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Cable Update (GBPUSD)

  • #190,521
  • Jan 4, 2010 6:11am Jan 4, 2010 6:11am
Quoting GlobalMacro
Bearish momentum subsided today
Cable tested former down TL around 1.5920 and bounced

As such I'm buying here @ 1.5955 ...just below yesterday's stopout level anticipating re-entry into prior range zone.


Merry Christmas!

Happy New Year!

Alright....Cable is making new highs and flushing out weak longs and suckering in shorts along the way at every retracement....

Bullish momentum is intact....Today's high so far was 1.6242

As such, I Will Continue To Carry My Long Position Set @ 1.5955
Attached Image
Hear the music before the song is over ...
  • #190,522
  • Jan 4, 2010 6:12am Jan 4, 2010 6:12am
Quoting rebelheart
Can you post chart so we can see what your seeing..

Thanks
Daily and 4H charts
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  • #190,523
  • Jan 4, 2010 6:12am Jan 4, 2010 6:12am
Quoting Ctic
Thanks Yngwie,

As I said, the fibs do not lie..
Absolutely bro.. fully agreed..i'm still selling from 1.6223 hope 1.6231 hold as my resistance
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,524
  • Jan 4, 2010 6:14am Jan 4, 2010 6:14am
Quoting rebelheart
Can you post chart so we can see what your seeing..

Thanks
Part 2

1H and 15 minute charts.
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  • #190,525
  • Jan 4, 2010 6:17am Jan 4, 2010 6:17am
Thats great CT thank you..
  • #190,526
  • Jan 4, 2010 6:19am Jan 4, 2010 6:19am
Quoting rebelheart
Thats great CT thank you..
No problem,

If you have any questions with it let me know. I know it is a little hard to see posted here.
  • #190,527
  • Jan 4, 2010 6:27am Jan 4, 2010 6:27am
Quoting Ctic
No problem,

If you have any questions with it let me know. I know it is a little hard to see posted here.
On the 1 min chart, the 100% fib level is not placed on a swing high, is there a reason for that, im prop missing some thing..
  • #190,528
  • Jan 4, 2010 6:31am Jan 4, 2010 6:31am
Resistance has been hit!?
  • #190,529
  • Jan 4, 2010 6:32am Jan 4, 2010 6:32am
Quoting Ctic
Just entered long @ 1.60652
That was GREAT trade, CTIC. Up nearly 200 pips (188). What sort of reasoning you followed. I looked at the charts 45 mins earlier than your trade and wasn't sure so went to have a nap. Come back to see GU in Stratosphere ! Congrats! Would sure like to learn something of the Fund Manger-ways ! Thanks.

Vilas
  • #190,530
  • Jan 4, 2010 6:35am Jan 4, 2010 6:35am
Quoting rebelheart
On the 1 min chart, the 100% fib level is not placed on a swing high, is there a reason for that, im prop missing some thing..
Rebel,

Are you refering to the 1H chart? I didn't post a 1M chart. The way I do my charting I set the charts so that I can accuratly portray a full session. What that means is over the years I have found correlations between the different TF's. So on my daily chart I put the Quarter and monthly fibs. On the 4H chart I have the weekly fibs, on the 1H chart I have the daily fibs, the 15M chart I put the 4H fibs and 5M chart input the 1H fibs. Thus the 1H was the swing high from last week.

This method has worked for me so I continue to use it; if it isn't broken don't fix it right. Thus since I use the daily fibs on the 1H chart, I update those fibs once per day, at the new day opening. In addition if there is a master candle formed you may have to use that one (depends on the situation). Also for the daily, if this will truely go higher, it would end up hitting the 138.2 or 161.8 at some point.

Again I am not saying this will work for everyone since there is many different methods to use but it has worked for me.
  • #190,531
  • Jan 4, 2010 6:41am Jan 4, 2010 6:41am
Quoting Yngwie
Absolutely bro.. fully agreed..i'm still selling from 1.6223 hope 1.6231 hold as my resistance
closed at 1.6152 for +71 pips. Now wait..6152 is now level to watch
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,532
  • Jan 4, 2010 6:44am Jan 4, 2010 6:44am
Quoting vilas
That was GREAT trade, CTIC. Up nearly 200 pips (188). What sort of reasoning you followed. I looked at the charts 45 mins earlier than your trade and wasn't sure so went to have a nap. Come back to see GU in Stratosphere ! Congrats! Would sure like to learn something of the Fund Manger-ways ! Thanks.

Vilas

The fibs. It's all in the fibs. I waited for the 4H candle to touch the 138.2 fib line. That happened in the first hour or that candle. since a 138.2 is usually a target zone to exit a trade and reverse, it meant we should have some good up movement from there.

The best part is, situations like that happen every day. Thats how I play them. Sometimes it burns me (goes to the 261.2, most of the time it doesn't). That is the name of the game though.
  • #190,533
  • Jan 4, 2010 6:46am Jan 4, 2010 6:46am
One hour , sorry about that CT, thanks for your time and explanation.
  • #190,534
  • Jan 4, 2010 6:47am Jan 4, 2010 6:47am
Quoting Yngwie
closed at 1.6152 for +71 pips. Now wait..6152 is now level to watch
Good job Yngwie. Nice recovery.
  • #190,535
  • Jan 4, 2010 6:49am Jan 4, 2010 6:49am
Quoting Ctic
From my mother, she works for HSBC. lol. Other than that I am sorry I do not know.
Thanks for you answer . Saxo did provide them years ago, but they've removed them.
  • #190,536
  • Jan 4, 2010 6:54am Jan 4, 2010 6:54am
Quoting Ctic
Good job Yngwie. Nice recovery.
Thanks!
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,537
  • Jan 4, 2010 7:06am Jan 4, 2010 7:06am
Happy New Year all, this is my view :

1. Long term - based on weekly chart will be bullish to at least yellow resistant line !

2. Short term - based on H4 chart may bullish may bearish between the red line !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #190,538
  • Jan 4, 2010 7:11am Jan 4, 2010 7:11am
Sell 1.6160 SL 1.6170 TP 1.6050
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,539
  • Jan 4, 2010 7:19am Jan 4, 2010 7:19am
Quoting Yngwie
Sell 1.6160 SL 1.6170 TP 1.6050
I'm on sell from 1.6165 tp 1.6070
  • #190,540
  • Jan 4, 2010 7:20am Jan 4, 2010 7:20am
interesting situation. i am watchin and waitin. details on my blog
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