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Cable Update (GBPUSD)

  • #198,201
  • Feb 5, 2010 12:52am Feb 5, 2010 12:52am
Quoting wormboy
This is why I bought cable. Might be tad bit early, as I did not anticipate it to bottleneck all the way to the tip.
Had lowered my stop below the ltl. Break lower would invalidate my long position.
Let's see how this goes. Good luck.
Good Idea,

Altered stop to 1.6875
  • #198,202
  • Feb 5, 2010 12:57am Feb 5, 2010 12:57am
Quoting Ctic
Good Idea,

Altered stop to 1.6875
Typo there perhaps C?
anyway, we'll know real quick how our positions will fare when the frankies step in a few minutes from now. Good luck to buddy.
Crunch time, catch you later
Thank You
  • #198,203
  • Feb 5, 2010 12:58am Feb 5, 2010 12:58am
careful taking prolonged positions with nfp in the morning.
Just a freindly reminder
Im a zombie.. "Rawr"
  • #198,204
  • Feb 5, 2010 1:03am Feb 5, 2010 1:03am
Hi I am newbie,

and I would like to ask for advise
(I am long from 1.5720) but could I ask you, when is a good time to add to position, like 5770?, and if this is the bottom of cable where do you place your TP because if this is the bottom it is better to hold position few days isn`t it?

happy trading to all!
  • #198,205
  • Feb 5, 2010 1:04am Feb 5, 2010 1:04am
It has hit that critical 1.5707ish major support level (13 Oct 2009 low) I'm staying out for now!
  • #198,206
  • Feb 5, 2010 1:10am Feb 5, 2010 1:10am
Quoting wormboy
Typo there perhaps C?
anyway, we'll know real quick how our positions will fare when the frankies step in a few minutes from now. Good luck to buddy.
Crunch time, catch you later
Just a very small, hardly noticable, 1200 pip typo. lol.

Altered stop to 1.5675.

Hey, I'm also a CPA, who said I have to be good with numbers. lol.

C.
  • #198,207
  • Feb 5, 2010 1:14am Feb 5, 2010 1:14am
Quoting scurt
Hi I am newbie,

and I would like to ask for advise
(I am long from 1.5720) but could I ask you, when is a good time to add to position, like 5770?, and if this is the bottom of cable where do you place your TP because if this is the bottom it is better to hold position few days isn`t it?

happy trading to all!
Hi scurt.

Very good price you got for that long
Wouldn't say it's the bottom yet but with your entry it does allow for excellent risk management.
5770 level is perfect to add to position. From the chart attached here:
1. http://www.forexfactory.com/showpost...stcount=198205

5770 would be outside the falling wedge on my chart and it's a valid entry point imho. Should cable stay above 5770 I suppose we've bottomed out at least temporarily & could well test 5950 level again.
Time will tell. Good luck buddy
Thank You
  • #198,208
  • Feb 5, 2010 1:16am Feb 5, 2010 1:16am
Quoting scurt
Hi I am newbie,

and I would like to ask for advise
(I am long from 1.5720) but could I ask you, when is a good time to add to position, like 5770?, and if this is the bottom of cable where do you place your TP because if this is the bottom it is better to hold position few days isn`t it?

happy trading to all!
Well, trading cable is very bouncy. Depends on the TF you are trading. If you add another position to quickly and it turns, you have to make sure your MM (money management) is sound and you can withstand the drawdown.

As for SL's and TP, there are different ways to do it. I like fib lines. They act as tape measures. Wormboy likes placing them outside of patterns, I also like that and I do use patterns but I notice the fibs are always close to them.

My advise, find a method that works and stick with it.

Remember:

All methods work SOME of the time
Some methods will work MOST of the time
NO method will work ALL of the time.
C.
  • #198,209
  • Feb 5, 2010 1:18am Feb 5, 2010 1:18am
Wormie,

We are stating to look a little better here..
Hopefully the bulls decided to take off their coats and stay awhile.

C.

Quoting wormboy
Hi scurt.

Very good price you got for that long
Wouldn't say it's the bottom yet but with your entry it does allow for excellent risk management.
5770 level is perfect to add to position. From the chart attached here:
1. http://www.forexfactory.com/showpost...stcount=198205

5770 would be outside the falling wedge on my chart and it's a valid entry point imho. Should cable stay above 5770 I suppose we've bottomed out at least temporarily & could well test 5950 level again.
Time will tell. Good luck buddy...
  • #198,210
  • Feb 5, 2010 1:22am Feb 5, 2010 1:22am
Quoting wormboy
thanks buddy

When the mrs pop mate?

Many Congrats buddy.

