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Cable Update (GBPUSD)

  • #237,781
  • Jul 13, 2010 8:51pm Jul 13, 2010 8:51pm
Quoting forexliar
Just closed my long...since 4999. Just wait for another setup aniway.

"never trust forum say...just trust our own......."
Very nice trade FL! I was in a little higher, but got this morning as I needed some sleep. It was a good trade though
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,782
  • Jul 13, 2010 8:58pm Jul 13, 2010 8:58pm
IMHO we are just starting leg 3 down!!
  • #237,783
  • Jul 13, 2010 8:58pm Jul 13, 2010 8:58pm
wise man look at this with tcci length at 10
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  • #237,784
  • Jul 13, 2010 8:59pm Jul 13, 2010 8:59pm
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.
I show the DP at 1.51058. Is this wrong?
  • #237,785
  • Jul 13, 2010 9:01pm Jul 13, 2010 9:01pm
Quoting StarChild
IMHO we are just starting leg 3 down!!
Where is the bottom for leg 3?
  • #237,786
  • Jul 13, 2010 9:02pm Jul 13, 2010 9:02pm
Quoting kill56
hey wise man

the same thinking here bro although 15260 is a strong res we have to pass it,
They have to top it during the London/NY session, that way it can spike and not have to repeat.

That's how I see this playing out.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #237,787
  • Jul 13, 2010 9:04pm Jul 13, 2010 9:04pm
Daily leg 3 srart
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  • #237,788
  • Jul 13, 2010 9:07pm Jul 13, 2010 9:07pm
Quoting Magix
They have to top it during the London/NY session, that way it can spike and not have to repeat.

That's how I see this playing out.

Same here Magix... I think it is worth waiting for something lower to take us there and hit the next reversal bar up higher.

See you back here than if a few hours!

Flat for now
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,789
  • Jul 13, 2010 9:09pm Jul 13, 2010 9:09pm
Lower trend at 61% fib but with weekly coming on line could be an extension and go even lower...
Quoting gotpips92
Where is the bottom for leg 3?
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  • #237,790
  • Jul 13, 2010 9:11pm Jul 13, 2010 9:11pm
going to try to play this:
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  • #237,791
  • Jul 13, 2010 9:11pm Jul 13, 2010 9:11pm
Quoting mdiz2
I show the DP at 1.51058. Is this wrong?
Depends on your time, depends on your feed, depends on your indicator. (Lol) Forexpros.com shows their Daily PP at 1.5122. Fib and Classic. This is why round numbers are important.
Thank you Lux!
  • #237,792
  • Jul 13, 2010 9:15pm Jul 13, 2010 9:15pm
If this is the start of 5wave count..leg two cannot go above beginning of leg one by more than a few pips and then needs to close back below it..so if price breaks above high is not the 5 wave move down
Quoting StarChild
Lower trend at 61% fib but with weekly coming on line could be an extension and go even lower...
  • #237,793
  • Jul 13, 2010 9:17pm Jul 13, 2010 9:17pm
Quoting darimik
going to try to play this:
Attachment
It wouldn't be a bad play really, unless you get stopped out by a running correction. I always trade from extension to extension, especially if I have a wave count that looks half right and price action. (A pin bar.)

Problem is, counter trend extensions sometimes don't hit their targets. Trend extensions do 99% of the time. (In my humble experience.) That is why I trade my exits from counter trend trades by PPs and price action and not extensions.

IMO, it's really a race against the clock to see how far down it is pushed before London opens. Because I would bet London is going bullish again. I always close profitable counter trend trades before London, when I trade Frankfurt. Which is very rarely.

Frankfurt can drive the price down a lot though before London opens. Happens many nights.
Thank you Lux!
  • #237,794
  • Jul 13, 2010 9:17pm Jul 13, 2010 9:17pm
Quoting Magix
They have to top it during the London/NY session, that way it can spike and not have to repeat.

That's how I see this playing out.
man i cant let 30pips go away but from here to londond lets enjoy the ride west
  • #237,795
  • Jul 13, 2010 9:30pm Jul 13, 2010 9:30pm
Quoting mdiz2
I show the DP at 1.51058. Is this wrong?
its just about right
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  • #237,796
  • Jul 13, 2010 9:30pm Jul 13, 2010 9:30pm
Quoting kill56
man i cant let 30pips go away but from here to londond lets enjoy the ride west
Caught a few on the EJ short...

Watching for continuation of downs for another bite....

Cable...going to hold my longs into London, see how it plays out.

It's been a damn decent week already...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #237,797
  • Jul 13, 2010 9:36pm Jul 13, 2010 9:36pm
==========
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  • #237,798
  • Jul 13, 2010 9:41pm Jul 13, 2010 9:41pm
Quoting Magix
Caught a few on the EJ short...

Watching for continuation of downs for another bite....

Cable...going to hold my longs into London, see how it plays out.

It's been a damn decent week already...

not bad at all did miss the trip west yesterday but there is room in the train west till london ,
  • #237,799
  • Jul 13, 2010 10:08pm Jul 13, 2010 10:08pm
Closed my short -10 upon review of the Daily Chart. Missed the UTL by a fraction. Reenforces Magics idea about more up and topping. Maybe need to kiss that TL before going down.
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  • #237,800
  • Jul 13, 2010 10:09pm Jul 13, 2010 10:09pm
Shall we look for short again? price almost hit major weekly resistance.
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