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Cable Update (GBPUSD)

  • #182,721
  • Nov 13, 2009 5:00am Nov 13, 2009 5:00am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Hello GM,

What's oyur thought on cable , long or short?


Ta
ams


Quoting GlobalMacro
Good Morning,

lol....

The decade is ending and we are

guess what

trading at 1.6680 not ANYWHERE NEAR 1.5300...

hmmmm........these are gonna be the best BEERs of my life....
  • #182,722
  • Nov 13, 2009 5:03am Nov 13, 2009 5:03am
I was planing sell G/U from 1.6700 with target 1.6640, but I'm not sure what trend is general - up or down. Soon will be news release and I'm not sure that fibonacci levels work off till that time. So this time I'm just watching and put signal order at 1.6730.

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  • #182,723
  • Nov 13, 2009 5:06am Nov 13, 2009 5:06am
Quoting ams
Good to see post from you BB.
Most of us are hanging at DT's thread to avoid chaos, lol.

In agreement with you on shorts!

Ta
ams
I feel like a fight... lol

Where are the clowns.... and DT's lollipop.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #182,724
  • Nov 13, 2009 5:09am Nov 13, 2009 5:09am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Here: http://www.forexfactory.com/showthre...11#post3231311


Quoting Bull_Bear
I feel like a fight... lol

Where are the clowns.... and DT's lollipop.
  • #182,725
  • Nov 13, 2009 5:09am Nov 13, 2009 5:09am
Quoting Bull_Bear
Dame, I've had many BEERs in my time but I say yours will be the sweetest of all.

Stay short....

Haven't been around the block lately, been trading off line and enjoying the Spring / Summer time here.

How you hanging'n mate?
lol...Beer Sweet Beer....lol...especially this one....lol

I'm good bro....since achieving and even exceeding my profit objectives I decided to take it easy and do a little early holiday thing...

I saw on TV the other day a bunch of naked people doing some kind of marathon in Australia.......is that event where you are too?
Hear the music before the song is over ...
  • #182,726
  • Nov 13, 2009 5:10am Nov 13, 2009 5:10am
hey BB how ru

cable is going south ???????????????????????????????
  • #182,727
  • Edited 5:52am Nov 13, 2009 5:13am | Edited 5:52am
Yesterday’s daily candle closed as a doji on the Bollinger band centre moving average. As I said yesterday this was a key area as to the direction of price for the coming week.. Had we closed below, there was a good chance we would of tested the daily trendline suppport. However as this held well the Bollinger centre MA should act as a good spring board for price to now test the 1.6690 region and then eventually head to test the daily trendline resistance as shown on the daily chart posted.

The market profile is showing some key features today. The Asian night trading and london open has setup the profile for a double distribution day. Basically meaning we should be forming a bell shape curve throughout the day on both side of the profile. As you can see the bulls have a pretty big task breaking higher than 1.6715 area as there is a huge ledge (resistance area) formed here from the 11/11/09 MP profile. We do have 20 pips of single prints between 1.6690 and 1.6710. Not doubt price will trade through 1.6690 to fill these single prints and then test this massive ledge at 1.6715. If price gets rejected ( more than likely) here we are likely to tick lower and fill the single prints in the middle of the profile before filling in the lower distribution.

It does look like a triple top formation on the 5 min but triple tops almost always break in my opinion. The bounce of the daily Bollinger centre ma yesterday should help with this.... Anyway take what you want from this. Whatever your bais theres plenty to keep in mind with your trading from this analysis.

trade well

note: for the Newbies: Single prints are basiaclly where price has only traded once. It is represented by a single letter on the MP. Its common to find these at either ends of a market profile as price usually is just testing the extreme end here. You will also get single print on a double distribution day when price has rallied or sold from one area...i.e a bit like this morning and then has been acceppted byt the market. this will cause single print to form in the midlle of the profile...Basicallly the market tends always to trade over these areas once again in that day. Think of the market as a starving lion and the single prints as road kill...the lion cant resist...hope that kind of helps.
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  • #182,728
  • Nov 13, 2009 5:13am Nov 13, 2009 5:13am
Quoting ams
Hello GM,

What's oyur thought on cable , long or short?


Ta
ams

Hi AMS,

how's it goin' buddy..?

well...it all depends on your time horizon and risk tolerance...but IMO long is the preferred strategy of course atm...
Hear the music before the song is over ...
  • #182,729
  • Nov 13, 2009 5:18am Nov 13, 2009 5:18am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
I considered you a positive man from the begining.
You can always spot longs where we can't see them easily!

