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Cable Update (GBPUSD)

  • #241,021
  • Jul 26, 2010 5:17pm Jul 26, 2010 5:17pm
Hi,

I'm short too - strong S/R on daily+1.5500+overall daily trend down , expecting at least deeper down retracement - 1.5300 maybe and i think there is possibility of falling at 1.4800

Mike.
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  • #241,022
  • Jul 26, 2010 5:20pm Jul 26, 2010 5:20pm
lol here comes the shorters to piss cloggie off
  • #241,023
  • Jul 26, 2010 5:21pm Jul 26, 2010 5:21pm
Quoting katrooo
Hi,

I'm short too - strong S/R on daily+1.5500+overall daily trend down , expecting at least deeper down retracement - 1.5300 maybe and i think there is possibility of falling at 1.4800

Mike.
You are right we are going down but my charts tell me we wont be going down till the end of the Month & we will bounce from here to 1.56 before dropping to 1.50 area & then come back up to form a new High 1.60 area!
  • #241,024
  • Jul 26, 2010 5:24pm Jul 26, 2010 5:24pm
Quoting katrooo
Hi,

I'm short too - strong S/R on daily+1.5500+overall daily trend down , expecting at least deeper down retracement - 1.5300 maybe and i think there is possibility of falling at 1.4800

Mike.

Solid higher lows for 24 hours in a row on the H4, discounting the one doji it has been solid higher lows for 3 days, hmmmmmm, solid daily trend down not discounting the last 2 months? Hmmmmm
  • #241,025
  • Jul 26, 2010 5:25pm Jul 26, 2010 5:25pm
Quoting Allseeingeye
You are right we are going down but my charts tell me we wont be going down till the end of the Month & we will bounce from here to 1.56 before dropping to 1.50 area & then come back up to form a new High 1.60 area!

yes, possible but before 1.5600 I'm expecting bounce from 1.5500 and at least 100-200 pips move south......I don't play this for long time and I agree with your analysis that cable will make new highs but just think not yet at this time

Mike.
  • #241,026
  • Jul 26, 2010 5:30pm Jul 26, 2010 5:30pm
Quoting cloggie
Solid higher lows for 24 hours in a row on the H4, discounting the one doji it has been solid higher lows for 3 days, hmmmmmm, solid daily trend down not discounting the last 2 months? Hmmmmm
Hi cloggie,

Every of us considers trend in other ways, and when I plot daily cable chart on my screen -around 300 bars there I ve seen that price fell down so it's still downtrend for me
  • #241,027
  • Jul 26, 2010 5:32pm Jul 26, 2010 5:32pm
Quoting katrooo
Hi cloggie,

Every of us considers trend in other ways, and when I plot daily cable chart on my screen -around 300 bars there I ve seen that price fell down so it's still downtrend for me

Ah ok, you expect a 100 pip drop and in order to think it will you need to go back a few hundred bars on the daily.

Will be interesting to watch this one. Goodluck on your trade, I'm off. See you guys at the open.
  • #241,028
  • Jul 26, 2010 5:40pm Jul 26, 2010 5:40pm
Quoting Allseeingeye
You are right we are going down but my charts tell me we wont be going down till the end of the Month & we will bounce from here to 1.56 before dropping to 1.50 area & then come back up to form a new High 1.60 area!
Although you're probably right, we've already hit 1.55 and the pair is very oversold on the 3 hr. Would you buy with the knowledge that 100 pips is attainable, even though the pair is expected to test 1.50 shortly after? For me it seems like too much of a risk...but I guess that's why you intradayers are on top of the movements.

I'm short at 1.5481.
  • #241,029
  • Jul 26, 2010 5:41pm Jul 26, 2010 5:41pm
Quoting cloggie
Ah ok, you expect a 100 pip drop and in order to think it will you need to go back a few hundred bars on the daily.

Will be interesting to watch this one. Goodluck on your trade, I'm off. See you guys at the open.
I'm always checking daily before 4h entry, and that apx. 300 bars is default witout zooming out. Yes I'm waiting for 100-200 pips now but then I will let part of my position with BE SL (dont expect so much success there but we will see)

Mike.
  • #241,030
  • Jul 26, 2010 5:50pm Jul 26, 2010 5:50pm
Well,
Here is another crudely scribbled Screen Shot,
of a decent trade, in continuation.

I've basically stuck to my guns on a trade entered,
on last Wed's / Thurs... When she BEGAN,
-(Yes Again), to "Pop"...

Prop's go to Cloggie's continual... "BANGING of HEAD's",
and the continual badgering of those entering short,
on the continual uptrend, w/"HABITUAL Suicidal", tendancies!

I'm looking @the Ema's About to "Touch" on the "Daily" Chart,
(Posted), and the Monthly Chart, the 24 Ema getting hit,
for potential Target @1.56 / 1.5700... ?

'Missing you guys' been haggering w/a Tree that fell
on the Garage & Smashed the "Non-comprehensive" insurance,
on '2002 Ford Explorer!
-Oh well! Such is life, move on...

-Maybe 1.56/1.57 will comfort the "blow"!
Have a great Evening Gang... Best of 'Pipping',
'Terrapin Pipper,

Jeff
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I will work to Objectively Identify my Edges
  • #241,031
  • Jul 26, 2010 8:05pm Jul 26, 2010 8:05pm
Quoting sqrt(-1)
Although you're probably right, we've already hit 1.55 and the pair is very oversold on the 3 hr. Would you buy with the knowledge that 100 pips is attainable, even though the pair is expected to test 1.50 shortly after? For me it seems like too much of a risk...but I guess that's why you intradayers are on top of the movements.

