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Cable Update (GBPUSD)

  • #213,961
  • Apr 7, 2010 7:11am Apr 7, 2010 7:11am
Quoting digger1
hey wormie , the area it keeps bouncing from is my weekly pp and also my montly pp , little tougher nut to crack, price currently back to my weekly open , if this holds we may take another crack at tht area , guess we will find out .
yes sir, i agree with the wp & mp. Resistance @5320 however, has also now created a triple top formation, visible on the H4. So atm, I am looking for price to go through the floor instead of up. Unless, if price can manage to close above 5270 level, then I might change my mind and contemplate on building long positions. Time will tell ..
Thank You
  • #213,962
  • Apr 7, 2010 7:14am Apr 7, 2010 7:14am
Quoting wormboy
yes sir, i agree with the wp & mp. Resistance @5320 however, has also now created a triple top formation, visible on the H4. So atm, I am looking for price to go through the floor instead of up. Unless, if price can manage to close above 5270 level, then I might change my mind and contemplate on building long positions. Time will tell ..
Triple tops not quite as reliable as double tops , so stay safe bro
  • #213,963
  • Apr 7, 2010 7:16am Apr 7, 2010 7:16am
Quoting kingfisher
Short E/U based on Dow- Dow broke its daily S 1 from top at 10,935.

Short G/U based on FTSE 100- FTSE 100 again broke DP from top.

Markets move in tandem. If dow falls, FTSE will fall, E/U will fall, G/U will fall.

Everything dependent on mighty DOW. Below 10,935 is S 1 for dow.
Hmmm! ..are you serious..is this good enough information to base your trade on?
  • #213,964
  • Apr 7, 2010 7:18am Apr 7, 2010 7:18am
Quoting kill56
fiber Greece

cable wormy and digger
lol, keep the greenie flowing
  • #213,965
  • Apr 7, 2010 7:19am Apr 7, 2010 7:19am
Quote
Hmmm! ..are you serious..is this good enough information to base your trade on?

You can open dow live chart, FTSE 100, G/U and E/U.

When dow moves up- FTSE moves up, G/U moves up, E/U moves up.

When dow moves down- FTSE moves down, G/U moves down, E/U moves down.

Open it and see your self.
  • #213,966
  • Apr 7, 2010 7:19am Apr 7, 2010 7:19am
Quoting cloggie
Both stopped at BE+, both are tough to make up their mind. About 2 hours left for another stab?
Looks like your last trade was like one of my typical ones, set SL for just above BE and it retraces to trigger it and bounces up again!

Hmmm, another 30 pips or so and I might jump in on my previous short and see if it plays out again, I'll let you know which way so you can go the other
Back to basics, it has to be for me!
  • #213,967
  • Apr 7, 2010 7:21am Apr 7, 2010 7:21am
Quoting digger1
Triple tops not quite as reliable as double tops , so stay safe bro
will do, thanks bro. good luck to you too
big fight at dp .. my ticker looks twisted lol
Thank You
  • #213,968
  • Apr 7, 2010 7:24am Apr 7, 2010 7:24am
Quoting kingfisher
You can open dow live chart, FTSE 100, G/U and E/U.

When dow moves up- FTSE moves up, G/U moves up, E/U moves up.

When dow moves down- FTSE moves down, G/U moves down, E/U moves down.

Open it and see your self.
Dow needs to clean 10,925 to expect further move down
But based on PA dow is in favor of the bear so i'm in your side even though gbpusd doesn't seem to follow Dow
COT: The precious data ignored
  • #213,969
  • Apr 7, 2010 7:24am Apr 7, 2010 7:24am
looks like sellers stepping in ... let's see
Thank You
  • #213,970
  • Apr 7, 2010 7:25am Apr 7, 2010 7:25am
Quoting BadTradingFi
Looks like your last trade was like one of my typical ones, set SL for just above BE and it retraces to trigger it and bounces up again!

Hmmm, another 30 pips or so and I might jump in on my previous short and see if it plays out again, I'll let you know which way so you can go the other

I set the SL to BE as we were playing with the weekly pp, normally I would have let her run, am now keeping an eye on the 25sma on M30 for another shot at it. Just need a good entry for my long.

