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Cable Update (GBPUSD)

  • #223,761
  • May 5, 2010 3:55am May 5, 2010 3:55am
Originally Posted by forexlion http://cdn.forexfactory.com/images/buttons/viewpost.gif
unless 5100 s broken, cable will go up

i would t target 5200 for short entry

btw, if we go above the triangle and Dp then I'm targeting 5240... Seems like 50% fibo as well as MA's on H4...
@pawpaw1000 on Twitter
  • #223,762
  • May 5, 2010 3:56am May 5, 2010 3:56am
Quoting pawpaw1000
aah mate, I've lost like 40% of my account by trying a new strategy without testing it 1st... I guess I'm like all noobs thinking, "I'm not like the rest". Now I've had two different people helping me with my Chart setups and am now practising to get it right. Interestingly both recommended i get my trades from the London Open and then trade from there. Which is a good strategy in my book.

Today it aint working since there's been no breakout. Will look at this triangle developing on H1 or wedge or whatever you want to call it, for a possible...
Good luck to you too fella, I'm a strong believer that anything is possible and any goal is achievable if you work hard enough and never give up.

I like the idea of getting trades from the London open and holding them for a daily bias, but I've not mastered that yet. I'm good at cutting losers short, but I also cut my profits short way too quick. got to learn to let them run!
  • #223,763
  • May 5, 2010 4:04am May 5, 2010 4:04am
we should see 1.5250 today... good luck!
  • #223,764
  • May 5, 2010 4:05am May 5, 2010 4:05am
Quoting lexazver
we should see 1.5250 today... good luck!
got 5240 as the 50 fibo and a couple of my MA's on H4 so agree fully, IF WE GO UP...

What you reckon wormy, know you are still flat but if we break the wedge, wheres your tp?
@pawpaw1000 on Twitter
  • #223,765
  • May 5, 2010 4:10am May 5, 2010 4:10am
Quoting pawpaw1000
got 5240 as the 50 fibo and a couple of my MA's on H4 so agree fully, IF WE GO UP...

What you reckon wormy, know you are still flat but if we break the wedge, wheres your tp?
cable been bought at the lows so unless something drastic happens it should be bullish day.
  • #223,766
  • May 5, 2010 4:10am May 5, 2010 4:10am
Quoting wormboy
you guys sure get a lot kicks whinging and making noises.
Busiest time of the day to trade, how about some trade discussions for a change? Maybe I can learn a thing or two from you pros
To be honest, I did one trade today and that will be it. I have already spent too much time on here and it is now time for me to go and do some work and update my CV.

See you around Wormboy!
  • #223,767
  • May 5, 2010 4:13am May 5, 2010 4:13am
Quoting pawpaw1000
got 5240 as the 50 fibo and a couple of my MA's on H4 so agree fully, IF WE GO UP...

What you reckon wormy, know you are still flat but if we break the wedge, wheres your tp?

I bought again @5158, small lot position ($2/pip) after ltf (m5) had closed above day open. DP stands in the way currently, but judging by the previous hourly close, does indicate buying pressure, so I will go with that.
Will look to scale in to full lot once price close above dp and create a new high. If that happens, my first tp will likely be yesterday's high @5264
Current trade's emergency stop is slightly below yesterday's low 5080, tho I will close the trade manually if price close below the current ascending ltl.

Are you in any trade atm?
Thank You
  • #223,768
  • May 5, 2010 4:14am May 5, 2010 4:14am
Quoting lexazver
cable been bought at the lows so unless something drastic happens it should be bullish day.
H4 is agreeing with you but waiting for confirmation... GONNA MAKE A KILLING TODAY ;-)

PA will have to break some or other time right? or is it possible to range for 50 - 60 pips all day? This is targeted at the more experienced cable traders...
@pawpaw1000 on Twitter
  • #223,769
  • May 5, 2010 4:16am May 5, 2010 4:16am
Quoting wormboy
I bought again @5158, small lot position ($2/pip) after ltf (m5) had closed above day open. DP stands in the way currently, but judging by the previous hourly close, does indicate buying pressure, so I will go with that.
Will look to scale in to full lot once price close above dp and create a new high. If that happens, my first tp will likely be yesterday's high @5264
Current trade's emergency stop is slightly below yesterday's low 5080, tho I will close the trade manually if price close below the current ascending ltl.

Are you in any trade atm?...
nah, been waiting patiently for 4 hours... AIAIAI. Thought LO would give me something but NO! will wait for the break of Dp...

Have learnt to wait for confirmation yesterday...
@pawpaw1000 on Twitter
  • #223,770
  • May 5, 2010 4:21am May 5, 2010 4:21am
Quoting wormboy
story of my life too. Can we please just knock it off?
Thanks.
Reckon the best way to do is like with kids, just ignore it and make like you dont even see it...

