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Cable Update (GBPUSD)

  • #179,361
  • Oct 28, 2009 5:29am Oct 28, 2009 5:29am
im soo exited for ny session, such big moves this morning like yesterday ny session, any ideas??
  • #179,362
  • Oct 28, 2009 5:34am Oct 28, 2009 5:34am
Quoting Stocky Monk
For the newbies....textbook Breakout supp/res trading.

Piont here is if you miss the breakout like me because you making a coffee then wait for the pullback as price almost always comes back and test the old support as resistance.

On the occasion the stop is above resistance and 200ma.
Target 1: bottom of the breakout 1.6312
Couldn't of said it better myself. You and I have the same problem, both went to make coffee. Only thing is that I caught the breakout but wasn't here to close out before the retrace. I have the same targets as you as well.
  • #179,363
  • Oct 28, 2009 5:36am Oct 28, 2009 5:36am
Quoting pipmyride
something i reckon MOST fight with !
all my major profits have been holding for hours and a day or 2 ... all losses when holding less ... gee i wonder wot that tells ya ... yet , i still do it !

trading is about developing yourself brother, u know the weakness, then u can fix it..happing fixing
  • #179,364
  • Oct 28, 2009 5:37am Oct 28, 2009 5:37am
I'm all set for a short at @6305 as it's below last few days support level and below lowest trading for the day so far but where do I put my stop loss that's the big question? Probably 6335 but that's right on my support channel line. Think I'll make a coffee that might clear my mind a little.
  • #179,365
  • Oct 28, 2009 5:57am Oct 28, 2009 5:57am
http://www.forexfactory.com/showthread.php?t=203842
  • #179,366
  • Oct 28, 2009 6:01am Oct 28, 2009 6:01am
We have a big ledge that has formed at the 1.6345 area from the Asian overnight trade and london open. Once we broke out of this it is almost exactly where we pulled back to.

My sell order at 1.6346 didnt get filled so I iniated a manual sell at 1.6337 as it is unlikely price will trade back upto 6345 anytime soon, HOWEVER not impossible so Im going to leave the other sell order there for the time being.

4hr is looking bearish to me and I think the 4hr 200ma at 1.6248 will be our first test.
Attached Image (click to enlarge)
Click to Enlarge Name: mt10.jpg Size: 177 KB
  • #179,367
  • Oct 28, 2009 6:07am Oct 28, 2009 6:07am
Quoting Stocky Monk
We have a big ledge that has formed at the 1.6345 area from the Asian overnight trade and london open. Once we broke out of this it is almost exactly where we pulled back to.

My sell order at 1.6346 didnt get filled so I iniated a manual sell at 1.6337 as it is unlikely price will trade back upto 6345 anytime soon, HOWEVER not impossible so Im going to leave the other sell order there for the time being.

4hr is looking bearish to me and I think the 4hr 200ma at 1.6248 will be our first test.
I agree with your assessment. My 4 hour chart looks very bearish as well as the Daily and weekly charts. The 4 hour chart keeps bouncing off the 161.8 fib line while the daily is haveing problems crossing above the 50 fib and the weekly 38.2. The daily charts large red candle we saw Friday was a nice engulfing candle and it appears it needs to complete the cycle. My opinion is that long term the target is at least around the 1.6000 point.
  • #179,368
  • Oct 28, 2009 6:09am Oct 28, 2009 6:09am
Quoting pipmyride
ok are we ready to move out of this range now or what ...
We are ...maybe big boys are not....
The Market pays you to be disciplined
  • #179,369
  • Oct 28, 2009 6:12am Oct 28, 2009 6:12am
Quoting kill
salam hi all

we need to break 16305 for her to keep going
1.64 ....to keep going ...
The Market pays you to be disciplined
  • #179,370
  • Oct 28, 2009 6:26am Oct 28, 2009 6:26am
Quoting mima
1.64 ....to keep going ...

we stuck here
  • #179,371
  • Oct 28, 2009 6:32am Oct 28, 2009 6:32am
dollar bulls
Thank You
  • #179,372
  • Oct 28, 2009 6:38am Oct 28, 2009 6:38am
Quoting wormboy
dollar bulls

I hope theyre ready to take her down...take her down to china town (De Nero voice) haha!
  • #179,373
  • Oct 28, 2009 6:45am Oct 28, 2009 6:45am
Quoting antic81
I hope theyre ready to take her down...take her down to china town (De Nero voice) haha!
better than expected news in 45 mins might halt that ....
  • #179,374
  • Oct 28, 2009 6:46am Oct 28, 2009 6:46am
Quoting antic81
I hope theyre ready to take her down...take her down to china town (De Nero voice) haha!
they're ready. are you ready?
Thank You
  • #179,375
  • Oct 28, 2009 6:47am Oct 28, 2009 6:47am
i spot a potential head and shoulder pattern on the 4H chart. have a look at the attached image.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 122 KB
  • #179,376
  • Oct 28, 2009 6:51am Oct 28, 2009 6:51am
When the ema's have packed together
as tightly as we see here on the 5m
(and 15m) the pressure has to release
even hours before the news.

Dr. D.
Attached Image
  • #179,377
  • Oct 28, 2009 7:06am Oct 28, 2009 7:06am
Quoting wormboy
they're ready. are you ready?

I am am sir...I need her to go down nicely!

Trading longer tfs now with a larger stop, testing it out, by the way what point do you start dragging your stop up?

Cheers!
  • #179,378
  • Oct 28, 2009 7:06am Oct 28, 2009 7:06am
Quoting pipmyride
better than expected news in 45 mins might halt that ....

Technically since GBP is first on the currency pair, better that expected news would make the USD more valuable, which in turn would drive the price down, not up.
  • #179,379
  • Oct 28, 2009 7:10am Oct 28, 2009 7:10am
Quoting fourxtrader
When the ema's have packed together
as tightly as we see here on the 5m
(and 15m) the pressure has to release
even hours before the news.

Dr. D.

This 15m chart pattern was only useful 3 hrs. ago.
Throw the charts away on the next move at 12:30 GMT.
The direction will come from the news release.
1.6300 is the perfect launch pad.

Dr. D.
Attached Image
  • #179,380
  • Oct 28, 2009 7:12am Oct 28, 2009 7:12am
may im paranoid but closed all usd longs before the news realesed.
regards
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