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Cable Update (GBPUSD)

  • #220,181
  • Apr 21, 2010 7:49am Apr 21, 2010 7:49am
Quoting jimobiwan
Still holding buy. Profit Target lowered to 5500
  • #220,182
  • Apr 21, 2010 7:53am Apr 21, 2010 7:53am
Quoting hhitch
yeah I wish that guy would do workshops or something

man i wish too

we have magix malcolmb citc digger and Dr. voodoo its a great team
  • #220,183
  • Apr 21, 2010 7:54am Apr 21, 2010 7:54am
Quoting free4440273

the hit queen
  • #220,184
  • Apr 21, 2010 7:57am Apr 21, 2010 7:57am
Quoting hhitch
this is just a what if, because it might not ever work out this way. but... Tom DeMark's theory of price projections states that when a triangle breaks, there is a high probability that price will move the length of the triangle base in the direction of the triangle break (unless it doesn't!) which in this case would put price at 1.5728 if it follows through, and that happens to line up exactly with a 161.8% fib extension.

Also one might conceivably interpret the preceding price action as a mutated inverse head and shoulders, which would...

Hey Sailor !

Ur Second picture looks like a GARTLEY !

Hope it works as well...

Anyhow welcome as a harmonic trader !


  • #220,185
  • Apr 21, 2010 7:59am Apr 21, 2010 7:59am
Quoting kill56
man i wish too

we have magix malcolmb citc digger and Dr. voodoo its a great team
yeah it's a good group
"The real genius is knowing when to stop." - Marc Faber
  • #220,186
  • Apr 21, 2010 8:02am Apr 21, 2010 8:02am
Quoting OldReigatian
Sure I'm going to regret this, but closed my long. seems this 1.54 is tough to move up from.
I think you've done a good job there. It's logical to get out of the position at this price if you are trading intrading. Let's wait for it to retrace hopefully to 5250 area..

I would suggest do not trade the retracement because retracement can suddenly turn back to its major trend anytime. While waiting, you could check other pairs for possible good setup

Regards.
  • #220,187
  • Apr 21, 2010 8:05am Apr 21, 2010 8:05am
Quoting A-speculator
I think you've done a good job there. It's logical to get out of the position at this price if you are trading intrading. Let's wait for it to retrace hopefully to 5250 area..

I would suggest do not trade the retracement because retracement can suddenly turn back to its major trend anytime. While waiting, you could check other pairs for possible good setup

Regards.
I'm also following EG at the moment. Have bought in at .8687 and now looking to buy in again if it goes to .8662 (but I am not expecting it to get there today)
  • #220,188
  • Apr 21, 2010 8:08am Apr 21, 2010 8:08am
lets see if the dixy hold above 81.00 and keep going north if it dos longs will be in deep gold
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  • #220,189
  • Apr 21, 2010 8:10am Apr 21, 2010 8:10am
Quoting OldReigatian
I'm also following EG at the moment. Have bought in at .8687 and now looking to buy in again if it goes to .8662 (but I am not expecting it to get there today)
I would suggest to not trade EG at the moment, as I mentioned in this thread before, EG is in a weekly wedge. Personally, I don't prefer a tightening range.. maybe it's only me...
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  • #220,190
  • Apr 21, 2010 8:13am Apr 21, 2010 8:13am
wrong chart
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  • #220,191
  • Apr 21, 2010 8:15am Apr 21, 2010 8:15am
Quoting A-speculator
I would suggest to not trade EG at the moment, as I mentioned in this thread before, EG is in a weekly wedge. Personally, I don't prefer a tightening range.. maybe it's only me...
Take your point, but don't tightening wedges tend to point towards breakouts. As EG dropped by 200 pips over past few weeks I tend to concur with Action Forex that consolidation might be nearing end and that there will be a break upwards.
  • #220,192
  • Apr 21, 2010 8:19am Apr 21, 2010 8:19am
Quoting OldReigatian
Take your point, but don't tightening wedges tend to point towards breakouts. As EG dropped by 200 pips over past few weeks I tend to concur with Action Forex that consolidation might be nearing end and that there will be a break upwards.
I agreed with your point, as I see it, it is nearing an end. The safest way to trade is to wait for the breakout then decides which price to take (perhaps the pullback from the breakout?).
  • #220,193
  • Apr 21, 2010 8:24am Apr 21, 2010 8:24am
guess its a case of risk appetite?

Quoting A-speculator
I agreed with your point, as I see it, it is nearing an end. The safest way to trade is to wait for the breakout then decides which price to take (perhaps the pullback from the breakout?).
  • #220,194
  • Apr 21, 2010 8:26am Apr 21, 2010 8:26am
Quoting A-speculator
I agreed with your point, as I see it, it is nearing an end. The safest way to trade is to wait for the breakout then decides which price to take (perhaps the pullback from the breakout?).
I can't help to say this but please don't take this seriously. Normally a wedge at the upper level have the tendency to break to the down side rather than the upside.. However, to be safe.. better to wait for clear breakout first then take a position at the pullback.. so that you can sleep in peace, unless of course if you are daytrading it, then trading any direction would not be a problem..
  • #220,195
  • Apr 21, 2010 8:29am Apr 21, 2010 8:29am
Quoting A-speculator
I can't help to say this but please don't take this seriously. Normally a wedge at the upper level have the tendency to break to the down side rather than the upside.. However, to be safe.. better to wait for clear breakout first then take a position at the pullback.. so that you can sleep in peace, unless of course if you are daytrading it, then trading any direction would not be a problem..
No probs. It's only discussion
  • #220,196
  • Apr 21, 2010 8:35am Apr 21, 2010 8:35am
Quoting OldReigatian
No probs. It's only discussion
Currently I have 3 long pos for EUR, namely (ECad, EJ & EU) all of them are in negative. My azz is covered by other 3 pos (GCad, UCad and GJ) so currently EUR doesn't seems that strong..
  • #220,197
  • Apr 21, 2010 8:35am Apr 21, 2010 8:35am
Damn it even higher yielding , economicaly more stable Aussie giving in to dollar but cable barely moves.......
  • #220,198
  • Apr 21, 2010 8:37am Apr 21, 2010 8:37am
Quoting lexazver
Damn it even higher yielding , economicaly more stable Aussie giving in to dollar but cable barely moves.......
yeah I've been watching for the last three days as USD/CHF holds higher and higher and cable stays high as well. Usually when USD/CHF goes up, cable goes down. This has been some major divergence. something will give at some point... so far it's been USD/CHF as cable holds on via sentiment
"The real genius is knowing when to stop." - Marc Faber
  • #220,199
  • Apr 21, 2010 8:38am Apr 21, 2010 8:38am
Quoting lexazver
Damn it even higher yielding , economicaly more stable Aussie giving in to dollar but cable barely moves.......
Patience bro.. perhaps you might need some of the patience pills..
  • #220,200
  • Apr 21, 2010 8:39am Apr 21, 2010 8:39am
Hi All!
I have been following this thread for a bit now an have recently join the website.
Do any of you scalp the intraday cable? would love to bounce some ideas about!
90pips today from 13 trades. I mainly use price action, fibo, and MACD div for my set ups
Also I use doubling of risk capital in 3 trades approach which i can send to anyone that requires a look-see.
Finally do most of you guys and gals trade off the MT4 charts direct or do you use a seperate broker platform. I am using FXCM Active trader currently.
Hope to make a few new buddies here and cash in a stack of pips to boot.
Trade what you see never what you think!
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