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Cable Update (GBPUSD)

  • #233,501
  • Jun 24, 2010 1:27am Jun 24, 2010 1:27am
Quoting mcmartins
too kind of you...
thanks..
You welcome.
  • #233,502
  • Jun 24, 2010 1:29am Jun 24, 2010 1:29am
Quoting Forextrader4
Just be careful because the trend is not solid down yet. Make sure you manage your trade closely at least until the pair is clear.

Agreed

Stuck currently in no mans land...

However, holding daily open as support...and still a pretty strong bull play...

Not a good time to assume the bear brigade.
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  • #233,503
  • Jun 24, 2010 1:35am Jun 24, 2010 1:35am
Quoting Magix
Agreed

Stuck currently in no mans land...

However, holding daily open as support...and still a pretty strong bull play...

Not a good time to assume the bear brigade.
Why no mans land? Its 50% retrace on the 8 hr and 61.8% retrace on the 4 hour (both around 1.5010-15)

I feel we're gonna go short for at least another 70pips from here
  • #233,504
  • Jun 24, 2010 1:37am Jun 24, 2010 1:37am
I'm out of my short trade with a tiny profit, better be out than gamble as the market is certainly not clear at this point. Just remember that there are many other pairs you can trade so don't rush a trade that might not be there on gbp/usd...
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  • #233,505
  • Jun 24, 2010 1:37am Jun 24, 2010 1:37am
Quoting OldReigatian
Why no mans land? Its 38% retrace on the 8 hr and 61.8% retrace on the 4 hour (both around 1.5010-15)

I feel we're gonna go short for at least another 70pips from here
So, keep your shorts open then.

We took a little dive off top, but are holding above true daily open.

Cable has been a strong bull today, and we are currently undefined trend wise by my standards.

Hey, I'm not offended if you make money and I don't...the current charts don't meet my criteria, so I'm not playing them.

Good luck with the play.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #233,506
  • Jun 24, 2010 1:37am Jun 24, 2010 1:37am
Am out at brake even...
i think that is better till the cost is clear either for bull or bear move...
off to work though, see you all later.
  • #233,507
  • Jun 24, 2010 1:47am Jun 24, 2010 1:47am
Quoting Magix
So, keep your shorts open then.

We took a little dive off top, but are holding above true daily open.

Cable has been a strong bull today, and we are currently undefined trend wise by my standards.

Hey, I'm not offended if you make money and I don't...the current charts don't meet my criteria, so I'm not playing them.

Good luck with the play.
what's the true daily open - what time do you use?
  • #233,508
  • Jun 24, 2010 1:50am Jun 24, 2010 1:50am
If this hour closes above 4965, I will sell cable 4963 to prev mentioned low of 4917, where I will buy and hold for 5017
  • #233,509
  • Jun 24, 2010 1:51am Jun 24, 2010 1:51am
Quoting OldReigatian
what's the true daily open - what time do you use?
http://www.forexfactory.com/showpost...stcount=233506
The Yellow bar on my charts with the red line above, shows me where daily open price is...from there, not a terrible idea to see if this holds support or crumbles...price 1.4955ish...

Thank digger for this little tip.


5PM Eastern Standard.

Roll over or true daily open.
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  • #233,510
  • Jun 24, 2010 1:54am Jun 24, 2010 1:54am
If price stay under 24sma on 15 min chart after this bar close I will add another short
  • #233,511
  • Jun 24, 2010 1:57am Jun 24, 2010 1:57am
sharp scalp gave me +21. thank God...
bye..
  • #233,512
  • Jun 24, 2010 2:10am Jun 24, 2010 2:10am
Quoting joemiami
If price stay under 24sma on 15 min chart after this bar close I will add another short
We just closed under the 30m 24sma on that last surge down.

Chart 2, into a short cycle.
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  • #233,513
  • Jun 24, 2010 2:23am Jun 24, 2010 2:23am
Quoting Forextrader4
I'm short on gbp/usd, looking for 25 pips or so as usual.
Well i originally saw an entry on gbp/usd but it really wasn't clear since the trend was still up. Although i was right again and the trade was successful, i missed it but got into gbp/jpy trade instead since it was more clear to me and had a confirmation. Here are charts showing you how i planned this trade and how it turned out. On the second chart you can see how the price broke the trend line i drew. You can also see the support level line i drew and originally was going to use as my Take profit point where the price ended up anyways
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  • #233,514
  • Jun 24, 2010 2:56am Jun 24, 2010 2:56am
What would be driving this sell off or is it just a correction in the up trend (Daily)
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  • #233,515
  • Jun 24, 2010 2:59am Jun 24, 2010 2:59am
Quoting USD-Bear
1.4940 (previous top) or 1.4910 (DPP) could be levels to re-enter longs.
Not playing the retrace though....

M15:

Attachment
Long @ 1.4940
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  • #233,516
  • Jun 24, 2010 3:01am Jun 24, 2010 3:01am
Ok, so London pushing cable down to reported 4918 support.
  • #233,517
  • Jun 24, 2010 3:02am Jun 24, 2010 3:02am
Quoting Jns
What would be driving this sell off or is it just a correction in the up trend (Daily)
Well the gbp/usd pair is still not clear to me as this point and that's why i didn't trade it and took a trade on gbp/jpy. By the way i just took another short on gbp/jpy and will be trailing it. I don't recommend trading gbp/usd right now but ofcourse it is your choice
  • #233,518
  • Jun 24, 2010 3:02am Jun 24, 2010 3:02am
Quoting USD-Bear
Long @ 1.4940
good call of short what is target of your long?

Ub
  • #233,519
  • Jun 24, 2010 3:08am Jun 24, 2010 3:08am
Quoting ubaidahsan
good call of short what is target of your long?

Ub
SL @ 1.4900
Target is open.....
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  • #233,520
  • Jun 24, 2010 3:09am Jun 24, 2010 3:09am
Nice set up, i think a good long entry would be to wait for fibonacci retracement to 38.2 or 61.8 then go long again
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