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Cable Update (GBPUSD)

  • #205,381
  • Mar 12, 2010 3:20am Mar 12, 2010 3:20am
Quoting JRoyal
I'm going to explain this in great detail later today or early tomorrow....
I was interested in seeing this. Did you ever post it?
Every time you use 'hopium' in a post, God kills a kitten.
  • #205,382
  • Mar 12, 2010 3:21am Mar 12, 2010 3:21am
Quoting rb4488
could do with a nice retrace to the 1.5070 area to go long on the 50% fib and the 15m 50ma
reckon it will break support at 1.5100??? seems pretty strong if you look at the past...
@pawpaw1000 on Twitter
  • #205,383
  • Mar 12, 2010 3:27am Mar 12, 2010 3:27am
not a bad time to sell right now
  • #205,384
  • Mar 12, 2010 3:29am Mar 12, 2010 3:29am
Quoting JRoyal
not a bad time to sell right now
reason? Like i said earlier, if there isnt a significant pullback I'd love to get in for the ride down, just looking for a signal....
@pawpaw1000 on Twitter
  • #205,385
  • Mar 12, 2010 3:30am Mar 12, 2010 3:30am
Quoting profxtrader
I was interested in seeing this. Did you ever post it?
Yeah I did. I went to answer the questions and it turned into a mini forex course. I wrote it 2 days ago and I reposted it yesterday. I've attached it to this message for you to download it if you like.
Attached File(s)
File Type: doc Jroyal Mini Forex Course.doc   190 KB | 470 downloads
  • #205,386
  • Mar 12, 2010 3:33am Mar 12, 2010 3:33am
Quoting pawpaw1000
reckon it will break support at 1.5100??? seems pretty strong if you look at the past...
it will drop, we're getting higher highs but not higher rsi - I reckon it will retrace before going higher
  • #205,387
  • Mar 12, 2010 3:34am Mar 12, 2010 3:34am
Quoting pawpaw1000
reason? Like i said earlier, if there isnt a significant pullback I'd love to get in for the ride down, just looking for a signal....
Tthe market bias is down even though longer term I think were' going right back up but the zone we're in should have a strong reaction to the downside soon. It's all about where you place your stop and your targets but I expect a drop soon. I won't give exact entry and stop placement but I will say we are in a really good sell zone so when you get a trigger you'll probably have a pretty high probability set up. Of course nothings automatic so stop placement is critical.
  • #205,388
  • Mar 12, 2010 3:36am Mar 12, 2010 3:36am
Quoting JRoyal
Tthe market bias is down even though longer term I think were' going right back up but the zone we're in should have a strong reaction to the downside soon. It's all about where you place your stop and your targets but I expect a drop soon. I won't give exact entry and stop placement but I will say we are in a really good sell zone so when you get a trigger you'll probably have a pretty high probability set up. Of course nothings automatic so stop placement is critical.
got in at 1.51298 for a short as my 1min scalp indicator is oversold and looking for a quick 10 pips., BUT, if it looks like I can get more, why not
@pawpaw1000 on Twitter
  • #205,389
  • Mar 12, 2010 3:40am Mar 12, 2010 3:40am
got 10 pips...

mmm, let profits run, let profits run...

aim for 1.5105
@pawpaw1000 on Twitter
  • #205,390
  • Mar 12, 2010 3:42am Mar 12, 2010 3:42am
Quoting pawpaw1000
got in at 1.51298 for a short as my 1min scalp indicator is oversold and looking for a quick 10 pips., BUT, if it looks like I can get more, why not
You may be able to get that but the cycle normally goes, find a top start a downward move, retrace back up that may make a new high to stop out earlier sellers and then the fall. So if you entered as a scalp assuming a small stop, you may want to take your profits when you can wait for the retrace and then hold a new position down. It may not happen like that but I'd say 60% of the time it does. Market timing is very important. Most people are right about direction in the market but at the "wrong" time. Food for thought
  • #205,391
  • Mar 12, 2010 3:44am Mar 12, 2010 3:44am
Quoting JRoyal
You may be able to get that but the cycle normally goes, find a top start a downward move, retrace back up that may make a new high to stop out earlier sellers and then the fall. So if you entered as a scalp assuming a small stop, you may want to take your profits when you can wait for the retrace and then hold a new position down. It may not happen like that but I'd say 60% of the time it does. Market timing is very important. Most people are right about direction in the market but at the "wrong" time. Food for thought

hit and run
  • #205,392
  • Mar 12, 2010 3:46am Mar 12, 2010 3:46am
Quoting JRoyal
You may be able to get that but the cycle normally goes, find a top start a downward move, retrace back up that may make a new high to stop out earlier sellers and then the fall. So if you entered as a scalp assuming a small stop, you may want to take your profits when you can wait for the retrace and then hold a new position down. It may not happen like that but I'd say 60% of the time it does. Market timing is very important. Most people are right about direction in the market but at the "wrong" time. Food for thought
got 13 pips before my indicator showed oversold...

will wait for the up again to get another ride down...

Good advice, I must concur... think the new high will be maybe 10 - 15 pips higher, but now I'm guessing!
@pawpaw1000 on Twitter
  • #205,393
  • Mar 12, 2010 3:48am Mar 12, 2010 3:48am
Quoting kill56
hit and run
et voila! there it goes...
@pawpaw1000 on Twitter
  • #205,394
  • Mar 12, 2010 3:55am Mar 12, 2010 3:55am
And I'm in, 1.5140... My 1min indicator is oversold again so got in...

20 pips this time
@pawpaw1000 on Twitter
  • #205,395
  • Mar 12, 2010 4:00am Mar 12, 2010 4:00am
Sure has got some power behind it this morning.

I've got 1.5196 as the next main resistance to this upmove.
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  • #205,396
  • Mar 12, 2010 4:04am Mar 12, 2010 4:04am
Quoting PipSqueeze
Sure has got some power behind it this morning.

I've got 1.5196 as the next main resistance to this upmove.
if you're right, I'm screwed...
@pawpaw1000 on Twitter
  • #205,397
  • Mar 12, 2010 4:05am Mar 12, 2010 4:05am
Here is the post I said before to an uptrend to 5400 - 5600, brings you to the chart. I am actually revising this analysis to possibly go up even higher now. Reversal of trend.
Chart will be posted on next post.

http://www.forexfactory.com/showpost...stcount=203200
  • #205,398
  • Mar 12, 2010 4:06am Mar 12, 2010 4:06am
Quoting pawpaw1000
if you're right, I'm screwed...
got stopped out

maybe you're right!!!

but will be watching 1.5150 closely...
@pawpaw1000 on Twitter
  • #205,399
  • Mar 12, 2010 4:09am Mar 12, 2010 4:09am
Quoting pawpaw1000
And I'm in, 1.5140... My 1min indicator is oversold again so got in...

20 pips this time
Hi,

Are you using the indicator as the basis to enter and exit trades? I would advise strongly against it. I trade from one minute charts but many factors effect my decision to enter and exit trades. If you are a new trader using the one minutes charts try looking at David Aranzabal. He is a good one mintue trader.

I entered a long position at 1.50572 as it broke a downward trendline. It was also on the UK open. I closed it out at 60 pips for a 3-1 RR. I closed a bit early due to divergence on the MACD, again, indicators can work against you, if I held I would be nearer 100 pips for the day and 5-1 RR. Just be careful using indicators. I find less is more.

Good luck.
  • #205,400
  • Mar 12, 2010 4:10am Mar 12, 2010 4:10am
near my last TP...,be patient BEAR (or BULL) do anything you want to do after this...i don't care....
I will be the number one Manager.
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