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Cable Update (GBPUSD)

  • #167,541
  • Sep 21, 2009 10:48am Sep 21, 2009 10:48am
Quoting wormboy
well, generally people are thinking retrace I think. I don't think they're wrong to think so either, but it's too early to tell, I mean there's no weakness in sight.
So going long right now is just gambling, because for all we know this could just consolidate for a while before falling again like the last time out.
My daily has a long way to go bro, but I think the H1 is useful for now. 5 hours closed with higher lows (you could plot a subtl from the lower wicks actually), & the previous closed a dark cloud cover, so might want to keep an eye on...
  • #167,542
  • Sep 21, 2009 10:48am Sep 21, 2009 10:48am
Quoting albchr
Long EJ @ 135.12

Short GU @ 6220
GU stopped at BE....

EJ still running....
Ghost Rider - WWTBMD?
  • #167,543
  • Sep 21, 2009 10:51am Sep 21, 2009 10:51am
Quoting TauTrader
Those would have been "on the money" - both of them. Monday goalkeeper.... what a wonderful position to be in.....(talking to myself)

What are you designing? It seems to me a passion of yours....

BTW - it looks like you are gaining on me on EJ - FLIPPIT!

Hehe

Wish you all the best
I do custom 3D designs for wood carving CNC machines. Used to do the carvings too but that's moot for now under the current situation. But yes, it is a passion for sure.
Ghost Rider - WWTBMD?
  • #167,544
  • Sep 21, 2009 10:51am Sep 21, 2009 10:51am
Quoting wormboy
well, generally people are thinking retrace I think. I don't think they're wrong to think so either, but it's too early to tell, I mean there's no weakness in sight.
So going long right now is just gambling, because for all we know this could just consolidate for a while before falling again like the last time out.
My daily has a long way to go bro, but I think the H1 is useful for now. 5 hours closed with higher lows (you could plot a subtl from the lower wicks actually), & the previous closed a dark cloud cover, so might want to keep an eye on...
seems selling interest 1.6225 zone and accoring to EW we should have had a strong reatrce to 1,6400 by now .. only 80pip off low of day and major support on daily not that mush buying interest...that is weakness enough for me.

GU may range till Wednesday though ... which is ok with me as long as we get a tradeable range
Blogging daily now at www.volume.zone
  • #167,545
  • Sep 21, 2009 11:00am Sep 21, 2009 11:00am
Quoting malcolmb14
seems selling interest 1.6225 zone and accoring to EW we should have had a strong reatrce to 1,6400 by now .. only 80pip off low of day and major support on daily not that mush buying interest...that is weakness enough for me.

GU may range till Wednesday though ... which is ok with me as long as we get a tradeable range
Could be. I don't know anything about elliot waves but buying pressure hadn't been all that great so far to confirm a retracement for me. But that's just me, since I don't trade those ranges like you do, I might overlook some things that you consider tradeable.
Btw, 5300 still on? I'm still gunning for that lol
Thank You
  • #167,546
  • Sep 21, 2009 11:11am Sep 21, 2009 11:11am
Quoting wormboy
Could be. I don't know anything about elliot waves but buying pressure hadn't been all that great so far to confirm a retracement for me. But that's just me, since I don't trade those ranges like you do, I might overlook some things that you consider tradeable.
Btw, 5300 still on? I'm still gunning for that lol
i am not an EW fan as they are so subjective ... but I have found them to be based on fib extensions and retracements. . So those based with pure price action can tell one a lot i think

i think we are still in the wave 3 mode on daily into 1.5800 area then retrace off that , but of course with the fomc in the middle of week anything could happen .

