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Cable Update (GBPUSD)

  • #177,541
  • Oct 19, 2009 4:55pm Oct 19, 2009 4:55pm
Quoting jack.canadia
Right now we are stuck at a nice confluence .. Trendline plus 38.2 (1.6430) from the entire fall from the top.

This is the decision point IMO.
Another view.
Attached Image (click to enlarge)
Click to Enlarge Name: weekly view.gif Size: 21 KB
  • #177,542
  • Oct 19, 2009 5:02pm Oct 19, 2009 5:02pm
Quoting nAVIN2007
its very strong any support and it simply bounces, nice trade
thx man...makes any newbie happy moved sl to be plus 20 to be in profit just in case
  • #177,543
  • Oct 19, 2009 5:08pm Oct 19, 2009 5:08pm
Quoting nAVIN2007
that has similair pattern as well .....it is in uptrend dont worry (eur/usd) dailly very bullish also look at swissy very bearish ..cable will most likely sky rocket, but im not in the trade as i have no signal to enter
usdcad very bearish as well..dollar is finished!!
well, i think it will go up, that's why i went long, but i don't think it will go up easy, there will be a lot of bounces ups and downs
  • #177,544
  • Oct 19, 2009 5:25pm Oct 19, 2009 5:25pm
Quoting Endrju
well, i think it will go up, that's why i went long, but i don't think it will go up easy, there will be a lot of bounces ups and downs
I shorted again at 6430 so it better go down haha

A fall to 6130 and strong bounce from there will most likely break the trendline. Otherwise, a fall back to 5700 and beyond.
  • #177,545
  • Oct 19, 2009 5:26pm Oct 19, 2009 5:26pm
Quoting Endrju
well, i think it will go up, that's why i went long, but i don't think it will go up easy, there will be a lot of bounces ups and downs
You should never think it will go anywhere.. Be sure that its going somewhere through analysis.

You will lose by thinking.
  • #177,546
  • Oct 19, 2009 5:37pm Oct 19, 2009 5:37pm
Quoting jack.canadia
You should never think it will go anywhere.. Be sure that its going somewhere through analysis.

You will lose by thinking.

thanks for advice, will try no to think and just gamble. I think basis on my analysis. Analysis can be various
  • #177,547
  • Oct 19, 2009 5:37pm Oct 19, 2009 5:37pm
Quoting jack.canadia
Another view.

The bearish pattern reversal is very obvious at the bottom of the chart.. i think they call it a strike three insude up or something..
  • #177,548
  • Oct 19, 2009 5:42pm Oct 19, 2009 5:42pm
Lucky. I close my long and try grab 6428
GELORE
  • #177,549
  • Oct 19, 2009 5:44pm Oct 19, 2009 5:44pm
+40 pips so far..

Right off my trendline, didn't even poke its head outside a pip...
lowest draw down possible please.
  • #177,550
  • Oct 19, 2009 5:52pm Oct 19, 2009 5:52pm
Quoting ehrek
+40 pips so far..

Right off my trendline, didn't even poke its head outside a pip...
from 6430 correct?
  • #177,551
  • Oct 19, 2009 5:56pm Oct 19, 2009 5:56pm
Quoting jack.canadia
from 6430 correct?
Yes,

On the daily chart a 3rd touch has validated a continuation of the downtrend.
lowest draw down possible please.
  • #177,552
  • Oct 19, 2009 5:59pm Oct 19, 2009 5:59pm
Quoting ehrek
Yes,

On the daily chart a 3rd touch has validated a continuation of the downtrend.
about time..expecte a big move down with the head n shoulders pattern which completed late sep
  • #177,553
  • Oct 19, 2009 6:00pm Oct 19, 2009 6:00pm
Quoting ehrek
Yes,

On the daily chart a 3rd touch has validated a continuation of the downtrend.
Yeah the daily is definitely downtrending. And based on the previous two charts I posted, I took the short right at 6430 as well. These are low risk/high reward trade setups and if it goes in our favor we can see quite a few pips

Dont get greedy. Put a stop at breakeven!
  • #177,554
  • Oct 19, 2009 6:17pm Oct 19, 2009 6:17pm
Current price 16400.

I think that we don't go down before hitting stops between here and 165/166.

Why? Everyman and his dog are Short, to easy an opportunity to pop over 16450 and clear the market IMHO.
  • #177,555
  • Oct 19, 2009 6:19pm Oct 19, 2009 6:19pm
...expect 1.66xx in the next day or two!
  • #177,556
  • Oct 19, 2009 6:29pm Oct 19, 2009 6:29pm
For all you want to be shorts the trend is still UP, don't fight it.


And there is no need for charts, this isn't open for debate this is a absolute, yes it might change in 20mins, but the odds are it won't, never bet on change.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #177,557
  • Oct 19, 2009 6:30pm Oct 19, 2009 6:30pm
1.6400 - took profit, will wait patiently and watch PA around significant areas.
lowest draw down possible please.
  • #177,558
  • Oct 19, 2009 6:59pm Oct 19, 2009 6:59pm
It sure acts like it wants to go up. It's like a cork. Everytime it gets pushed down it pops right back up and higher.

Quoting Turveyd
For all you want to be shorts the trend is still UP, don't fight it.


And there is no need for charts, this isn't open for debate this is a absolute, yes it might change in 20mins, but the odds are it won't, never bet on change.
  • #177,559
  • Oct 19, 2009 7:02pm Oct 19, 2009 7:02pm
Long @ 1.6404, TP Target #1 6539, TP Target #2 6602

Good luck everyone - and thanks to all the forum contributors; i've learned alot!
A pip is only worth it if you know how much you risked to earn it
  • #177,560
  • Oct 19, 2009 7:09pm Oct 19, 2009 7:09pm
Quoting Leche Mocha
It sure acts like it wants to go up. It's like a cork. Everytime it gets pushed down it pops right back up and higher.

Yep a lot of buying has gone on over the last few days, from the amount of it and how desperate they are to pay high prices, they could know something we don't and be setting this up for a move much higher.

Or they might just be stupid and wrong and about to lose a boat load of money


Forex got to love it!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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