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Cable Update (GBPUSD)

  • #152,161
  • Jul 28, 2009 7:56pm Jul 28, 2009 7:56pm
This is my first post though I've been watching and listening carefully for some time now. I feel a need to sympathise with qp2 because I seem to have got myself into the same mess. I shorted at 64072 and have already entered in my diary "do not short at/near support levels again". SL 6475. Don't know if that's going to be enough given the movement as I write. May just go to bed and hope I'm still with it in the morning. Can ayone illuminate as to why its so bouncy at the moment?
  • #152,162
  • Jul 28, 2009 7:57pm Jul 28, 2009 7:57pm
You gotta love this shit....you step away for a while and you miss a good trade!
  • #152,163
  • Jul 28, 2009 7:58pm Jul 28, 2009 7:58pm
just LONG and LONG the cable at 1.6456 TP 1.6512
  • #152,164
  • Jul 28, 2009 7:59pm Jul 28, 2009 7:59pm
I really shorted cuz confluence of a pivot line, fibo and a weekly s/r. This mixture has a high probability of working.

Quoting qp2
I shorted at 61, its a really unusual feeling to be on the right side of a trade (at the moment)
Its all in the mind.
  • #152,165
  • Jul 28, 2009 8:02pm Jul 28, 2009 8:02pm
Quoting singingfx
This is my first post though I've been watching and listening carefully for some time now. I feel a need to sympathise with qp2 because I seem to have got myself into the same mess. I shorted at 64072 and have already entered in my diary "do not short at/near support levels again". SL 6475. Don't know if that's going to be enough given the movement as I write. May just go to bed and hope I'm still with it in the morning. Can ayone illuminate as to why its so bouncy at the moment?
IMO its all about time, there is only the Tokyo (Asian) markets open at the moment, they are just having their first morning break, think....I have been at my dest since 0800... now 1000 hrs local time tokyo what will you be doing, pulling money off the table and having a cup of tea, leaving the market tossed about by very little trading movement, the majority of the trading is done during the period of the london opening hours when relatively vast sums of money have minimal impact, does this help or have I gone of on a tangent?
  • #152,166
  • Jul 28, 2009 8:08pm Jul 28, 2009 8:08pm
Quoting qp2
IMO its all about time, there is only the Tokyo (Asian) markets open at the moment, they are just having their first morning break, think....I have been at my dest since 0800... now 1000 hrs local time tokyo what will you be doing, pulling money off the table and having a cup of tea, leaving the market tossed about by very little trading movement, the majority of the trading is done during the period of the london opening hours when relatively vast sums of money have minimal impact, does this help or have I gone of on a tangent?
Don't worry about tangents. It's nice speaking with someone at 2.00am London time though why I didn't just go to bed I'll never know. Just hope Tokyo traders come back heavy with coffee and pastry and let gravity take this thing down!
  • #152,167
  • Jul 28, 2009 8:09pm Jul 28, 2009 8:09pm
May be...or (though not particular fan of conspiracy theories) this is a classical bull trap.



Quoting qp2
IMO its all about time, there is only the Tokyo (Asian) markets open at the moment, they are just having their first morning break, think....I have been at my dest since 0800... now 1000 hrs local time tokyo what will you be doing, pulling money off the table and having a cup of tea, leaving the market tossed about by very little trading movement, the majority of the trading is done during the period of the london opening hours when relatively vast sums of money have minimal impact, does this help or have I gone of on a tangent?
Its all in the mind.
  • #152,168
  • Jul 28, 2009 8:10pm Jul 28, 2009 8:10pm
Quoting 5abi
I really shorted cuz confluence of a pivot line, fibo and a weekly s/r. This mixture has a high probability of working.
Hi 5abi thank you for shareing that, it helps konwing why people do what they do, I cannot fault your reasoning, I hope the market cannot fault it.

My reasoning was a little simpler, it was a short at 00 its a better short at 61.
  • #152,169
  • Jul 28, 2009 8:15pm Jul 28, 2009 8:15pm
Quoting 5abi
May be...or (though not particular fan of conspiracy theories) this is a classical bull trap.
I love conspiracy theories, I do not believe them but love them.

Often I have noticed with the London open the market will move sharply one way, I am convinced this is to trip some tight stops, and shake out weak holders, then move for the rest of the session in the other direction.

I dont think this is the case here however, woops time for me to add to a winning position, its a while since I have done that....
  • #152,170
  • Jul 28, 2009 8:20pm Jul 28, 2009 8:20pm
long @1.6400 double bottom at 1H TF . TP 1.6500 ...good luck
  • #152,171
  • Jul 28, 2009 8:23pm Jul 28, 2009 8:23pm
congtrazs Bud! Watch out for the reversals right before the begin of London and US sessions. It is because dominant trend day traders are taking profits and closing out positions.

