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Cable Update (GBPUSD)

  • #222,941
  • Apr 30, 2010 5:42am Apr 30, 2010 5:42am
5315 should be like a wall for sellers i am hoping to see buyers flood in around these levels as i am now long at 5321 sl nice and tight at 5310 anybody with me?
Trade what you see never what you think!
  • #222,942
  • Apr 30, 2010 5:43am Apr 30, 2010 5:43am
Quoting forexlion
damn

i call it a weekend and sign off and cable drops to +45 pips

http://img11.imageshack.us/img11/6805/cableh.gif
friggin cable does not stop giving me green pips .......
  • #222,943
  • Apr 30, 2010 5:43am Apr 30, 2010 5:43am
Quoting bbakker
Weeeeeeeeeeeeeeeeee!
1440 has slipped in on the M1 and seemed to be offering some support there, it's also on it's way up on the M5, made an appearance on M15 an M30 too.

Of any significance?!
Back to basics, it has to be for me!
  • #222,944
  • Apr 30, 2010 5:45am Apr 30, 2010 5:45am
Quoting TheCatsPJs
5315 should be like a wall for sellers i am hoping to see buyers flood in around these levels as i am now long at 5321 sl nice and tight at 5310 anybody with me?
with you on the entry but not on the stop just got a feeling they will try to shakeout weak longs maybe even drive this thing all way down to 1.5277....will see...

i mean if you ar eaiming for 20-30 pips it could be a good trade but sellers came in their numbers to drive the price here so im not convinced 20 will hold it (although it might) for too long..
  • #222,945
  • Apr 30, 2010 5:46am Apr 30, 2010 5:46am
Quoting BadTradingFi
The Magix thread is a good read isnt it, I'm seeing things better. Not been able to trade recently though, too much work, etc and I've learned that distractions cost money!

Missed a lot of action though

GL
Don't worry about missing action! There is plenty of action every day and there are as many days of trading Forex as there are in your life

Distractions are not good, like yourself, work is a major distraction, but it does provide a roof over my family's head. The secret is to trade less, but to trade only quality signals, but maybe only at certain times of the day such as early morning or evening when there are no distractions.

Magix's system doesn't care when you trade or if the currency is going up or down. You see the signal, get confirmation, open a position and set your targets. Take the money of the table when those targets have reached, or at least close 2/3 and let a 1/3 run to the next target if feeling confident. Then wait and look for the next setup.

Impulse trading will destroy your confidence and trading account and should be avoided at all costs. We have all been there!
  • #222,946
  • Apr 30, 2010 5:46am Apr 30, 2010 5:46am
Quoting forexlion
damn

i call it a weekend and sign off and cable drops to +45 pips

http://img11.imageshack.us/img11/6805/cableh.gif
oh i get it now

the friggin cable wanted to kiss my Girlfriend (Day Open Price)

http://img594.imageshack.us/img594/1043/cable.gif
  • #222,947
  • Apr 30, 2010 5:49am Apr 30, 2010 5:49am
Quoting forexlion
oh i get it now

the friggin cable wanted to kiss my Girlfriend (Day Open Price)

http://img594.imageshack.us/img594/1043/cable.gif
closed all +50, now i am off, cya folks

i never trade after or near NY Open (Old Habit)
  • #222,948
  • Apr 30, 2010 5:49am Apr 30, 2010 5:49am
Quoting lexazver
well my view on such strategies is that they work much better on daily charts, i.e if daily closes above or below certain support/resistance values.. Reason i dont believe its a good way of trading on smaller timeframes is because you need to wait for move to establish already and then you jump in half way through...e.g. you are waiting to see whether 1h candle closes below 1.5325 to short but thats already 60pips from the top and given that daily ranges have been in region of 140-160 pips you are missing big chunk of move already (except of course...
From my trading experiences, I've discovered that staying aside and waiting patiently for a trend is the best thing a trader can do to make sure he or she takes home profits consistently. Sure I will miss some pips, yes it can be much, but I am always happy joining a winning trend.

Now I can see one parabolic SAR above the price and as you know. it still have a long way to go. Keep selling traders. I will join you. I don't mind.
  • #222,949
  • Apr 30, 2010 5:49am Apr 30, 2010 5:49am
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  • #222,950
  • Apr 30, 2010 5:49am Apr 30, 2010 5:49am
Quoting BadTradingFi
1440 has slipped in on the M1 and seemed to be offering some support there, it's also on it's way up on the M5, made an appearance on M15 an M30 too.

Of any significance?!
200ma on the different timeframes are the main S/R lines. If you look at the h1 tf it is almost a straight line in the last 24 hours @~15325. This is a support line, which as I speak is being tested and broken. The next target is 1.530x as per my previous post!
  • #222,951
  • Apr 30, 2010 5:53am Apr 30, 2010 5:53am
my mayan calendar says damn you win again sell @ 1.53847

TP @ 1.53159
  • #222,952
  • Apr 30, 2010 5:54am Apr 30, 2010 5:54am
Quoting tundeakins
From my trading experiences, I've discovered that staying aside and waiting patiently for a trend is the best thing a trader can do to make sure he or she takes home profits consistently. Sure I will miss some pips, yes it can be much, but I am always happy joining a winning trend.

