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Cable Update (GBPUSD)

  • #190,041
  • Dec 30, 2009 8:01am Dec 30, 2009 8:01am
My 5850 short was stopped out for -25 (boo hoo) BUT I still cannot see a reason to long in this down trend....on the sidelines until I see a new break lower
  • #190,042
  • Dec 30, 2009 8:03am Dec 30, 2009 8:03am
Quoting Magix
For each of the different resistance ranges, price typically waits until the final seconds of the time frame to make decision.

Make or break times.

I watch them like a hawk.

For these, I also use the MACD and OSMA indicators for support, but typically will exit the play and re-enter when we retrace and close above or below support on the 1m chart.

The charts are for helping new traders understand why price stalls at certain points on the charts...true support/resistance ranges.

Another thing to keep in mind...NY open...
thank you for explanation.. anyway i went short at the top of the last h candle.. now the new candle is forming and i would be more than happy if it would go down.. depends on chicago index.. sl in place
Pation is the Holy Grail
  • #190,043
  • Dec 30, 2009 8:03am Dec 30, 2009 8:03am
Quoting Geppyg
1.5837
Here we are Added my longs at exactly
1.5837

So Now I am in 2 long positions: 1.5837 and 1.5845
My Stop is 1.5700 Take Profit is open but first target is 1.5920

Good Luck no more positions for me
Stop now moved right up to 75

ie +68 Pips
Let Price determine your future!
  • #190,044
  • Dec 30, 2009 8:04am Dec 30, 2009 8:04am
Seeing what happens at hourly resistance on a long term bear with bull plays...

Pattern recognition.

This isn't to say go short now...more to say, if you are long, make sure you have your profits guarded.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,045
  • Dec 30, 2009 8:06am Dec 30, 2009 8:06am
Quoting Magix
Seeing what happens at hourly resistance on a long term bear with bull plays...

Pattern recognition.

This isn't to say go short now...more to say, if you are long, make sure you have your profits guarded.
Exactly why all my stop have been moved upto 1.5875..matey
Let Price determine your future!
  • #190,046
  • Dec 30, 2009 8:09am Dec 30, 2009 8:09am
Quoting Zuke
My 5850 short was stopped out for -25 (boo hoo) BUT I still cannot see a reason to long in this down trend....on the sidelines until I see a new break lower
Fair Play my friend.. my trade was Price Action support to Price action resistance ie 825 to 920--Zone...

Good Luck for you next trade
Let Price determine your future!
  • #190,047
  • Dec 30, 2009 8:11am Dec 30, 2009 8:11am
To all experience traders: do you care about when price opens higher/lower (even 0.1 pip)?

I see sometimes good patterns, but then see price opening higher (lower) in contradiction to my intention and makes me not trading.

Thank you for telling your experience.
  • #190,048
  • Dec 30, 2009 8:11am Dec 30, 2009 8:11am
Quoting Geppyg
Exactly why all my stop have been moved upto 1.5875..matey
1.5875 is just above the 200EMA <-(scalpers bounce line) on the 1m chart.

Triggering out here, could get you buying back above the same price.

I would go to support on the 5 and 15m charts and trigger manually, but we all have our trade rules.

Not trying to show you what to do Gep...damn you been round long enough.

These are fer the newbs, like me....help see whats going on and why.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,049
  • Dec 30, 2009 8:13am Dec 30, 2009 8:13am
Quoting Geppyg
Fair Play my friend.. my trade was Price Action support to Price action resistance ie 825 to 920--Zone...

Good Luck for you next trade
was a great trade mate! Well done! Im on the sidelines waiting for the Crude Inventories
  • #190,050
  • Dec 30, 2009 8:17am Dec 30, 2009 8:17am
Quoting Magix
1.5875 is just above the 200EMA <-(scalpers bounce line) on the 1m chart.

Triggering out here, could get you buying back above the same price.

I would go to support on the 5 and 15m charts and trigger manually, but we all have our trade rules.