once 1.5800 bounce to 1.6100 then wave 5 = 1.62 x wave 1 = 1.5500 zone

of course this is going to take 2-4 months to unfold

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Blogging daily now at www.volume.zone
  • #167,547
  • Sep 21, 2009 11:16am Sep 21, 2009 11:16am
1.64 would be perfect entry into sell.....but there so much selling pressure
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  • #167,548
  • Sep 21, 2009 11:19am Sep 21, 2009 11:19am
Quoting malcolmb14
i am not an EW fan as they are so subjective ... but I have found them to be based on fib extensions and retracements. . So those based with pure price action can tell one a lot i think

i think we are still in the wave 3 mode on daily into 1.5800 area then retrace off that , but of course with the fomc in the middle of week anything could happen .

once 1.5800 bounce to 1.6100 then wave 5 = 1.62 x wave 1 = 1.5500 zone

of course this is going to take 2-4 months to unfold

Attachment
Okay.
Btw, have you ditched vsa? I think your vsa analysis were superb & made more sense to me than this wavecounting mumbo jumbo
Thank You
  • #167,549
  • Sep 21, 2009 11:58am Sep 21, 2009 11:58am
Quoting wormboy
Okay.
Btw, have you ditched vsa? I think your vsa analysis were superb & made more sense to me than this wavecounting mumbo jumbo
secret weapon ... vsa and wave couting combined ...

myself and dj killed gu last week

VSA is primary ....waves used for possible entry areas / take profit areas
Blogging daily now at www.volume.zone
  • #167,550
  • Sep 21, 2009 12:02pm Sep 21, 2009 12:02pm
Quoting allserene
Interesting stuff

with all the weird sector rotation going on I have been doing well with index etf's and just eaving em - buy em when their currency is down

maximising no

cable is taking some real welly just now..... hum...

staying out and waiting for a long opportunity

Thats how I used to do it, there is less news on stocks so they keep there direction better, although still get dragged around my the main news and the markets.

By using Longs and Shorts, on a down day you shorts kick ass and your longs take a slight hit and vice versa and by going 2/3rd's with the trend your doing better over all.

Forex has major news out 2 - 3 times per day and frequently changes it's direction because it can on every one which would make swing trading just annoying, not suitable at all but Stocks you need much more money $25K+ and that rule ruined it for me

SEC rules Close position same day ( including SL hits ) 3 times in a 5 day period and account frozen margin and ability to short removed And when you've got 15 positions trading at once it happens
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #167,551
  • Sep 21, 2009 12:10pm Sep 21, 2009 12:10pm
Pound was definetly quite bullish this US Session morning, 140 + pips with trades combined.

Higher lows on the smaller time frames, and some nice levels of support and resistance acting as key barriers.

6200 was broken quite nicely, then it stalled, became a support level, kissed it and shot up!.. Too bad I wasn't around for it..


http://img87.imageshack.us/img87/7039/sept21.th.jpg

Also did my first stock trade (demo) bought 100 shares of Hewlett packard 55 cent profit... for fun! Was a late entry, I would of prefered getting right on the lower channel.. wanted to see if the technical analysis that I use in currency applies similiar .. and yup.. sure does. Also bought microsoft for a 20+ cent profit.

PS - HP stalled at resistance @ 46.54 and turned around .. for any of those here that have never dabbled in stock charts.

http://img176.imageshack.us/img176/9881/hpq.th.gif
lowest draw down possible please.
  • #167,552
  • Edited 12:28pm Sep 21, 2009 12:18pm | Edited 12:28pm
Quoting ehrek
Pound was definetly quite bullish this US Session morning, 140 + pips with trades combined.

Higher lows on the smaller time frames, and some nice levels of support and resistance acting as key barriers.

6200 was broken quite nicely, then it stalled, because a support level, kissed it and shot up!.. Too bad I wasn't around for it..


http://img87.imageshack.us/img87/7039/sept21.th.jpg

Also did my first stock trade (demo) bought 100 shares of Hewlett packard 55 cent profit......

stocks and fx .... lol and I thought I was ADD....

I have been trading GJ foir 4 years .. why trade ANYTHING ELSE specially if not long term trading .... recently i switched to GU ONLY.

