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Cable Update (GBPUSD)

  • #240,281
  • Jul 22, 2010 7:15am Jul 22, 2010 7:15am
Quoting cloggie
Just closed the euro long too on rejection of the R1. Gonna stay on the fence now till the JC's come out in 30, my H4 still has 3 hours to go. Using a GMT+1 broker for my charts especially for that reason.
Which broker is GMT +1 ?

WB, what's a tower bottom??
******************* I'd rather make money than be right.
  • #240,282
  • Jul 22, 2010 7:16am Jul 22, 2010 7:16am
Closed trade @ 1.52526
The pair is seen supported at the level, thus closing the trade is preffered

92242966 | 2010.07.22 11:24 | sell | 2.00 | gbpusdm | 1.52731 | 0.00000 | 0.00000 | 2010.07.22 12:10 | 1.52526 | 41.00

Total for today's trade, my very first 2 trades are satisfactory; currently the pair is seen continuing trending down, but I'm not sure that it will stay.
I think that the pair will face a good support @ around 1.52293 (30m TF) which is a horizontal line from Ichimoku indicator.

Will wait-and-see for other entry today...


Quoting HowieTrader
Calling short @ 1.52731
TP @ 1.52000 (Will close the trade manually if necessary)
SL @ 1.53731

I think that the pair is now leaving the overbought area, wiser to short here..

If we zoom out to 1H TF, there is a downtrend-line limiting the pair (acts as resistance)

Let time proves me wrong or correct...
Attached Image (click to enlarge)
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Attached Image
  • #240,283
  • Jul 22, 2010 7:23am Jul 22, 2010 7:23am
Quoting forexlion


http://www.youtube.com/watch?v=Ke91rxPCcPg
  • #240,284
  • Jul 22, 2010 7:27am Jul 22, 2010 7:27am
Quoting 4xStar
Which broker is GMT +1 ?

WB, what's a tower bottom??
Tower bottom is more commonly known as a "V" reversal. FXCM is GMT+1 so I get a completed H4 right before the London open, which for me is the most critical time of the day and gives me the best entries. I could not imagine using any broker for my charts that does not coincide with the LO. But that suits me and my strategy.
  • #240,285
  • Jul 22, 2010 7:29am Jul 22, 2010 7:29am
CAD news coming soon, moved SL tighter ....... iff

http://img825.imageshack.us/img825/2699/64419258.gif
  • #240,286
  • Jul 22, 2010 7:33am Jul 22, 2010 7:33am
SL hit +24.7 pips not bad
  • #240,287
  • Jul 22, 2010 7:33am Jul 22, 2010 7:33am
Quoting forexlion
SL hit +24.7 pips not bad
NIce one lion. King rules Hip hip horray...
  • #240,288
  • Jul 22, 2010 7:34am Jul 22, 2010 7:34am
Quoting bbmac
bollinger bands are perhaps the worst named technical indicator--john bollinger opting for a narcisistic branding of the bands ratrher than a more apt descriptive name-like volatility bands, (lol) ...
interesting point
  • #240,289
  • Edited 7:52am Jul 22, 2010 7:38am | Edited 7:52am
@Update:
Accidentally closed @ 1.52490... You know... I felt very nervous and jumpy for taking the last trade....:-(

Will stay out for a moment...


I'm not sure if the pair can dive more than current level... In 1H TF, the pair is now struggling on the Ichimoku lines (don't know what name it has for the kumo lines)

Anyway, taken another short call @ 1.52525
TP @ 1.52000 (will manually close the trade if necessary)
SL @ 1.53000
Attached Image
  • #240,290
  • Jul 22, 2010 7:39am Jul 22, 2010 7:39am
Quoting special0nefx
NIce one lion. King rules Hip hip horray...
I didn't do anything special

I just planned a bank robbery, published my plans in the newspapers and showed my charts on the TV

then went in and coolly collected my cash [24.7 pips]
  • #240,291
  • Jul 22, 2010 7:40am Jul 22, 2010 7:40am
Quoting forexlion
the chart i posted is a typical bull flag on 1 hour, wait for it to kiss 5200 then enter for 400 to 500 pips if you know what i mean

it will give a fake out to the bottom before it happens
totally agree about the flag. even more obvious on the 4h. but why 5200?
  • #240,292
  • Jul 22, 2010 7:41am Jul 22, 2010 7:41am
Quoting forexlion
I didn't do anything special

I just planned a bank robbery, published my plans in the newspapers and showed my charts on the TV

then went in and coolly collected my cash [24.7 pips]
neither me. I see king around here only
  • #240,293
  • Jul 22, 2010 7:42am Jul 22, 2010 7:42am
Quoting AnonYmos
totally agree about the flag. even more obvious on the 4h. but why 5200?
because when i selected that video on youtube, cable was at 5200 then
  • #240,294
  • Jul 22, 2010 7:44am Jul 22, 2010 7:44am
Quoting cloggie
Tower bottom is more commonly known as a "V" reversal. FXCM is GMT+1 so I get a completed H4 right before the London open, which for me is the most critical time of the day and gives me the best entries. I could not imagine using any broker for my charts that does not coincide with the LO. But that suits me and my strategy.
Gracias
(as we say here in Aztlan )
******************* I'd rather make money than be right.
  • #240,295
  • Jul 22, 2010 7:46am Jul 22, 2010 7:46am
with bernanke due to speak soon

i refuse to open anymore trade, i am on bernanke strike

i will re-think after the us news are over

these guys cam create a hell of spikes
  • #240,296
  • Jul 22, 2010 7:47am Jul 22, 2010 7:47am
Quoting 4xStar
Gracias
(as we say here in Aztlan )

There has been debates as long as FX has existed on what H4 and Daily times to use. I trade London and base my entire day around what London does, that's where the money is so I want my daily to open at 0000 London time and my H4 at the London open. All the traders in London look at the same candle times, so I want mine aligned with theirs. Now if I would focus on Timbuktu, then I would want my H4 to open at the open of Timbuktu. Ah wait Timbuktu is on GMT+1, maybe I should look into their markets too....

Palm oil maybe the currency of choice there, didn't we have a troll here for a while who was the king of palm oil?
  • #240,297
  • Jul 22, 2010 7:51am Jul 22, 2010 7:51am
Is anyone holding long trades??
  • #240,298
  • Jul 22, 2010 7:52am Jul 22, 2010 7:52am
Quoting forexlion
with bernanke due to speak soon

i refuse to open anymore trade, i am on bernanke strike

i will re-think after the us news are over

these guys cam create a hell of spikes
Uncle ben again. DOn't you think he looks like a santa.
  • #240,299
  • Jul 22, 2010 7:54am Jul 22, 2010 7:54am
Quoting cloggie
There has been debates as long as FX has existed on what H4 and Daily times to use. I trade London and base my entire day around what London does, that's where the money is so I want my daily to open at 0000 London time and my H4 at the London open. All the traders in London look at the same candle times, so I want mine aligned with theirs. Now if I would focus on Timbuktu, then I would want my H4 to open at the open of Timbuktu. Ah wait Timbuktu is on GMT+1, maybe I should look into their markets too....
Makes perfect sense .. well except the part about Timbuktoo....


Quote
Palm oil maybe the currency of choice there, didn't we have a troll here for a while who was the king of palm oil?

I believe we did .. heard he made a fortune in greasy pips.
******************* I'd rather make money than be right.
  • #240,300
  • Jul 22, 2010 7:55am Jul 22, 2010 7:55am
Quoting maurofx
Is anyone holding long trades??
Sure am, and expect to keep them long
Don't be a hero. Don't have an ego. Always question yourself
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