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Cable Update (GBPUSD)

  • #212,121
  • Apr 1, 2010 1:14am Apr 1, 2010 1:14am
some messy price action going on... cant' tell which is up..hazard a long 1.5210 with a 11pip stop 40 pip TP
  • #212,122
  • Apr 1, 2010 1:16am Apr 1, 2010 1:16am
Quoting Tovinces
Yesterday morning GU made the exact scenario I was describing: 3-3-3. Nevertheless, it didn’t reach the planned area and continued its uptrend.

During the day another bullish impulse was formed with each wave shorter than previous one, as shown at 5min chart. Possibly 1.524 area is the local peak. In any way price is going lower, but the question is open if it’s a correction move with the continuation of uprising, or a bearish impulse. Lets turn to the charts with higher TFs.

During the first half of March price action at GU has formed 3-wave...
Nice blog I see it is relatively new and started a couple of months ago. As a newcomer, I don't know my Elliot Wave Analysis, so I have bookmarked your blog and hopefully get some insight into this type of analysis.
  • #212,123
  • Apr 1, 2010 1:17am Apr 1, 2010 1:17am
Quoting bbakker
You MUST use a SL if you are going to survive in this game. Letting bad trades run in the hope they will turn is a recipe for disaster. You can have more losing trades as a % but still be profitable overall. At least it sounds like you're learning from your mistakes.
this is a gross generalisation of the concept. it will wipe out any1 with 0 MM. i used to use no sl as my strategy. it was wonderful. 83wins 0 loss(highest ever UNREALIZED drawdown was 12% of acct). problem is if im against the market it takes as long as 12-16hrs to find my breakeven or profit which was burning me out physically so now i do take losses and sadly i am unprofitable cos i am taking losses but hey at least im not tired now(and im starting to have a life). just gota refine my entries.

just take yesterday's 130pip move up in G/U i was in the wrong direction(again) went out at breakeven during the 1bar retrace on the 1hr back to 10EMA+PP on the 1hrTF.
  • #212,124
  • Apr 1, 2010 1:18am Apr 1, 2010 1:18am
Morning chaps,,,, welcome back bbakker... wish you all a good pipping day
  • #212,125
  • Apr 1, 2010 1:20am Apr 1, 2010 1:20am
Quoting cesararr
yes, i hope survive for try again and do diferent. anyway let see what happen, hope go back soon...

Let's hope it does not get passed the previous peak set on March 17th (15382) otherwise we could see even more upside! I think the majority of people don't think it will, but expect the unexpected!
  • #212,126
  • Apr 1, 2010 1:26am Apr 1, 2010 1:26am
Did you try with to move the stop loss a bit further away? This would let some space for your trades to breath but you would still have a safety net if for instance you lose your internet connection or have to leave for whatever reason.

Quoting yunielescaz
this is a gross generalisation of the concept. it will wipe out any1 with...
  • #212,127
  • Apr 1, 2010 1:28am Apr 1, 2010 1:28am
Quoting bbakker
Let's hope it does not get passed the previous peak set on March 17th (15382) otherwise we could see even more upside! I think the majority of people don't think it will, but expect the unexpected!
yes, im agree whit you.. "la esperanza muere al ultimo" i don't know how to say in english..

jeje
  • #212,128
  • Apr 1, 2010 1:29am Apr 1, 2010 1:29am
Quoting forexlion
Mal I am a bit uneasy on holding longs on cable today, except when scalping, whats your view point today, something crazy is cooking here.
look at 4 hour chart with about 1 week on screen .... draw tl down off top

we just broke that in London , we may do a retest but doubt it.

As long as 1.5160 holds we should see 1.5300 this session
Blogging daily now at www.volume.zone
  • #212,129
  • Apr 1, 2010 1:29am Apr 1, 2010 1:29am
Quoting solrac
Morning chaps,,,, welcome back bbakker... wish you all a good pipping day
Thanks Carlos and a good pipping day to you too! Easter weekend starts tomorrow so I hope the Easter bunny has bought me some lovely eggs... what's that all about! Trust the Germans to bring in the bunny tradition, although the Australians aren't so keen on their bunnies, or rather pests!

