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Cable Update (GBPUSD)

  • #161,461
  • Aug 27, 2009 2:23pm Aug 27, 2009 2:23pm
Posted this chart earlier.

I mentioned earlier to be prepared for a short squeeze.

Short squeeze in progress across the market, including AIG, Fannie Mae, Citigroup etc etc.

This isn't over yet, I also said to be prepared for a 300-400 pip squeeze....could explode further North from here 16290

Still holding Long from 16178
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  • #161,462
  • Aug 27, 2009 2:24pm Aug 27, 2009 2:24pm
I think i'm going to wait for 4H to close above FIB line for any possible entry.
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It's amazing how lucky you are when you make good decisions.
  • #161,463
  • Aug 27, 2009 2:27pm Aug 27, 2009 2:27pm
Quoting wormboy
nicely done bro. you're like a machine

Quoting albchr
..........


Hear the music before the song is over ...
  • #161,464
  • Aug 27, 2009 2:28pm Aug 27, 2009 2:28pm
Quoting direct-trade
Posted this chart earlier.

I mentioned earlier to be prepared for a short squeeze.

Short squeeze in progress across the market, including AIG, Fannie Mae, Citigroup etc etc.

This isn't over yet, I also said to be prepared for a 300-400 pip squeeze....could explode further North from here 16290

Still holding Long from 16178
Excellent call earlier dt, much respect
Thank You
  • #161,465
  • Aug 27, 2009 2:33pm Aug 27, 2009 2:33pm
Quoting direct-trade
Posted this chart earlier.

I mentioned earlier to be prepared for a short squeeze.

Short squeeze in progress across the market, including AIG, Fannie Mae, Citigroup etc etc.

This isn't over yet, I also said to be prepared for a 300-400 pip squeeze....could explode further North from here 16290

Still holding Long from 16178
...Nicely done DT!

It's times like this when I really wish I understood some funny mentals. Something had to be in the air that would tip off that dollar collapse coming...no? I know that will take years to learn so I figured starting with technicals was the obvious path.
Ghost Rider - WWTBMD?
  • #161,466
  • Aug 27, 2009 2:36pm Aug 27, 2009 2:36pm
Quoting albchr
Took EJ long at 133.05. Closed 1/2 lot on her at 134.32. SL now +50 on the rest....
Closed remaing 1/2 lot at 134.21
Ghost Rider - WWTBMD?
  • #161,467
  • Aug 27, 2009 2:41pm Aug 27, 2009 2:41pm
Quoting direct-trade
My trading method is mostly "Tape Reading" or "Reading the Tape" as some call it. I learnt most of what I know from Richard Wyckoff, a famous Wall St trader from the 1920's.

He passed on an enomous amount of knowledge, most of which I learnt the hard way lol.

His trading is based on 3 Laws:


Law of Supply and Demand
Law of Effort vs Results
Law of Cause and Effect

Here is a PDF which should help explain in further detail what I mean.

I hope you find it useful.

Happy trading

DT
Thanks I will take a look at it.
Look at something long enough, you will eventually get it.
  • #161,468
  • Aug 27, 2009 2:43pm Aug 27, 2009 2:43pm
Quoting albchr
Closed remaing 1/2 lot at 134.21
Well done bro...

There's actually no fundamental reason behind this move. All markets were way too overstretched and the combination of weekend and month end triggered stops which in turn squeezed the shorts real hard. Purely technical reaction at this point.
Hear the music before the song is over ...
  • #161,469
  • Aug 27, 2009 2:48pm Aug 27, 2009 2:48pm
Quoting GlobalMacro
Well done bro...

There's actually no fundamental reason behind this move. All markets were way too overstretched and the combination of weekend and month end triggered stops which in turn squeezed the shorts real hard. Purely technical reaction at this point.
okay.
now that they've screwed weak bears and suckered in dumb bulls can we skip back to 5950? I mean I still have about a kajillion pips to go
Thank You
  • #161,470
  • Aug 27, 2009 2:49pm Aug 27, 2009 2:49pm
A crap load of people selling on Level 2
It's amazing how lucky you are when you make good decisions.
  • #161,471
  • Aug 27, 2009 2:52pm Aug 27, 2009 2:52pm
Quoting GlobalMacro
Well done bro...

There's actually no fundamental reason behind this move. All markets were way too overstretched and the combination of weekend and month end triggered stops which in turn squeezed the shorts real hard. Purely technical reaction at this point.
AH-SO....Like I said buddy, I have a LONG way to go. I would never have known that or seen it coming....

So is there a technical way to see it or is it just a matter of time and experience with the markets?

