader

Quoting albchr
What? You telling me we can't make these charts run left to right? Oh man, that's not what that school told me....
Discomfort and profit often stand side by side
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