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Cable Update (GBPUSD)

  • #203,621
  • Mar 4, 2010 7:44pm Mar 4, 2010 7:44pm
SELL
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I will be the number one Manager.
  • #203,622
  • Mar 4, 2010 8:01pm Mar 4, 2010 8:01pm
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  • #203,623
  • Mar 4, 2010 8:11pm Mar 4, 2010 8:11pm
Malcolmb,

When viewing a 1 minute chart, at about 3:30 EST, there was a significant increase in volume that lasted for 5 mins. Price popped up from and drifted back more than 1/2 its rise. Price was not being defended as price was higher than recent history. This happened on a number of pairs at the same moment including DX, BH and EH. If this were happening at a top, we would see it as climatic and exhaustive. But in todays world, maybe the top is a hell of a lot lower today than it use to be? I see it as a sign of weakness for those pairs that rose in price and a sign of strength for those that dropped.

When I press the logic button on my forehead - I ask l why create a bear trap? Do they need people to go short? I would think all they need to do is start moving price up and retail will be trapped. I have not looked at the likelihood of "new" shorts based on long term positions because if they are just now going short, they can handle a huge DD.

It is possible that there was a risk adjustment made by someone deep, but I think we need to consider it as a distribution. +/- a few pips this happened on GU at the 1.5000 level and 1.3600 on EU 80.00 om AJ and 121.00 of EJ and I am sure the list goes on. All round numbers. Something is brewing, I think a cautious time for both sides till we see what happens. For the high risk players some will be millionaires and others will be starting from scratch.

Good luck,
BR

Quoting malcolmb14
somehow i think greece issue all ends well and both eu and gu shoot up

why .. well eu daily was looking great for breakout .. the today happens but the volume on the down candle was highest since feb 1 . Almost looks like hidden buyers . Tonight / tomorrow will show the out come of this

1/5020 is major support right .... right Magix ..your sweet spot for buys

the break down of the flag looks like it may be a fake out but as mentioned tomorrow is news heavy day and Greek PM is in meetings with eu all weekend

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  • #203,624
  • Mar 4, 2010 8:12pm Mar 4, 2010 8:12pm
Surviving the battle?


Quoting Magix
Still no bananas...

Here we are, holding channel, still not closing the 24SMA...4hr chart.

A couple of pretty convincing tries to be sure, but holding.

The daily chart...Well now that is another story onto it's own.

Higher highs, higher lows. Hrmmmmmmmmm.

K, Well, I am all in for this long term short side, but I am not convinced we crashing just yet.
  • #203,625
  • Mar 4, 2010 8:20pm Mar 4, 2010 8:20pm
Quoting Big1red9
Surviving the battle?
You know me mango...

Hanging in....

Working with a couple traders, haven some fun, makin some money...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,626
  • Mar 4, 2010 8:22pm Mar 4, 2010 8:22pm
Every time you try to have fun... it takes a week for the thread to settle down... lmao.

Quoting Magix
You know me mango...

Hanging in....

Working with a couple traders, haven some fun, makin some money...
  • #203,627
  • Mar 4, 2010 8:25pm Mar 4, 2010 8:25pm
Quoting Big1red9
Every time you try to have fun... it takes a week for the thread to settle down... lmao.
Buwahahahhahahahah..

I am building 2 things...
Vouches
and
Infractions.

At this rate, I will be a really popular guy when I get banned.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,628
  • Mar 4, 2010 8:28pm Mar 4, 2010 8:28pm
Magix verify this please

http://img402.imageshack.us/img402/2...1727798552.gif
  • #203,629
  • Mar 4, 2010 8:30pm Mar 4, 2010 8:30pm
Quoting Magix
Buwahahahhahahahah..

I am building 2 things...
Vouches
and
Infractions.

At this rate, I will be a really popular guy when I get banned.
Count me in too
  • #203,630
  • Edited 9:02pm Mar 4, 2010 8:52pm | Edited 9:02pm
Quoting forexlion
Magix verify this please

http://img402.imageshack.us/img402/2...1727798552.gif
Putting the cart before the horse....

I am under assumption that we are going to head back long, given the 4hr support line(24SMA), and it is a more than fair assumption...the confirmation I play states that I will not take a short side trade, (scalp exceptions), until we close below.

BUT....

Here's what we are currently looking at.

Rejected at the Hourly support (24sma)
Confirmation is actually to all south side trades (shorter time frames)

We could actually see the next attack at the 4hr support get creamed and keep on going.

Red is right. The questionable play is even more so now than typically, going into NFP...some will win hard, some will lose hard.

Here is the current and even with the bullish feel I have, I still cannot ignore the obvious.

(blue line on 15m chart is the 500EMA, has been the stopping ground on the long side so far, again, Thanks again Turvey)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,631
  • Mar 4, 2010 8:58pm Mar 4, 2010 8:58pm
All of the previous being said...

And going off of the 4hr support...

The 1hr target sits here. Really not that far of a target and very realistic, but support holding will be key.

From here....

Well, let's get here first.

