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Cable Update (GBPUSD)

  • #237,761
  • Jul 13, 2010 6:49pm Jul 13, 2010 6:49pm
Quoting forexliar
make it simple
keep clean chart from complex lagging indi
never trust forum say
just trust your own chart
and...
BE YOURSELF .......
I agree with all that. Especially 1 and 2 but sometimes I pick up something I missed when others post charts. The clean ones not the ones with spaghetti all over the place.
  • #237,762
  • Jul 13, 2010 7:08pm Jul 13, 2010 7:08pm
Quoting mcmartins
what does that implies on the currency market????????????

This means that people are skeptical about spending money. Consumer confidence is down. No spending = a prolong to the recession.. not good at all!
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,763
  • Jul 13, 2010 7:17pm Jul 13, 2010 7:17pm
And yet the bulls are still out. Although I agreed that a short was coming, and any other currency I would've shorted that double top at 1.5195 I never try to stand in front of the Cable anymore, it's even less predictable than GBPJPY. Only trade breakouts. Closed my long at R2 some hours ago.
Thank you Lux!
  • #237,764
  • Jul 13, 2010 7:23pm Jul 13, 2010 7:23pm
Quoting nAVIN2007
she comin..
weather so hot weak up to drink and back to sleep
checking things , a awesome
  • #237,765
  • Jul 13, 2010 7:25pm Jul 13, 2010 7:25pm
Quoting ScalpOrDie
And yet the bulls are still out. Although I agreed that a short was coming, and any other currency I would've shorted that double top at 1.5195 I never try to stand in front of the Cable anymore, it's even less predictable than GBPJPY. Only trade breakouts. Closed my long at R2 some hours ago.

That would have definitely been a bad choice to go short there, especially without confirmation from price action....
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,766
  • Jul 13, 2010 7:30pm Jul 13, 2010 7:30pm
Quoting damonl
That would have definitely been a bad choice to go short there, especially without confirmation from price action....
There was a marginal H1 pin but no confirmation from anything else, plus the double top. Might have gambled with a tight stop (would've been stopped out) but I never trade any time other than London to US overlap. Nice to see a fellow Chaos trader in here.
Thank you Lux!
  • #237,767
  • Jul 13, 2010 7:34pm Jul 13, 2010 7:34pm
Quoting ScalpOrDie
There was a marginal H1 pin but no confirmation from anything else, plus the double top. Might have gambled with a tight stop (would've been stopped out) but I never trade any time other than London to US overlap. Nice to see a fellow Chaos trader in here.

Yeah.. I trade it in so much of adding trades when price goes in my favor, but I don't use fractals to do it. Seem currency markets are to volitle for using fractals.

Dinner is up, back later....
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,768
  • Jul 13, 2010 8:10pm Jul 13, 2010 8:10pm
I'm shorting this. Reasons are strong divergence on the M30 and Tweez at the 100% fibo.
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  • #237,769
  • Jul 13, 2010 8:18pm Jul 13, 2010 8:18pm
Ribs on the grill with homemade pesto over noodles with lightly cooked tomatoes.... nice.

Had a nice long scalp, but if you look at this chart, you will see that price tanked right at the upper 100 BB line to the pip. Now we have a nice pin bar on the hourly, though I am not sure if I trust it based on London will most likely retest this level.

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Also have divergence on the 30M chart. This is a pretty strong indication of a down push, but I still think London will give us one more shot at a higher high.

Anyone have any thoughts on trusting this 1 HR pin bar with 30M divergence going into London?

Thanks!
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,770
  • Jul 13, 2010 8:20pm Jul 13, 2010 8:20pm
Quoting stevefx
I'm shorting this. Reasons are strong divergence on the M30 and Tweez at the 100% fibo.

My thoughts as well, but I think the SL would need to be about 70 pips or so.. a little more than I would like.

Are you at all worried the London will bring it back up?
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,771
  • Jul 13, 2010 8:25pm Jul 13, 2010 8:25pm
Quoting damonl
Ribs on the grill with homemade pesto over noodles with lightly cooked tomatoes.... nice.

