Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#223,661
May 4, 2010 2:29pm May 4, 2010 2:29pm

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

Quoting Ineedpips9

Disliked

I'm thinking the retrace might be over. Waiting for an entry point.Wish my alarm clock had gone off at 4AM like i thought i had set it. Made that I missed some good pips.

Ignored

no regrets the market here 24h

with all pairs down and the dixy flying dow is doomed we are going back to test the low if we dont break the 80's ema 200 on m5 i might be wrong

#223,662
May 4, 2010 2:30pm May 4, 2010 2:30pm

Magix
Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts

Quoting Ineedpips9

Disliked

Exactly! Sometimes not 30 min. after I go get a bite to eat and have closed it at BE or a +/- of around 10 pips it takes off. If I leave it with a sl set at around 30 pips it gets hit within an hour. Up until about a month ago i could just open a position in aud/usd and eur/aud and leave it to slowly but steadily gain 20-30 pips each a day with little to no volatility.

Anyways, thanks for the encouragement and tips.

Ignored

A big part of trading isn't always knowing what trade to be in, but can be a matter of when to be in a trade.

When we are locked between support and resistance like currently, any position taken right now is a gamble. We should attack the bottom of the chart, but we still need to retrace the m30 and hourly...

So, where do you put your money?

No place. We have so far a defined chart top, M5 200, see previous charts. We have support, playing off the M15, will be the 24SMA, again, see the previous chart.

So, if we confirm long on 5, we can target 15m longside target, if we confirm short side, we can trade for another attack on daily low.

Until we see either one of these 2 things, I can sit. There is always another play in the makes. Sweating over a couple of pips or being held hostage to eventually take a loss sucks.

When you see the triggers, take the trade. Know your safety ranges and in case you misread, make sure your ass is covered.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!

#223,663
May 4, 2010 2:54pm May 4, 2010 2:54pm

kuthan68
| Joined May 2010 | Status: Trader | 16 Posts

Hi Magix -

Great informational post above!

Can you take it a step further and show your typical order placement based on the 200 ema or 24 sma support lines being broken?

I assume on cancels other?

Thank you very much.

#223,664
May 4, 2010 2:54pm May 4, 2010 2:54pm

Ineedpips9
| Joined Mar 2010 | Status: Trader | 414 Posts

Yea kill, I ended up waiting to the point where I realized I was wrong. I'm trying to read the charts on different time frames and seeing which tl mean what on each different time frame.

The feeling of missing a trade and seeing no change in your account is ALOT better than getting into a trade while still a little hesitant and seeing your account go down.

#223,665
May 4, 2010 3:01pm May 4, 2010 3:01pm

A-speculator
Joined May 2009 | Status: Trader | 4,895 Posts

Quoting Ineedpips9

Disliked

Yea kill, I ended up waiting to the point where I realized I was wrong. I'm trying to read the charts on different time frames and seeing which tl mean what on each different time frame.

The feeling of missing a trade and seeing no change in your account is ALOT better than getting into a trade while still a little hesitant and seeing your account go down.

Ignored

Tell u the truth, I would love to long fiber @ 1.3000 but seeing the candles at 4h.. ermm.. I think it's not a good idea to long now perhaps after the exhaustion or consolidation period/candles in 4h will justify to go long..

#223,666
May 4, 2010 3:03pm May 4, 2010 3:03pm

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

lets see its on the right track

Attached Image (click to enlarge)

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Name: 5m cable n.gif
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#223,667
May 4, 2010 3:05pm May 4, 2010 3:05pm

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

Quoting Ineedpips9

Disliked

Yea kill, I ended up waiting to the point where I realized I was wrong. I'm trying to read the charts on different time frames and seeing which tl mean what on each different time frame.

The feeling of missing a trade and seeing no change in your account is ALOT better than getting into a trade while still a little hesitant and seeing your account go down.

Ignored

no better person to guide u than the wise man magix voodoo boodoo

#223,668
May 4, 2010 3:06pm May 4, 2010 3:06pm

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

Quoting A-speculator

Disliked

Tell u the truth, I would love to long fiber @ 1.3000 but seeing the candles at 4h.. ermm.. I think it's not a good idea to long now perhaps after the exhaustion or consolidation period/candles in 4h will justify to go long..

