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Cable Update (GBPUSD)

  • #190,381
  • Dec 31, 2009 9:50am Dec 31, 2009 9:50am
Quoting Yngwie
Hey, i envy u for the buying profit.. damn i miss buy entry.. u doin good too!
Me too envy you
  • #190,382
  • Dec 31, 2009 9:55am Dec 31, 2009 9:55am
Quoting fourxtrader
Posted back in July. What a memory you have!!!

Dr. D.
I have to agree with Malc here. When it hit the low back in Jan of this year, that was a support that has held up for 23 years. Basics or trading, and common sense dictates that it will not blow right through that spot, and it should go back to test that in the long term, whether it will break it is yet to be seen, but if it does wow, cable going down to the bottom of the atlantic. It's 2551 pips down to that level and then a drop of at least 3275 once it breaks. However, it can still bounce up 1610 pips to the 1.78 area before it goes back down to test.
  • #190,383
  • Dec 31, 2009 9:55am Dec 31, 2009 9:55am
Quoting malcolmb14
this top has been taking along time to form 1st weakness july 2009

http://www.forexfactory.com/showpost...stcount=145327
Malcolmb, I see that you are member since april 2007. and for sure you may be in trading before joining this forum. so obviously you have a grand great experience with moves in that market. and you see and perceive things before all of us. hope I learn from you. thanks for sharing your views.


Edited: I'm concerning about the bull flag forming in the monthly chart. what do you think?
  • #190,384
  • Dec 31, 2009 9:56am Dec 31, 2009 9:56am
malcom

wats ur outlook for gold euro and cable tonite by close. will it bounce bak go down or stay here sir. any impact after london shuts.
  • #190,385
  • Dec 31, 2009 9:58am Dec 31, 2009 9:58am
Quoting Ctic
It is a retracement. Look at your monthly candle. This current candle reached the 161.8 fib on that. That is the S2. No matter what you trade; currency, stocks, bonds, options etc. it gets to a point where things retrace.

We are at the end of the month and end of the year. The monthly candle has been going down all month. People are taking their profits and getting ready for the next month. It is retracing up or reversing direction, time will tell. News usually doesn't affect the market because the big boys know what its going to do before it...
Yngwie,

Again here is my post from yesterday. The retracement was inevitable and the level I gave was accurate.
  • #190,386
  • Dec 31, 2009 10:06am Dec 31, 2009 10:06am
Guys,

Wish the best of luck for us in this year!!

Cheers!
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,387
  • Dec 31, 2009 10:16am Dec 31, 2009 10:16am
Happy New Year folks - lets hope its educational, enjoyable and profitable.

Malc if you want to meet for a coffee/beer let me know. I'm in Vancouver also.

Cheers everyone!
  • #190,388
  • Dec 31, 2009 10:16am Dec 31, 2009 10:16am
The next target is 6095, then 6050
  • #190,389
  • Dec 31, 2009 10:17am Dec 31, 2009 10:17am
whats new guys ?
  • #190,390
  • Edited 7:55pm Dec 31, 2009 10:18am | Edited 7:55pm
I decided to weather the storm and allow today to play itself out, without my making any further trading decisions. But to put my decision into perspective, know that 80% of my trade was closed out before the rise so I have both profits to work with and a greatly reduced trade risk.

As I write this. More than 1/2 of todays gains are gone.

There are so many possibilities and my imagination can come up with many variations on what might be taking place. The truth is, I do not know what is happening or why and won't ever know. There could be something real and genuine about our world that makes sense of this or it could be a hedge find buried heavy in longs that need to dress their year end books.

For me, I have to come to a rational reason to take on or eliminate risk. it is a balancing of facts and sometimes just like when trying to guess the weather, looking at the clouds for clues as to what might happen. Sometimes it is just a matter of the result, price.

For me, it is further complicated when I add time frame into the picture. As someone posted, somewhere yesterday, if your looking at quarterly bars, then everything of the past few days means nothing.

Some will say, whats all this nonsense about, price moved up, end of story. If you were long you prospered if you were short you lost.

Some discuss this as a bull market or a bear market. I have brought up before this all becomes relative based on TF's your trading. An analogy could be...A drop of water on the rear of an elephant means nothing, That same drop of water to a fairy fly is a flood.

Adding to it all... it is the last trading hours of the year.

I don't see the evidence for the TF I am trading, that I should shift my bias to long. I am beginning to consider the possibility of a sideways market.

I am certainly reviewing the TF I am trading and considering speeding things up. I need a real market with all the players doing what they do.

I hope you have a great finish to this year!
BR
  • #190,391
  • Dec 31, 2009 10:25am Dec 31, 2009 10:25am
Quoting Big1red9
I decided to weather the storm and allow today to play itself out, without my making any further trading decisions. But to have it in perspective my decision, know that 80% of my trade was closed out before the rise so I have both profits to work with and a greatly reduced trade risk.

As I write this. More than 1/2 of todays gains are gone.

