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Cable Update (GBPUSD)

  • #232,181
  • Jun 17, 2010 6:00pm Jun 17, 2010 6:00pm
Quoting Robot
you did call 1.5000 couple of days ago, not sure what changed your mind.

a few shake outs had me 2nd guessing ....

this could be an abc correction to just above 1.5000 then down we go in 5 waves

I find it odd that index ignoring all bad new out of us now and it seems all euro issues evaporated overnight.....

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Blogging daily now at www.volume.zone
  • #232,182
  • Edited 6:24pm Jun 17, 2010 6:01pm | Edited 6:24pm
Quoting digger1
Ah the market is the great equalizer , before you go ragging on wormie and mal , just a refresher the circle on this chart is where you were calling for price to get to 1.70 , remember back in Feb and this is what happened since then , you were very rude to anybody who was shorting and going on and on and then you dissappeared for a month or so, pretty easy to see why . State your case and include a chart and let the market decide who is right and who is wrong Attachment
man may be he have inside info no need for a chart mal and wormy might be wrong and they have bad calls all the time magix too and u too we need ctic in here right now u guy is here

with all the respect to the guys above i was joking they are great traders and findi plz treat others like u wanna be treated
  • #232,183
  • Jun 17, 2010 6:14pm Jun 17, 2010 6:14pm
here is a better understanding in elliot wave language on why these great traders that are named below think the gbp is ultimately going to go down to 1.000s
(malc,worm, magix, kill, forexlion <-- im not sure if lion said anything but since he is a good trader ill put his name here and give him .0005 credit.)
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  • #232,184
  • Jun 17, 2010 6:15pm Jun 17, 2010 6:15pm
  • #232,185
  • Jun 17, 2010 6:28pm Jun 17, 2010 6:28pm
Quoting kill56
lol, you got milk in them cans or alcohol , hope you had a good day man
  • #232,186
  • Jun 17, 2010 6:34pm Jun 17, 2010 6:34pm
Quoting digger1
lol, you got milk in them cans or alcohol , hope you had a good day man
its the pipe and the shoott was really good jamaican 20pip range was not bad hope got some tires
  • #232,187
  • Jun 17, 2010 6:59pm Jun 17, 2010 6:59pm
Quoting malcolmb14
a few shake outs had me 2nd guessing ....

this could be an abc correction
Mostly i think so till now, soon we will know
  • #232,188
  • Jun 17, 2010 7:09pm Jun 17, 2010 7:09pm
Quoting Robot
here is a better understanding in elliot wave language on why these great traders that are named below think the gbp is ultimately going to go down to 1.000s
(malc,worm, magix, kill, forexlion <-- im not sure if lion said anything but since he is a good trader ill put his name here and give him .0005 credit.)
Not to take away from what you are saying but...

The point is moot.

If I have a forecast for the end of this month, even if I am 100% correct, half of the people that will read this and are actively trading today, will no longer have an account that they can trade from by the end of this month.

Chisel away at the day to day. If price goes up, be one of the buyers and if price is going down, be one of the sellers.

Anything can and does happen in this game, working off anything longer then a 4hr chart for most is a complete waste of time.

Support and resistance, direction of the immediate is what is key. Make a good trade today, it means you have the opportunity to make another one tomorrow. Where we are 6 months from now, when you have an empty account and holes in your pockets is meaningless.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #232,189
  • Jun 17, 2010 7:19pm Jun 17, 2010 7:19pm
Quoting fendi
That target cannot even be reached in the next 3days from now..hhhhaaaaaaa
1.49xx to 1.45xx is not to far...,today market would (might) crazy and give about 250 pips, and if the gap down about 75 or 100 it will make completely in 1.45xx. still realistic target in 3 days.
I will be the number one Manager.
  • #232,190
  • Jun 17, 2010 7:20pm Jun 17, 2010 7:20pm
Quoting Magix
Not to take away from what you are saying but...

The point is moot.

If I have a forecast for the end of this month, even if I am 100% correct, half of the people that will read this and are actively trading today, will no longer have an account that they can trade from by the end of this month.

Chisel away at the day to day....
so there is no way for people who have a full time job to trade based on daily time frame?
  • #232,191
  • Jun 17, 2010 7:34pm Jun 17, 2010 7:34pm
Quoting Robot
so there is no way for people who have a full time job to trade based on daily time frame?

I know a full time trader who only trades the monthly. Possibilities are endless.
  • #232,192
  • Jun 17, 2010 7:36pm Jun 17, 2010 7:36pm
the market seems almost to calm right now. something is brewing.
  • #232,193
  • Jun 17, 2010 7:37pm Jun 17, 2010 7:37pm
4h chart..possible scenario
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  • #232,194
  • Jun 17, 2010 7:43pm Jun 17, 2010 7:43pm
I saw your name (star child) and looked at your posted chart and could help see a corolation to astrology symbols across a dark sky within your indicators. Very cool !!!
  • #232,195
  • Jun 17, 2010 8:10pm Jun 17, 2010 8:10pm
Quoting spivvster
the market seems almost to calm right now. something is brewing.
triple witching tomorrow all hell will break loose.....
Blogging daily now at www.volume.zone
  • #232,196
  • Jun 17, 2010 8:13pm Jun 17, 2010 8:13pm
Quoting StarChild
4h chart..possible scenario
Good chart bro, it's highly likely possible...and remember that it is also friday today...so be careful on the long side everybody. All the best.
  • #232,197
  • Jun 17, 2010 8:15pm Jun 17, 2010 8:15pm
Quoting fendi
There is no shorting any more, wonder if we are seeing same chart cos cant see any down trend.


nobody saw buying when I did it here either.
but you're right, we're not looking at the same chart and just like anybody else who place a trade, I'll definitely try to justify my position to assure that I do have valid reasons to do so. Not at least to the forum because that is not important, but for my own self.

I'll share my reasoning for the trade taken. First, yesterday I've posted my reasoning to short here.
Second, price had arrived to the 4895 level target where I had projected last month (okay, so I missed about 40 pips, gimme a break ). If you hadn't noticed yet, this area of support, is now resistance. (refer to the chart below). Now, I agree this is trending upwards, but there is no way I am going to buy under resistance. Odds are stacked heavily against me if I did. I will only buy if price close above this supp/res level, or I will buy from lower, but definitely not here.
Third, it's been a pretty good trading week for me & I can afford the loss if it need be. You do realise I am just risking 64 pips for a possible 261 pips gain on a trade that had barely budged for the past 14 hours don't you? Most people lose 64 pips worth in a blink of an eye. I'm getting my money's worth here

There you have it. That's my reasoning. May I ask you to do the same by sharing your view as to why you said "there is no shorting anymore".

Thanks & good luck.
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Thank You
  • #232,198
  • Jun 17, 2010 8:16pm Jun 17, 2010 8:16pm
Quoting Robot
so there is no way for people who have a full time job to trade based on daily time frame?
You missed what I said...

Actively.

IF you want to invest in a currency, trade off 4H to the weeklies...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #232,199
  • Jun 17, 2010 8:21pm Jun 17, 2010 8:21pm
Quoting malcolmb14
trend is all about the time frame you trade on ... for some 5 min , 1 hr 4 hr etc

worm trades on higher time frames I think and scalpe in between

I think we may see 1,4500 tonight in London
i'll be chuffed if we did
Thank You
  • #232,200
  • Jun 17, 2010 8:26pm Jun 17, 2010 8:26pm
Quoting malcolmb14
triple witching tomorrow all hell will break loose.....
There's going to be a moose loose aboot the hoouse, that's for sure.

Nice thread you started BTW Mal, interesting stuff
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