Wormie junior....
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #198,211
  • Feb 5, 2010 1:25am Feb 5, 2010 1:25am
Quoting Ctic
Wormie,

We are stating to look a little better here..
Hopefully the bulls decided to take off their coats and stay awhile.

C.
Definitely my friend. I particularly like this setup, so little to lose, so much to gain
Pretty muted response from frankies, I suppose they're waiting for them london boys to get the ball rolling. I hope they're planning to party hard at the pubs tonite that they bring us a hundred pips or two up before the nfp
Thank You
  • #198,212
  • Feb 5, 2010 1:27am Feb 5, 2010 1:27am
Quoting Bull_Bear
When the mrs pop mate?

Many Congrats buddy.

Wormie junior....
Yo Q

Thank you so much my friend
Junior arrived on January 31st
Thank You
  • #198,213
  • Feb 5, 2010 1:30am Feb 5, 2010 1:30am
considering gold dropped below support, dont u think dollar will continue rally?
  • #198,214
  • Feb 5, 2010 1:32am Feb 5, 2010 1:32am
Quoting wormboy
Yo Q

Thank you so much my friend
Junior arrived on January 31st
Make sure you save some pips for nappies...lol
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #198,215
  • Feb 5, 2010 1:34am Feb 5, 2010 1:34am
Quoting Clouds
considering gold dropped below support, dont u think dollar will continue rally?
There's a good chance of that happening, but I have a good setup to long cable atm, I'll take it one at a time.
Plus imho dollar had just reached a roadblock.

Here's the dx chart I put up yesterday:
1. http://www.forexfactory.com/showpost...postcount=4593


Let's see how it goes. Good luck
Thank You
  • #198,216
  • Feb 5, 2010 1:39am Feb 5, 2010 1:39am
Not necessarily, but possibly. I like to use multiple tf fib lines and all tf's I have show PA is at a point for a retracement before further downtrend action. In addition, Wormboy showed a nice falling wedge pattern which is a bullish pattern. Time will tell, but to me I don't mind risking 45 pips to gain 200 to 500 pips.

4H chart at weekly 161.8 fib and Daily chart at 100 quarterly fib.

Quoting Clouds
considering gold dropped below support, dont u think dollar will continue rally?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour.gif Size: 14 KB
Click to Enlarge Name: daily.gif Size: 19 KB
  • #198,217
  • Feb 5, 2010 1:41am Feb 5, 2010 1:41am
Quoting Ctic
Not necessarily, but possibly. I like to use multiple tf fib lines and all tf's I have show PA is at a point for a retracement before further downtrend action. In addition, Wormboy showed a nice falling wedge pattern which is a bullish pattern. Time will tell, but to me I don't mind risking 45 pips to gain 200 to 500 pips.

4H chart at weekly 161.8 fib and Daily chart at 100 quarterly fib.
u can also risk 45 pips and gain 200-500 going short i'm not saying i know where it's going but usd index above 80 and gold collapsing. good luck.
  • #198,218
  • Feb 5, 2010 1:41am Feb 5, 2010 1:41am
im long on cable now
entered at 1.5738 along with 15min stoch bullish reversal
with a stop @ 1.5699
  • #198,219
  • Feb 5, 2010 1:42am Feb 5, 2010 1:42am
Hmmmm.....

Your roadblock is right on my 161.8 reversal fib line. Lets see if it holds or if the bears came with tanks to blast through the roadblock to go to 261.8 fib.

C.


Quoting wormboy
There's a good chance of that happening, but I have a good setup to long cable atm, I'll take it one at a time.
Plus imho dollar had just reached a roadblock.

Here's the dx chart I put up yesterday:
1. http://www.forexfactory.com/showpost...postcount=4593


Let's see how it goes. Good luck
  • #198,220
  • Feb 5, 2010 1:57am Feb 5, 2010 1:57am
Quoting Ctic
Hmmmm.....

Your roadblock is right on my 161.8 reversal fib line. Lets see if it holds or if the bears came with tanks to blast through the roadblock to go to 261.8 fib.

C.
yup.
also cable is currently smack on the 38.2 fib (23rd Jan low - 5th Aug high).
Bunch of confluence, the very reason I mentioned to you I particularly like this setup, nothing much to lose. If these support levels go, then it'll really go, we'd be selling big as well as I reckon we're likely see cable at 5300 real quick.
Keyword is still IF tho, I should know, been calling for 5300 level retest since June last year only to find 57xx levels, which is where we are right now to be a real rock. This level had been well defended for over 6 months now and I'll need a really good persuasive move to actually short before this support level goes. Atm, I can't find one reason to looking at the cable chart.
Thank You
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