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Cable Update (GBPUSD)

  • #215,841
  • Apr 11, 2010 5:43pm Apr 11, 2010 5:43pm
we approaching 50% fib of friday close and today high. the thing is it could bounce off this level or a close below this could signal a good short to cover the gap.
  • #215,842
  • Apr 11, 2010 5:44pm Apr 11, 2010 5:44pm
Quoting Galation
Remember, it's not a gap as there were many trades that were going on at the weekend to push it up to that point, so just imagine lots of candle sticks going up and down over a 2 day period in the 'gap'.

That 'gap' is real people trading causing it to go up, and they were wanting to buy, so they did.
never thought of it that way..... true though how else would it move
  • #215,843
  • Apr 11, 2010 5:45pm Apr 11, 2010 5:45pm
Quoting egkid
Hi bro
Like your attention at every post and how to get the point from everyone
Hope we can see more analysis from you

hey bro how are u


he is geting there a fast learner and smart
  • #215,844
  • Apr 11, 2010 5:46pm Apr 11, 2010 5:46pm
galation wats ur view on the current p/a.
  • #215,845
  • Apr 11, 2010 5:49pm Apr 11, 2010 5:49pm
Quoting Galation
Remember, it's not a gap as there were many trades that were going on at the weekend to push it up to that point, so just imagine lots of candle sticks going up and down over a 2 day period in the 'gap'.

That 'gap' is real people trading causing it to go up, and they were wanting to buy, so they did.

v true and here we are over 15400 i thought we will see it friday but it did not happen so here we are
  • #215,846
  • Apr 11, 2010 5:49pm Apr 11, 2010 5:49pm
agree 100% here, the gap signifies little to nothing, could open some tights shorts to scrape some pips, did a few ones already but am away to open positions right now to get the feel after UK opens




Quoting Galation
Remember, it's not a gap as there were many trades that were going on at the weekend to push it up to that point, so just imagine lots of candle sticks going up and down over a 2 day period in the 'gap'.

That 'gap' is real people trading causing it to go up, and they were wanting to buy, so they did.
  • #215,847
  • Apr 11, 2010 5:57pm Apr 11, 2010 5:57pm
Quoting pawpaw1000
not sure what you on about but if you talking bout my eat dirt comment then Bull BEar just closed his long at TP...

Trading over the weekend is not trading... it's gambling.

In all of his debates, Magix's primary message and theme from
the beginning has been to protect the newbies and learners and
is just plain good advise for all. At the end of the 'day' we grade
our trading decisions by our final account balances, how safely
they are protected and if in fact they're still intact.

Another one of my trading buddies says he only works one
'day' a week... it begins 5pm NY Sunday and ends Friday NY
5pm. I'm sure he sleeps especially well on the weekends.

No worries.... remember most of us here are newbies.

Dr. D.
voodooboodoodoc
  • #215,848
  • Apr 11, 2010 5:57pm Apr 11, 2010 5:57pm
Quoting adrianebn
agree 100% here, the gap signifies little to nothing, could open some tights shorts to scrape some pips, did a few ones already but am away to open positions right now to get the feel after UK opens
Based on probability, shorting when there is a 'gap' on the weekend can be a fruitful trade. I have done it in the past with success.

Just backtest it to death to get the best settings, forward test it on demo, and then just let the system run.
Probability Professor
  • #215,849
  • Apr 11, 2010 5:59pm Apr 11, 2010 5:59pm
what do You think about that proportions..
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  • #215,850
  • Apr 11, 2010 6:00pm Apr 11, 2010 6:00pm
Quoting fourxtrader
Trading over the weekend is not trading... it's gambling.
This statement is dependent upon a persons strategy. One could have a scalping strategy, using high leverage, and true, in this scenario it would be a gamble.

