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Cable Update (GBPUSD)

  • #233,881
  • Jun 25, 2010 11:37am Jun 25, 2010 11:37am
HA, the NY boys could not resist, they had to set the high. Now let's see some profit taking here.
  • #233,882
  • Jun 25, 2010 11:44am Jun 25, 2010 11:44am
Cloggie, what TF do you suggest for confirmation before shorting again? 1h or 4hrs? Thanks.
  • #233,883
  • Jun 25, 2010 11:51am Jun 25, 2010 11:51am
Quoting Leeson
Cloggie, what TF do you suggest for confirmation before shorting again? 1h or 4hrs? Thanks.
15/30

But this lTL needs a close below: http://www.forexfactory.com/showpost...stcount=233863

And this one is now acting as support, so be careful here: http://www.forexfactory.com/showpost...stcount=233865

And the NY boys are out for lunch. They got what they wanted, the high so there is not much left to do here this late on a Friday.
  • #233,884
  • Jun 25, 2010 11:58am Jun 25, 2010 11:58am
Look how this TL is now acting as support, I would want to see a full bar below on the 15 before I am convinced we are going back down.
Attached Image (click to enlarge)
Click to Enlarge Name: weekly tl as support.gif Size: 13 KB
  • #233,885
  • Jun 25, 2010 12:00pm Jun 25, 2010 12:00pm
Just a matter of time now, the rise from today bottom was very aggressive, around 140 pips, at least we should see some profit taking, the only issue is that market is almost closing for the weekend, and monday we might see a gap up because of the weekend meeting isn't it?
  • #233,886
  • Jun 25, 2010 12:02pm Jun 25, 2010 12:02pm
Quoting Leeson
Just a matter of time now, the rise from today bottom was very aggressive, around 140 pips, at least we should see some profit taking, the only issue is that market is almost closing for the weekend, and monday we might see a gap up because of the weekend meeting isn't it?

I am not one to hold trades over the weekend, especially with the G8 meeting. You never know what one of these monkeys is going to say.

BTW the move was 161.4 pips
  • #233,887
  • Edited 12:15pm Jun 25, 2010 12:04pm | Edited 12:15pm
Look what they just put in the paper...
http://www.nypost.com/p/news/local/p...GORPPGMEd3RwDM
Has any members of this forum been talking about anything falling down?
Google jackblack12

I'm not making this up, but I am damn good at connecting dots - when I see them. Let's hope not.

Short @ 1.5002
  • #233,888
  • Edited 1:01pm Jun 25, 2010 12:07pm | Edited 1:01pm
Hi everyone,
cloggie is right, wait till monday, for know if I have to choose LONG is the answer OR better wait few pips and take SHORT , but we will see after weekend...
  • #233,889
  • Jun 25, 2010 12:21pm Jun 25, 2010 12:21pm
normally price moves in opposite direction in 2nd half of friday. we can see some profit booking.
  • #233,890
  • Jun 25, 2010 12:41pm Jun 25, 2010 12:41pm
Buy high - sell higher

the market freezes Friday and leaves you with a whippy weekend

Actually that sounds fun
  • #233,891
  • Jun 25, 2010 12:46pm Jun 25, 2010 12:46pm
Quoting allserene
Buy high - sell higher

the market freezes Friday and leaves you with a whippy weekend

Actually that sounds fun
Go freeze
All systems of divination, like music itself,work through patterns.
  • #233,892
  • Jun 25, 2010 12:47pm Jun 25, 2010 12:47pm
Quoting PipVip
Look what they just put in the paper...
http://www.nypost.com/p/news/local/p...GORPPGMEd3RwDM
Has any members of this forum been talking about anything falling down?
Google jackblack12

I'm not making this up, but I am damn good at connecting dots - when I see them. Let's hope not.

