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Daily Cable Analysis

  • #8,221
  • Jul 23, 2009 8:53pm Jul 23, 2009 8:53pm
Always a cat and mouse game, but the easiest session to make money.

I have not traded in the London or NY session in a very long time.

I prefer watching reaction to previous sessions and making pips, sometimes long term trades are in the plan, but always ready to push the button either way.

If we expect dip to 70 area, then we can be safe for quick pips if we hit the right time on entry, never be greedy, just take a few and be happy.

Note: I am also watching EU closely, these are the only two pairs I watch, they give me a good signal usually by watching them together, EU is now climbing a little higher, GU is holding back, so will see which pair is really going the right way soon enough.
TheCableGuy
  • #8,222
  • Edited 9:13pm Jul 23, 2009 9:00pm | Edited 9:13pm
This is very typical ranging for ASIA, now we have pressure upwards from the bounce, we should see the fakeouts play here the next hour, not committed either way for now, but will take pips if it gives out.

Range about 36 pips for now, will see if it spreads out some here this hour, yesterday was about 90 pip range in ASIA, so we have some to grow.

We are now above yesterdays ASIA low, and below ASIA high, so were basically sitting in the middle of no where, which is good hunting.

Note: EU is trying to break north of range, GU is sitting and watching - eyes open for attack sequence

EU is showing higher low on the right side of chart (5min) could be posing for range high level at 1.4158/60 area to 1.4166 level
TheCableGuy
  • #8,223
  • Jul 23, 2009 9:40pm Jul 23, 2009 9:40pm
Possible stall on EU dip with pressure pushing towards the 1.4160 and higher

I have one entry long GU for now, but watching this shootout going no where yet

target is small on long for now

GU has double tap at 1.6480 on 15 min chart lets see if that pushes it above 00 level
TheCableGuy
  • #8,224
  • Edited 11:21pm Jul 23, 2009 10:41pm | Edited 11:21pm
1.4166 target nearly tapped, shy of 3 pips or so, looks like ASIA range test high in progress.

Update: EU Breakout pending top of ASIA Range High

1.4166 tapped and stall

GU holding in narrow wedge with no movement

Still holding one LONG GU for upper range
TheCableGuy
  • #8,225
  • Jul 24, 2009 2:01am Jul 24, 2009 2:01am
Enjoy your posts TheCableGuy. Keep em coming. By the way, the reversal trader in me couldn't resist a short at 1.6534. Closed at 1.6524 for a quick 10 pips.
  • #8,226
  • Jul 24, 2009 7:23am Jul 24, 2009 7:23am
Quoting Coach1959
Enjoy your posts TheCableGuy. Keep em coming. By the way, the reversal trader in me couldn't resist a short at 1.6534. Closed at 1.6524 for a quick 10 pips.
Looking at the charts this morning, I can see your entry would have paid out more then the 10 pips. Nice to see traders making wise entry and exits. Good Job.

I had LONG GU during the ASIA with a target of 1.6541 that hit right on the pip after LONDON opened, paying out 50 pips profit. (that was too close of a exit looking back)

I had EU LONG waiting at 1.4135 but EU remained bullish and never triggered.

Looks like EU stayed upwards while the GU made a good dip since the peak at 1.641.

I will evaluate the London and NY normally every day for trade interest, this is Friday, so I remain clear of any positions, but may scalp some here the next hours or so.
TheCableGuy
  • #8,227
  • Jul 24, 2009 7:25am Jul 24, 2009 7:25am
I am expecting some movement up on GU here this next few minutes

LONG GU with expectation of 10 pips or so, will see

Update: Maybe not lol!!
TheCableGuy
  • #8,228
  • Jul 24, 2009 7:37am Jul 24, 2009 7:37am
I entered LONG GU 10 minutes ago, expecting the push upwards at that time, price dipped on me a bit, and finally caught a snag and pushed upwards, I had 10 for profit, but took only 6 pips profit after seeing where the bottom actually formed.

I will now watch reaction in this supp and retrace areas here.

Looks like it reached my 10 pip target, but many times when I have a deeper drawdown over 10 pips, I will exit earlier and wait for another entry if possible.

I will trade these areas several times if the price action responds as I expect.
TheCableGuy
  • #8,229
  • Edited 7:53am Jul 24, 2009 7:40am | Edited 7:53am
Looking for the 1.6429 up to 1.6447 to act as resistance.

Watching only here to see if this is a quick pull up or not.