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,632
  • Mar 4, 2010 9:04pm Mar 4, 2010 9:04pm
Quoting forexlion
Magix verify this please

http://img402.imageshack.us/img402/2...1727798552.gif
Me short with target of 4780, but we will see targets below 4780 on this move

ADP came out stronger than expected, NFP will do the same and will drive dollar strength pushing cable down.

I am bookmarking this post in my signature for future reference.
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  • #203,633
  • Mar 4, 2010 9:15pm Mar 4, 2010 9:15pm
Quoting Magix
Putting the cart before the horse....

I am under assumption that we are going to head back long, given the 4hr support line(24SMA), and it is a more than fair assumption...the confirmation I play states that I will not take a short side trade, (scalp exceptions), until we close below.

BUT....

Here's what we are currently looking at.

Rejected at the Hourly support (24sma)
Confirmation is actually to all south side trades (shorter time frames)

We could actually see the next attack at the 4hr support get creamed and keep on going.

Red is...
Glad I am not the only one with the bullish feeling. I think you saw my arguments from earlier.

C.
  • #203,634
  • Edited 9:28pm Mar 4, 2010 9:17pm | Edited 9:28pm
Quoting Ctic
Glad I am not the only one with the bullish feeling. I think you saw my arguments from earlier.

C.
Did read through some yes, until you started talking to that clouds guy...after that, I just couldn't do it anymore...oh yeah, and I was checking in from my iphone on the highway, so that played a little part too...

I just can't figure out people who only show up when a trade is in their favor to chime in...seriously, if the guy don't understand scalping/swing trading/contra trend trading, why he gotta question people that do?
(ps.was talking bout that clouds guy)
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,635
  • Mar 4, 2010 9:28pm Mar 4, 2010 9:28pm
Quoting Magix
Did read through some yes, until you started talking to that clouds guy...after that, I just couldn't do it anymore...oh yeah, and I was checking in from my iphone on the highway, so that played a little part too...

I just can't figure out people who only show up when a trade is in their favor to chime in...seriously, if the guy don't understand scalping/swing trading/contra trend trading, why he gotta question people that do?
From what I have seen in this forum, many are torn. In addition, many different styles of trading here. A lot has the bearish view with the trend and some are starting to feel more bullish. I personally think we are going to the 1.54 - 1.56 area before continuing downward. However, I will be on the lookout for trend reversal if it should happen. In the meantime I will continue to scalp/swing trade, contra trend trade, and trend trade and do what I do. If it works, why try to fix it.

C.
  • #203,636
  • Mar 4, 2010 9:28pm Mar 4, 2010 9:28pm
Quoting Magix
Did read through some yes, until you started talking to that clouds guy...after that, I just couldn't do it anymore...oh yeah, and I was checking in from my iphone on the highway, so that played a little part too...

I just can't figure out people who only show up when a trade is in their favor to chime in...seriously, if the guy don't understand scalping/swing trading/contra trend trading, why he gotta question people that do?
lol magix , I chimed in being upside down right side up and vise versa yesterday , I will be the 1st to tell you I aint got a clue lol, but by the end of yesterday I ended up with a decent day . I understand sometimes I just dont implement it right
  • #203,637
  • Mar 4, 2010 9:30pm Mar 4, 2010 9:30pm
Quoting Ctic
From what I have seen in this forum, many are torn. In addition, many different styles of trading here. A lot has the bearish view with the trend and some are starting to feel more bullish. I personally think we are going to the 1.54 - 1.56 area before continuing downward. However, I will be on the lookout for trend reversal if it should happen. In the meantime I will continue to scalp/swing trade, contra trend trade, and trend trade and do what I do. If it works, why try to fix it.

C.
hey ctic how you doing tonite
  • #203,638
  • Mar 4, 2010 9:37pm Mar 4, 2010 9:37pm
Quoting digger1
hey ctic how you doing tonite
Hey digger,

I have been doing good. I took the week off from trading (at least as far as my wife is concerned). Holding these longs, waiting for NFP to stop me or save me. Actually I can not lose on them since I placed them earlier in the week so I will either get rich or make a modest gain. Time will tell. How have you been. Green pips I hope.

C.
  • #203,639
  • Mar 4, 2010 9:43pm Mar 4, 2010 9:43pm
Quoting Ctic
Hey digger,

I have been doing good. I took the week off from trading (at least as far as my wife is concerned). Holding these longs, waiting for NFP to stop me or save me. Actually I can not lose on them since I placed them earlier in the week so I will either get rich or make a modest gain. Time will tell. How have you been. Green pips I hope.

C.
good deal man , good deal
  • #203,640
  • Mar 4, 2010 9:45pm Mar 4, 2010 9:45pm
Quoting Ctic
Hey digger,

I have been doing good. I took the week off from trading (at least as far as my wife is concerned). Holding these longs, waiting for NFP to stop me or save me. Actually I can not lose on them since I placed them earlier in the week so I will either get rich or make a modest gain. Time will tell. How have you been. Green pips I hope.

C.
yea rough day yesterday for a bit but got it straitened around by the end of the day
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