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Cable Update (GBPUSD)

  • #222,861
  • Apr 30, 2010 2:37am Apr 30, 2010 2:37am
anyone think this might be a bull trap ?
"The real genius is knowing when to stop." - Marc Faber
  • #222,862
  • Apr 30, 2010 2:38am Apr 30, 2010 2:38am
5377 is a key point..... for a good short entry. I'm with fivedollar and dazzer. GL to the guys sitting on longs.

Will be pretty happy keeping these open over the weekend.

cheers
  • #222,863
  • Apr 30, 2010 2:41am Apr 30, 2010 2:41am
seems to be following usa futures at the moment like when london closed.
bank holiday monday, some traders may have allready packed in.
  • #222,864
  • Apr 30, 2010 2:41am Apr 30, 2010 2:41am
Quoting racedesign
Their curency is worth so much they dont have to work!
  • #222,865
  • Apr 30, 2010 2:46am Apr 30, 2010 2:46am
Generally speaking, if folk spent as much time trying to get with trend as trying to call the top/bottom of them, they would probably do much better...it is a phenomenon you see again and again..

G/L
ex member
  • #222,866
  • Apr 30, 2010 2:48am Apr 30, 2010 2:48am
price will go 1.5404-1.54186 break on that 1.5460 this is the maximum for today.. that price will be touched 17:00 - 18:00 in time
  • #222,867
  • Apr 30, 2010 2:51am Apr 30, 2010 2:51am
Quoting TheCatsPJs
Morning big man hope today goes better than yesterday got caught trying to pick the top here and gave back most of the mornings gains looking good so for today though but i am not going to get over ambitious as it is friday I have pivots in at 5398 as a first target and 5428 for later on only if PA looks strong enough hope you have a good day mate and thank you for posting the Better volume i was looking for that

Cats
Good morning Cats!!

I like your thinking, I think you'll get those targets. The TP I have of 1.54123 is the 1.61 fib extension on yesterday, but it could well go further. Anyway, I'm wrong a lot of the time and the stop is now at BE +10. I might leave it there after that for today, its been a long week. I'm still nervous til we cleanly break 1.5390. So to be honest I'm not completely convinced the bulls have it quite yet, I thought we'd have gone north by now.

Anyway, I attached other indis that work with the better volume indi. It just makes it easier to see instead of squinting all the time. You'll know what I mean when you upload them.

Good luck mate

Dazzer
Attached File(s)
File Type: mq4 BetterVolume ChartBars part1 1.4.mq4   5 KB | 244 downloads
File Type: mq4 BetterVolume ChartBars part2 1.4.mq4   4 KB | 276 downloads
  • #222,868
  • Apr 30, 2010 2:51am Apr 30, 2010 2:51am
Quoting hhitch
anyone think this might be a bull trap ?
I dont like the look of the price action on the last 3 5min candles and i am also getting a curl over of the MACD seen it many times before and most of the times cable consoladates after might be wrong but I am locking in profit and gonna sit on the fence
exit long 5380
Trade what you see never what you think!
  • #222,869
  • Apr 30, 2010 2:53am Apr 30, 2010 2:53am
and 2 hanging man's on m15 at R1 pivot

Quoting TheCatsPJs
I dont like the look of the price action on the last 3 5min candles and i am also getting a curl over of the MACD seen it many times before and most of the times cable consoladates after might be wrong but I am locking in profit and gonna sit on the fence
exit long 5380
"The real genius is knowing when to stop." - Marc Faber
  • #222,870
  • Apr 30, 2010 2:55am Apr 30, 2010 2:55am
Look at that nonesense prediction in post #222873 above about where price will go and at what time-lol!! get real, no one has any idea where price will go...all we know is where the money that moves the market have acted previously and therefore may do so again...these are the hi-probability area to trade from should price action confirm that

G/L
Attached Image
ex member
  • #222,871
  • Apr 30, 2010 2:59am Apr 30, 2010 2:59am
yeah I was thinking the same thing "oh he must be an insider"

Quoting bbmac
Look at that nonesense prediction in post #222873 above about where price will go and at what time-lol!! get real, no one has any idea where price will go...all we know is where the money that moves the market have acted previously and therefore may do so again...these are the hi-probability area to trade from should price action confirm that

G/L
"The real genius is knowing when to stop." - Marc Faber
  • #222,872
  • Apr 30, 2010 3:00am Apr 30, 2010 3:00am
Quoting hhitch
and 2 hanging man's on m15 at R1 pivot

Looks more like dragon-fly dojis to me. A hanging man is a 3 bar pattern. In any case, we need to note that the bottom of this developing range is at 1.5350 and there appears to be a lot of selling pressure at 1.54 ish. Theres is a few more shakeouts required before we move one way or the other.