Not trying to show you what to do Gep...damn you been round long enough.

These are fer the newbs, like me....help see whats going on and why.
Thanks a lot for your advise buddy , every day you get to learn something new and you input to this forum is very valuable as I have been observing your postings...mate..am monitoring the trade as I speak as well .

Hope you have a wonderful new year of trading..

Geppyg
Let Price determine your future!
  • #190,051
  • Dec 30, 2009 8:22am Dec 30, 2009 8:22am
malco

my 15min and 1h chart shows that gold will hit down. my feeling is it might go up to lower 80's. am i wrong. kindly advice.
  • #190,052
  • Dec 30, 2009 8:24am Dec 30, 2009 8:24am
1h tells me bear.. 15m tells me a bullish flag.. well i honestly guys now i have no idea so i am staying out.. but if i should make a call i would say sell
Pation is the Holy Grail
  • #190,053
  • Dec 30, 2009 8:24am Dec 30, 2009 8:24am
FWIW...even though we are below the 24SMA on the hourly...we have dipped back and crossed above the 24SMA on the 1m chart.

These are what I use as triggers on trend. The immediate trend being long...the overall still being that of the bears.

Taking a trade like this, allows me to enter into a trade on a trend, with the best possible chance of success.

Failure of this line, will still result in watching for lower time frame support, and manual triggers.

Just a little way to bank a few pips, if you get to the game late.

I am not saying buy...I am not even trading...no trades for me until next year, just for the folks learning and watching the movement.

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,054
  • Dec 30, 2009 8:27am Dec 30, 2009 8:27am
hi all

doomed dollar update
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  • #190,055
  • Dec 30, 2009 8:28am Dec 30, 2009 8:28am
Quoting Magix
FWIW...even though we are below the 24SMA on the hourly...we have dipped back and crossed above the 24SMA on the 1m chart.

These are what I use as triggers on trend....

Holding the 24SMA on the 1m chart, allowed a quick play on the spike over hourly resistance...a single tiny play may not make you a living, but do this enough times, it can really add up.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,056
  • Dec 30, 2009 8:36am Dec 30, 2009 8:36am
Quoting Magix
Holding the 24SMA on the 1m chart, allowed a quick play on the spike over hourly resistance...a single tiny play may not make you a living, but do this enough times, it can really add up.
cant help myself but according to volume spread analysis i still think it will go south.. i may be wrong but lets see.. it is my opinion
Pation is the Holy Grail
  • #190,057
  • Dec 30, 2009 8:38am Dec 30, 2009 8:38am
Quoting Geppyg
1.5837
Here we are Added my longs at exactly
1.5837

So Now I am in to long positions: 1.5837 and 1.5845
My Stop is 1.5700 Take Profit is open but first target is 1.5920

Good Luck no more positions for me
I am out of all trades at 1.5908 for a grand total of 134 pips.....
Let Price determine your future!
  • #190,058
  • Dec 30, 2009 8:40am Dec 30, 2009 8:40am
Quoting CzechTrade
cant help myself but according to volume spread analysis i still think it will go south.. i may be wrong but lets see.. it is my opinion
Not disagreeing with the overall...

The point was, and my trading is...

In like a lamb, out like a lion.

Again, if you just got into the game, and seen what I seen, you would play the quick trades and take a few bucks on the short pops.

All resistance lines on the charts have been circled, so, plays from support to resistance...The essence of trading...Is how I play.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,059
  • Dec 30, 2009 8:40am Dec 30, 2009 8:40am
Quoting Geppyg
I am out of all trades at 1.5908 for a grand total of 134 pips.....
CHA CHING!

WTG brother!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,060
  • Dec 30, 2009 8:40am Dec 30, 2009 8:40am
Quoting Geppyg
I am out of all trades at 1.5908 for a grand total of 134 pips.....
good trade and perfect exit.. i think you did exit at the best place you could
Pation is the Holy Grail
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