However if you are a long term position trader weekend gaps of 160 pips are nothing.
Probability Professor
  • #215,851
  • Apr 11, 2010 6:06pm Apr 11, 2010 6:06pm
DX weekly chart still in uptrend on my eyes
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  • #215,852
  • Apr 11, 2010 6:19pm Apr 11, 2010 6:19pm
Quoting egkid
DX weekly chart still in uptrend on my eyes
long term yes but for now i think its retracing and if we break 80. it wil go down more first target 79.50

i might be wrong
  • #215,853
  • Apr 11, 2010 6:19pm Apr 11, 2010 6:19pm
Quoting kill56
hey bro how are u
he is geting there a fast learner and smart
Quoting egkid
Hi bro
Like your attention at every post and how to get the point from everyone
Hope we can see more analysis from you
First off, well done to Micky (Leftie) for joining an elite group of players to win 3 or more green jackets. He played some awesome golf with his aggresive style and has the best short game in the current field of professionals. Yes, even better than Tiger, although Seve is the all-time master and I really hope to see him play golf at The Open. Speedy recovery Seve!

Thank you for your kind comments. My charting skills are still in its infancy, but my learning of this skill has certainly been expedited through the senior traders on this thread. Now that I have the right tools (MT4) I certaintly hope to add my charts more often to this thread. The best time for me to do this is at weekends and evenings as I do have a day job that prevents me from spending much time on it, especially now that my boss is back from his holidays.

Saying that I do have two days off. Tomorrow I am focusing on Forex and it will be a day of study and hopefully I will add a chart or two too. Tuesday will be a family day and we will be going out to a venue which is undecided as yet.

Time for bed now and I will see you all nice, bright and bushy tailed early in the morning.
  • #215,854
  • Apr 11, 2010 6:19pm Apr 11, 2010 6:19pm
hmmm cable gapped up as many have predicted.... i was wrong about gap down...fair enough.

What im interested in right now is whether anyone ever saw gap as big as today for EURO? and what does it emply?...
  • #215,855
  • Apr 11, 2010 6:21pm Apr 11, 2010 6:21pm
Quoting egkid
Hi bro
Like your attention at every post and how to get the point from everyone
Hope we can see more analysis from you
Agreed.

You can already tell this fella is gunna be one of the great ones.

Not taking away from some of the other new up and coming super stars...just agreeing is all.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #215,856
  • Apr 11, 2010 6:21pm Apr 11, 2010 6:21pm
Quoting fourxtrader
Trading over the weekend is not trading... it's gambling.

In all of his debates, Magix's primary message and theme from
the beginning has been to protect the newbies and learners and
is just plain good advise for all. [i][color=blue]At...
voodoo boodoo doc

i will never let my boy sleep out side my home
  • #215,857
  • Apr 11, 2010 6:24pm Apr 11, 2010 6:24pm
Quoting kill56
long term yes but for now i think its retracing and if we break 80. it wil go down more first target 79.50

i might be wrong
My Red line on my Previous weekly chart 79.50 Bottom as u said
But here daily DX And my Target IS.... 86 (Red line)
4H Possible double bottom soon
I could be wrong but this how i see things
Current DX 80
Hope that help

GL ALL
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  • #215,858
  • Apr 11, 2010 6:32pm Apr 11, 2010 6:32pm
Quoting egkid
My Red line on my Previous weekly chart 79.50 Bottom as u said
But here daily DX And my Target IS.... 86 (Red line)
I could be wrong but this how i see things
Current DX 80
Hope that help

GL ALL
thanks for the info bro

dixy is one of my indis so eur-gbp and cady gold plus the dow

but dixy is the main one i keep an eye on it all the time
  • #215,859
  • Apr 11, 2010 6:47pm Apr 11, 2010 6:47pm
This move up on such thin volume does not bode well for the shorters. SY weakened the dollar based on the IMF bailout of Greece today. If we don't see a move back to below 54 soon, TY could well take this towards 55 and London even higher tomorrow. 552 for London close feasible.

I am off to bed see you guys in the morning, trade carefully.
  • #215,860
  • Apr 11, 2010 6:55pm Apr 11, 2010 6:55pm
Quoting cloggie
This move up on such thin volume does not bode well for the shorters. SY weakened the dollar based on the IMF bailout of Greece. If we don't see a move back to below 54 soon, TY could well take this to 55 and London even higher tomorrow. 552 for London close feasible.

I am off to bed see you guys in the morning, trade carefully.
A move on weak volume is a great opportunity for shorters IMO.

Not saying that your immediate topside target is out of whack, we are in a current uptrend, BUT....

We still have an area to cover.

The primary 2 sessions of cable haven't seen the Gapped area of chart, those 2 sessions being both London and NY...London the better of the 2 to use as a gauge.

That being said, we could still move up before we move down, but a retrace is imminent.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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