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Cable Update (GBPUSD)

  • #171,721
  • Oct 1, 2009 2:58am Oct 1, 2009 2:58am
Quoting albchr
Morning GM, 5930, 5956. Yeah I know... woke up late and jumped in still blurry eyed....lol

15m providing some hope maybe?
I think your take on direction is correct.
5930 is lil too low tho
Maybe if you could bring your AvgPrc up closer to where we are now if you can? if you can afford to let the position breathe a little i.e. more room for drawdown?
Hear the music before the song is over ...
  • #171,722
  • Oct 1, 2009 3:01am Oct 1, 2009 3:01am
Quoting bbmac
This is what I am see-ing on 1hr atm, the wide dotted horizontal line is a breeched ascending trend line...and the red wide dotted line is a channel top on this t/f. The deep red and blue zones are co-existant previous swings on the 4hr chart.

Buy @ potential support/rbs -and- Sell @ potential resistance/sbr on a trigger t/f below that you have identified it on, aware of the conditions on that t/f (trend or range)...it doesn't get any simpler.

G/L
Glad it's so simple for you. So what's your NEXT move?
Ghost Rider - WWTBMD?
  • #171,723
  • Oct 1, 2009 3:04am Oct 1, 2009 3:04am
Quoting GlobalMacro
I think your take on direction is correct.
5930 is lil too low tho
Maybe if you could bring your AvgPrc up closer to where we are now if you can? if you can afford to let the position breathe a little i.e. more room for drawdown?
Yes it is. 5930/SL 5997 the 5956/SL 6015 at .1 standard each, it's about all the room I can give it. Unless I had any clue my take on direction is actually right and they'd pay off....

I really thought that daily pin was serious. Obviously, I was wrong.
Ghost Rider - WWTBMD?
  • #171,724
  • Oct 1, 2009 3:06am Oct 1, 2009 3:06am
Quoting GlobalMacro
I think your take on direction is correct.
5930 is lil too low tho
Maybe if you could bring your AvgPrc up closer to where we are now if you can? if you're able to let the position breath a little i.e. more room for drawdown?
Quoting albchr
Yes it is. 5930/SL 5997 the 5956/SL 6015 at .1 standard each, it's about all the room I can give it. Unless I had any clue my take on direction is actually right and they'd pay off....


yes i 100% agree chris u have your stop loss exactly where i think price will head up to then go down....it very common for price to breakout and retest the ascending trendline (where u stop is ) then fall on successfull test

yur stop loss apears to be on the line..can be hit very easily but at least its above 1.60..next 4hr may spike to that test line and reject
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  • #171,725
  • Oct 1, 2009 3:09am Oct 1, 2009 3:09am
Quoting nAVIN2007
yes i 100% agree chris u have your stop loss exactly where i think price will head up to then go down....it very common for price to breakout and retest the ascending trendline (where u stop is ) then fall on successfull test

yur stop loss apears to be on the line..can be hit very easily

Thanks Nav. Good to see you in the green buddy....
Ghost Rider - WWTBMD?
  • #171,726
  • Oct 1, 2009 3:09am Oct 1, 2009 3:09am
Quoting albchr
Glad it's so simple for you. So what's your NEXT move?

You still nursing your stop?

I think I have the fear at the moment, the market does seem to be interacting with my channels that I've drawn in...however it seemed to be doing that earlier when I got done up like a kipper!

News out in 20 mins, could work well for you mate!
  • #171,727
  • Oct 1, 2009 3:11am Oct 1, 2009 3:11am
Quoting albchr
Glad it's so simple for you. So what's your NEXT move?

Lol, sorry didn't mean to sound glib...I have no idea what my next move is until it sets-up, I have no idea where price will go next, up down or sideways...I just know where the potential supp/res/sbr/rbs is on my trend t/f and will assess any potential sbr/rbs on the intermediate t/f, and also keep track of what the overall price action conditions are on the intermediate and higher trend t/f [and if a trend whether it is co-existant or contra that on longer 1hr+ t/f's]...that is alll the info I need, other than knowing when data is due out etc..then it is just a case of see-ing when price arrives at a potential supp/res/sbr/rbs zone whether I get a set-up develop on the trigger t/f and see-ing whether that set-up has a good price action trigger, then see-ing whether that trigger t/f set-up has any other set-ups on t/f's abovbe the trigger t/f to support it, re potential of move and added tech confluence.