Now I can see one parabolic SAR above the price and as you know. it still have a long way to go. Keep selling traders. I will join you. I don't mind.
man if it works for you, its excellent, its just not my style

I decided to move my stop to 1.5255 just seems abit safer there...all i see is kind of ''passive'' buyers coming in at this point makes me worry )
  • #222,953
  • Apr 30, 2010 5:56am Apr 30, 2010 5:56am
Quoting bbakker
200ma on the different timeframes are the main S/R lines. If you look at the h1 tf it is almost a straight line in the last 24 hours @~15325. This is a support line, which as I speak is being tested and broken. The next target is 1.530x as per my previous post!

whilst it is true that some consider the 200sma as the 'fair value' price, I can assure you that it (or any other ma) is not a 'main' factor that causes demand/supply of a currency...these are previous price pivots, ie previous near-term swing hi/lo's, ie previous imbalances of supply/demand aqnd demand/supply respectively....Add to that fibs and trend lines as confluence and you got yourself a ball game...Confluence is king but of themselves it is the previous price pivots that are the main supp/res factor...this is not to say that the 200 ma is not useful as part of a confluence of tech reasons/factors indicating a hi-probability trading opp may present iteself should price action agree,...just that to say as you do highlighted in the quote above, could be misleading.

G/L
ex member
  • #222,954
  • Apr 30, 2010 5:56am Apr 30, 2010 5:56am
Quoting bbakker
200ma on the different timeframes are the main S/R lines. If you look at the h1 tf it is almost a straight line in the last 24 hours @~15325. This is a support line, which as I speak is being tested and broken. The next target is 1.530x as per my previous post!
Well, almost immediately after my previous post, 1440 got punched through on M1 and seems to have turned resistance (EDIT: ignore that, it's playing elastic bands with it now)

Yes, noticed that line too, matches (roughly) the 50% fib of the high from the 26th to the low on the 28th, and there is another fib line not far below that too.

It's picking the entry/exit points I'm needing to sort out now, seem to be getting it right more (on paper), but not getting in early enough or bailing too quick. Still, green is green
Back to basics, it has to be for me!
  • #222,955
  • Apr 30, 2010 5:58am Apr 30, 2010 5:58am
Quoting bbakker
200ma on the different timeframes are the main S/R lines. If you look at the h1 tf it is almost a straight line in the last 24 hours @~15325. This is a support line, which as I speak is being tested and broken. The next target is 1.530x as per my previous post!
It has to have a solid break through the daily open as per FL's girlfriend line to reach my target. This could be a potential turning point. If not, being crazy Friday and if we reach 1.527x, we might see 1.522x, but I'm not holding my breath. There are many barriers to breach before we get there, but it is not impossible.

I am keeping my eye on PA and any sign on m5 of a turnaround and I will grab my green pips for the day.
  • #222,956
  • Apr 30, 2010 6:01am Apr 30, 2010 6:01am
Quoting bbakker
It has to have a solid break through the daily open as per FL's girlfriend line to reach my target. This could be a potential turning point. If not, being crazy Friday and if we reach 1.527x, we might see 1.522x, but I'm not holding my breath. There are many barriers to breach before we get there, but it is not impossible.

I am keeping my eye on PA and any sign on m5 of a turnaround and I will grab my green pips for the day.
Testing 200ma on m5 right now. 24ma still above it.
  • #222,957
  • Apr 30, 2010 6:03am Apr 30, 2010 6:03am
Quoting bbakker
Testing 200ma on m5 right now. 24ma still above it.
200ma on m1 and 24ma on m5 are the same. If it breaches that with a solid close above it, we will probably be going north again.
  • #222,958
  • Apr 30, 2010 6:07am Apr 30, 2010 6:07am
I love dating girls that double dates. Yes, you may want to ask me. Why? Yeah, because I've found a lady who dates one of the richest guy in the whole world and is in love with me too.

Now, you may want to ask me who is that girl? The girl is trend indicator like MA. MA dates the TREND and that is why I like her. Haha.

I cannot still sell because if I sell I would be targeting 100 pips even today. I still want the price to close below SMA 24 and the last 1 hour candle cann't still do that for me. I am worried. Still waiting patiently.
  • #222,959
  • Apr 30, 2010 6:07am Apr 30, 2010 6:07am
Quoting bbakker
200ma on m1 and 24ma on m5 are the same. If it breaches that with a solid close above it, we will probably be going north again.
oh don't say north yet.. hopefully it will slide down to 5280..
  • #222,960
  • Apr 30, 2010 6:12am Apr 30, 2010 6:12am
Quoting tundeakins
I love dating girls that double dates. Yes, you may want to ask me. Why? Yeah, because I've found a lady who dates one of the richest guy in the whole world and is in love with me too.

Now, you may want to ask me who is that girl? The girl is trend indicator like MA. MA dates the TREND and that is why I like her. Haha.

I cannot still sell because if I sell I would be targeting 100 pips even today. I still want the price to close below SMA 24 and the last 1 hour candle cann't still do that for me. I am worried. Still waiting patiently.
We are in no mans land if you are not in. For others who took a short nearer 1.536x-1.537x, some will have already cashed it in, or like me, some will be waiting to see how it plays out for maybe some more pips. My SL is at BE+ so lets see what happens.
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