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Cable Update (GBPUSD)

  • #236,521
  • Jul 8, 2010 10:53am Jul 8, 2010 10:53am
Okay.. now we get some movement

We are know showing possible divergence on the 15M, 30M and 1H TF.. though this could change.

Price has also just hit the center line of the 200 BB andn the lower channel 100 BB line and very near the 38.2 retracement level where price has been bouncing from.

Looking for some reversal bar action now on some of these lower support levels...

Attached Image (click to enlarge)
Click to Enlarge Name: h1.gif Size: 33 KB
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,522
  • Jul 8, 2010 10:54am Jul 8, 2010 10:54am
Quoting cloggie
How much simpler can you get then what I showed you, 1 DP, 1 intermediate level, 1 low, that's all I used. No indies, no ma's, no TL's just 3 little levels and the PA interaction with each of them.
Attached Image
  • #236,523
  • Jul 8, 2010 10:56am Jul 8, 2010 10:56am
Funny.. should have seen it.. the 15M chart was very clear, though I looked right through it this morning.. bounce of the highs into a consolidation to the next wave lower....
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,524
  • Jul 8, 2010 10:58am Jul 8, 2010 10:58am
Quoting cloggie
How much simpler can you get then what I showed you, 1 DP, 1 intermediate level, 1 low, that's all I used. No indies, no ma's, no TL's just 3 little levels and the PA interaction with each of them.
Maybe I'm just too stupid, I see I should have waited if DP was respected, but not doing so I should have exited my wrong call below previous low at 1.5121 instead of my arbitrary 1.5130 level...
The retrace towards my buy level 1.5160 would have given my enough confidence to keep my long.
Don't be a hero. Don't have an ego. Always question yourself
  • #236,525
  • Jul 8, 2010 10:59am Jul 8, 2010 10:59am
Quoting kill56
if 15106 gos then 15076 lets see
I want 50984 to go for a further confirmed move down.
  • #236,526
  • Jul 8, 2010 11:00am Jul 8, 2010 11:00am
Quoting damonl
See.. for me the most logical spot to sell would have been on the close of the doji bar knowing that was resistence above. Riskier trade, but you could have enjoyed a much tighter SL, which to me is a win win.. smaller losses, bigger wins if you can see that.

thank you damon..
though ı was late ı sold there.sl at higher of doji
good trades
  • #236,527
  • Jul 8, 2010 11:02am Jul 8, 2010 11:02am
Quoting USD-Bear
Maybe I'm just too stupid, I see I should have waited if DP was respected, but not doing so I should have exited my wrong call below previous low at 1.5121 instead of my arbitrary 1.5130 level...
The retrace towards my sell level 1.5160 would have given my enough confidence to keep my long.

Now we are getting somewhere, yes your long was misplaced and yes your stops were arbritary. That's exactly what I was getting at by singling you and FR600 out, showing that both of you could have made something out of your trades if you would have picked the right stops and would have allowed the PA to tell you what she wants.

You are not alone though, most traders here pay no attention to stops and PA. But at least you are seeing the bigger picture now.

Picking an entry is easy, any muppet can see the trend on higher TF's, picking the point where you are no longer willing to invest money to see if you are right is hard.

To single you out a bit further, we have had 4 lower highs on H4 so the trend today is down, so any long at the DP without the PA telling you that the CT is on, is gambling. I would have seen the clear rejection of the DP as a point to sell. Especially as the retrace failed at the 61.8 of the move down on M30, to the pip. I know you don't like fibs, but the big boys use them and if I see 61.8 respected I will never long there.
  • #236,528
  • Jul 8, 2010 11:03am Jul 8, 2010 11:03am
Quoting cloggie
I want 50984 to go for a further confirmed move down.

till now its not bad we did have an h1 open below the 37 es is down too lets see
  • #236,529
  • Jul 8, 2010 11:08am Jul 8, 2010 11:08am
4xStar

