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Cable Update (GBPUSD)

  • #222,601
  • Apr 29, 2010 8:04am Apr 29, 2010 8:04am
Quoting bbakker
NY has other ideas!

Nah the retrace is still in the making, just some late profit taking and people jumping on board, the next 10-20 minutes will see a confirmation of the retrace. The river is only a trickle, a little stream needs to develop first before the floodgates are opened. A little patience is needed, the retrace needs to develop, that's why I look for ma's to envelop bars fully before I start paying attention to them, especially on the lower TF's.
  • #222,602
  • Apr 29, 2010 8:07am Apr 29, 2010 8:07am
Quoting bbakker
That is what I meant... solid bar, not solid close! I edited my earlier comment!
excellent call. I must learn to have patience to wait. Thanks for the lesson
I have no enemy; I make Incautiousness my Enemy.
  • #222,603
  • Apr 29, 2010 8:07am Apr 29, 2010 8:07am
Quoting cloggie
Nah the retrace is still in the making, just some late profit taking and people jumping on board, the next 10-20 minutes will see a confirmation of the retrace.
Good point! If it jumped up 20 pips that would have been the statement to make. A little notch up and I am more excited than lady OAPs throwing their underwear at a Tom Jones' concert
  • #222,604
  • Apr 29, 2010 8:09am Apr 29, 2010 8:09am
Quoting bbakker
Good point! If it jumped up 20 pips that would have been the statement to make. A little notch up and I am more excited than lady OAPs throwing their underwear at a Tom Jones' concert

Also we have only tested 5281 once on the M5, there is every chance she will try once more. A scalper would scalp the runs here between 5281 and 5252 until she breaks.
  • #222,605
  • Apr 29, 2010 8:13am Apr 29, 2010 8:13am
Quoting bbakker
Good point! If it jumped up 20 pips that would have been the statement to make. A little notch up and I am more excited than lady OAPs throwing their underwear at a Tom Jones' concert
LOL!!!! niiiiice
  • #222,606
  • Apr 29, 2010 8:15am Apr 29, 2010 8:15am
Now we have a little consolidation wedgie forming on the M5, still no confirmation of a reversal, a break up would not mean an automatic continuation and could just be another test of the high. A breakout lower with another confirmation such as a bar below the ma or close below the lTL would mean a retrace confirmation.
  • #222,607
  • Apr 29, 2010 8:21am Apr 29, 2010 8:21am
Quoting cloggie
Now we have a little consolidation wedgie forming on the M5, still no confirmation of a reversal, a break up would not mean an automatic continuation and could just be another test of the high. A breakout lower with another confirmation such as a bar below the ma or close below the lTL would mean a retrace confirmation.
And the 1st target would be 5206... This would be a very high propability trade. 2nd target, but propably not reachable today is 5130...

got it right?
@pawpaw1000 on Twitter
  • #222,608
  • Apr 29, 2010 8:21am Apr 29, 2010 8:21am
Short at 5284 hope this retrace of today comes niow
Trade what you see never what you think!
  • #222,609
  • Apr 29, 2010 8:21am Apr 29, 2010 8:21am
Quoting pawpaw1000
And the 1st target would be 5206... This would be a very high propability trade. 2nd target, but propably not reachable today is 5130...

got it right?

That's the targets I have.
  • #222,610
  • Apr 29, 2010 8:23am Apr 29, 2010 8:23am
Quoting cloggie
Now we have a little consolidation wedgie forming on the M5, still no confirmation of a reversal, a break up would not mean an automatic continuation and could just be another test of the high. A breakout lower with another confirmation such as a bar below the ma or close below the lTL would mean a retrace confirmation.
Just about reached the 200ma on m30. It will need to test that a couple of times if it wants to break any higher!
  • #222,611
  • Apr 29, 2010 8:24am Apr 29, 2010 8:24am
Quoting bbakker
Just about reached the 200ma on m30. It will need to test that a couple of times if it wants to break any higher!

Correct, that's why I don't jump the gun and let the price come to me. I also use the 150ma on M1 as that is slightly faster then the 25ma on M5 for retrace confirmation, combine it with a wedge and a lTL on M5, then followed by a close below the 25ma on M15 and fibs combined with SR to judge the continuation of the retrace to my initial target of 5206. I have not set any targets yet for a continuation from here as an alternative as I deem it unlikely.
  • #222,612
  • Apr 29, 2010 8:25am Apr 29, 2010 8:25am
hey guys, hope everyone is having a great week. i just got back from a trip.

went short at 1.52767. target is 1.5210. sl at 1.52915
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  • #222,613
  • Apr 29, 2010 8:26am Apr 29, 2010 8:26am
Quoting cloggie
Correct, that's why I don't jump the gun and let the price come to me.
Here pricey pricey, here boy!
  • #222,614
  • Apr 29, 2010 8:27am Apr 29, 2010 8:27am
Quoting bbakker
Just about reached the 200ma on m30. It will need to test that a couple of times if it wants to break any higher!

one test is good no more
  • #222,615
  • Apr 29, 2010 8:30am Apr 29, 2010 8:30am
Quoting kill56
one test is good no more
EU has dropped a little. Now testing 200ma on m1. New bar below m5... wait for it, wait for it!
  • #222,616
  • Apr 29, 2010 8:31am Apr 29, 2010 8:31am
Quoting bbakker
EU has dropped a little. Now testing 200ma on m1. New bar below m5... wait for it, wait for it!

Try a CCI 100 on M1 and you can see another test of the upper range in the making.
  • #222,617
  • Apr 29, 2010 8:32am Apr 29, 2010 8:32am
Quoting cloggie
Try a CCI 100 on M1 and you can see another test of the upper range in the making.
100 CCI? I have never heard of that? Mind explaining?
@pawpaw1000 on Twitter
  • #222,618
  • Apr 29, 2010 8:34am Apr 29, 2010 8:34am
Quoting bbakker
EU has dropped a little. Now testing 200ma on m1. New bar below m5... wait for it, wait for it!
that was hard to break its gon

cash in some honey
  • #222,619
  • Apr 29, 2010 8:34am Apr 29, 2010 8:34am
See, looks like everybody is selling and this is going to make the trend. I am still waiting paitiently here in Miami, Florida.
  • #222,620
  • Apr 29, 2010 8:35am Apr 29, 2010 8:35am
Quoting pawpaw1000
100 CCI? I have never heard of that? Mind explaining?

It is a cyclical indicator mainly used for stocks, I like the higher averages on it as an aid for lower TF direction especially when retraces are developing to give me a high probability of avoiding fake outs. I also use it as part of my surfing technique on the M5 when we are ranging and I ride the waves within larger ranges.
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