Note:
The 1.6425 to 1.6445 areas could show resistance. then downward to 1.6360/70 area for support.
TheCableGuy
  • #8,230
  • Jul 24, 2009 7:57am Jul 24, 2009 7:57am
Looks like we may have temporary stall here at the 00 area, 3 minutes till the top of the hour.

Watch for bounce up quick here.

That was real quick, took a long at 1.6404 and exited with +6 pips in less then 1 minute.
TheCableGuy
  • #8,231
  • Jul 24, 2009 7:59am Jul 24, 2009 7:59am
Now we wait in the trap lol

EU is moving little at this moment and GU is making it's push to the pullback stage, expecting EU to lead way if we are going to see continual movment up, I am thinking GU is going to see EU sitting still and pullback down.

Looking for GU shorts somewhere in this 1.6430 area
TheCableGuy
  • #8,232
  • Jul 24, 2009 8:16am Jul 24, 2009 8:16am
Lets see if it will dip here

Target 1.6421
TheCableGuy
  • #8,233
  • Jul 24, 2009 8:22am Jul 24, 2009 8:22am
Well, paid out 10 pips, and that is all for today, FRIDAY is finished with nice profits for the week.

Enjoy the weekend.
TheCableGuy
  • #8,234
  • Jul 24, 2009 10:49am Jul 24, 2009 10:49am
Quoting TheCableGuy
Looking at the charts this morning, I can see your entry would have paid out more then the 10 pips. Nice to see traders making wise entry and exits. Good Job.

I had LONG GU during the ASIA with a target of 1.6541 that hit right on the pip after LONDON opened, paying out 50 pips profit. (that was too close of a exit looking back)

I had EU LONG waiting at 1.4135 but EU remained bullish and never triggered.

Looks like EU stayed upwards while the GU made a good dip since the peak at 1.641.

I will evaluate the London and NY normally every day for...
Yes it would have paid out more than 10 pips. The trade was about an hour before the big announcement on GDP for the Pound. The actual number was a substantial miss from the expected number. I wish I had stayed up an hour longer, that would have been an easy news trade (It was 2:30 AM MDT).

Since I am a scalper, I consider 10 pips to be a good trade for me. My goal is to just repeat that a number of times each day. Good job on your trading!

Coach
  • #8,235
  • Jul 25, 2009 11:11pm Jul 25, 2009 11:11pm
It is good to see you both - TheCableGuy and COACH.

I have my eyes on GU reaching upwards to the 1.700 area and even up to 1.800.

I know that is a 1,000 pip range, but based on the larger time frame (monthly) you can see the 3 fibo levels are as follows:

38.2 - 1.6420 (price is hitting and bouncing at this level)
50% - 1.7322 (GU favors the 50% range most of the time)
61.8 - 1.8223 (this would be an awesome short entry)

I have been in preparation for my trade expectations for the past few months, waiting for these levels to be obtained.

I mentioned to COACH and TULKAS over 6 months ago that we would go back to 1.700 once again, and when it hits that level to look for a good drop.

I am bias long up to these levels, but will trade both ways while it keeps pushing upwards in a stair step move. (can be seen on the daily chart)


Cheers
  • #8,236
  • Jul 26, 2009 9:42am Jul 26, 2009 9:42am
It is good to see you also, I hope all is well.

I agree with your analysis on the long term GU.

Let's chat soon, would like to hear how you plan to trade the upcoming move into the fibo levels.

I have been trading ASIA mostly, with many long term positions and of course your favorite type of scalp trades.

Talk to you soon.
TheCableGuy
  • #8,237
  • Jul 26, 2009 9:46am Jul 26, 2009 9:46am
Can you please let me know what the plan of action is when price reaches these levels. PM me if possible Monarch or TheCableGuy.

Thanks, n2fx
  • #8,238
  • Jul 26, 2009 9:50am Jul 26, 2009 9:50am
Quoting N2FX
Can you please let me know what the plan of action is when price reaches these levels. PM me if possible Monarch or TheCableGuy.

Thanks, n2fx
I will talk with you this week

Cheers
  • #8,239
  • Jul 26, 2009 10:03am Jul 26, 2009 10:03am
Here is the chart showing the fibo levels on the monthly chart.

We can see the 38.2 fib is showing resistance now, I expect a spike through this level in the coming days/weeks for the 1.7 level.

Cheers
Attached Image
  • #8,240
  • Jul 26, 2009 10:47am Jul 26, 2009 10:47am
The high is slightly different on the weekly, and I pinpointed the gray box showing the resistance level at 1.7149.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: GU Weekly.PNG Size: 39 KB
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