Scroll back to a few days/weeks/months back and see what happens between 1-2 hours before London/Frankfurt opens and 1-2 hours after LO/FO. You will see many V's and A's reversals, enough for good profit quite frequently. No science, simple asian traders taking profits and europeans picking up the trend.


Quoting qp2
I love conspiracy theories, I do not believe them but love them.

Often I have noticed with the London open the market will move sharply one way, I am convinced this is to trip some tight stops, and shake out weak holders, then move for the rest of the session in the other direction.

I dont think this is the case here however, woops time for me to add to a winning position, its a while since I have done that....
Its all in the mind.
  • #152,172
  • Jul 28, 2009 8:25pm Jul 28, 2009 8:25pm
Did ya see the double top on the H4? H1 double bottom has given you 50 pips. Now close and reverse and get another 50 A more balanced approach lol

Quoting ranhat007
long @1.6400 double bottom at 1H TF . TP 1.6500 ...good luck
Its all in the mind.
  • #152,173
  • Jul 28, 2009 8:41pm Jul 28, 2009 8:41pm
Quoting 5abi
I really shorted cuz confluence of a pivot line, fibo and a weekly s/r. This mixture has a high probability of working.
I agree with you 5abi, if the Daily Pivot can hold resistance we will be fine.
But price is bouncing from the first daily pivot resistance from last today session. and as you can see on the chart when gbusd reach that pivot(purple line) it kind of reverse is trend most of the time.
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  • #152,174
  • Jul 28, 2009 8:51pm Jul 28, 2009 8:51pm
Ditto. But my R1 is at 6524. Are you saying that this will reach as high as 6524?

See this one and the yoorow have tremendous respect for R1 and R2. I will not enter near these points if on intraday mode, ie no longs of PA is near a R1/R2 and vice versa if PA near S1/S2

Quoting Lejumeau
I agree with you 5abi, if the Daily Pivot can hold resistance we will be fine.
But price is bouncing from the first daily pivot resistance from last today session. and as you can see on the chart when gbusd reach that pivot(purple line) it kind of reverse is trend most of the time.
Its all in the mind.
  • #152,175
  • Jul 28, 2009 8:57pm Jul 28, 2009 8:57pm
Quoting 5abi
Ditto. But my R1 is at 6524. Are you saying that this will reach as high as 6524?

See this one and the yoorow have tremendous respect for R1 and R2. I will not enter near these points if on intraday mode, ie no longs of PA is near a R1/R2 and vice versa if PA near S1/S2
When the daily pivot resistance are that far from the main pivot, many time price will reach only half of the distance. that is why many are using the mid point for taking profit.
  • #152,176
  • Jul 28, 2009 9:02pm Jul 28, 2009 9:02pm
Ok thanks yeah did not have a good experience with those halves. so kinda quit on them .

Quoting Lejumeau
When the daily pivot resistance are that far from the main pivot, many time price will reach only half of the distance. that is why many are using the mid point for taking profit.
Its all in the mind.
  • #152,177
  • Jul 28, 2009 9:07pm Jul 28, 2009 9:07pm
have no time to monitor da market today..
so..
pending order is da option..

Sell Stop 1.641x SL/TP 40pip/50pip
Buy Stop 1.648x SL/TP 40pip/50pip

Wish me luck..
(^_^)
spirit 0f pipping
  • #152,178
  • Jul 28, 2009 9:09pm Jul 28, 2009 9:09pm
Quoting 5abi
Ok thanks yeah did not have a good experience with those halves. so kinda quit on them .
Daily pivot seem to hold so we should be good to a least too the low of today if this dont hold we should get to the 1frst daily resistance pivot at 6359
  • #152,179
  • Jul 28, 2009 9:13pm Jul 28, 2009 9:13pm
Quoting Turveyd
TA Tools, DO NOT WORK thats something you'll never accept,

Just because you don't understand it, doesn't mean you should bash it and class everyone who trades it a liar and try to keep people off it!!

LOL
Wow. Where did all the aggro come from? All I asked was:

Originally Posted by jamiewhite http://static.forexfactory.com/forex...s/viewpost.gif
I don't understand something. How do you trade the noise of the M1 and M5 timeframes? There is no T/A tools of value because it is only erratic and random noise. That means that if there are no T/A tools then you are just guessing the next movement?

There was no bashing, no classing anyone who trades it a liar and no trying to keep people off it
  • #152,180
  • Jul 28, 2009 9:16pm Jul 28, 2009 9:16pm
I am kind of looking at 6391. But can go lower TO 50 (This is based of the H4 TF)

Quoting Lejumeau
Daily pivot seem to hold so we should be good to a least too the low of today if this dont hold we should get to the 1frst daily resistance pivot at 6359
Its all in the mind.
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