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Cable Update (GBPUSD)

  • #190,861
  • Jan 5, 2010 8:24pm Jan 5, 2010 8:24pm
Closed based on denial of the 24SMA on the 30m chart. Still support on the 5 and 15, so not short yet but not long either.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,862
  • Jan 5, 2010 8:29pm Jan 5, 2010 8:29pm
Single lot long, 1.5980...holding for 1.6014.

Failure of support on the 5m chart and I will be out.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,863
  • Jan 5, 2010 8:44pm Jan 5, 2010 8:44pm
[quote=Magix;3342352]Just closed out 5 lots that were long for 104 pips....
sorry magix couldnt understand
just curious 104 pips? long?
from where to where?
thnx
  • #190,864
  • Jan 5, 2010 8:49pm Jan 5, 2010 8:49pm
Still holding.

No breach and hold below the 24SMA on the 5m chart.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,865
  • Jan 5, 2010 8:51pm Jan 5, 2010 8:51pm
[quote=inferno000;3342381]
Quoting Magix
Just closed out 5 lots that were long for 104 pips....
sorry magix couldnt understand
just curious 104 pips? long?
from where to where?
thnx
1.5966 x2
1.5972 x1
1.5981 x2

Closed all @ 1.5994
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,866
  • Jan 5, 2010 8:59pm Jan 5, 2010 8:59pm
Quoting proz
anyone go long here?
me
Don't tell me how much you can earn. Tell me how much you may lose..
  • #190,867
  • Jan 5, 2010 9:02pm Jan 5, 2010 9:02pm
Quoting proz
anyone go long here?
I bought at 1.5995 for the target of 1.6040
Don't tell me how much you can earn. Tell me how much you may lose..
  • #190,868
  • Jan 5, 2010 9:12pm Jan 5, 2010 9:12pm
Closed out +4...

Bored...

Be back later.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #190,869
  • Jan 5, 2010 10:52pm Jan 5, 2010 10:52pm
will GU go down from around 12:00 or 17:00 (GMT+8) tomorrow(7,Jan)?
  • #190,870
  • Jan 5, 2010 10:52pm Jan 5, 2010 10:52pm
Quoting Magix
Closed out +4...

Bored...

Be back later.

Yes now is a good time to wait, or sleep This is the time in trading I hate.
  • #190,871
  • Jan 5, 2010 11:02pm Jan 5, 2010 11:02pm
Quoting Ctic
Yes now is a good time to wait, or sleep This is the time in trading I hate.
waiting for ?
  • #190,872
  • Jan 5, 2010 11:49pm Jan 5, 2010 11:49pm
why so quiet? Anybody home..
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #190,873
  • Jan 5, 2010 11:54pm Jan 5, 2010 11:54pm
Quoting Yngwie
why so quiet? Anybody home..
waitings news for GBP , USD there will be alot of them today
  • #190,874
  • Jan 6, 2010 12:04am Jan 6, 2010 12:04am
Long aud usd
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  • #190,875
  • Jan 6, 2010 12:24am Jan 6, 2010 12:24am
Quoting wormboy
You got me wrong. I did not meant my question towards you as an attack btw. And I don't pay attention to the blabbering idiots who post absolute rubbish here too either.
It's just that you do seem like one of the few people who do try to help out others with your posts, so I thought since you're trying to share, maybe it'll be worth the while if you could point your method out to those who really are here to learn in the manner that I mentioned, which is before the actual move happens. I only thought it's a bit easier to see how those compression...
Wormboy…

Regarding the compression charts… this was never my intent to serve as a complete trading system… only a timing indicator or signal. My method of trading is a montage of various methods. I’ve used candlestick patterns for over 10 years… first beginning in the stock market. They are not quite as useful in the forex.. I have continually used whole numbers, quarter numbers, S/R and pivots, Fibonacci lines, trend lines. Nothing unique or worth sharing that hasn’t already been offered. As a contrarian, maverick and risk taker by nature, I sometimes careless use countertrading to relieve the boredom of trend trading. So much so…and with some success, that one day in my obituary it might read (should I ever drowned in a river)… "...and his body was found upstream from where he plunged." LOL

I like what Magix has to offer and so also Ctic since they too like MA’s of some sort and have been freely willing to share. I’ve studied EOhater method at his thread.. Magix and Ctic are gracious enough and have expressed interest in studying these compression patterns on multiple TF’s as it might relate to their methods to see if they have some useful correlation. They are not looking for direction, but values the prospect of a simple method that offers timing. They both have generously shown interest in sharing and teaching their trading methods. So I offer this with an invitation or an appeal to you and others interested in proving its worth by proving it doesn’t work (just like any working hypothesis). Examine it as a timing signal with your existing methods of trading. See if it works for you. I say again… it stands alone as a useful and potentially powerful timing indicator or signal because uniquely coupled with the timing is the prospects of explosive PA.

