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Cable Update (GBPUSD)

  • #209,861
  • Mar 25, 2010 2:29am Mar 25, 2010 2:29am
Quoting cloggie
The ADR on cable has been between 120 and 160 so missing 10-15 on the top and 10-15 on the bottom still gives you a range of 90-130 to play with.

Keep in mind this time of the morning is the last hour of Tokyo and can see some profit taking from them before the days trend sets in with the opening of Franky and London.
that is very interesting... where do you get all this odd knowledge that must aid your trading soo much?
@pawpaw1000 on Twitter
  • #209,862
  • Mar 25, 2010 2:29am Mar 25, 2010 2:29am
Quoting Privet
GBP/USD @ sell stop 1.4857, stop loss 1.4930, take profit 1.4500

Thats almost indentical to my trade
Nil Desperandum Illegitimi Carborundum
  • #209,863
  • Mar 25, 2010 2:32am Mar 25, 2010 2:32am
starting to look for shorts now...
@pawpaw1000 on Twitter
  • #209,864
  • Mar 25, 2010 2:33am Mar 25, 2010 2:33am
Quoting pawpaw1000
that is very interesting... where do you get all this odd knowledge that must aid your trading soo much?
It is all part of the toolbox, you need to know your ADR and yesterday close and open, the likelyhood of a intra day trend continuing past the ADR is less when it reaches the close or open and you want a good confirmation to stay in the trade. Look at how most of the daily candles overlap on D1, there are very few staggered candles. So reaching the daily close/open gives me a heads up to be careful.

Right now we are in a perfect area, we are at the bottom half of yesterday, any move up has room, any move down needs careful monitoring.
  • #209,865
  • Mar 25, 2010 2:35am Mar 25, 2010 2:35am
Quoting pawpaw1000
that is very interesting... where do you get all this odd knowledge that must aid your trading soo much?
Thanks Cloggie ,,,the difficult thing is how to spot the entry point . I follow just Cable and mostly 5m and 15m charts ,,, need to open up my time frames and get familiar with its patterns . Use them as tool to make a decision...For example Cable is going up to daily pivot and it is still well below its 150SMA ,,, but most people here are expecting a fall !!!!
  • #209,866
  • Mar 25, 2010 2:36am Mar 25, 2010 2:36am
Quoting cloggie
Yeah a bearish reversal on M15 followed by the breakdown of 4853 is key to me in the continuation. I want to see a consolidation range forming on M15 with a new support and resistance that needs to be broken. From here to Franky we could see the setup for the rest of the day. If and when she falls, she'll go a long way. Any reversal on M15 may just be countertrend and not for the faint hearted. The number to watch on the retrace are 4912 and 4924

First two numbers of the retrace reached, will she continue or reverse the bearish trend? She is overbought on M5/M15 and I want to see that calm down a bit to make up my mind.
  • #209,867
  • Mar 25, 2010 2:38am Mar 25, 2010 2:38am
in with a small short at 20... Small being the key, 70% of normal position...
@pawpaw1000 on Twitter
  • #209,868
  • Mar 25, 2010 2:40am Mar 25, 2010 2:40am
Quoting cloggie
First two numbers of the retrace reached, will she continue or reverse the bearish trend? She is overbought on M5/M15 and I want to see that calm down a bit to make up my mind.
how did you get those numbers? fib retracement???

I'm just using historic s/r...
@pawpaw1000 on Twitter
  • #209,869
  • Mar 25, 2010 2:41am Mar 25, 2010 2:41am
Quoting pawpaw1000
how did you get those numbers? fib retracement???

I'm just using historic s/r...
DP and the earlier support of the retrace on M30 from last night. She has been trying to reverse for the 3rd time now and was always held back by 4912, indicating that earlier reversals had no strength. To indicate a proper reversal the earlier support needed to be broken. As the DP was right above that support, it is an obvious number to watch and see how PA interacts with that. If the DP holds and we get a bearish confirmation on either M15/M30 it may indicate a bearish move again.
  • #209,870
  • Mar 25, 2010 2:43am Mar 25, 2010 2:43am
Quoting pawpaw1000
starting to look for shorts now...
I'd wait for the news in a couple of hours before going short
エンジョイライフ！
  • #209,871
  • Mar 25, 2010 2:44am Mar 25, 2010 2:44am
my tl on 1h is at 38...
@pawpaw1000 on Twitter
  • #209,872
  • Mar 25, 2010 2:46am Mar 25, 2010 2:46am
Quoting dag777
Good Morning Room,

yesterday was mixed, one green cable trade, but also one red fibre which is still running (about -30 pips), it was a failed countertrend trade, hope Trichets is bringing it up a bit, to get out at BE.

Wish everybody a nice tradingday

Watch 3346 and 3374 if either proves to be support, fibre may be done with its retrace.
  • #209,873
  • Mar 25, 2010 2:48am Mar 25, 2010 2:48am
m5 looking good for bears...
@pawpaw1000 on Twitter
  • #209,874
  • Mar 25, 2010 2:49am Mar 25, 2010 2:49am
Quoting pawpaw1000
m5 looking good for bears...
I agree, but I want to see a consolidation on M15, it is the DP and I want to be sure.
  • #209,875
  • Mar 25, 2010 2:52am Mar 25, 2010 2:52am
Goodmorning chaps,

I am looking to improve on yesterdays dismal performance by yours truly!

Potentialy a short is on the cards, however one thing I have learned is to wait until after London opens, 8:00 GMT can give a good indication of direction bias for the first part of the london session.

Been burned before by jumping in 5 minutes early only to have a huge push in the other direction.

Good luck!
  • #209,876
  • Mar 25, 2010 2:54am Mar 25, 2010 2:54am
starting to worry that this could be consolodation for further push north!
@pawpaw1000 on Twitter
  • #209,877
  • Mar 25, 2010 2:55am Mar 25, 2010 2:55am
Good morning,

Will the bears continue feasting this morning? UK retail sales are out later today and the French ones weren't particularly good. GL with your trading.
  • #209,878
  • Mar 25, 2010 2:55am Mar 25, 2010 2:55am
Quoting antic81
Goodmorning chaps,

I am looking to improve on yesterdays dismal performance by yours truly!

Potentialy a short is on the cards, however one thing I have learned is to wait until after London opens, 8:00 GMT can give a good indication of direction bias for the first part of the london session.

Been burned before by jumping in 5 minutes early only to have a huge push in the other direction.

Good luck!
Morning mate,,,,,dismal performance yesterday for me too....
  • #209,879
  • Mar 25, 2010 2:56am Mar 25, 2010 2:56am
Quoting bbakker
Good morning,

Will the bears continue feasting this morning? UK retail sales are out later today and the French ones weren't particularly good. GL with your trading.
looks like the show is starting, get in at this bargain while you can...

...
@pawpaw1000 on Twitter
  • #209,880
  • Mar 25, 2010 2:57am Mar 25, 2010 2:57am
Quoting pawpaw1000
starting to worry that this could be consolodation for further push north!
currencies never move in a straight line and will always consolidate at important levels, especially Pivots. Once reached I will not enter in the consolidation area and will always wait for a break, no need to pick tops and bottoms.

I am with bbakker, there is more room left on the bearish side today. We just need the pivot to hold.

EDIT: tricky boy alert, he is flapping his gums.
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