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Cable Update (GBPUSD)

  • #194,221
  • Jan 19, 2010 7:17am Jan 19, 2010 7:17am
Quoting TheGabriel
We should have at least 1 more retest of 1.6310 price, If we don't get a break of it I'll close my position. If tomorrow is sell again, we'll get a better price so after all you don't loose money
  • #194,222
  • Jan 19, 2010 7:20am Jan 19, 2010 7:20am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Some of us love that don't we


Quoting wormboy
Don't say that mate, I pick top/bottom all the time I got smelly hands
  • #194,223
  • Jan 19, 2010 7:22am Jan 19, 2010 7:22am
I've just remembered that if the daily candle closes as a pinbar so we don't get any new lows or price higher than 1.6375 (yesterday's close) a good strategy for tomorrow would be to wait for the new daily candle of tomorrow to first test the 50% retracement of today's pinbar candle and sell at that price with sl just above the today's high and TP at least twice that.

If we get no test of the 50% retracement we can sell on a break of today's close.

This is a strategy i've seen from a daily charts trader that uses just price action, on manually backtesting looks good.
"Hate the sin, love the sinner." - Gandhi
  • #194,224
  • Jan 19, 2010 7:23am Jan 19, 2010 7:23am
I think uptrend is over for a good time. Price bounced back from Andrew's pithfork upper trendline. We should see in the next week a test to medium trendline if this bear setup holds. Today's low is in daily's 100 day MA zone.
Greetings!
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  • #194,225
  • Jan 19, 2010 7:24am Jan 19, 2010 7:24am
Quoting wormboy
You're welcome to post in my thread anytime buddy.
Have a good one
Wormboy,

I finally checked out your thread and I like your charting style. You keep everything simple (which is good). It appears you are big into patterns i.e. triangles, trendlines, etc. and do not clutter things up with useless lagging indicators. In addition, I like your idea of having the tread to keep track of your trades. You can go back in time and try to figure out what you were thinking after the move was made. I may start doing the same. Thanks for the idea.

C.
  • #194,226
  • Jan 19, 2010 7:25am Jan 19, 2010 7:25am
Quoting bonus76
Gu looks short from the rectangle box on my chart
:-))))))))
  • #194,227
  • Jan 19, 2010 7:25am Jan 19, 2010 7:25am
Quoting bonus76
If it wasn't for the news gu will be down anyway
Yes 1.6354/78 is a weak support but DP Today 1.6325 looks like as a strong support ! Don't make sense I took along 1.6320, looking for to at least 1.6354 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #194,228
  • Jan 19, 2010 7:29am Jan 19, 2010 7:29am
Quoting manize
Yes 1.6354/78 is a weak support but DP Today 1.6325 looks like as a strong support ! Don't make sense I took along 1.6320, looking for to at least 1.6354 !
news always leave a spike. Have to have extra pips stop loss . Big picture is 100 pips
  • #194,229
  • Jan 19, 2010 7:30am Jan 19, 2010 7:30am
Sell order closed, i see volume is rising on the up candles @ M15 IBFX so this correction is actually supported by volume movement.

I'm getting out because I'm no longer sure about how will develop, if we get or we don't get a test of the 1.6310. The support at m15 looks clear to me, I don't think holding will do any big damage anyway.

Malcomb's opinion would help now.
Attached Image (click to enlarge)
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"Hate the sin, love the sinner." - Gandhi
  • #194,230
  • Jan 19, 2010 7:43am Jan 19, 2010 7:43am
Quoting Ctic
Wormboy,

I finally checked out your thread and I like your charting style. You keep everything simple (which is good). It appears you are big into patterns i.e. triangles, trendlines, etc. and do not clutter things up with useless lagging indicators. In addition, I like your idea of having the tread to keep track of your trades. You can go back in time and try to figure out what you were thinking after the move was made. I may start doing the same. Thanks for the idea.

C.
Hi C, thank you.
That's pretty much it in regards to how I trade to be honest. Just price, gann grid & a bunch of lines lol. Patterns are a thing of beauty when formed & picked correctly, I'd go as far as saying 9/10 accuracy is given when done right. The only setback that lowers my accuracy down to probably 6/10 is when it's being traded. The usual suspect being the misplacement of stoplosses But overall, I'd say that's pretty much that's needed to make money really, for me at least. To each their own they say

Trade journals are great in the sense which you had mentioned. That's why I for the life of me can't understand why people choose to post their calls in the interactive section unless those calls are made in advance before a particular move, backed with a proper chart & open for discussions. The only logic I can gather with some of those posts that gather excitement ie "I bought here & here or I sold here & here/ It's going up!, It's going down!" is that those people are either trading with funny money "demo acct" or trading with peanuts. Anyway I chose to ignore those idiotic lot & try not to pay attention.
Sorry bout the rant lol, that got wee bit outta hand, just felt I needed to say this out after seeing BB, GeppyG & Gabriel all losing their cool today.
Please feel free to post your thought at the wormhole anytime you feel like so.
Have a good one!
Thank You
  • #194,231
  • Jan 19, 2010 7:45am Jan 19, 2010 7:45am
hey guys i have a tech question how can i see the price next to the fibo levels ? is there any setting i have to do ?
cheers traderz
  • #194,232
  • Jan 19, 2010 7:47am Jan 19, 2010 7:47am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
put %$

Quoting warta
hey guys i have a tech question how can i see the price next to the fibo levels ? is there any setting i have to do ?
cheers traderz
  • #194,233
  • Jan 19, 2010 7:47am Jan 19, 2010 7:47am
Any thoughts on how the US TIC news will affect the current trend ?
  • #194,234
  • Jan 19, 2010 7:48am Jan 19, 2010 7:48am
Quoting pqt
imo, we won't get a definitive answer to cable direction until tomorrow's release of cpi.
If the data is favorable, cable should continue its bull run (unless King shoots it down afterwards ). Otherwise it's gonna be a selloff again. For now there's bearish divergence building on the hourlies but with the market half close, I don't think we're gonna see much movement.
Divergence has played out: 150 pips
  • #194,235
  • Edited 8:03am Jan 19, 2010 7:49am | Edited 8:03am
To update the previous volume post....

Down move to test 1.631 or close to that is more likely to happen, volume is going down now and it looks like the small 15m retracement might have found it's top.

I'm posting this for intratraders that want an exit point for the sell.
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"Hate the sin, love the sinner." - Gandhi
  • #194,236
  • Jan 19, 2010 7:50am Jan 19, 2010 7:50am
Quoting bonus76
news always leave a spike. Have to have extra pips stop loss . Big picture is 100 pips
Waiting for the spike is not my habit to trade because I'm not a counter trader. I prefer like to wacth the current movement on pivot by pivot level where she will go, no waiting for when reachs the top or the bottom to entry !

Look ! I get another + 30 pips just a moment !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #194,237
  • Jan 19, 2010 7:50am Jan 19, 2010 7:50am
Quoting ams
put %$

cheers mate
  • #194,238
  • Jan 19, 2010 7:52am Jan 19, 2010 7:52am
Quoting ams
put %$
Thanks for this!
"Hate the sin, love the sinner." - Gandhi
  • #194,239
  • Jan 19, 2010 7:55am Jan 19, 2010 7:55am
are you guys expecting any serious move from the news in a few min...????
  • #194,240
  • Jan 19, 2010 7:59am Jan 19, 2010 7:59am
Quoting ams
put %$
Sorry for being thick but where do you put %$ ?
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