Again, my so-called discovery gives no direction. Just like a doji gives no direction… only indecision. If that was all that it offered… a glorified doji or wedge formation I wouldn’t make a big deal about it except for one simple reason… WHEN the price moves off of this area of indecisions (or consolidation) at its point of greatest EMA convergence and compression it consistently and predictably produces massive (relative to the TF) almost vertical pip movement. Interestingly… if I were to eliminate the tapestry of lines formed by these EMA and look at the exact same chart grouping of candles or bars during the development or formation (and as you said… before the fact and prior to the release / separation which then is so transparently clear to all) I would find it difficult to identify and project an actual point of release. Therefore, no clear easy to identify timing is provided from the very same naked chart. I’m not denying the fact that an experienced chart reader might also see concurrently what I see on their chart using VSA or some other method and come to a similar conclusion and agreement due to a ranging condition and consolidation with such things as a consecutive series of inside bars or inside candle formations or some other formation that one might then project and come near to matching the same point of release as I have found. I just find this a very easy visual tool to use at a quick glance. No analysis required. It can be done with my brain tied behind my back.

Dr. D.
  • #190,876
  • Jan 6, 2010 12:34am Jan 6, 2010 12:34am
Quoting fourxtrader
Wormboy…

[i][color=blue][font=Arial]Regarding the compression charts… this was never my intent to serve as a complete trading system… only a timing indicator or signal. My method of trading is a montage of various methods. I’ve used candlestick patterns for over 10 years… first beginning in the stock market. They are not quite as useful in the forex.. I have continually used whole numbers, quarter numbers, S/R and pivots, Fibonacci lines, trend lines. Nothing unique or worth...
One last comment to Dr. D informative post. I am a professional trader, I do it for a living. I currently have 9 computers each running 6 monitors so that I can trade multiple countries. It has been shown time in and time again that all countries move a very good amount of pips per day. However they do not all move at the same time. G/U could move 150 pips within the next 2 hours whlie E/J does not move.

My point is when you have this many systems running, having a quick and easy way to determine at a quick glance which countries are about to pop is more valuable than having to sit there and shift through endless charts to determine if and when it will pop.

Direction is TBD once there is something to look at besides a dead chart. That is the main value.
  • #190,877
  • Jan 6, 2010 12:54am Jan 6, 2010 12:54am
Ctic,

Are you still looking for the 50% pull back to the 6048ish area?

btw; Thx for all your insight.
It's Easy To Get In;.. It's Hard To Get Out
  • #190,878
  • Jan 6, 2010 1:00am Jan 6, 2010 1:00am
Quoting digger1
The why happens due to selling or buying , that is the only thing tht will make a mkt move a simple fact tht gets overlooked a lot , you need to have more of one than the other or the mkt doesent move . Your compression charts point out areas to sell into strength, buy into weakness etc , the when happens when the tipping point is finally reached one way or the other
I like your point. You are so right and you have offered
a basis of market action. Buying vs Selling. Then I ask, WHY?

I should have said, no one really knows the WHY of buying and selling...
as it can hardly be explained by fundamentals and is more likely
explained by studying psychology and examining the herd mentality,
herding behavior and social mimicry among humans. So who really cares?

Dr. D.
  • #190,879
  • Jan 6, 2010 1:04am Jan 6, 2010 1:04am
GBP/USD's fall from 1.6237 continues today and the break of 1.6046 minor support suggests that recovery from 1.5829 has completed after hitting 38.2% retracement of 1.6875 to 1.5829 at 1.6229. Intraday bias is flipped back to the downside for retesting 1.5829 low first. Nevertheless, note that firm break there is needed to confirm fall resumption, otherwise, we'd expect some more sideway trading first. Break of 1.5829 will target key cluster support of 1.5706 next.
  • #190,880
  • Jan 6, 2010 1:10am Jan 6, 2010 1:10am
Quoting Ctic
One last comment to Dr. D informative post. I am a professional trader, I do it for a living. I currently have 9 computers each running 6 monitors so that I can trade multiple countries. It has been shown time in and time again that all countries move a very good amount of pips per day. However they do not all move at the same time. G/U could move 150 pips within the next 2 hours whlie E/J does not move.

My point is when you have this many systems running, having a quick and easy way to determine at a quick glance which countries are about to...
Thanks for your kind remarks... but what do I know? Don't listen to me.

Here's why:

Despite two doctorates, all in the healthcare sciences, the only class I
ever flunked was an economics course in undergraduate school.

What am I doing here? Probably burned out after 30 years and tired
of whining patients.

Dr. D.
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