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Cable Update (GBPUSD)

  • #218,281
  • Apr 15, 2010 7:28pm Apr 15, 2010 7:28pm
magix or kill after the break on the 15 how do we now look for an entry to go short? just trying to get into the mindset of the pro's
  • #218,282
  • Apr 15, 2010 7:31pm Apr 15, 2010 7:31pm
Hey everyone. I've been very patient with this pair this week and have decided to enter a short position here. A nice evening star and a bounce of my trendline from 3/17 made this a high probability trade to me. I will be targeting 5380 and see if we get another bounce.

Good Luck!

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  • #218,283
  • Apr 15, 2010 7:34pm Apr 15, 2010 7:34pm
While I was editing my chart and posting the price already dropped 30 pips. Moved to BE so now its a free trade
  • #218,284
  • Apr 15, 2010 7:36pm Apr 15, 2010 7:36pm
Quoting Nene
I have come up with a set of rules that I follow after many poor trades with Cable in the last 7 years. These have to be maintained or a loosing result will occour. They are as follows:

...

3) Never trade Cable with a stoploss of less than 65 Pips. ( A good rule of thumb is to stay below last 4 hr high or low ).
That's pretty wide. If it works for you then that is awesome. Too wide for me though. I feel like you can still get away with pretty narrow stops. My average is about 15-25 pips. Just time it. Not saying you are wrong at all, that's just how I trade and it works for me. I think this thread might have moved past this and I might be beating a dead horse, appologies.
  • #218,285
  • Apr 15, 2010 7:39pm Apr 15, 2010 7:39pm
hi all
i'm new in forexfactory
why cable is down ?
  • #218,286
  • Apr 15, 2010 7:44pm Apr 15, 2010 7:44pm
Quoting cableboy
magix or kill after the break on the 15 how do we now look for an entry to go short? just trying to get into the mindset of the pro's
The 5m has confirmed south side, and being below the m15 200ema means we are looking for support on the m30 chart, same as last night.

From here we should see a retrace back to the m5 200ema for a proper pullback. As the 5m chart is the only to confirm southside as of current, we are only confirmed down to the m15 200EMA. Anything below that and over the course of time will be a long opportunity for counter scalp.

M5200 for retrace. When we get to that point, if price then drops below the 24SMA on the 5m chart, we will look to go deeper.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #218,287
  • Apr 15, 2010 7:46pm Apr 15, 2010 7:46pm
Quoting cableboy
magix or kill after the break on the 15 how do we now look for an entry to go short? just trying to get into the mindset of the pro's

to me any h1 open below 15425 its a conformation for more south

i might be wrong
  • #218,288
  • Apr 15, 2010 7:59pm Apr 15, 2010 7:59pm
Quoting kill56
to me any h1 open below 15425 its a conformation for more south

i might be wrong
The m30 and hourly support.

M30 200EMA support line.
H1 1440EMA support line.

2 Critical levels here. Again as we are currently only confirmed short side on 5m chart and not playing through confirmation, assumption of much lower I am not looking at. A play through on confirmation will most likely be present during the opening bells of London, where the retrace will be close to the spike we seen downward that retraced the M5 200EMA. From there, if we are still confirmed southside, I would expect London to attack the 1440 EMA on hourly again.
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  • #218,289
  • Apr 15, 2010 8:02pm Apr 15, 2010 8:02pm
Already a 70 pip move since asian open. Most of you must be sleeping
it is testing the 200 sma on m30 at 1.5425 at i type. Lets hope it breaks it for confirmation to go more south my TP @ 15400
  • #218,290
  • Apr 15, 2010 8:08pm Apr 15, 2010 8:08pm
Quoting Magix
The m30 and hourly support.

M30 200EMA support line.
H1 1440EMA support line.

2 Critical levels here....
thanks bro
long live voodoo boodoo
  • #218,291
  • Apr 15, 2010 8:12pm Apr 15, 2010 8:12pm
Quoting Magix
The 5m has confirmed south side, and being below the m15 200ema means we are looking for support on the m30 chart, same as last night.

