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Cable Update (GBPUSD)

  • #217,621
  • Apr 15, 2010 12:20am Apr 15, 2010 12:20am
Quoting Atlast
Good morning. High probability trade setup to short GU, nine continuous green candles running into pitchfork UTL area.
Short at 1.5516
Whats your target for short and why?
  • #217,622
  • Apr 15, 2010 12:27am Apr 15, 2010 12:27am
Quoting Atlast
Good morning. High probability trade setup to short GU, nine continuous green candles running into pitchfork UTL area.
Short at 1.5516
Looks like 1.5516 is a resistance level. Double tops will mean a drop of 100 pips from 1.5516. Then TP 1.5416 ?
  • #217,623
  • Apr 15, 2010 12:29am Apr 15, 2010 12:29am
Quoting javapips
becarefull, don't play with a lion, it could 'eat' you...
Run run...,
i like lionesses who like to play with lions
  • #217,624
  • Apr 15, 2010 12:30am Apr 15, 2010 12:30am
lol
  • #217,625
  • Apr 15, 2010 12:31am Apr 15, 2010 12:31am
...nine continuous green candles running into pitchfork UTL area...






On what TF please?
  • #217,626
  • Apr 15, 2010 12:34am Apr 15, 2010 12:34am
Quoting sirxl
Looks like 1.5516 is a resistance level. Double tops will mean a drop of 100 pips from 1.5516. Then TP 1.5416 ?
5582 decides that, not your petty 5516 , 5 min position

the grandfather is better than baby levels in forex

http://img694.imageshack.us/img694/6699/cableo.gif
  • #217,627
  • Edited 12:49am Apr 15, 2010 12:36am | Edited 12:49am
Quoting Pham
Bullish
Nice chart. Simple but effective
  • #217,628
  • Apr 15, 2010 12:37am Apr 15, 2010 12:37am
Quoting A-speculator
malcomb... long time no see. How are u man?

good . Hope the market is treating you well .
Blogging daily now at www.volume.zone
  • #217,629
  • Apr 15, 2010 12:38am Apr 15, 2010 12:38am
Quoting sirxl
Looks like 1.5516 is a resistance level. Double tops will mean a drop of 100 pips from 1.5516. Then TP 1.5416 ?
I will take what I can get, but first TP is 1.5459 for me, should it prove profitable, then maybe ride into a trend should it develop.
  • #217,630
  • Apr 15, 2010 12:38am Apr 15, 2010 12:38am
Quoting vilas
NOTHING IS A MUST IN FOREX. Otherwise this would be a Heaven sent opportunity to bankrupt the Banks in ONE day. That is why, people still keep trading after xx years !
everything is a must in forex.

I must trade everyday as i am addicted
I must place stops
I must get stopped out then trade works in my direction
1 must give up trading fx ..

lol
Blogging daily now at www.volume.zone
  • #217,631
  • Apr 15, 2010 12:39am Apr 15, 2010 12:39am
Quoting Bydyke
...nine continuous green candles running into pitchfork UTL area...






On what TF please?
Hourly.
  • #217,632
  • Apr 15, 2010 12:42am Apr 15, 2010 12:42am
Quoting forexlion
5582 decides that, not your petty 5516 , 5 min position

the grandfather is better than baby levels in forex

http://img694.imageshack.us/img694/6699/cableo.gif
well, excuse me for trading intraday.
  • #217,633
  • Apr 15, 2010 12:42am Apr 15, 2010 12:42am
Quoting forexlion
5582 decides that, not your petty 5516 , 5 min position

the grandfather is better than baby levels in forex

http://img694.imageshack.us/img694/6699/cableo.gif
Now that is better!
  • #217,634
  • Apr 15, 2010 12:46am Apr 15, 2010 12:46am
Quoting Atlast
well, excuse me for trading intraday.
Always keep the bigger picture in mind is what I would say.
  • #217,635
  • Apr 15, 2010 12:47am Apr 15, 2010 12:47am
Quoting Atlast
well, excuse me for trading intraday.
even in intra day you should follow the grandfather levels

it gives you a better idea on whether it will be a good idea to short or buy every dip and close on tops

i do that, buy every dip on 5 min and close when the PA exhausts then re-enter again

that is intra day trading

not pulling your hair all the time, thinking the markets are all wrong
  • #217,636
  • Apr 15, 2010 12:49am Apr 15, 2010 12:49am
Quoting forexlion
even in intra day you should follow the grandfather levels

it gives you a better idea on whether it will be a good idea to short or buy every dip and close on tops

i do that, buy every dip on 5 min and close when the PA exhausts then re-enter again

that is intra day trading

not pulling your hair all the time, thinking the markets are all wrong
good advice for the newbies, but you know what they say, don't teach your grandfather to suck eggs...

P.S. respect to you GU traders here, I'm usually trading another pair.
  • #217,637
  • Apr 15, 2010 12:49am Apr 15, 2010 12:49am
possibly because 1.5582 ( I have 1.5592 on my chart) is the 78.6% retracement of the high at 1.5813 on feb 2 and the low at 1.4777 on march 1. that would make a nice butterfly pattern completed
http://www.quitcryin.com/images/xabcd-gbp-100414.01.gif

Quoting forexlion
5582 decides that, not your petty 5516 , 5 min position

the grandfather is better than baby levels in forex

http://img694.imageshack.us/img694/6699/cableo.gif
"The real genius is knowing when to stop." - Marc Faber
  • #217,638
  • Apr 15, 2010 12:49am Apr 15, 2010 12:49am
Quoting malcolmb14
good . Hope the market is treating you well .
yups, at least till now and hope the market will treat well for all of us in the future.. good to see u man, i really miss your VSA analysis.
  • #217,639
  • Apr 15, 2010 12:52am Apr 15, 2010 12:52am
Quoting hhitch
possibly because 1.5582 ( I have 1.5592 on my chart) is the 78.6% retracement of the high at 1.5813 on feb 2 and the low at 1.4777 on march 1. that would make a nice butterfly pattern completed
http://www.quitcryin.com/images/xabcd-gbp-100414.01.gif
78.6% is a weak turning point... it can still happen though! At 100% it would make a really beautiful butterfly!
  • #217,640
  • Apr 15, 2010 12:54am Apr 15, 2010 12:54am
Quoting bbakker
78.6% is a weak turning point... it can still happen though! At 100% it would make a really beautiful butterfly!
right, the common saying is that if it goes beyond 78.6% then you can expect 100%. however, 78.6% is a common turning point in gartley patterns like this, to my knowledge...
"The real genius is knowing when to stop." - Marc Faber
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