Thank You....
Ghost Rider - WWTBMD?
  • #161,472
  • Aug 27, 2009 2:54pm Aug 27, 2009 2:54pm
Quoting traco1
Thanks I will take a look at it.
Here is a link to one of Richard Wyckoff's books: The Day Trader's Bible. (free), which explains in more detail.

http://www.tradingfives.com/wyckoff/...ay-trading.htm
  • #161,473
  • Aug 27, 2009 2:57pm Aug 27, 2009 2:57pm
Quoting albchr
...Nicely done DT!

It's times like this when I really wish I understood some funny mentals. Something had to be in the air that would tip off that dollar collapse coming...no? I know that will take years to learn so I figured starting with technicals was the obvious path.
Like Global says, it's not funny mentals...I don't use them at all...just PA.

Have a read of this, you may find it interesting, if not, no probs.


http://www.tradingfives.com/wyckoff/...ay-trading.htm

PS Thanks for your comments on my trading today WB and albchr, appreciated. I hope you have had a good tradingday too.
  • #161,474
  • Aug 27, 2009 3:02pm Aug 27, 2009 3:02pm
Quoting albchr
AH-SO....Like I said buddy, I have a LONG way to go. I would never have known that or seen it coming....

So is there a technical way to see it or is it just a matter of time and experience with the markets?

Thank You....

Fundamentally it could be seen such albeit indirectly : There was also a miscalculation on the market's part regarding speculation to break the lows following a much better than expected GBP and EUR numbers this morning and as a result correlation plays kicked in.
S&P just had nasty short squeeze as well. Also Crude oil back up 1.8%...
Hear the music before the song is over ...
  • #161,475
  • Aug 27, 2009 3:07pm Aug 27, 2009 3:07pm
Quoting direct-trade
Like Global says, it's not funny mentals...I don't use them at all...just PA.

Have a read of this, you may find it interesting, if not, no probs.


http://www.tradingfives.com/wyckoff/...ay-trading.htm

PS Thanks for your comments on my trading today WB and albchr, appreciated. I hope you have had a good tradingday too.
I will read it for sure. Thank you much DT....
Ghost Rider - WWTBMD?
  • #161,476
  • Aug 27, 2009 3:08pm Aug 27, 2009 3:08pm
Quoting wormboy
okay.
now that they've screwed weak bears and suckered in dumb bulls can we skip back to 5950? I mean I still have about a kajillion pips to go
lol...
bears might get a second chance...but they have to break that low if they're serious about those numbers....

where's that panda, bro?..bring the sexy..errr...sorry the angry back!.....
Hear the music before the song is over ...
  • #161,477
  • Aug 27, 2009 3:15pm Aug 27, 2009 3:15pm
OK, I really am going now...too much screen time and knackered. Will be holding this long overnight.

See you sometime tomorrow, in the meantime, happy trading to you
  • #161,478
  • Aug 27, 2009 3:29pm Aug 27, 2009 3:29pm
Quoting GlobalMacro

Fundamentally it could be seen such albeit indirectly : There was also a miscalculation on the market's part regarding speculation to break the lows following a much better than expected GBP and EUR numbers this morning and as a result correlation plays kicked in.
S&P just had nasty short squeeze as well. Also Crude oil back up 1.8%...

Chris,I think,to answer your question would be: I don't believe there's a clear-cut way of looking at it separately. Fundies & Techies feed off each other and result is these kinds of moves.
If you want to go technical exclusively nonetheless; the best way to do that is to keep an eye on all the correlated markets and search for clues.
Hear the music before the song is over ...
  • #161,479
  • Aug 27, 2009 3:35pm Aug 27, 2009 3:35pm
Quoting GlobalMacro
Chris,I think,to answer your question would be: I don't believe there's a clear-cut way of looking at it separately. Fundies & Techies feed off each other and result is these kinds of moves.
If you want to go technical exclusively nonetheless; the best way to do that is to keep an eye on all the correlated markets and search for clues.
Thanks GM. Being a simple humble carpenter, I'll have to learn what all those "correlated markets" are. It will all come in time as I'm dedicated to getting this right. At this point, I do "OK" when things are, shall we say, normal?...lol But I can see that learning how to spot (or at least be aware of) possible times like this can really save a guys bacon from getting burnt badly....
Ghost Rider - WWTBMD?
  • #161,480
  • Aug 27, 2009 3:39pm Aug 27, 2009 3:39pm
Quoting GlobalMacro
Chris,I think,to answer your question would be: I don't believe there's a clear-cut way of looking at it separately. Fundies & Techies feed off each other and result is these kinds of moves.
If you want to go technical exclusively nonetheless; the best way to do that is to keep an eye on all the correlated markets and search for clues.
Also, I got a very late start today as I had to do more moving. Had I seen these 4H bars develop, from a strictly PA view, I think I would have seen this coming as well.
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Ghost Rider - WWTBMD?
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