Playing in this range is not as easy to read as other entries however it does give you opportunity to catch the early worm. A nice solid close above the 50% of todays range is another good one to look out for and we have the 150 sma on M15, so lots of little clues dotted around that combined can give you a pretty good picture.
  • #213,971
  • Apr 7, 2010 7:30am Apr 7, 2010 7:30am
Quote
Dow needs to clean 10,925 to expect further move down
But based on PA dow is in favor of the bear so i'm in your side even though gbpusd doesn't seem to follow Dow

Yes Mate. FTSE is following dow and G/U will follow FTSE.

Dow is the mother of all.
  • #213,972
  • Apr 7, 2010 7:30am Apr 7, 2010 7:30am
Quoting cloggie
I set the SL to BE as we were playing with the weekly pp, normally I would have let her run, am now keeping an eye on the 25sma on M30 for another shot at it.

Playing in this range is not as easy to read as other entries however it does give you opportunity to catch the early worm.
For some reason my chart has the daily PP at 15236, which doesnt agree with most people, but it's where it bounced about in the early hours, but it seems to be steaming towards it now.

Maybe I'll grow a pair in a bit and jump in again!
Back to basics, it has to be for me!
  • #213,973
  • Apr 7, 2010 7:32am Apr 7, 2010 7:32am
Quoting BadTradingFi
For some reason my chart has the daily PP at 15236, which doesnt agree with most people, but it's where it bounced about in the early hours, but it seems to be steaming towards it now.

Maybe I'll grow a pair in a bit and jump in again!

Correct, but don't underestimate weekly and monthly pivots. Sometimes it is just a matter of finding a peace of clear runway and she will run, other times there is lots of junk in the way and it becomes a bit of a hit and miss, thats why trading the higher TF's gets a bit easier as there is less junk to worry about. Right now we have the 150sma throwing up a hurdle and slowing her down, the knack is seeing how the PA interacts with each level and determining wether it will bounce or continue, lot of times I use faster ma's to judge that. On M15 she just hit the 150 and the 25 is dragging her down so no long entry opportunity for me. And looking at it this way I don't get upset at having a trade closed at BE+ in this maze, because she can just as easily turn on you.
  • #213,974
  • Apr 7, 2010 7:36am Apr 7, 2010 7:36am
makes no sense. regardless of chosen tf you will hit junl anyway junk like DP, MP, WP

Quoting cloggie
Correct, but don't underestimate weekly and monthly pivots. Sometimes it is just a matter of finding a peace of clear runway and she will run, other times there is lots of junk in the way and it becomes a bit of a hit and miss, thats why trading the higher TF's gets a bit easier as there is less junk to worry about.
Its all in the mind.
  • #213,975
  • Apr 7, 2010 7:38am Apr 7, 2010 7:38am
does not always happen...if u happen to be around longer than 2010 u will see when worl was crashing down DOW and dollar went opposit.

Quoting kingfisher
Yes Mate. FTSE is following dow and G/U will follow FTSE.

Dow is the mother of all.
Its all in the mind.
  • #213,976
  • Apr 7, 2010 7:39am Apr 7, 2010 7:39am
Quoting 5abi
makes no sense. regardless of chosen tf you will hit junl anyway junk like DP, MP, WP

Correct you will hit junk but trading the daily or H4, your progress is more assured and the junk will have less effect on your target as your target is generally farther away and your trading style will change dramatically allowing for longer swings in your PA. Also you won't notice the junk as much as you only check on your trades once or twice during each candle formation. I still have shorts on my longer term account from back in Feb, that I only look at around London close and NY close.

If you enter on the daily and your trade goes 50 or 100 pips against you during your trip to your intended target you are not too worried about it, entering on the M15, you would close the thing at 50 pips against you.
  • #213,977
  • Apr 7, 2010 7:42am Apr 7, 2010 7:42am
Quoting wormboy
looks like sellers stepping in ... let's see
yup, they've arrived.
welp, be back later
Thank You
  • #213,978
  • Apr 7, 2010 7:42am Apr 7, 2010 7:42am
Dow falling (from 10947 to 10933) in last 15 mins.

E/U falling

FTSE falling

G/U falling

Markets are correlated. Tommorow asian sell off depending on where dow closes.

  • #213,979
  • Apr 7, 2010 7:42am Apr 7, 2010 7:42am
It;s finding it hard to go up. I've just lodged a second short at 1.5212 and fully expect the day (5pm london) to end nearer 1.51 than 1.53

Edit: because of this I haven't set a TP as yet, I;m happy to let it run.
  • #213,980
  • Apr 7, 2010 7:44am Apr 7, 2010 7:44am
What a sell off in dow !
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