Good advice, as major trend is long !!
Day to day 50-100 odd pips are exceptions!

Ta
ams



Quoting GlobalMacro
Hi AMS,

how's it goin' buddy..?

well...it all depends on your time horizon and risk tolerance...but IMO long is the preferred strategy of course atm...
  • #182,730
  • Nov 13, 2009 5:18am Nov 13, 2009 5:18am
Quoting GlobalMacro

I saw on TV the other day a bunch of naked people doing some kind of marathon in Australia.......is that event where you are too?


GM how's it going bro. I got the beer packed already. Not gonna send it yet tho lol
Gotta hand it to you man. You said you're gonna stay away from trading cable, not a secret now to ask why.
right on the money.
Thank You
  • #182,731
  • Nov 13, 2009 5:21am Nov 13, 2009 5:21am
Quoting javajames
Dunno.....but ATM most important is not trying to understand what's happening but just concentrate on our charts.....to make money....and I'm pretty sure you can do it very well

Economic and news analysis don't always explain market behaviour.....That's Forex....

Good luck to you my friend
..i got a reason why am asking...


sometime not only chart but you need to see more than that....then we will enjoy in forex and not struggling like hell....

anyway good job mate....1 vouch for you for the word in bold...as my compliment

see all of you next week n perhaps we will understand it soon....

Good luck
  • #182,732
  • Nov 13, 2009 5:27am Nov 13, 2009 5:27am
Quoting zameer
hey BB how ru

cable is going south ???????????????????????????????
I'm good Zammer, yes am taking her south mate, but i entered at 1.6747..
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #182,733
  • Nov 13, 2009 5:42am Nov 13, 2009 5:42am
Is anyone thinking we may go south?

On the daily around the 1.6700 mark cable has hit resistance and gone south.

Are we about to do teh same again? your thoughts?

http://img29.imageshack.us/img29/6482/gbpusddailyk.jpg
  • #182,734
  • Nov 13, 2009 5:42am Nov 13, 2009 5:42am
Quoting wormboy


GM how's it going bro. I got the beer packed already. Not gonna send it yet tho lol
Gotta hand it to you man. You said you're gonna stay away from trading cable, not a secret now to ask why.
right on the money.
Going good WB....how about yourself bro...

take good care of the beer pack tho....lol

yup...I smelled choppy waters after that huge rally mid-october...turns out it was good decision to stay out....after all you know the secret to a good party:
cut out when it's at its best....
Hear the music before the song is over ...
  • #182,735
  • Nov 13, 2009 5:47am Nov 13, 2009 5:47am
Quoting Bull_Bear
I'm good Zammer, yes am taking her south mate, but i entered at 1.6747..
It is my long target !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #182,736
  • Edited 6:19am Nov 13, 2009 5:57am | Edited 6:19am
Quoting grashid
..i got a reason why am asking...


sometime not only chart but you need to see more than that....then we will enjoy in forex and not struggling like hell....

anyway good job mate....1 vouch for you for the word in bold...as my compliment

see all of you next week n perhaps we will understand it soon....

Good luck
Thanks for your compliment and vouch

Happy week-end
Non licet omnibus adire Corinthum
  • #182,737
  • Nov 13, 2009 6:07am Nov 13, 2009 6:07am
"Hope" the trend stay above white level
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Pride of opinion is a characteristic of losing traders
  • #182,738
  • Nov 13, 2009 6:08am Nov 13, 2009 6:08am
Quoting Chumbawunga
Simple ABC correction forming?
Bit more like a complex correction but hopefully still a correction northwrds
  • #182,739
  • Nov 13, 2009 6:09am Nov 13, 2009 6:09am
Quoting Stocky Monk
[color=black][font=Verdana]The market profile is showing some key features today. The Asian night trading and london open has setup the profile for a double distribution day. Basically meaning we should be forming a bell shape curve throughout the day on both side of the profile. As you can see the bulls have a pretty big task breaking higher than 1.6715 area as there is a huge ledge (resistance area) formed here from the 11/11/09 MP profile. We do have 20 pips of single prints between 1.6690 and 1.6710. Not doubt price will trade through 1.6690...
Thanks mate....that's what I call an analysis.....I also use intensively, for day-trading, market profile for my own benefit....Keep up the good work...

We really need people like you on this thread

Thanks again
Non licet omnibus adire Corinthum
  • #182,740
  • Nov 13, 2009 6:11am Nov 13, 2009 6:11am
This last candle ruined the setup... guess we have to wait for a while to ride cable north... hopefully today but i doubt it
When life gives you lemons, make lemonade
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