Trading is never simple but it doesn't have to be impossible eaither. Liberating ourselves from thinking we know what the direction will be is essential to this...we don't, we only know what the trend is if it exists on each t/f , but we have no idea whether it will continue, ...we just play an edge..

Continued G/L
ex member
  • #171,728
  • Oct 1, 2009 3:13am Oct 1, 2009 3:13am
Check out CAD guys . I think its a good buy
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #171,729
  • Oct 1, 2009 3:13am Oct 1, 2009 3:13am
Some Ideas...

[Charts]
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  • #171,730
  • Oct 1, 2009 3:14am Oct 1, 2009 3:14am
Quoting deryworlds
Hi worm Brother..
is it still valid to see 1.62xx for today ??
hi dery.

I wouldn't know about 62xx, but anywhere near 6165 would do me good. Still buying
Thank You
  • #171,731
  • Oct 1, 2009 3:16am Oct 1, 2009 3:16am
Quoting albchr
Thanks Nav. Good to see you in the green buddy....
i think u should be fine bro..price looks like its turning down to me, keep a eye of the 4hr thou so far it bullish..
62 ema as well for protection


thanks buddy
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  • #171,732
  • Oct 1, 2009 3:16am Oct 1, 2009 3:16am
daily chart, prior spike low became resistance at 16130....
Attached Image
Trading is 80% Emotional, 20% Technical
  • #171,733
  • Oct 1, 2009 3:19am Oct 1, 2009 3:19am
Quoting albchr
Yes it is. 5930/SL 5997 the 5956/SL 6015 at .1 standard each, it's about all the room I can give it. Unless I had any clue my take on direction is actually right and they'd pay off....

I really thought that daily pin was serious. Obviously, I was wrong.
No doubt, a pin is a pin....that has to be taken seriously....
What the problem is however is the contracting range

There are probably huge stops around 1.6073 on the upside, so a violent shakeout is on the cards if worse comes to worst...

6015 is within easy reach of that

But direction is as indicated by the pin : down
Hear the music before the song is over ...
  • #171,734
  • Oct 1, 2009 3:20am Oct 1, 2009 3:20am
Yeah i agree that the cable should find a strong resistance at 1.6969 so any one on a bullish trend should Take profit before this level.
  • #171,735
  • Oct 1, 2009 3:20am Oct 1, 2009 3:20am
Quoting Piters
Some Ideas...

[Charts]
I can live with that. If I don't get stopped out first...
Ghost Rider - WWTBMD?
  • #171,736
  • Oct 1, 2009 3:23am Oct 1, 2009 3:23am
Quoting Piters
b-carefull .. we are breaking down..

cheers.. (bb in lndn)
Piters cheers for the warning bro, but this is my rational...

Bounced of the TL nicely twice, as long as the rising TL remains intact, I'm a buyer.

You holding shorts are you mate?
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #171,737
  • Oct 1, 2009 3:24am Oct 1, 2009 3:24am
Quoting Piters
Some Ideas...

[Charts]

beautifull analysis brother!!

top stuff!! ..i agree completely that was the test, i only hope its not going back up there to test it again....but i totally expect a rejection, this is text book stuff!
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  • #171,738
  • Oct 1, 2009 3:25am Oct 1, 2009 3:25am
Bullish divergence on my 5min and 15min chart, though no buy confirmation as of yet (waiting for the 4hr candle to finish)

I use momentum btw

Still learning the ropes of trading, good luck with your trades!
We are the TREND. Resistance is futile...
  • #171,739
  • Oct 1, 2009 3:28am Oct 1, 2009 3:28am
you should do like this
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  • #171,740
  • Oct 1, 2009 3:28am Oct 1, 2009 3:28am
Quoting nAVIN2007
yes i 100% agree chris u have your stop loss exactly where i think price will head up to then go down....it very common for price to breakout and retest the ascending trendline (where u stop is ) then fall on successfull test

yur stop loss apears to be on the line..can be hit very easily but at least its above 1.60..next 4hr may spike to that test line and reject
excellent observation

how are you this morning, bro?
Hear the music before the song is over ...
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