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Cable Update (GBPUSD)

  • #236,481
  • Jul 8, 2010 9:14am Jul 8, 2010 9:14am
Quoting Magix
With 1 thing holding us back...

NY hasn't seen the top of the pyramid, but I am already ready for the drop from the daily 200.

It was poised at the 1.5300 mark price has lingered so long that instead of price moving to resistance, resistance has come down to meet price.

Watching for the next wave down....

TIMBERRRRRRRRRRRRRRRRRRRRRRRRRRR!
Nice and simple ,none of this extreme analysing.
  • #236,482
  • Jul 8, 2010 9:15am Jul 8, 2010 9:15am
Quoting special0nefx
Nice spotted bro, Bear flag
Thank You
  • #236,483
  • Jul 8, 2010 9:16am Jul 8, 2010 9:16am
Quoting cloggie
You need to give her a bit of room to play out, a stop at the high of the last bar on M30 would have given her that room. M5 is now set to break to the down side and test the low again. It won't make you rich but keep an eye on 51372 and the low, once 51372 goes, she will test the low again. Caveat: any short here is trading the consolidation on H1 and she will not move far until that is completed. We are getting a bit of pivot play in miniature here.

Here you go, all played out to within 3 pips of the low. FR600, if you would have given her a bit of room and kept an eye on the main levels, your short would have netted you 25 pips, not bad for a consolidation trade.
  • #236,484
  • Jul 8, 2010 9:20am Jul 8, 2010 9:20am
Quoting USD-Bear
Stopped @ 1.5130

Now let's go back to your long again, the low failed, 51372 is back in play, DP is next and then your long could have played out.
  • #236,485
  • Jul 8, 2010 9:21am Jul 8, 2010 9:21am
are GU Down just here ?....
Or...Down Until Lower ?....



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  • #236,486
  • Jul 8, 2010 9:22am Jul 8, 2010 9:22am
Quoting Purple
Moved SL to BE.
Exit.
  • #236,487
  • Jul 8, 2010 9:27am Jul 8, 2010 9:27am
Quoting wormboy
I got a victory dance & a victory song spashly for bears if the W1 goes.
i'll hold you to that...yay!
All systems of divination, like music itself,work through patterns.
  • #236,488
  • Jul 8, 2010 9:32am Jul 8, 2010 9:32am
cloggie let the cable go its about time
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  • #236,489
  • Jul 8, 2010 9:35am Jul 8, 2010 9:35am
Quoting kill56
cloggie let the cable go its about time

You know me, patience personified, here is my chart I keep posting and using for over 2 weeks now. That big lTL is what all of us longer term traders have been eyeing up.
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  • #236,490
  • Jul 8, 2010 9:35am Jul 8, 2010 9:35am
Quoting kaspopsicle
i'll hold you to that...yay!


from cardiff mate? i miss cardiff!
Thank You
  • #236,491
  • Jul 8, 2010 9:37am Jul 8, 2010 9:37am
Quoting cloggie
Now let's go back to your long again, the low failed, 51372 is back in play

Here you go, testing and held
  • #236,492
  • Jul 8, 2010 9:41am Jul 8, 2010 9:41am
Quoting wormboy


from cardiff mate? i miss cardiff!
u know caerdiff, But???? Brains and beautiful downtown Spott?l
Where u from ..u sound like en france with palm trees on it
All systems of divination, like music itself,work through patterns.
  • #236,493
  • Jul 8, 2010 9:44am Jul 8, 2010 9:44am
Quoting kill56
hi all
hope all had a great weekend
any body have this spike down
Yep... but that is because we use the same broker

How are you bro?