I have found that focusing on one thing makes ona better trader. and in the long run builds the account faster.
PS used to trade stocks ... that stuff is for muppets now lol fx is where the liquiidty is and easier to manage risk . Stocks gap down on you killing your stop and gapping right thru stop sometimes

add to post: if one rreally wabts to trade stock learn to trade options .. less risk and less capital exposure. To trade indexes use the futures ..es , ym etc again they are a 24 hour market and risk can be managed better
Blogging daily now at www.volume.zone
  • #167,553
  • Sep 21, 2009 12:35pm Sep 21, 2009 12:35pm
Quoting Turveyd
Thats how I used to do it,...
after playing the beast forex, stocks would be like watching paint dry...
  • #167,554
  • Sep 21, 2009 12:46pm Sep 21, 2009 12:46pm
Hi WB

Just like to say im personally pleased you've come back!! Ive been following this thread for about 3 weeks now, and have learnt alot and slowly changed my trading habits. How get to stay in trades alot longer!

Back at the start of last week, with yourself and DT calling short, certainly gave me confidence to aim for more. Great analysis.

Many thanks for sharing
  • #167,555
  • Sep 21, 2009 12:48pm Sep 21, 2009 12:48pm
Quoting albchr
.....Relax buddy, it's looking like it "could" have been a mistake anyway.

Definitely NO design work and trading mix for me anymore. I keep having these entries in mind and then I go do design work, get involved and the time passes and then when I look back I've missed the entry by a couple 15m bars....

I "wanted" to go short GU @ 6235 and long EJ @ 134.90. Missed them BOTH like a dope.

chris this is normal buddy.....they always move when least expected, its funny how that works isnt it....
  • #167,556
  • Sep 21, 2009 12:55pm Sep 21, 2009 12:55pm
Quoting malcolmb14
stocks and fx .... lol and I thought I was ADD....

I have been trading GJ foir 4 years .. why trade ANYTHING ELSE specially if not long term trading .... recently i switched to GU ONLY.

I have found that focusing on one thing makes ona better trader. and in the long run builds the account faster.
PS used to trade stocks ... that stuff is for muppets now lol fx is where the liquiidty is and easier to manage risk . Stocks gap down on you killing your stop and gapping right thru stop sometimes

add to post: if one rreally wabts to trade stock...
Totally hear ya bro,

I for one probably won't dabble in stocks, no need to! FX provides a more then enough income. This was just one of those 'Okay, I gotta see this..' things.

But, I think I'd be able to tear it up, just as good a currency trading.. but like you said, the liquidity, volatility, and the fact that you need a big account. Currency trading has great leverage,, etc. and its where I started, and will stay.

I trade GU /EU since the correlation is quite similar at times, vs the usd.. not tough to follow both.
lowest draw down possible please.
  • #167,557
  • Edited 1:11pm Sep 21, 2009 12:57pm | Edited 1:11pm
cable is one tricky b!tch today! All that movement then brick wall.
Hoping to continue downwards
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #167,558
  • Sep 21, 2009 1:16pm Sep 21, 2009 1:16pm
Quoting XTrade
cable is one tricky b!tch today! All that movement then brick wall.
Hoping to continue downwards
unless something happens in the background .. ie lloyds goes down or something there really is no news scheduled till Wednesday. We could be range bound like this till then
Blogging daily now at www.volume.zone
  • #167,559
  • Edited 1:31pm Sep 21, 2009 1:23pm | Edited 1:31pm
Yes, I think you said before, "that will be fine as long as the range is trade-able."

If you don't mind my asking, do you still only trade cable?

I similarly have found more success while focusing on one or two pairs. Perhaps one is best.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #167,560
  • Sep 21, 2009 1:41pm Sep 21, 2009 1:41pm
i agree...one should concentrate on a single pair first before moving on. As the saying goes..learn to walk before you fly!
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