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Cable Update (GBPUSD)

  • #172,741
  • Oct 3, 2009 6:11am Oct 3, 2009 6:11am
Good day to you,

Levels of importance to me going into Monday. I have marked on the charts. Self explanatory... I will be looking at the 3 pairs.

I wish you all the best for the coming week

Regards
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  • #172,742
  • Oct 3, 2009 6:58am Oct 3, 2009 6:58am
I hope GU won't open above 1.60 on monday trading just checked current exchange rate GU now at 1.5929 already dropped from 1.5945 my shorts are still safe.
  • #172,743
  • Oct 3, 2009 7:15am Oct 3, 2009 7:15am
Quoting nAVIN2007
address is in the red box brother!!
Thankyou brother
  • #172,744
  • Oct 3, 2009 7:53am Oct 3, 2009 7:53am
Quoting Pyramus
I hope GU won't open above 1.60 on monday trading just checked current exchange rate GU now at 1.5929 already dropped from 1.5945 my shorts are still safe.
I seriously doubt that price will trade any higher than 1.5950/60 over the week-end. More likely to open at the close price of Friday...

Wish you success with your current trade

Regards
  • #172,745
  • Oct 3, 2009 8:19am Oct 3, 2009 8:19am
Quoting TauTrader
I seriously doubt that price will trade any higher than 1.5950/60 over the week-end. More likely to open at the close price of Friday...

Wish you success with your current trade

Regards
yes the high of the pin will take a while to break as that a resitance point for further rise..i doubt it as well....
  • #172,746
  • Oct 3, 2009 9:25am Oct 3, 2009 9:25am
Quoting Pyramus
I hope GU won't open above 1.60 on monday trading just checked current exchange rate GU now at 1.5929 already dropped from 1.5945 my shorts are still safe.
Not likely as normal trade range for Asian session for Cable is 50/60 pips.

Sunday session could gap down and then close the gap or it could gap up and then close the gap. This is what tends to occur with Sunday.
G/L
None the wiser!
  • #172,747
  • Oct 3, 2009 9:26am Oct 3, 2009 9:26am
I am having trouble with my Son and can not respond as quickly. But he finally went into remission so I feel better than I did. I have this thing going to the 1.6350-1.6400 area. Can't give the names who I am talking about, but you will see what I mean. My stance has lessoned a bit for the longer term after talking to a friend of mine. Love to see it break that Magenta line on my chart. If the dollar gets as weak as their forcasting, I think we will get thru it. By the way, I always have pending orders in the other direction, as I am not God, But any good trader would be doing the same.

Jim

Quoting wormboy
okay.
well I can live with short term, but I was responding to jim's long term outlook of cable blowing the lid off 61xx & go higher. Sure would help if he'd put up a chart or a link to the big boys whatever he was talking about anyway.
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  • #172,748
  • Oct 3, 2009 9:36am Oct 3, 2009 9:36am
Quoting Nene
I am having trouble with my Son and can not respond as quickly. But he finally went into remission so I feel better than I did. I have this thing going to the 1.6350-1.6400 area. Can't give the names who I am talking about, but you will see what I mean. My stance has lessoned a bit for the longer term after talking to a friend of mine. Love to see it break that Magenta line on my chart. If the dollar gets as weak as their forcasting, I think we will get thru it. By the way, I always have pending orders in the other direction, as I am not God, But...
Respect Jim,
Firstly, since following your suggested safe trading, I have turned the corner. I still have pathetic moments, like yesterday where fell right into the trap but my MM is much better and took a hit without to much agonising.
In one of your posts yesterday, you said something like we need to test 6150/70. I can see that as being the immediate challenge to the North. As is the area between 1.5810 and 1.5770.
Sorry for the long preamble, I would like to understand the reasons for identifying above below areas for possible PA.
Cheers
None the wiser!
  • #172,749
  • Oct 3, 2009 10:03am Oct 3, 2009 10:03am
I want to see the 1.5776 level broken with authority before I will think of shorting. By the way, I still have humbling moments myself ole buddy. There is never anyone who is right all of the time. That is why I will not argue, but I will respect anyone elses views.

Jim

Quoting FxClown
Respect Jim,
Firstly, since following your suggested safe trading, I have turned the corner. I still have pathetic moments, like yesterday where fell right into the trap but my MM is much better and took a hit without to much agonising.
In one of your posts yesterday, you said something like we need to test 6150/70. I can see that as being the immediate challenge to the North. As is the area between 1.5810 and 1.5770.
Sorry for the long preamble, I would like to understand the reasons for identifying above below areas for possible PA.
Cheers
  • #172,750
  • Oct 3, 2009 10:29am Oct 3, 2009 10:29am
Alright, right now we have market indecision (inside the pink area, not illustrating a triangle formation). On the daily, we have a 2 pin bars, the top pin bar is a valid pin reversal, the bottom pin bar is not a valid reversal. Right now I favor short, however shorts will be short lived if the red TL is broken, which is the first confirmation, 2nd blue TL broken back will confirm PA will move to 1.6140.... Otherwise break the lower TL than hello 1.5660 / 20.
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #172,751
  • Oct 3, 2009 12:54pm Oct 3, 2009 12:54pm
Quoting direct-trade
I'm finished for this week. Have a great weekend and see you Sunday PM (gmt)

All the best

Hope your having a good wk end DT...your analaysis through ur charts been most helpfull again .....shame ur dragon didn't close below 140, but it sure did get close, fairplay mate and well done.