PA testing those upper levels now, lets go bulls, PUSH!
@pawpaw1000 on Twitter
  • #223,771
  • May 5, 2010 4:21am May 5, 2010 4:21am
Quoting pawpaw1000
nah, been waiting patiently for 4 hours... AIAIAI. Thought LO would give me something but NO! will wait for the break of Dp...

Have learnt to wait for confirmation yesterday...

Good man

So what's the trigger now? Break of dp, break of 200ema or hi/lo of day open price?
Out of the 3, 2 had already triggered on the ltf
Thank You
  • #223,772
  • May 5, 2010 4:22am May 5, 2010 4:22am
Quoting pawpaw1000
H4 is agreeing with you but waiting for confirmation... GONNA MAKE A KILLING TODAY ;-)

PA will have to break some or other time right? or is it possible to range for 50 - 60 pips all day? This is targeted at the more experienced cable traders...
very rare to see less than 100 pip spread in a day. but with election tomorrow maybe everybody is holding their ammo.
  • #223,773
  • May 5, 2010 4:25am May 5, 2010 4:25am
anything could happen but it could range aimlessly for parts of this week because of ADP employment numbers today related with NFP friday.

these things are notorious for drying up price action in the days leading up to them

Quoting pawpaw1000
H4 is agreeing with you but waiting for confirmation... GONNA MAKE A KILLING TODAY ;-)

PA will have to break some or other time right? or is it possible to range for 50 - 60 pips all day? This is targeted at the more experienced cable traders...
"The real genius is knowing when to stop." - Marc Faber
  • #223,774
  • May 5, 2010 4:26am May 5, 2010 4:26am
Quoting OldReigatian
very rare to see less than 100 pip spread in a day. but with election tomorrow maybe everybody is holding their ammo.

aye .. for 1.7 ... that's the tailend of my rainbow
Thank You
  • #223,775
  • May 5, 2010 4:27am May 5, 2010 4:27am
Quoting wormboy
Good man

So what's the trigger now? Break of dp, break of 200ema or hi/lo of day open price?
Out of the 3, 2 had already triggered on the ltf
on M5 I'm still waiting for break of 365ma and break of DP...

on m15 I'd like to see 150ma broken which is at 80 but will propably enter on m5 and add on m15 targetting 5240...

EDIT: also watching 25ma interaction on M5... If we get a nice bounce up from it, could signal that we are going up. But like I said, dont wanna get burned by being wrong side today so waiting for confirmation!
@pawpaw1000 on Twitter
  • #223,776
  • May 5, 2010 4:29am May 5, 2010 4:29am
right; election, NFP, etc...

Quoting OldReigatian
very rare to see less than 100 pip spread in a day. but with election tomorrow maybe everybody is holding their ammo.
"The real genius is knowing when to stop." - Marc Faber
  • #223,777
  • May 5, 2010 4:31am May 5, 2010 4:31am
Quoting OldReigatian
very rare to see less than 100 pip spread in a day. but with election tomorrow maybe everybody is holding their ammo.
I think you hit that spot on. With ADP and NFP this week with elections in the UK. The volume speaks for that one. I took 20 pips today and will just wait it out from here. The volume is way low for Europe and London to have any clear direction.

Happy pipin all
  • #223,778
  • May 5, 2010 4:32am May 5, 2010 4:32am
Quoting pawpaw1000
on M5 I'm still waiting for break of 365ma and break of DP...

on m15 I'd like to see 150ma broken which is at 80 but will propably enter on m5 and add on m15 targetting 5240...
okay.
but you do not need to have that many triggers to confirm in between tf.
Moving averages aren't leading indicators, so having the need to confirm on multiple tf & multiple crosses will just slow you into entry & slow you out of whipsaws. Imho, all you need is one trigger.
Just a thought.
Thank You
  • #223,779
  • May 5, 2010 4:32am May 5, 2010 4:32am
Quoting hhitch
god why don't you people get some therapy or go beat up an old lady or something! this is a trading forum
HAHA! Hitch, you got a trade running? Lets please ignore them, it just fans the flames when we respond...

Pa is really slow but i guess the scalpers are killing today... that triangle is getting very small now on m15...
@pawpaw1000 on Twitter
  • #223,780
  • May 5, 2010 4:33am May 5, 2010 4:33am
Quoting wormboy
I bought again @5158, small lot position ($2/pip) after ltf (m5) had closed above day open. DP stands in the way currently, but judging by the previous hourly close, does indicate buying pressure, so I will go with that.
Will look to scale in to full lot once price close above dp and create a new high. If that happens, my first tp will likely be yesterday's high @5264
Current trade's emergency stop is slightly below yesterday's low 5080, tho I will close the trade manually if price close below the current ascending ltl.

Are you in any trade atm?...
I reckon cable will go up. Fiber formed 2 dojis (consolidation period?), I reckon fiber will go up too..
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