Ignored

hey bro

fiber i am sure we will kiss the lower 12900's if not the 12800's

#223,669
May 4, 2010 3:07pm May 4, 2010 3:07pm

Magix
Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts

Quoting kuthan68

Disliked

Hi Magix -

Great informational post above!

Can you take it a step further and show your typical order placement based on the 200 ema or 24 sma support lines being broken?

I assume on cancels other?

Thank you very much.

Ignored

I can do you one better my friend.

I have a thread committed to watching the moving averages and the different time frames. It is a work in progress so what you see in my charts here might be a little different then what you see in the thread, but be patient, as I continue the mods, I will keep the thread updated.

Page 1 gives you an overview of much of what I see and play, complete with MT4 indicators and a template.

This might just prove to be a good time to do a little reading. NY session almost done, daily rollover shortly, time to paint some new charts.

Hope this helps out.

http://www.forexfactory.com/showthread.php?t=208103

Officially revived

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!

#223,670
May 4, 2010 3:10pm May 4, 2010 3:10pm

A-speculator
Joined May 2009 | Status: Trader | 4,895 Posts

Quoting kill56

Disliked

hey bro

fiber i am sure we will kiss the lower 12900's if not the 12800's

Ignored

Maybe.. but i'll wait for consolidations first.. wouldn't dare to long when candles were like that..

#223,671
May 4, 2010 3:11pm May 4, 2010 3:11pm

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

Quoting Magix

Disliked

I can do you one better my friend.

I have a thread committed to watching the moving averages and the different time frames....

Ignored

yesssssssssssssss long live voodoo boodoo

#223,672
May 4, 2010 3:16pm May 4, 2010 3:16pm

Ineedpips9
| Joined Mar 2010 | Status: Trader | 414 Posts

Quoting kill56

Disliked

yesssssssssssssss long live voodoo boodoo

Ignored

I second that.

#223,673
May 4, 2010 3:17pm May 4, 2010 3:17pm

cloggie
Joined Oct 2009 | Status: Trader | 15,211 Posts

Quoting Magix

Disliked

I can do you one better my friend.

I have a thread committed to watching the moving averages and the different time frames. It is a work in progress so what you see in my charts here might be a little different then what you see in the thread, but be patient, as I continue the mods, I will keep the thread updated.

Page 1 gives you an overview of much of what I see and play, complete with MT4 indicators and a template.

This might just prove to be a good time to do a little reading. NY session almost done, daily rollover shortly, time to paint...

Ignored

Kuthan,

You can do no wrong studying Magix's thread well, trading Cable with MA's are the very basic building blocks of a Cable trading strategy. MA's have been in my toolbox for donkey's years (even though I use different ones than Magix) and a thorough understanding of the use of MA's in different TF for entries and exits is vital in surviving this often misunderstood and apparant nutter of a currency pair. MA's can at times become very handy in forming sloping SR's. MA's like anything else is a self fullfilling prophecy tool, however one that has been around for a long time and used to great success. Cable is one of the last old currencies left on the market with the onset of euro and can draw on decades of trading history and experience.

Cable, once understood can be extremely rewarding and at times fairly predictable.

#223,674
May 4, 2010 3:43pm May 4, 2010 3:43pm

Tovinces
| Joined Jun 2008 | Status: short-term'er | 201 Posts

As I’ve written in my previous entry about the cable, the variant of 3-3-3 retracement takes place now, though it seemed to me unlikely at that moment.

With red “stops” are shown extra points of this formation. By now I can’t tell for sure if the today’s minimum would become the low before the upcoming bullish move. By the way, the opportunity of the upside move is very high, as the current move has correction mode. That means our target at the upside might be 1.552 area.

Because of the possible bullish wave a question opens – if the 1.558 level holds in order not to reject our mid-term view on the cable (I’m awaiting the forming of 5th wave)?

The chart is attached in the signature link.

#223,675
May 4, 2010 3:48pm May 4, 2010 3:48pm

Skyhawks
| Joined Dec 2007 | Status: Trader | 122 Posts

retest of the low? Closed below 15 min 24ma

#223,676
May 4, 2010 3:55pm May 4, 2010 3:55pm

kill56
Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts

what happend today ist the eur dragged and the news from eu zone

that other memebers of the eu zone at risk like spain or the market

needs a coraction where we go from here

the answer will be on NFB

#223,677
May 4, 2010 4:06pm May 4, 2010 4:06pm