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Cable Update (GBPUSD)

  • #167,041
  • Sep 18, 2009 7:36am Sep 18, 2009 7:36am
Quoting uksnowman
Just annotating some charts while waiting for some less boring PA.

Anyone see this potential inverse H&S? Would it be valid if the right shoulder does form around the right hand arrow? If it does, then it conflicts with the hidden bearish div also marked on the chart.

This is only a 15 minute chart, if the h&s does play out there could be a small bounce. However I'm still bearish long term so will not take a risky long but will wait to enter short in case of a pullback.

yep i kinda seeing something like that as well.....
  • #167,042
  • Sep 18, 2009 7:40am Sep 18, 2009 7:40am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
I am not a chartist or good technical analyst.

But if you see the fib's I've drawn are followed almost very religiously (not taking credit just by accident) along with diamond. Which makes me believe if we manage to break 62900, we are heading for 161250 then 158500. Not sure after that as fib's are not drawn for that yet!






Quoting wormboy
Ever ready Paul!
That's a diamond he has on his chart too.
  • #167,043
  • Sep 18, 2009 7:40am Sep 18, 2009 7:40am
Quoting nAVIN2007
yep i kinda seeing something like that as well.....
..
Attached Image (click to enlarge)
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  • #167,044
  • Sep 18, 2009 7:43am Sep 18, 2009 7:43am
Navin,

How are you finding Alpari with execution/orders?
lowest draw down possible please.
  • #167,045
  • Sep 18, 2009 7:43am Sep 18, 2009 7:43am
Quoting GlobalMacro
Oh...thank god...finally somebody buying....
Count me in

long @1.6356
long @1.6367
Chaos Trader
  • #167,046
  • Sep 18, 2009 7:43am Sep 18, 2009 7:43am
Quoting GlobalMacro
you know what is really scary bro...I just realized...we are ALL short here now...
the more the merrier bro lol
Thank You
  • #167,047
  • Sep 18, 2009 7:45am Sep 18, 2009 7:45am
Quoting ehrek
Navin,

How are you finding Alpari with execution/orders?
pretty good....actually! cant complain....good choice i think so far
  • #167,048
  • Sep 18, 2009 7:46am Sep 18, 2009 7:46am
Quoting nAVIN2007
pretty good....actually! cant complain....good choice i think so far
That's great to hear,

I usually move 100k/200k on their Classic account and I have no issues either..

I found alot of bad mouthing on the Brokers section regarding them.. I think they are just bad traders blaming their broker like usual.
lowest draw down possible please.
  • #167,049
  • Sep 18, 2009 7:47am Sep 18, 2009 7:47am
Quoting counter
Count me in

long @1.6356
long @1.6367

wheres the SL?
  • #167,050
  • Sep 18, 2009 7:49am Sep 18, 2009 7:49am
Quoting ehrek
That's great to hear,

I usually move 100k/200k on their Classic account and I have no issues either..

I found alot of bad mouthing on the Brokers section regarding them.. I think they are just bad traders blaming their broker like usual.
yes i think u might be right ....people lose and always look to place the blame, broker is a good choice
  • #167,051
  • Sep 18, 2009 7:50am Sep 18, 2009 7:50am
When you nibble, the stop loss is always at break even.
Stress freeeeeeee...
  • #167,052
  • Sep 18, 2009 7:50am Sep 18, 2009 7:50am
Quoting counter
Count me in

long @1.6356
long @1.6367
high 5
  • #167,053
  • Sep 18, 2009 7:51am Sep 18, 2009 7:51am
Alright economists in the house, here's one for you:

Is this still resonating:

BoE Governor Mervyn King: the BoE may reduce the 0.5% rate it pays on commercial bank deposits held at the central bank.

OR

is it the fear of IR hikes next week (FOMC that is)

?
Hear the music before the song is over ...
  • #167,054
  • Sep 18, 2009 7:53am Sep 18, 2009 7:53am
Quoting nAVIN2007
wheres the SL?
SL @1.6294 for both
Chaos Trader
  • #167,055
  • Sep 18, 2009 7:53am Sep 18, 2009 7:53am
Quoting nAVIN2007
yes i think u might be right ....people lose and always look to place the blame, broker is a good choice
yeahhhh, but once you trade in volume with them, then u'll see, there's requotess and delays, lots of it.
  • #167,056
  • Sep 18, 2009 7:58am Sep 18, 2009 7:58am
Quoting skerdi-meta
yeahhhh, but once you trade in volume with them, then u'll see, there's requotess and delays, lots of it.
How much volume are you talking?
lowest draw down possible please.
  • #167,057
  • Sep 18, 2009 8:01am Sep 18, 2009 8:01am
Quoting nAVIN2007
yep i kinda seeing something like that as well.....
Navin my friend, I mean this in the least confrontational way, but I think you and perhaps other people in this forum need to stop relying so heavily on charts. They can't tell you everything.

I saw someone earlier remarking that he could think of absolutely no reason for this fall in cable. I'll tell you precisely what the reason was, the amount of people selling (Forex traders, banks/hedges/retail traders) outweighed the interest from buyers. That is it!

Charting can be very useful, but people have got to understand that the resultant patterns found in charts are the consequence of trading patterns, NOT the cause.

I saw someone earlier writing that it wasn't a valid Head and Shoulders pattern yet. Listen, the market doesn't give a shit whether it is technically 'valid' or not. It is simply a common pattern that emerges due to the psychology of buying and selling.

I didn't mean this at a rant to you at all, I just have these thoughts rising up in me the more I read people's posts, and I couldn't sit on them any longer.

Traders must understand that the big players have far bigger and greater reasons for executing trades that the fact that someone on the team has managed to spot a h&s/gartley/rising wedge/bullish engulfing/butterfly etc.

These patterns are the EFFECT of market movements due to fundamentals and trading psychology, not the CAUSE of the markets movements.
  • #167,058
  • Sep 18, 2009 8:01am Sep 18, 2009 8:01am
Quoting wormboy
the more the merrier bro lol
lol...tbh...I feel more comfortable when there are opposing views in trading when the majority tilts one way then ....you know what I mean...
Hear the music before the song is over ...
  • #167,059
  • Sep 18, 2009 8:02am Sep 18, 2009 8:02am
Alright back on deck.....

cable 1.6220 final destination today

dragon 148.00 final destination today

EUR..... "doing my head in" - 1.4620 final destination today
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #167,060
  • Sep 18, 2009 8:03am Sep 18, 2009 8:03am
Nibble Nibble....1.6340
OK we're forming a triangle on the 1 hour chart, so I will set my stops below support and let it ride over the weekend.
Time for breakfast.
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