u know sweet lady why i love this room

we have great ppl learning teaching sharing helping caring its the best in FF
  • #236,530
  • Jul 8, 2010 11:11am Jul 8, 2010 11:11am
To Mr Cloggie..... Any advice on Euro sir....Please if it is not a burden for u to see charts and tell the story i have shorts running from 12400 and knee deep in red pips...please appreaciate a help
We cannot direct the winds but we can adjust our sail.
  • #236,531
  • Jul 8, 2010 11:12am Jul 8, 2010 11:12am
Quoting cloggie
I want 50984 to go for a further confirmed move down.
Now you are really confusing me, we are in a daily uptrend, wanting this is expecting we are reversing to a downtrend, do you expect that?
Don't be a hero. Don't have an ego. Always question yourself
  • #236,532
  • Jul 8, 2010 11:16am Jul 8, 2010 11:16am
To Mr Cloggie..... Any advice on Euro sir....Please if it is not a burden for u to see charts and tell the story i have shorts running from 12400 and knee deep in red pips...please appreaciate a help
We cannot direct the winds but we can adjust our sail.
  • #236,533
  • Jul 8, 2010 11:16am Jul 8, 2010 11:16am
Quoting USD-Bear
Now you are really confusing me, we are in a daily uptrend
I look at H4 and see 4 lower highs, so I am seeing a downtrend for today. We had tweezer bottoms on H4, which failed so any attempt in a retrace has failed so far. Further the DP held and the PA around it on the M30 was textbook. Further more, the retrace got stopped at the 61.8 to the pip so again no signal for intraday longs unless you countertrade.

No matter what chart I am looking at and every chart pattern I see right now is pointing down. There is nothing, bar the lower TF's that tells me I should be looking at longs here.

And that's why I stated 50984, that is the next opportunity for a countertrend. However I am not going to anticipate one until I have seen the PA around that level.

50984 is getting us really close to the level that Wormy, nAVIN, Magix and I have been waiting for for weeks now. Go back over the posts of the last 4 weeks or so and you can see what the 4 of us have been discussing.
  • #236,534
  • Jul 8, 2010 11:17am Jul 8, 2010 11:17am
alright.. how about back to 5100
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,535
  • Jul 8, 2010 11:23am Jul 8, 2010 11:23am
Quoting cloggie
I look at H4 and see 4 lower highs, so I am seeing a downtrend for today. We had tweezer bottoms on H4, which failed so any attempt in a retrace has failed so far. Further the DP held and the PA around it on the M30 was textbook. Further more, the retrace got stopped at the 61.8 to the pip so again no signal for intraday longs unless you countertrade.

No matter what chart I am looking at and every chart pattern I see right now is pointing down. There is nothing, bar the lower TF's that tells me I should be looking at longs here.

And that's...

How do you see the significance of 50984?
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,536
  • Jul 8, 2010 11:23am Jul 8, 2010 11:23am
Quoting damonl
How do you see the significance of 50984?
S1
  • #236,537
  • Jul 8, 2010 11:23am Jul 8, 2010 11:23am
To Mr Cloggie..... Any advice on Euro sir....Please if it is not a burden for u to see charts and tell the story i have shorts running from 12400 and knee deep in red pips...please appreaciate a help
We cannot direct the winds but we can adjust our sail.
  • #236,538
  • Jul 8, 2010 11:27am Jul 8, 2010 11:27am
Quoting posterboy
To Mr Cloggie..... Any advice on Euro sir....Please if it is not a burden for u to see charts and tell the story i have shorts running from 12400 and knee deep in red pips...please appreaciate a help
Dude... why don't you post a chart and tell us what you think? You are more likely going to be in a better position to help yourself that way.
"Keep your eyes on the helpers" - Mr. Rogers
  • #236,539
  • Jul 8, 2010 11:27am Jul 8, 2010 11:27am
Quoting posterboy
To Mr Cloggie..... Any advice on Euro sir....Please if it is not a burden for u to see charts and tell the story i have shorts running from 12400 and knee deep in red pips...please appreaciate a help

I saw your post, but I can't really comment on that here, your MM needs some serious looking into, why run a trade 220 pips in the red?

Ah well, quickly, for your short to have any chance, you need 2588, 2505, 2412 to give way, those are major levels that have been around for years, in the short term I see no chance of those hitting here and I am looking at 2678 to give next bringing us to long term bull territory. My mid term view is 1.3130

You are at the point now that you can't even look for new setups because this one is dragging you down.
  • #236,540
  • Jul 8, 2010 11:28am Jul 8, 2010 11:28am
Quoting cloggie
I look at H4 and see 4 lower highs, so I am seeing a downtrend for today. We had tweezer bottoms on H4, which failed so any attempt in a retrace has failed so far. Further the DP held and the PA around it on the M30 was textbook. Further more, the retrace got stopped at the 61.8 to the pip so again no signal for intraday longs unless you countertrade.

No matter what chart I am looking at and every chart pattern I see right now is pointing down. There is nothing, bar the lower TF's that tells me I should be looking at longs here.

And that's why...
ah, now I get it, in your way of thinking PA is dominant and only if a support (1.5080) is respected you are prepared to change direction, while I am more betting it will with tight SL (getting best price, but risking a faillure).
Prob. your way is better, its a question of what I lose in SL-distance versus what you lose to be certain of the case.....
Don't be a hero. Don't have an ego. Always question yourself
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