The future is bright, the future is Oranje Bloed
  • #236,494
  • Jul 8, 2010 9:44am Jul 8, 2010 9:44am
Quoting kaspopsicle
u know caerdiff, But???? Brains and beautiful downtown Spott?l
Where u from ..u sound like en france with palm trees on it
yea. used to live there years back. cathays
Thank You
  • #236,495
  • Jul 8, 2010 9:45am Jul 8, 2010 9:45am
Quoting cloggie
Now let's go back to your long again, the low failed, 51372 is back in play, DP is next and then your long could have played out.
The reasoning was:
eur/usd rushing to 1.27
GU in contrare direction too long imo
thinking about big guys wanting us to see a bear flag
forum bearish all over

I'll have to stop hunting the small moves, although tempting when nothing to do, it's not my cup of tea, for now 1.5080 or maybe 1.5050 being my LTL, giving room for big guys to fool us, is my major point of interest
Don't be a hero. Don't have an ego. Always question yourself
  • #236,496
  • Jul 8, 2010 9:53am Jul 8, 2010 9:53am
Quoting USD-Bear
The reasoning was:
eur/usd rushing to 1.27
GU in contrare direction too long imo
thinking about big guys wanting us to see a bear flag
forum bearish all over

I'll have to stop hunting the small moves, although tempting when nothing to do, it's not my cup of tea, for now 1.5080 or maybe 1.5050 being my LTL, giving room for big guys to fool us, is my major point of interest

The problem with your trade was taking a long at the DP when there was no clear indication that the DP was holding, you got stopped out of your trade because your stop was arbritary, 51372 and the low were your key levels, once 51372 went and the low held, 51372 was a level to watch on the rejection, that having given on the failure of the low would have been one to watch for a retest as support for a move back to the DP so your trade would have been right.

The reason I picked on you and FR600 was to show how 2 traders with opposing trades, one long and one short could have both benefited from their setup, even though FR's was better placed having taken a short of the DP, but he chickened out before any further level was properly tested and he had placed his stop again at an arbritary level without looking at the PA and bars for a properly researched stop.

So both of you were right in direction, but failed to place proper stops and failed to watch the interaction at key levels so not giving your trade any chance of success. You saw one bar going opposite your trade and fear took over and both of you got stopped out unnecesary.

Pivot trading with key levels within a consolidation of the hourly and the H4 can be profitable, but you have to set your stops at proper levels and you have to watch the interaction with SR's

The reason I gave a play by play on both you and FR600 was to further the discussion here on how both can be right as long as you play the PA correctly.

FR would have ended up 25 pips in the green and you would have had a handful, because FR's entry was better.

Again, apologies for singling both of you out, I was just trying to make a point how both short bias and long bias was actually right, purely because we are in a consolidation area on the H1 and every major level was properly tested, rejected and respected. And that's why I posted levels to be watched in advance and what would happen once each one was rejected. Not wanting to boast after the fact so I traded both you guys' setups, one long and one short and showed you how to play it correctly.
  • #236,497
  • Jul 8, 2010 9:53am Jul 8, 2010 9:53am
Quoting cloggie
Now let's go back to your long again, the low failed, 51372 is back in play, DP is next and then your long could have played out.

Here you go, job done.
  • #236,498
  • Jul 8, 2010 9:58am Jul 8, 2010 9:58am
Quoting wormboy
yea. used to live there years back. cathays
Crwys Road,?! Duw..duw, just bought back loads of memories. Rented an attic there once upon a time. Now live out in the sticks.where snakes and computer crashes r absolutely free. Looked up ur thread 2day...will be visiting regular. If your ever this way give us a bell.. thanx 4 your help and fun..
All systems of divination, like music itself,work through patterns.
  • #236,499
  • Jul 8, 2010 9:59am Jul 8, 2010 9:59am
Quoting bbakker
Yep... but that is because we use the same broker

How are you bro?

The future is bright, the future is Oranje Bloed
doing great bro what about u

congrats on the on the orange little kill is going for them too
  • #236,500
  • Jul 8, 2010 10:01am Jul 8, 2010 10:01am
Cloggie that was brilliant... loads of reading and consolidating for me over the w/e
All systems of divination, like music itself,work through patterns.
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