Good luck

Dazzer
  • #222,873
  • Apr 30, 2010 3:02am Apr 30, 2010 3:02am
What Does Hanging Man Mean?
A bearish candlestick pattern that forms at the end of an uptrend. It is created when there is a significant sell-off near the market open, but buyers are able to push this stock back up so that it closes at or near the opening price. Generally the large sell-off is seen as an early indication that the bulls (buyers) are losing control and demand for the asset is waning.


http://i.investopedia.com/inv/dictio...HangingMan.gif
Quoting Dazzer
Looks more like dragon-fly dojis to me. A hanging man is a 3 bar pattern. In any case, we need to note that the bottom of this developing range is at 1.5350 and there appears to be a lot of selling pressure at 1.54 ish. Theres is a few more shakeouts required before we move one way or the other.

Good luck

Dazzer
"The real genius is knowing when to stop." - Marc Faber
  • #222,874
  • Apr 30, 2010 3:03am Apr 30, 2010 3:03am
Quoting bbmac
Look at that nonesense prediction in post #222873 above about where price will go and at what time-lol!! get real, no one has any idea where price will go...all we know is where the money that moves the market have acted previously and therefore may do so again...these are the hi-probability area to trade from should price action confirm that

G/L
Agree with your chart and explanation, very clear, thanks

Dazzer
  • #222,875
  • Apr 30, 2010 3:06am Apr 30, 2010 3:06am
Quoting free4440273
Spain's unemployment rate at 20 per cent!!!! wtf!!!

Greece Mark II
it was at 26 %

US's is 17% including underemployed and those that do not claim unemployment insurance
Blogging daily now at www.volume.zone
  • #222,876
  • Apr 30, 2010 3:08am Apr 30, 2010 3:08am
Quoting hhitch
What Does Hanging Man Mean?
DEFINE AGONY
Its lik a One Armed Man
Hanging at d Edge of a Cliff by his only arm
& his Butt Devastatingly Itchy
DEFINEDEATH
He Scratched It...!

So Hanging Man is ......
  • #222,877
  • Apr 30, 2010 3:09am Apr 30, 2010 3:09am
sounds about right to me.

Quoting forexlion
DEFINE AGONY
Its lik a One Armed Man
Hanging at d Edge of a Cliff by his only arm
& his Butt Devastatingly Itchy
DEFINEDEATH
He Scratched It...!

So Hanging Man is ......
"The real genius is knowing when to stop." - Marc Faber
  • #222,878
  • Apr 30, 2010 3:12am Apr 30, 2010 3:12am
Quoting bbmac
Generally speaking, if folk spent as much time trying to get with trend as trying to call the top/bottom of them, they would probably do much better...it is a phenomenon you see again and again..

G/L
Very sound advice.
We are the TREND. Resistance is futile...
  • #222,879
  • Apr 30, 2010 3:12am Apr 30, 2010 3:12am
Quoting forexlion
DEFINE AGONY
Its lik a One Armed Man
Hanging at d Edge of a Cliff by his only arm
& his Butt Devastatingly Itchy
DEFINEDEATH
He Scratched It...!

So Hanging Man is ......
A Hanging Man is like a one legged man in an ass kicking contest.
  • #222,880
  • Apr 30, 2010 3:12am Apr 30, 2010 3:12am
Quoting hhitch
What Does Hanging Man Mean?
A bearish candlestick pattern that forms at the end of an uptrend. It is created when there is a significant sell-off near the market open, but buyers are able to push this stock back up so that it closes at or near the opening price. Generally the large sell-off is seen as an early indication that the bulls (buyers) are losing control and demand for the asset is waning.


http://i.investopedia.com/inv/dictio...HangingMan.gif
Hi Hitch,
Its not a hanging man til we get a good bearish confirmation after the development of the candle with the long tail (as per your picture) and we haven't seen that yet. So that would lead me to think they're still dragon fly dojis at this point. I just checked Nison's book (you got me thinking)

Its all open to interpretation. I got a perfect hanging man yesterday and got stopped out as price continued higher.

Good luck

Dazzer
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