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Cable Update (GBPUSD)

  • #189,601
  • Dec 28, 2009 10:37am Dec 28, 2009 10:37am
hey guys. look what they say in daily telegraph about pound :
http://www.telegraph.co.uk/finance/c...arns-CEBR.html
  • #189,602
  • Dec 28, 2009 10:56am Dec 28, 2009 10:56am
Quoting geocatalinfx
hey guys. look what they say in daily telegraph about pound :
http://www.telegraph.co.uk/finance/c...arns-CEBR.html
Well...... there goes my super. My so hard traded pension sniffffffff
  • #189,603
  • Dec 28, 2009 11:36am Dec 28, 2009 11:36am
Quoting wormboy
welcome to your first year end. stay away from the market till the second week of january my friend. trying to trade under this condition is foolish.
happy new year

yo bro!..enjoying the holidays.?damn good advise..no need to trade for the sake of trading
  • #189,604
  • Dec 28, 2009 11:48am Dec 28, 2009 11:48am
Looks like we haven't had enough of the upside... i'm out anyway
"Hate the sin, love the sinner." - Gandhi
  • #189,605
  • Dec 28, 2009 11:53am Dec 28, 2009 11:53am
If one was to speculate the play, I would suppose that playing off of the 1440EMA from the 5m at current to support line would probably pay off.....

Just a guess mind you, but a reasonable guess to be sure.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #189,606
  • Dec 28, 2009 12:08pm Dec 28, 2009 12:08pm
Quoting Magix
If one was to speculate the play, I would suppose that playing off of the 1440EMA from the 5m at current to support line would probably pay off.....

Just a guess mind you, but a reasonable guess to be sure.
Yep, just up and down but looks like we're not going up anyway from here. Euro found its top i think and it's going down from here.

I know it's not a good time to trade and I'm not putting big money in it, but I know one thing, if you manage to find the weak points in your strategy (like markets in range in this case) and learn what tools work all the time you're on the your way.

Avoiding periods like this is kinda ok, but you must trade it once or twice to make your strategy stronger (not re-model it on markets in range... just make it work on ranges aswell) because you might have markets in range like this even on normal days... I'm learning more on hard periods like this than normal trading....because before December i went from 100$ to 600$ in just one week then December wiped out profits but I'm cathing up and I've found that there are few indicators that alost always give good signals!

I mainly trade 4H charts and thanks to Dr G & Malcom (even if cable still didn't go down it's not either going up as much as i wanted it) i've just re-added the volume indicator and it helps quite a lot to find tops/bottoms easly (wich was a weak point).
"Hate the sin, love the sinner." - Gandhi
  • #189,607
  • Dec 28, 2009 12:15pm Dec 28, 2009 12:15pm
Quoting TheGabriel
Yep, just up and down but looks like we're not going up anyway from here. Euro found its top i think and it's going down from here.

I know it's not a good time to trade and I'm not putting big money in it, but I know one thing, if you manage to find the weak points in your strategy (like markets in range in this case) and learn what tools work all the time you're on the your way.

Avoiding periods like this is kinda ok, but you must trade it once pr twice to make your strategy stronger (not re-model it on markets in range... just make it work...
Support to resistance is the absolute essence of trading. If you can learn what they mean, and how to play them, they can make you the master of the time frames that you choose.

I prefer to watch all the lowers and keep the greater in mind, but if you have checked out a couple of my charts and using the basis of a few simple moving averages, at least for the people new to the market, it can help you grab a grip on direction and price action.

The stops, the starts, the support lines, stall lines and of course the resistance.

Just because I have chosen to keep my account closed until the new year does not mean that I have no interest in the market reaction to the same moving averages on the same time frames.

The more I watch, the more I understand, and the more sense it makes.

Watching the fundamentals and anything other then cable to trade cable is a detriment to traders IMO. Watching what cable does and where we are in the grand scheme of the multi time frames is the key to success at least it is for "me".

