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Cable Update (GBPUSD)

  • #240,621
  • Jul 23, 2010 8:11am Jul 23, 2010 8:11am
Quoting HowieTrader
Agree... I took a short previously but closed it already because of confusion..
I was very sure it can go down either primary trend or just a pity retracement...
Right now just waiting for another signal for another trade..
If 5392 holds we should be alright....
"Keep your eyes on the helpers" - Mr. Rogers
  • #240,622
  • Jul 23, 2010 8:12am Jul 23, 2010 8:12am
Quoting HowieTrader
Why suddenly Long the pair? What TF do you watch? In my 30m TF, the RSI is already pointing down, thus Short is preffered... Am I right??
It's not sudden... I've taken the long road and closed of at the top for minor retrace as per my previous post. I have just re-entered long based on uptrend momentum and my system targets. Support is seen at 1.5400 and PA around there seem to have stabalise the minor retrace from 1.5450 level.

Quoting damonl
Are you sure, we have sister tops.. pretty big reversal signal?
Never sure.

Your trading plan is what should map your journey.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #240,623
  • Jul 23, 2010 8:13am Jul 23, 2010 8:13am
Quoting HowieTrader
Closed my previous trade already because of confusion...

92263703 | 2010.07.23 12:39 | sell | 2.00 | gbpusdm | 1.54042 | 0.00000 | 1.53600 | 2010.07.23 12:58 | 1.53981 | 12.20
Good day to you,

The RSI - like many other similar indicators of this type, can show you theoretical "overbought" and "oversold" areas. ( just hate the phrase). The indicator however can stay in that "overbought" and "oversold" areas for extreme periods of time - should a strong trend be in place.

Often it plays out - but in a stronger trend environment - it may bite you.



Regards
Attached Image (click to enlarge)
Click to Enlarge Name: rsi.gif Size: 16 KB
  • #240,624
  • Jul 23, 2010 8:14am Jul 23, 2010 8:14am
Quoting Bull_Bear

Never sure.

Your trading plan is what should map your journey.
Right.. think I am going to wait for the river
"Keep your eyes on the helpers" - Mr. Rogers
  • #240,625
  • Jul 23, 2010 8:17am Jul 23, 2010 8:17am
Thanks, good day to you too... I'm more a book-based trader at the moment because I started trading just after finishing many books explaining how interesting trading is...

RSI is one of my setup to show me the pressure on the pair, sometimes, many other traders define their own overbought area, you know, I define it in 70 area, many defined it around 80 area...

Anyway, still sitting tight without any position yet...

Quoting TauTrader
Good day to you,

The RSI - like many other similar indicators of this type, can show you theoretical "overbought" and "oversold" areas. ( just hate the phrase). The indicator however can stay in that "overbought" and "oversold" areas for extreme periods of time - should a strong trend be in place.

Often it plays out - but in a stronger trend environment - it may bite you.



Regards
  • #240,626
  • Jul 23, 2010 8:21am Jul 23, 2010 8:21am
Just now, the pair dropped near my previous trade's TP... Shouldn't have closed the trade... What a day...

Quoting HowieTrader
Closed my previous trade already because of confusion...

92263703 | 2010.07.23 12:39 | sell | 2.00 | gbpusdm | 1.54042 | 0.00000 | 1.53600 | 2010.07.23 12:58 | 1.53981 | 12.20

Today's result (as of writing) as attached... Just a newbie but I'm getting used to trade GU very well with so many helping posts from you guys.. Thanks a lot..
Attached Image
  • #240,627
  • Jul 23, 2010 8:22am Jul 23, 2010 8:22am
EUR weakness has put a dampen on cable's climb...
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #240,628
  • Jul 23, 2010 8:23am Jul 23, 2010 8:23am
Reversal? Maybe.
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 34 KB
  • #240,629
  • Jul 23, 2010 8:24am Jul 23, 2010 8:24am
Gap filled ... for those who saw one on their charts...

Once she started retracing that strongly .. I think the gap became a target. Now let's see what happens from here.
******************* I'd rather make money than be right.
  • #240,630
  • Jul 23, 2010 8:24am Jul 23, 2010 8:24am
Kewl....

Based off 100pip movement from MA cross...

Fib lines drawn, showing caps at 161.8...3x entries for counters after the first 100...
Attached Image (click to enlarge)
Click to Enlarge Name: cablec.jpg Size: 98 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #240,631
  • Jul 23, 2010 8:27am Jul 23, 2010 8:27am
Let's see if the pair can still dive a little bit more today...
Short @ 1.53630
TP @ 1.53028 (Will close the trade manually if necessary)
SL @ 1.54448 (Near today's high)

The RSI is still pointing down, deep down now... Any comments?
Attached Image
  • #240,632
  • Jul 23, 2010 8:27am Jul 23, 2010 8:27am
Rumour that one of the biggies failed the stress test, if this is what the rumour does, can't wait for the report.
  • #240,633
  • Jul 23, 2010 8:28am Jul 23, 2010 8:28am
Quoting xenu
Reversal? Maybe.
No reversal for me at this point. Its just weakness in cross pairs affecting cable's drop... Once that stabalises cable will resume her slow climb now that this has happened.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #240,634
  • Jul 23, 2010 8:29am Jul 23, 2010 8:29am
My 2 pennies : she break the 200 ema on 5 min and hold could be good for 5 pips o 'more???!!!
All systems of divination, like music itself,work through patterns.
  • #240,635
  • Jul 23, 2010 8:31am Jul 23, 2010 8:31am
Quoting Bull_Bear
No reversal for me at this point. Its just weakness in cross pairs affecting cable's drop... Once that stabalises cable will resume her slow climb now that this has happened.
Sure, but those spikes are one of signals. In general I'm bullish on GU.
  • #240,636
  • Jul 23, 2010 8:32am Jul 23, 2010 8:32am
I think whatever the results of stress test be, market will react to it negatively, coz their wont be any surprisingly good news out of it anyways, its a test to test bankruptcy and failure.
  • #240,637
  • Jul 23, 2010 8:32am Jul 23, 2010 8:32am
Quoting cloggie
Rumour that one of the biggies failed the stress test, if this is what the rumour does, can't wait for the report.
Dame rumour spoiled our fun with cable !!!!

Not to worry.. she'll recover just not as fast paced as before.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #240,638
  • Jul 23, 2010 8:34am Jul 23, 2010 8:34am
Quoting Bull_Bear
No reversal for me at this point. Its just weakness in cross pairs affecting cable's drop... Once that stabalises cable will resume her slow climb now that this has happened.
I was so busy fiddle-f$&king with charts to day. EURUSD gave us a clear sell and so did Pound.

Long CHF and GBPCHF though, so that is going okay. I guess I was just happy not doing any more trading today. lol
"Keep your eyes on the helpers" - Mr. Rogers
  • #240,639
  • Jul 23, 2010 8:39am Jul 23, 2010 8:39am
I am thinking of buying the cable if the 1.5370 area holds on hourly chart. Any thoughts?
  • #240,640
  • Jul 23, 2010 8:39am Jul 23, 2010 8:39am
Quoting damonl
I was so busy fiddle-f$&king with charts to day. EURUSD gave us a clear sell and so did Pound.

Long CHF and GBPCHF though, so that is going okay. I guess I was just happy not doing any more trading today. lol
KISS mate, don't over complicate
Veni, Vidi, Vici (We came, we saw, we conquered)
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