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Cable Update (GBPUSD)

  • #213,481
  • Apr 6, 2010 1:07pm Apr 6, 2010 1:07pm
Quoting pawpaw1000
PA is now above all my ma's on almost all my TF's...

will be difficult to justify a sell now. And it is getting late so think I'm game over for the day. 0.5% gain today, and it was 6%!!! too bad for those 70 pips...

You don't deserve those 70 pips, you greedy b@stard. Next time don't give 70 pips back to the market, just write me a cheque.

May still see a slow creep back up to the DP. Have a look at the 25ma on M5, lovely lTL forming and it is following it all the way to the DP. M30 closing above the 150ma is key. M5 just closed above 365, that's a biggy, may see 52975 here, good scalping territory.

Am not entering anything here.

Going to have dinner, will check back in later.
  • #213,482
  • Apr 6, 2010 1:13pm Apr 6, 2010 1:13pm
Quoting OldReigatian
Hi, I put in a short entry at 1.5225 and set my tp at 1.5175, at this time of day the movements will be slow so don't expect any great rushes up. In all seriousness, don't rush into trades through lack of patience you will only set yourself up for a fall. Trust your own judgement rather than others (although use others as a benchmark/back up to your own thoughts)
there's your 1.50 about to hit, gl with the short
  • #213,483
  • Apr 6, 2010 1:26pm Apr 6, 2010 1:26pm
whats the FOMC result ??
good or bad for USD ????
GU will down or up ????
  • #213,484
  • Apr 6, 2010 1:28pm Apr 6, 2010 1:28pm
Quoting FxSignals
whats the FOMC result ??
good or bad for USD ????
GU will down or up ????

It was really bad news, Obama is quitting, Gordon Brown is taking over, Carla Bruni is coming here and GU will go to 3.25

Oh shite, that is all good news.
  • #213,485
  • Apr 6, 2010 1:29pm Apr 6, 2010 1:29pm
Quoting chimex
From the charts displayed below the correction seems to be in a 5,3,5 (a,b,c) wave pattern the present upside move should top out at around 1.5273 before futher decline for 1.4922..

Strategy sell limit Price: 1.5273 stoploss: 1.532 target:1.4922
Sharp view, thanks!
Don't be a hero. Don't have an ego. Always question yourself
  • #213,486
  • Apr 6, 2010 1:31pm Apr 6, 2010 1:31pm
Quoting USD-Bear
Sharp view, thanks!

The only problem is, it is not going to stop at 5273, not a problem if you are long, pretty buggerred if you are short though....

I agree, pretty sharp, just stuck the wrong end in the sharpener.

hat,coat,
I AM going to have dinner.
  • #213,487
  • Apr 6, 2010 2:04pm Apr 6, 2010 2:04pm
first of all - thank you for been here. it's a pleasure to have you here guys!
do you think that D point can be reached? daily chart attached.

thanks kill for indy
Attached Image (click to enlarge)
Click to Enlarge Name: bull.gif Size: 33 KB
... feel better day by day.
  • #213,488
  • Apr 6, 2010 2:14pm Apr 6, 2010 2:14pm
Quoting cloggie
It was really bad news, Obama is quitting, Gordon Brown is taking over, Carla Bruni is coming here and GU will go to 3.25

Oh shite, that is all good news.
I heard the Jews were moving to Tibet, the Ulstermen were moving to Israel, the Chechins were moving to the Falklands and the Basques were moving to Gibraltar.

The English are moving to the desert in Central Washington State and their advance party has already arrived... the Mexican illegals here are moving to the Punjab

Result - new day, same stuff

PS I took my long and I am not in either way at the mo
  • #213,489
  • Apr 6, 2010 2:15pm Apr 6, 2010 2:15pm
Quoting cloggie
The only problem is, it is not going to stop at 5273, not a problem if you are long, pretty buggerred if you are short though....

I agree, pretty sharp, just stuck the wrong end in the sharpener.

hat,coat,
I AM going to have dinner.

Why not ?
Don't be a hero. Don't have an ego. Always question yourself
  • #213,490
  • Apr 6, 2010 2:25pm Apr 6, 2010 2:25pm
Quoting chimex
From the charts displayed below the correction seems to be in a 5,3,5 (a,b,c) wave pattern the present upside move should top out at around 1.5273 before futher decline for 1.4922..

Strategy sell limit Price: 1.5273 stoploss: 1.532 target:1.4922

Nice call... will probably just channel here for awhile planning it's next move!!!
  • #213,491
  • Apr 6, 2010 2:39pm Apr 6, 2010 2:39pm
Hi Chaps, Just been looking at 4 hour and daily fibs and based on this years high (Jan 1.6455) and this year low (End Mar 1.4990) it looks as though the next stop is going to be 1.5415 ish region if it gets past 1.53 with any momentum. Think the earlier poster highlighting 1.56 may not be too far away if there is no willingness for sellers to get involved!!!
  • #213,492
  • Apr 6, 2010 2:46pm Apr 6, 2010 2:46pm
Quoting OldReigatian
Hi Chaps, Just been looking at 4 hour and daily fibs and based on this years high (Jan 1.6455) and this year low (End Mar 1.4990) it looks as though the next stop is going to be 1.5415 ish region if it gets past 1.53 with any momentum. Think the earlier poster highlighting 1.56 may not be too far away if there is no willingness for sellers to get involved!!!
If it gets passed 1.5380, then I will be inclined to agree.
  • #213,493
  • Apr 6, 2010 2:52pm Apr 6, 2010 2:52pm
see everyone at london open!!!

ciau!
@pawpaw1000 on Twitter
  • #213,494
  • Apr 6, 2010 2:52pm Apr 6, 2010 2:52pm
Quoting USD-Bear
Why not ?
Question asked and answered.