Short @ 1.5002
good at connecting dots - like glen beck ?

they are also predicting England beats Germany this weekend
  • #233,893
  • Jun 25, 2010 12:53pm Jun 25, 2010 12:53pm
Everything is OK.
  • #233,894
  • Jun 25, 2010 1:50pm Jun 25, 2010 1:50pm
Quoting cloggie
15/30

But this lTL needs a close below: http://www.forexfactory.com/showpost...stcount=233863

And this one is now acting as support, so be careful here: http://www.forexfactory.com/showpost...stcount=233865

And the NY boys are out for lunch. They got what they wanted, the high so there is not much left to do here this late on a Friday.
All still valid, no shorts yet. How many new members do we have for the smelly finger brigade? I never did understand the need for trying to predict the exact tops, who cares where it turns around as long as we jump in once the move is confirmed, until then stay out or stay in your long.
  • #233,895
  • Jun 25, 2010 1:58pm Jun 25, 2010 1:58pm
Quoting PipVip
This is the spike I've been waiting for.
I'm getting ready to short any minute now...
Quoting PipVip
Short @ 1.5002
Quoting PipVip
Everything is OK.
You my friend, are a perfect example of why 90% of traders lose their asses in market.

After other members made several attempts to keep you safe, and after several charts were provided by others showing a continuation of trend, you waited and wasted 40mins of time to find yourself deep underwater with your current counter trend trade.

I know being new to the market can make you do crazy shit like this, but this is a good time to take out a pack of post it notes and make some reminders for yourself.

Follow the trend.
Try to see what others are seeing.
Never stand in front of an oncoming speeding trains.
Do not try to catch falling knives.

If you are in doubt over any play, sit it out. It really is better to be out of a trade wishing you were in, instead of being in a trade wishing you were out.

Being how the market day is not over, and the interm top is still quite possibly 1.53ish, you could find yourself going into the weekend holding a 50 pip down draw, and a possible north side gap for market open....

If it seems like I am being a bit of dick here, or singling you out, well, I guess it is what it is. That being said, I hope you will remember me the next time you put your neck on the block and think...Should I really be doing this.

It might save you some money in future.

There are those of us who have been around long enough to know that every day/week/month, there will be another bunch of new traders, all trying to do the same, "forget the trend, lets see if I can pick the reversals"....every month we lose a few members to our little group because of it....

If you want to be a statistic in forex, try shooting for being one of the 10% who get to trade another day...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #233,896
  • Jun 25, 2010 1:59pm Jun 25, 2010 1:59pm
Errrmm... I shorted @ 1.5037....
  • #233,897
  • Jun 25, 2010 1:59pm Jun 25, 2010 1:59pm
Quoting cloggie
All still valid, no shorts yet. How many new members do we have for the smelly finger brigade? I never did understand the need for trying to predict the exact tops, who cares where it turns around as long as we jump in once the move is confirmed, until then stay out or stay in your long.
new member for the smelly finger brigade .... if i recall .. confirmation is a closed 15 min candle below the TL ?
  • #233,898
  • Jun 25, 2010 2:00pm Jun 25, 2010 2:00pm
Quoting kasper
new member for the smelly finger brigade .... if i recall .. confirmation is a closed 15 min candle below the TL ?

No, I said I want to see a full bar below.
  • #233,899
  • Jun 25, 2010 2:01pm Jun 25, 2010 2:01pm
Quoting cloggie
Look how this TL is now acting as support, I would want to see a full bar below on the 15 before I am convinced we are going back down.

Here it is, I try really hard dropping hints, posting charts, even poking fun at guys at times. Short of trading your account for you, you do need to do a bit of work yourself.

This TL has been in play since Monday and I have spoken about if for hours, posting at least 5 variations of the chart, including possible signs of a confirmed reversal, don't go jumping on the first fakeout of a break of support.

Cable has a very clear play around support, it will test it for a fake, retrace and then close below. Any test/pierce or fake is not a clear break of support and should be anticipated and ignored.
  • #233,900
  • Jun 25, 2010 2:04pm Jun 25, 2010 2:04pm
Quoting cloggie
No, I said I want to see a full bar below.
meaning no wick or any part of the candle near the TL. correct? dont want any misunderstandings. I apologize, some of us are slower than others.
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