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Cable Update (GBPUSD)

  • #190,761
  • Jan 5, 2010 5:30am Jan 5, 2010 5:30am
Quoting slick 60
I have not been trading forex for awhile and just getting back at it. Could someone tell me what the average daily range for cable is these days please. I have avg over last 10 days of 157 pips. That is about where we are right now. Also if we put in the range fairly quickly from 3:am EST [London open] then we normally see a reverse for a bit.
Thanks

slick
Cable high 2 low 165 pips today..
  • #190,762
  • Jan 5, 2010 5:32am Jan 5, 2010 5:32am
164 pip move down into swing area. 15 min chart showing a hammer candle on increased volume of trading. Bottom may be in for now for a retrace but not the low. It will be going lower into end of week or into Jan 12 on an intermediate time frame.

slick
  • #190,763
  • Jan 5, 2010 5:36am Jan 5, 2010 5:36am
Elliott wave pattern is incomplete for the down move. Appears working on a small 4th wave of the 5th right now. Maybe to the 6021 level [50 % retrace of 3rd wave] and then down to finish 5 waves down to a lower low.


Caution right now



slick
  • #190,764
  • Jan 5, 2010 5:40am Jan 5, 2010 5:40am
My Current view:

http://www.forexfactory.com/showpost...postcount=2374
  • #190,765
  • Jan 5, 2010 5:42am Jan 5, 2010 5:42am
Quoting direct-trade
My Current view:

http://www.forexfactory.com/showpost...postcount=2374

Nice
  • #190,766
  • Jan 5, 2010 5:52am Jan 5, 2010 5:52am
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!

Quick Update:

Continued fluctuation in cable-land
Basic bias on the daily still up

I am continuing to carry my long position.
Hear the music before the song is over ...
  • #190,767
  • Jan 5, 2010 6:02am Jan 5, 2010 6:02am
Retrace at 6026 was 1 pip under resistance of the previous 3rd wave. If done wave equality between waves 1 and 5 would bring in a 5979 possible low. It can still go below that but it will be 173 pips for an ADR
  • #190,768
  • Jan 5, 2010 6:03am Jan 5, 2010 6:03am
Quoting GlobalMacro
Quick Update:

Continued fluctuation in cable-land
Basic bias on the daily still up

I am continuing to carry my long position.

GM,
you hold long from 5955..
did you using SL? when cable touched 62xx didn't you move SL?
thanks..
Patience + Discipline =
  • #190,769
  • Jan 5, 2010 6:03am Jan 5, 2010 6:03am
Quoting direct-trade
My Current view:

http://www.forexfactory.com/showpost...postcount=2374
I agree with you and took a buy @ 1.5995
  • #190,770
  • Jan 5, 2010 6:17am Jan 5, 2010 6:17am
Quoting piyeree
+400 pips so far today. a good day indeed.
On GU only?? Are you using .0000 or .00000 decimal prices?
  • #190,771
  • Jan 5, 2010 6:26am Jan 5, 2010 6:26am
Quoting slick 60
I have not been trading forex for awhile and just getting back at it. Could someone tell me what the average daily range for cable is these days please. I have avg over last 10 days of 157 pips. That is about where we are right now. Also if we put in the range fairly quickly from 3:am EST [London open] then we normally see a reverse for a bit.
Thanks

slick
See the attached.

Hope it helps you.
Attached Image
Attached File(s)
File Type: mq4 xADR_0.2.mq4   4 KB | 292 downloads
I trade what I see on my charts. Do Not listen to the Muppets.
  • #190,772
  • Jan 5, 2010 6:56am Jan 5, 2010 6:56am
Quoting GlobalMacro
Quick Update:

Continued fluctuation in cable-land
Basic bias on the daily still up

I am continuing to carry my long position.
I see long positions are very risky now.

I'm holding my short from 1.6100 targeting 1.5950
  • #190,773
  • Jan 5, 2010 6:57am Jan 5, 2010 6:57am
Quoting john876
On GU only?? Are you using .0000 or .00000 decimal prices?
i just use 5 lots per trade and just target only 20-40 pips trade for sure hit then just wait for another setup
  • #190,774
  • Jan 5, 2010 7:10am Jan 5, 2010 7:10am
Pair seams to be heading down.....LH and LL.What do you people think?
  • #190,775
  • Jan 5, 2010 7:31am Jan 5, 2010 7:31am
Quoting mwafrika
Pair seams to be heading down.....LH and LL.What do you people think?
Hard to say on the 5 min as the main move for the day of 164 pips has been done already. May just slosh around in here now.
I did not have a 5 min chart up when I looked at the 15 min earlier. EW tricked me again. Incorrect wave count for me. 20 minutes on the treadmill for punishment. By the end of the day I should be getting skinny! lol
  • #190,776
  • Jan 5, 2010 7:34am Jan 5, 2010 7:34am
Quoting piyeree
i just use 5 lots per trade and just target only 20-40 pips trade for sure hit then just wait for another setup
Well 400 pips is very impressive for a day. Good work.
  • #190,777
  • Jan 5, 2010 7:46am Jan 5, 2010 7:46am
Appears no demand test on the 5 min chart on the 8:45am est bar. Should go lower.
  • #190,778
  • Jan 5, 2010 8:40am Jan 5, 2010 8:40am
Quoting Jemmy
GM,
you hold long from 5955..
did you using SL? when cable touched 62xx didn't you move SL?
thanks..

Hi.......i would like to place an order on GBP/JPY but confused........shall i buy or sell.......please advice..

Thanks
jagdev
  • #190,779
  • Jan 5, 2010 8:45am Jan 5, 2010 8:45am
Quoting mwafrika
Pair seams to be heading down.....LH and LL.What do you people think?
hi..
i too see it as heading dowwn......but will still hold...
  • #190,780
  • Jan 5, 2010 8:50am Jan 5, 2010 8:50am
Long @ 1.6060 and Short @ 1.6004... waiting..

SL 15 pips , TP 30
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