From here we should see a retrace back to the m5 200ema for a proper pullback....
so the consensus is if the m5 stalls we wait for it to come back and test its broken 200ema support now acting as resistance. using the 24sma as a guidance ie if 24sma holds her we look to go down.

if we continue down we look to go long at 30min hold of 200ema support. throwing in fibs at these levels with other candle formations = a much more enlightened cableboy.
thanks bro
  • #218,292
  • Apr 15, 2010 8:26pm Apr 15, 2010 8:26pm
Quoting Honored
Already a 70 pip move since asian open. Most of you must be sleeping
it is testing the 200 sma on m30 at 1.5425 at i type. Lets hope it breaks it for confirmation to go more south my TP @ 15400
Good little analysis H.

The drops move in predefined patterns, from relevant time frame to relevant time frame.

So, as 1 confirms, we move onto 5, onto 15, 30........

On confirmation we target the next immediate time frame support, 200ema.

As the 5m is the only one confirmed so far, our only true range down is the 200 on 15. The fact that we are below it, and look to confirm, looks good for a better southside move, but even on this, we are still only confirmed to the m30 200ema. It will take some doing to get the m30 to confirm, even though we can move below and right down to the hourly support.

The important thing to keep in mind is once we have confirmed and triggered one, there is always a retrace. This is what creates the jagged edge of trading, the fractal patterns, fib movements, gartleys and on and on and on.

If we make it down to the m30, this could still prove to be a fairly strong support line. Just words of caution.



Current chart, 5m showing 24x200 cross, confirmation on 5 in grey circle. 15m showing the area that has to cover for the same cross. 30m showing interm support range.
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  • #218,293
  • Apr 15, 2010 8:33pm Apr 15, 2010 8:33pm
wise man

i am sorry but was busy riding her back i did close

i see the 1440 ema @ 15415 and 200ema @ 15456
  • #218,294
  • Apr 15, 2010 8:35pm Apr 15, 2010 8:35pm
Great Info Magix. Always appreciated as usual.

It hit the 24sma at 1.5466 and tha'ts when the down move started. hoping for the same touch at around 1.5440 here in about 20 mins or so on the m5
  • #218,295
  • Apr 15, 2010 8:40pm Apr 15, 2010 8:40pm
the chart
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  • #218,296
  • Apr 15, 2010 8:43pm Apr 15, 2010 8:43pm
Quoting Honored
Great Info Magix. Always appreciated as usual.

It hit the 24sma at 1.5466 and tha'ts when the down move started. hoping for the same touch at around 1.5440 here in about 20 mins or so on the m5
The little pictures that make up the larger.

This is key for me in understand price action, support and resistance, and key chart pivotal points.

Seems like you have a fair handle yourself.

One small thing though...don't be afraid to post a chart. Right or wrong, we are all still learning.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #218,297
  • Apr 15, 2010 8:45pm Apr 15, 2010 8:45pm
Quoting Magix
Good little analysis H.

The drops move in predefined patterns, from relevant time frame to relevant time frame.

So, as 1 confirms, we move onto 5, onto 15, 30........

On confirmation we target the next immediate time frame support, 200ema.

As the 5m is the only one confirmed so far, our only true range down is the 200 on 15....
magix thanks for you explanation. provided much needed clarity. using this insight i feel my entries will be somewhat more timely and founded.
thanks again bro
  • #218,298
  • Apr 15, 2010 8:50pm Apr 15, 2010 8:50pm
Quoting cableboy
magix thanks for you explanation. provided much needed clarity. using this insight i feel my entries will be somewhat more timely and founded.
thanks again bro
When you get to understand the power of the moving averages, it will mean that you will typically never take an account hit much greater then spread. It will help you to know when you can cost average your trades where even if one closes red, your net trade will still be in profit.

When these all start to come together, not only will your account grow, but so will your confidence level.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #218,299
  • Apr 15, 2010 8:52pm Apr 15, 2010 8:52pm
Magix what are your different TP's if you are short right now depending on the MA's ?
thanks in advance.
  • #218,300
  • Apr 15, 2010 8:54pm Apr 15, 2010 8:54pm
rule no. 19

if u are tired and u eyes are fooooken each other and u cant see the screen and numbers are making love get u azzz to bed


i got some fool pips from the ride south and the not fool pips from north i wanna rest a little but darn my finger still etchy
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