There are several great systems, it's all about finding what you can understand and win off of more then lose.

We all need a humbling experience once in a while, keeps everything in perspective.

It is what you do when it happens that separates traders from hopefuls.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #189,608
  • Dec 28, 2009 12:21pm Dec 28, 2009 12:21pm
Quoting Magix
Support to resistance is the absolute essence of trading....
Smaller timeframe help as you said, you need them for better entry/exits.

About cable....it looks like you're right Magix, it's very fast at changing direction and a range could kill you. Another trader told me that what cable gives with one hand takes twice with the other one...and looks like others agree.

GBPJPY is even harder imo.
Talking about cable volume is very low right now and the previous 4h bar had very low spread with medium vol wich is kinda bearish signal but still not a strong sell signal as volume is slow.
"Hate the sin, love the sinner." - Gandhi
  • #189,609
  • Dec 28, 2009 12:26pm Dec 28, 2009 12:26pm
On the idea of Resistance to support trading, and for the balance of the day, what I see is selling every spike above 1.5965 to that support range, and buying every dip below.

That is until we see the 200EMA on the hourly, but again, speculation based on lower volume range trading in the season.

Red to green on the chart.

Position to look for imo @ current, is 1.6020 for short, 500EMA 15m chart.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #189,610
  • Dec 28, 2009 12:32pm Dec 28, 2009 12:32pm
...in trading off of the charts in any season. Respect the risk - reap the reward.

Natural laws are undeniable. When water boils the vapor will rise.

So also with compression patterns... there will always be separations, often
immediate, vigorous and sustained.

Dr. D.
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  • #189,611
  • Dec 28, 2009 12:42pm Dec 28, 2009 12:42pm
Markets extremely thin

Quote
A trader friend relays that a small GBP buy order moved the market 13 pips to the topside a short while ago. 13 pips to get in a measly 30 mln pounds. Be very, very careful in taking spec positions in this market with tight stops. You are one random order a way from getting stopped out at any point in time…
Cable has dipped to 1.6605 after the buy order was filled.
"Hate the sin, love the sinner." - Gandhi
  • #189,612
  • Dec 28, 2009 1:42pm Dec 28, 2009 1:42pm
Another doji
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  • #189,613
  • Dec 28, 2009 1:43pm Dec 28, 2009 1:43pm
  •  brigo
  • | Joined Oct 2008 | Status: the early bird catches the worm | 45 Posts
http://welearnforex.com/category/articles-and-videos/
  • #189,614
  • Dec 28, 2009 2:58pm Dec 28, 2009 2:58pm
i see now gbp/usd standing on fibo at 76.4% 1.5999.
  • #189,615
  • Dec 28, 2009 3:02pm Dec 28, 2009 3:02pm
Quoting geocatalinfx
i see now gbp/usd standing on fibo at 76.4% 1.5999.
what does that mean ? long or short ?
I hear that the Dollar is going to end the month and year on a high. So i am trying to go short here @ 1.6011
  • #189,616
  • Dec 28, 2009 3:03pm Dec 28, 2009 3:03pm
let's see it if breaks 1.5999 down.
  • #189,617
  • Edited 3:29pm Dec 28, 2009 3:16pm | Edited 3:29pm
Quoting geocatalinfx
let's see it if breaks 1.5999 down.
so what if it beaks ?
  • #189,618
  • Dec 28, 2009 3:34pm Dec 28, 2009 3:34pm
http://www.fxtechstrategy.com/index....d=51&Itemid=65
  • #189,619
  • Edited 3:53pm Dec 28, 2009 3:35pm | Edited 3:53pm
Quoting wormboy
Hello BT how's it going
Just watching and monitoring.

what about your long position? did you still hold it?
  • #189,620
  • Dec 28, 2009 4:01pm Dec 28, 2009 4:01pm
Price has been stopped @ 50% fib level from 1.61 to 1.5919
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