Let me ask you a question, historically how does cable interact with the DP?

And thanks for asking, dinner was great.
  • #213,495
  • Apr 6, 2010 3:00pm Apr 6, 2010 3:00pm
Quoting cloggie
Question asked and answered.

Let me ask you a question, historically how does cable interact with the DP?

And thanks for asking, dinner was great.
Nice to hear, I am not using pivot points, I see daily is @ 1.5263 though so I assume you think it is very bulish that price is above that level....
But I'm not good in guessing
Don't be a hero. Don't have an ego. Always question yourself
  • #213,496
  • Apr 6, 2010 3:10pm Apr 6, 2010 3:10pm
Quoting cloggie
Question asked and answered.

Let me ask you a question, historically how does cable interact with the DP?

And thanks for asking, dinner was great.
Kopje koffie nou?

Good question, which you probably know the answer to and I am unable to find on t'Internet with ease. How does cable historically interact with the DP? My guess is that on most days it acts as a rubber band, beautifully displayed today! Cable got past S2 briefly and then pinged back, hence you were aware of this possibility. I am sure on some days, with bad news and everyone jumping on the bandwagon it doesn't exhibit this typical behaviour, but on a non-news day, the rubber band effect is more the norm... just a pure guess.
  • #213,497
  • Apr 6, 2010 3:12pm Apr 6, 2010 3:12pm
Quoting USD-Bear
Nice to hear, I am not using pivot points, I see daily is & 1.5263 though so I assume you think it is very bulish it is above that level....
But I'm not good in guessing

In brief, the DP acts like a SR, and as such will need close monitoring for reversal of its role. The DP is now acting as resistance for the upward trend that started at 513, the daily low. Interaction with ma's as detailed in my earlier posts tell me that the DP is not likely to hold and I put up a target of 51975. As we moved past the 365ma on M30 and we had a good bull candle on H1, the likely hood of an immediate bounce of the DP is slight.

A good momentum in the PA will always drive through the DP.

My main comment though was directed at picking 5273 as the top and in effect as the resistance of this retrace, there is no way that a seperate resistance will form only 6 pips below the DP. So my call of it going right through 5273 was easy, my next call is that the DP is not going to hold the retrace down either.


Edit: I like bbakker's rubber band analogy, kind of sums it up with fewer works. If one were a scalper, scalp each bounce off the DP on M5/15 and back of the lower support to the DP. You could have had 5-10 runs at 8-10 pips each. A breakout trader would wait for a break of the DP, a trend trader would sit aside, a swing trader would have taken his profit of the swing low at 5215. Me I just watch, had dinner and had to do the grocery shopping, missed the run altogether. Waiting for my short off the bigger range 48-53
  • #213,498
  • Apr 6, 2010 3:16pm Apr 6, 2010 3:16pm
Quote
Question asked and answered.

Let me ask you a question, historically how does cable interact with the DP?

And thanks for asking, dinner was great.

Not to mention what the M and W did to today's low.
The market is always right.
  • #213,499
  • Apr 6, 2010 3:19pm Apr 6, 2010 3:19pm
Quoting gammase1
Good morning,

Late to the party? Is there enough momentum to push price markedly lower before any retrace? Will Spurs grab the fourth Champions League spot?

Questions, questions.....

Short @ 15149, s/l @ 15269, t/p open.....

Good luck...
answers, answers.....

Yes, on this occasion, but over time, our stats and realised P&L show we will arrive at the party in good time, much more often than not, while the punch is still flowing freely.

Not really.

Definitely, I hope...

120 pip loss realised on this trade, leaving us up 1 pip on the day, from the published short EURJPY trade.

New trade: Long cable @ 15278, s/l @ 15215, t/p @ 15368

Good night
  • #213,500
  • Apr 6, 2010 3:21pm Apr 6, 2010 3:21pm
Quoting cloggie
In brief, the DP acts like a SR, and as such will need close monitoring for reversal of its role. The DP is now acting as resistance for the upward trend that started at 513, the daily low. Interaction with ma's as detailed in my earlier posts tell me that the DP is not likely to hold and I put up a target of 51975. As we moved past the 365ma on M30 and we had a good bull candle on H1, the likely hood of an immediate bounce of the DP is slight.

A good momentum in the PA will always drive through the DP.

My main comment though was directed at...
Thanks for the explanation, but on the end we are all lined up. I think it was a great call because during the upmove he called exactly the level where it now stays for hours on which I based my GJ short
Don't be a hero. Don't have an ego. Always question yourself
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