All the best, Finster
  • #172,752
  • Oct 3, 2009 1:00pm Oct 3, 2009 1:00pm
Quoting Bull_Bear
Alright, right now we have market indecision (inside the pink area, not illustrating a triangle formation). On the daily, we have a 2 pin bars, the top pin bar is a valid pin reversal, the bottom pin bar is not a valid reversal. Right now I favor short, however shorts will be short lived if the red TL is broken, which is the first confirmation, 2nd blue TL broken back will confirm PA will move to 1.6140.... Otherwise break the lower TL than hello 1.5660 / 20.

great analysis BB
yes im question if a pin caused by news is a signal which is valid, i think it is possible that we retest neckline for head and shoulder..weekly body is very small as well.....its not an easy trade decision at all

i guess market will give clues..im questioning the pin and what the hell happens with regards to dollar strength...have a good one bro!
  • #172,753
  • Oct 3, 2009 1:02pm Oct 3, 2009 1:02pm
Quoting Nene
I am having trouble with my Son and can not respond as quickly. But he finally went into remission so I feel better than I did. I have this thing going to the 1.6350-1.6400 area. Can't give the names who I am talking about, but you will see what I mean. My stance has lessoned a bit for the longer term after talking to a friend of mine. Love to see it break that Magenta line on my chart. If the dollar gets as weak as their forcasting, I think we will get thru it. By the way, I always have pending orders in the other direction, as I am not God, But...
nice analysis...agree only one thing thou theres no diverence at all to take this up..so i think we have to be carefull 1.60 probably will be seen but its highly probably bro there could be a rejection
  • #172,754
  • Oct 3, 2009 1:09pm Oct 3, 2009 1:09pm
Quoting nAVIN2007
Yo T my brother from another mother

i wanna quote some thing mr green wrote i think its is beautiful, i must get this book anyways....



(I always love when I have an opportunity to quote from my fav trading book ROASO ~Edwin LeFevre
[i]The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day—and you lose more than you should had you not listened to hope—to...
Nice one Nav, that really does sum it up! For me anyway, in the early days...sitting on bad position, hoping it turns around!

  • #172,755
  • Oct 3, 2009 3:23pm Oct 3, 2009 3:23pm
the truth about REAL FOREX.

http://www.forexfactory.com/showthre...=1#post3114738
Don't compare your Trades with Others
  • #172,756
  • Oct 3, 2009 4:52pm Oct 3, 2009 4:52pm
Posted this in the Aiuslanco thread, but will post it here too for the G/J traders here. Your comments would be welcome.

Have a good weekend bro's.

----------------------------------------------------------------------


I do not normally post on a Saturday, but the PA on Friday had me concerned.

What I do in situations such as those is this:

Do nothing for 24Hrs
Do not think about the markets and avoid all news.
Do not concern myself about where price might go, what if I am on the wrong side?, has a bull run started? etc etc

Then, after over 24Hrs, ie now:

My mind is clear and uncluttered, so open the screens and study. Study not where I want price to go, but where I see the Price Action going.

So, after looking at my Charts this evening this is what I see:

Bull trap.

The extent of the trap at this point in time is unknown, but I will hold my Shorts for now until proven wrong by the market.

I wish you all the best and hope you are having a good weekend.

Of course, I could be wrong, please follow your charts.

Your comments and analysis are welcome
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  • #172,757
  • Oct 3, 2009 5:54pm Oct 3, 2009 5:54pm
http://www.forexfactory.com/showpost...stcount=169717

Chart below from above link posted on 27th Sept.

1st Long term trade profit target was taken this week at 14093.

Notice the bounce from 14093 shown with red directional line on chart. Price subsequently bounced from 140 area during this week as expected and we are just above 14296 price shown on the chart again.

My longer term targets still remain valid at this point.

Longer term TP levels:

1st 14093 - collected.
2nd 14093 to be collected again after the bounce this week. Rentered new Shorts at 14375 as talked about earlier this week.
3rd 13575
4th 13010
5th 11891

Should be an intresting journey.
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  • #172,758
  • Edited 9:44pm Oct 3, 2009 9:03pm | Edited 9:44pm
Dragon Update.....

The move down has has ended up with a possible pin bar reversal on the daily, supported by confluence of 2 areas, 50% retracement and strong support. I'm a buyer of dragon come Monday, at least to 146.20 / 40 which is consistent with the 61.8% & 38.2% retracement respectively and the downward sloping TL.

A break of 143.80 will see an accelerated move to 146.20 / 40 area. This view is invalidated if 140.85 low is taken out.

Good luck guys catch you on Monday.
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #172,759
  • Oct 4, 2009 5:48am Oct 4, 2009 5:48am
My Sunday analysis









Inserted Video



Thank You
  • #172,760
  • Oct 4, 2009 6:14am Oct 4, 2009 6:14am
Quoting wormboy
My Sunday analysis











http://www.youtube.com/watch?v=b4A50...eature=related


lets sunday party...yihaaaaa..angreee angreeeee
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