I keep checking our bunny's hutch every morning (we have a bunny for the kids) and get disappointed when I can't find those multi-coloured eggs to have for my breakfast. Maybe I should check inside the rabbit rather than the hutch
  • #212,130
  • Apr 1, 2010 1:31am Apr 1, 2010 1:31am
Quoting cesararr
yes, im agree whit you.. "la esperanza muere al ultimo" i don't know how to say in english..

jeje
"Hope is the last to die"
  • #212,131
  • Apr 1, 2010 1:36am Apr 1, 2010 1:36am
Quoting bbakker
Thanks Carlos and a good pipping day to you too! Easter weekend starts tomorrow so I hope the Easter bunny has bought me some lovely eggs... what's that all about! Trust the Germans to bring in the bunny tradition, although the Australians aren't so keen on their bunnies, or rather pests!

I keep checking our bunny's hutch every morning (we have a bunny for the kids) and get disappointed when I can't find those multi-coloured eggs to have for my breakfast. Maybe I should check inside the rabbit rather than the hutch
Fos the sake of your child`s ... keep off the rabbit !!! We dont want to call Social Services do we???? lol
Nice to have you back,,,, lets make some money ,,,,, my account is in real need . Planning on going to Southafrica for World Cup .

Today is an impass day you think?? All the action for tomorrow Easter Friday ,,,, low volumes and big big news???
  • #212,132
  • Apr 1, 2010 1:38am Apr 1, 2010 1:38am
Quoting Miniexpert
Did you try with to move the stop loss a bit further away? This would let some space for your trades to breath but you would still have a safety net if for instance you lose your internet connection or have to leave for whatever reason.
Move it further away, then a little bit more, a go on one more time, it will turn, I'll move it away again...

Another recipe for disaster. One should only move the SL to lock in profit. Just my 2 cents.
  • #212,133
  • Apr 1, 2010 1:40am Apr 1, 2010 1:40am
Quoting solrac
Fos the sake of your child`s ... keep off the rabbit !!! We dont want to call Social Services do we???? lol
Nice to have you back,,,, lets make some money ,,,,, my account is in real need . Planning on going to Southafrica for World Cup .

Today is an impass day you think?? All the action for tomorrow Easter Friday ,,,, low volumes and big big news???
The NSPCC or the NSPCA
  • #212,134
  • Apr 1, 2010 1:41am Apr 1, 2010 1:41am
Sorry probably I was not clear. What I meant is that if your trades give you more losses than profits since you started using SL, then my understanding is that you are setting your SL too tight. Set it further away to avoid this particular problem.

Otherwise I agree with you bbakker.
Quoting bbakker
Move it further away, then a little bit more, a go on one more time, it will turn, I'll move it away again...

Another recipe for disaster. One should only move the SL to lock in profit. Just my 2 cents.
  • #212,135
  • Apr 1, 2010 1:42am Apr 1, 2010 1:42am
Quoting malcolmb14
look at 4 hour chart with about 1 week on screen .... draw tl down off top

we just broke that in London , we may do a retest but doubt it.

As long as 1.5160 holds we should see 1.5300 this session
  • #212,136
  • Apr 1, 2010 1:42am Apr 1, 2010 1:42am
Quoting bbakker
Nice blog I see it is relatively new and started a couple of months ago. As a newcomer, I don't know my Elliot Wave Analysis, so I have bookmarked your blog and hopefully get some insight into this type of analysis.
Thanks a lot, I appreciate your attention!
  • #212,137
  • Apr 1, 2010 1:48am Apr 1, 2010 1:48am
Quoting malcolmb14
look at 4 hour chart with about 1 week on screen .... draw tl down off top

we just broke that in London , we may do a retest but doubt it.

As long as 1.5160 holds we should see 1.5300 this session

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  • #212,138
  • Apr 1, 2010 1:49am Apr 1, 2010 1:49am
:nerd:1.5187 !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #212,139
  • Apr 1, 2010 1:52am Apr 1, 2010 1:52am
Short till 1.5160
Smile Chankl78
  • #212,140
  • Apr 1, 2010 1:55am Apr 1, 2010 1:55am
1.51927
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