Had a nice long scalp, but if you look at this chart, you will see that price tanked right at the upper 100 BB line to the pip. Now we have a nice pin bar on the hourly, though I am not sure if I trust it based on London will most likely retest this level.

Attachment

Also have divergence on the 30M chart. This is a pretty strong indication of a down push, but I still think London will give us one more shot at a higher high.

Anyone have...
Is that perfect pin bro ?
  • #237,772
  • Jul 13, 2010 8:28pm Jul 13, 2010 8:28pm
Quoting forexliar
Is that perfect pin bro ?
I don't think it is, in fact it almost looks like the type of bar you would go long on. lol
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,773
  • Jul 13, 2010 8:31pm Jul 13, 2010 8:31pm
Heck.. I would rather risk 70 pips, 35 pips higher up than from here, as I am not sure how far down it will go ( 200 SMA maybe a bit more) and this would at least increase my risk/reward ratio....
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,774
  • Jul 13, 2010 8:32pm Jul 13, 2010 8:32pm
Quoting damonl
I don't think it is, in fact it almost looks like the type of bar you would go long on. lol
Just closed my long...since 4999. Just wait for another setup aniway.

"never trust forum say...just trust our own......."
  • #237,775
  • Jul 13, 2010 8:33pm Jul 13, 2010 8:33pm
Quoting damonl
My thoughts as well, but I think the SL would need to be about 70 pips or so.. a little more than I would like.

Are you at all worried the London will bring it back up?
I'll SL back at the high if it fails. 32 points from my entry. I stick to my MM and worry is not an issue, except in the way that all positions involve worry. I just follow the best signs I have. Hopefully I can get out with a few gold coins before London open. This pos. is above 5/6th range on all TFs up to Daily, so a little something to offset the bull factor.
  • #237,776
  • Jul 13, 2010 8:37pm Jul 13, 2010 8:37pm
I wouldn't go long yet unless you are willing to draw down to at least the daily pivot. Looks like we finished a 5 wave impulse on M15. Wave 1 on H1. But was a strong move up, might see a running correction. Frankfurt usually pushes moves like this down to at least the daily pivot before London bids the price back up. The daily pivot at 1.5119 is also close to the 50% fib pivot point of the entire move from 1.4963.

And then there is that pin bar.

Gonna wait and see what turns up.
Thank you Lux!
  • #237,777
  • Jul 13, 2010 8:40pm Jul 13, 2010 8:40pm
Quoting forexliar
Just closed my long...since 4999. Just wait for another setup aniway.

"never trust forum say...just trust our own......."
I got in at around that price, 4980, but closed at daily R2. :-(. Nice trade for you! :-D
Thank you Lux!
  • #237,778
  • Jul 13, 2010 8:47pm Jul 13, 2010 8:47pm
Quoting Magix
This is what I figure....somewhat of a crossroads of Trend Lines Meet Moving Average resistance.

200EMA on the daily...
hey wise man

the same thinking here bro although 15260 is a strong res we have to pass it,
  • #237,779
  • Jul 13, 2010 8:48pm Jul 13, 2010 8:48pm
Quoting ScalpOrDie
I wouldn't go long yet unless you are willing to draw down to at least the daily pivot. Looks like we finished a 5 wave impulse on M15. Wave 1 on H1. But was a strong move up, might see a running correction. Frankfurt usually pushes moves like this down to at least the daily pivot before London bids the price back up. The daily pivot at 1.5119 is also close to the 50% fib pivot point of the entire move from 1.4963.

And then there is that pin bar.

Gonna wait and see what turns up.
Yeah.. that is good advice for sure.. definitely will not going to go long right now.. lol definitely looking for something lower for that, and being Asian, I think I will walk away with my scalp and come back later.
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,780
  • Jul 13, 2010 8:48pm Jul 13, 2010 8:48pm
darn the chart
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