I'm short at 1.5481.
Let me ask you this. Would you Sell knowing that this thing has come up 1300 pips without breathing & knowing you could go 100 more pips up, & when it gets there it decides for another 75! Did you sell? The point I was trying to make to the person I answered was that he can get a much better entry & with the way this BEAST has been going North I don't want to sell 100-150 pips from the top when I see clearly we still have up move left! I am still long but very small position, 90% closed & getting ready for buying scalps.
  • #241,032
  • Jul 26, 2010 8:09pm Jul 26, 2010 8:09pm
Quoting Allseeingeye
Let me ask you this. Would you Sell knowing that this thing has come up 1300 pips without breathing & knowing you could go 100 more pips up, & when it gets there it decides for another 75! Did you sell? The point I was trying to make to the person I answered was that he can get a much better entry & with the way this BEAST has been going North I don't want to sell 100-150 pips from the top when I see clearly we still have up move left! I am still long but very small position, 90% closed & getting ready for buying scalps.
nice.... i'm with you guys
  • #241,033
  • Jul 26, 2010 8:18pm Jul 26, 2010 8:18pm
Quoting Allseeingeye
Let me ask you this. Would you Sell knowing that this thing has come up 1300 pips without breathing & knowing you could go 100 more pips up, & when it gets there it decides for another 75! Did you sell? The point I was trying to make to the person I answered was that he can get a much better entry & with the way this BEAST has been going North I don't want to sell 100-150 pips from the top when I see clearly we still have up move left! I am still long but very small position, 90% closed & getting ready for buying scalps.
Good point, but I'll sell at 1.56, and if it goes to 1.58, I'll sell again, and hell, I'll do it all the way until my account blows up at 2.4! Right now I see "good" entry on the 3 HR, not "great", and yes, I see it going up more, but things don't always work 100%, so I want to have a piece here in case it does go south tomorrow.
  • #241,034
  • Jul 26, 2010 8:51pm Jul 26, 2010 8:51pm
Quoting sqrt(-1)
Good point, but I'll sell at 1.56, and if it goes to 1.58, I'll sell again, and hell, I'll do it all the way until my account blows up at 2.4! Right now I see "good" entry on the 3 HR, not "great", and yes, I see it going up more, but things don't always work 100%, so I want to have a piece here in case it does go south tomorrow.
look if you use good money management & you keep adding knowing full well this thing Could go to 1.60 before dropping then ok But as an Elliot wave Trader I see it coming down to 1.50 area but going back up for a final high so it would be wiser to wait the up move has finished! I have always said that for P rice to reverse it first has to Stop going in the direction it is going in & right now it hasn't STOPPED!
  • #241,035
  • Jul 26, 2010 9:02pm Jul 26, 2010 9:02pm
hey everyone! i usually dont post here but I thought id share my view

I like shorts around weekly r2, upper tl and 38 fib(3500-7041)....It just all depends if cables got the strength to make it there , it sure looks strong though....well see. Id need to see a considerable pullback below 5400 before id consider long again. Its approaching wkly r1 so well see how strong it is.
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  • #241,036
  • Jul 26, 2010 9:07pm Jul 26, 2010 9:07pm
5500 area seems to be working as a considerable resistance. Brice has bounced from that zone in 7 bullish attempts. It would be nice to hace a shot to 5400 zone to long the pair from there.
We'll see.
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  • #241,037
  • Jul 26, 2010 9:12pm Jul 26, 2010 9:12pm
Quoting katrooo
yes, possible but before 1.5600 I'm expecting bounce from 1.5500 and at least 100-200 pips move south......I don't play this for long time and I agree with your analysis that cable will make new highs but just think not yet at this time

Mike.
i use do do it your way & if the price dont stop & lets say we get a hurricane next week & it sends oil all over America & this thing keeps going up, what happens, ill tell you what happens, I get A BONUS & You get a BUST!
  • #241,038
  • Jul 26, 2010 9:16pm Jul 26, 2010 9:16pm
i just noticed as well as weekly r1 @ 5542, 200 day ma comes in @ 5565
  • #241,039
  • Jul 26, 2010 9:18pm Jul 26, 2010 9:18pm
BREAKING NEWS COT SAYS 98% SHORT ON POUND!

BANK & FOREX ACCOUNT BREAKING NEWS ANYONE STUPID ENOUGH TO THINK THEY CAN TRADE THE COT IS GOING TO BREAK THEIR BANK & FOREX ACCOUNT! Unless of course you have Soros Taylor so he gives you the DEEP POCKETS!
  • #241,040
  • Jul 26, 2010 9:21pm Jul 26, 2010 9:21pm
Quoting mfoste1
i just noticed as well as weekly r1 @ 5542, 200 day ma comes in @ 5565
The people shorting know are the same people who will Change their minds & go long at the Top 1.5625 because they will be so psychologically tired from being in the RED that their brain will start telling them its going to 1.60!
I thought we were retracing at 1.54 & saw i was wrong & know we are still in a Pound Strength scenario even EUR/GBP Daily is still Bearish until that & the USDX Daily turn Bullish the only way the Pound can go is UP!
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