There are so many possibilities and my imagination can come up with many variations on what might be taking place. The truth is, I do not know what is happening or why and won't ever know. There could be...
BR,

Actually it has been going sideways for about 7 months now. It may continue, it may not. I do believe that the long term it will go down and test the bottom that was formed back in Janurary but it could go up to 1.78/1.79 area before it does. Time will tell and I don't like to make it a habit of predicting the very long term since I am not a long term trader. The majority of my trades are held open less than a day. Some I keep for a week to a month depending on what the market is doing.
  • #190,392
  • Dec 31, 2009 10:26am Dec 31, 2009 10:26am
Quoting Ctic
With no doubt in my mind, and I will take all bets on this one, the market will close today. And I will go one step further, it will not reopen until next year.

Any takers want to prove me wrong?

as for the 1.6040 today, I doubt it but anything is possible.
I still got no takers...Anyone??? I will give 100 to 1 odds.
  • #190,393
  • Dec 31, 2009 10:30am Dec 31, 2009 10:30am
Based on monthly TF... Agreed.

Take care,
BR

Quoting Ctic
BR,

Actually it has been going sideways for about 7 months now. It may continue, it may not. I do believe that the long term it will go down and test the bottom that was formed back in Janurary but it could go up to 1.78/1.79 area before it does. Time will tell and I don't like to make it a habit of predicting the very long term since I am not a long term trader. The majority of my trades are held open less than a day. Some I keep for a week to a month depending on what the market is doing.
  • #190,394
  • Dec 31, 2009 10:36am Dec 31, 2009 10:36am
Let me see.... $10,000 x 100 = $1,000,000

(whispering) For a price... one can trade 24/7, spreads are wide, but OANDA is one that allows trading around the clock.

Now I could have increased your educational expense significantly, but in the spirit of the season...giving you an easy exit

Hope you have a great 2010!
BR

Quoting Ctic
I still got no takers...Anyone??? I will give 100 to 1 odds.
  • #190,395
  • Dec 31, 2009 10:57am Dec 31, 2009 10:57am
Quoting Big1red9
Let me see.... $10,000 x 100 = $1,000,000

(whispering) For a price... one can trade 24/7, spreads are wide, but OANDA is one that allows trading around the clock.

Now I could have increased your educational expense significantly, but in the spirit of the season...giving you an easy exit

Hope you have a great 2010!
BR
BR,

LOL, you did get me...or did you? I left myself a way out on a technicallity. I did say market, not broker (Sydney Market, Tokyo, London, New York). This is taken from the Onada website.. And according to that the London market closes in 12 minutes and Sydney opens next year. $10,000 x 1 = $10,000. LOL Here's the link http://fxtrade.oanda.com/resources/fxmarkethours/








Top of Form



Time Zone: (GMT-10) HST(GMT-9) AKST,HADT(GMT-8) PST,AKDT(GMT-7) MST,PDT(GMT-6) CST,MDT(GMT-5) EST,CDT(GMT-4) AST,EDT(GMT-3:30) NST(GMT-3) ADT(GMT-2:30) NDT(GMT-2)(GMT-1)GMT,WET(GMT+1) BST,CET,WEDT(GMT+2) EET,SAST,CEDT(GMT+3) MSK,EEDT(GMT+4)(GMT+5)(GMT+5:30) IST(GMT+6)(GMT+7) CXT(GMT+8) SGT,HKT,AWST(GMT+9) JST,KST(GMT+9:30) ACST(GMT+10) AEST(GMT+10:30) ACDT(GMT+11) AEDT(GMT+12) NZST

Bottom of Form



FX markets on Thu Dec 31, 2009 11:48 AM

Sydney



closed



opens on Sun Jan 3, 2010 5:00 PM



Tokyo



closed



opens in 7 hours 12 minutes



London



open



closes in 0 hours 12 minutes



New York



open



closes in 5 hours 12 minutes





HAPPY NEW YEAR and I look forward to speaking with you next year.

P.S. in the time it took me to write this the London market is now closed and will not open until next year.
  • #190,396
  • Dec 31, 2009 11:08am Dec 31, 2009 11:08am
Now.. 1 January 2010 here at Surabaya - Indonesia

HAPPY NEW YEAR TO YOU.. Wish You all the Best
  • #190,397
  • Dec 31, 2009 11:09am Dec 31, 2009 11:09am
I have been trading for a year. Iseem to have good entries however i tend to take profits to early. Any suggestion of a book that can help me with it?.

Any ideas where gu going to open next week?
  • #190,398
  • Dec 31, 2009 11:14am Dec 31, 2009 11:14am
Quoting Ctic
http://fxtrade.oanda.com/resources/fxmarkethours/

FXMarketHours...
Glad I lingered here in the asylum a bit longer to get this
nifty reference chart.

Later, til next year.

Dr. D.
  • #190,399
  • Dec 31, 2009 11:24am Dec 31, 2009 11:24am
Quoting fourxtrader
Glad I lingered here in the asylum a bit longer to get this
nifty reference chart.

Later, til next year.

Dr. D.
DR. D.

HAPPY NEW YEAR

til next year, and when you get a chance if you could tell me which EMA's and/or SMA's you use on your chart. I think I will fit in with my long term MA's and fibonacci's that I use.

Thanks.
  • #190,400
  • Dec 31, 2009 1:08pm Dec 31, 2009 1:08pm
Nappy New Near to you guys
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