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Cable Update (GBPUSD)

  • #241,241
  • Jul 27, 2010 7:59am Jul 27, 2010 7:59am
Quoting kill56
agree bro i am already out hit and run flat now waiting

It is fun to watch though how "newer" traders use their M5 loaded with bells, whistles and christmas trees to find a ludicrous attempt to short the H4 and daily trend.
  • #241,242
  • Jul 27, 2010 7:59am Jul 27, 2010 7:59am
drop ~ 20usd n look like gu start to bear from 1.5570...mm
  • #241,243
  • Jul 27, 2010 8:13am Jul 27, 2010 8:13am
Quoting grashid
drop ~ 20usd n look like gu start to bear from 1.5570...mm
Believe it or not, but i'm seeing Gold at $1006. Crazy I know, but that's where i'm seeing a retracement area on the Weekly TF.
  • #241,244
  • Jul 27, 2010 8:16am Jul 27, 2010 8:16am
I am short and happy so far.
  • #241,245
  • Jul 27, 2010 8:20am Jul 27, 2010 8:20am
Just back home
will check some of post i missed today some of them.....Well Interesting
  • #241,246
  • Jul 27, 2010 8:20am Jul 27, 2010 8:20am
Happier still.
  • #241,247
  • Jul 27, 2010 8:26am Jul 27, 2010 8:26am
Quoting cloggie
The M30 bearish engulfing formed and failed that one was fundy driven and not entirely technical. 5509 is the key for any shorters to have a hope and a prayer. On every TF the trend is still holding up nicely and like Fudomyo says, NY may give us a test of the high. My key levels are 5509 and 5544, a nice range to trade the break from. Am still flat, having cashed in earlier and still not seeing a proper longer term setup here, lots to scalp from as yesterday but am passing today on that one. Keep buying the dips of 5515 is one scalping strat today...
Thinking of scalping some longs based on m5 and 200ema, wondering if the bearish trend we're looking at is retracements, or cause of the news...
Don't be emo... don't be emo....
  • #241,248
  • Jul 27, 2010 8:30am Jul 27, 2010 8:30am
Quoting drakes
Thinking of scalping some longs based on m5 and 200ema, wondering if the bearish trend we're looking at is retracements, or cause of the news...

We are still at the key level ranging between 5509 and 5544, the 50 retrace held nicely, by all means scalp within your comfort zone, I am still flat looking to see how all these supports here are playing out before I am going to commit to a longer term trade. I really don't think the little bit of news is going to set a new trend, Cable is still behaving very technically and has done so for months. Today all the major support levels are still being bought.
  • #241,249
  • Jul 27, 2010 8:32am Jul 27, 2010 8:32am
Closed my shorts @ latest dive...

Will stay out of the market right now, feeling lucky and blessed...

In my 1H TF chart, RSI is still pointing down but 30m is not...
  • #241,250
  • Jul 27, 2010 8:33am Jul 27, 2010 8:33am
Quoting GlobalMacro
but if you have "no idea" how can you base your decision on something you don't know? after all your trading edge does not trade on its own!

in fact if one follows your line of thinking logically, you should not be able to determine your trading edge at all because you simply do not know...
I think he is good trader but to say something like this ( i guess) He is not in best psychology shape.Some time we pass in this because stress of life
  • #241,251
  • Jul 27, 2010 8:36am Jul 27, 2010 8:36am
Quoting cloggie
We are still at the key level ranging between 5509 and 5544, the 50 retrace held nicely, by all means scalp within your comfort zone, I am still flat looking to see how all these supports here are playing out before I am going to commit to a longer term trade. I really don't think the little bit of news is going to set a new trend, Cable is still behaving very technically and has done so for months. Today all the major support levels are still being bought.
Hehehe... wow... nice bounce... am out with profit, now to see if can do that again...
Don't be emo... don't be emo....
  • #241,252
  • Jul 27, 2010 8:37am Jul 27, 2010 8:37am
Quoting drakes
Hehehe... wow... nice bounce... am out with profit, now to see if can do that again...

That's how to play the range, first thing though is to be able to identify the bugger, then trading it is pretty simple.
  • #241,253
  • Jul 27, 2010 8:39am Jul 27, 2010 8:39am
Quoting cloggie
That's how to play the range, first thing though is be able to identify the bugger, then trading it is pretty simple.
This one i gotta thank both you and digger for pointing it out last night... never knew the 25ma on 1h chart, and 200ma on 5m chart to be such a strong support...
Don't be emo... don't be emo....
  • #241,254
  • Jul 27, 2010 8:40am Jul 27, 2010 8:40am
Quoting drakes
This one i gotta thank both you and digger for pointing it out last night... never knew the 25ma on 1h chart, and 200ma on 5m chart to be such a strong support...

Keep in mind though it is only one tool in the toolbox. Put a fib on the move today and you can see where I got my 5509 from. The 5544 was earlier resistance. So they formed a nice little range that I could easily anticipate. Since I closed my long term trade at 5567, once that target was reached, I am not going to play the range but am looking for another 200 plusser.
  • #241,255
  • Jul 27, 2010 8:41am Jul 27, 2010 8:41am
Quoting 4xStar
Price may not be extended according to adr and awr but [b]on all my tf charts it looks very extended/toppy and desperately in need of a major correction....
Bingo... True ( So u will go with the flow or against or can't make decision?)
If u can't make decision let me hint something- Why/When PA act like this
  • #241,256
  • Jul 27, 2010 8:48am Jul 27, 2010 8:48am
Quoting cloggie
Keep in mind though it is only one tool in the toolbox. Put a fib on the move today and you can see where I got my 5509 from. The 5544 was earlier resistance. So they formed a nice little range that I could easily anticipate. Since I closed my long term trade at 5567, once that target was reached, I am not going to play the range but am looking for another 200 plusser.
What about 5522? Why do you ignore that resistance line? Is it because the 5509 coincides with the 200ma on the 5m so thus it is a very strong support line?

Another question, how do you know when to trade ranges and when not to?
Don't be emo... don't be emo....
  • #241,257
  • Jul 27, 2010 8:50am Jul 27, 2010 8:50am
Quoting egkid
Bingo... True ( So u will go with the flow or against or can't make decision?)
If u can't make decision let me hint something- Why/When PA act like this
I made a decision .. and drew some fibs of the recent move from 5441 to 5575 and she retraced to exactly the .50 level of that move. Amazing how those fibs work out.

I'm flat now as she is back on the see-saw. Cloggie's rec to buy the 5514 level would have worked out great for at least 3 scalps.. didn't take it tho.
******************* I'd rather make money than be right.
  • #241,258
  • Jul 27, 2010 8:53am Jul 27, 2010 8:53am
Quoting drakes
What about 5522? Why do you ignore that resistance line?

Another question, how do you know when to trade ranges and when not to?

5522 went of my radar as soon as the PA ignored it totally, as did 5527. I play the ranges based on PA, based on how the price interacts with major levels of support and resistance, if she bounces of a fib retrace like a wet cat of an electric fence like she has done today, it is a pretty high probality setup. I judge it purely based on price and how she interacts.
  • #241,259
  • Jul 27, 2010 8:55am Jul 27, 2010 8:55am
Quoting 4xStar
I made a decision .. and drew some fibs of the recent move from 5441 to 5575 and she retraced to exactly the .50 level of that move. Amazing how those fibs work out.

I'm flat now as she is back on the see-saw. Cloggie's rec to buy the 5514 level would have worked out great for at least 3 scalps.. didn't take it tho.

Cable and Euro love the 50 fib, both as a retrace and as a momentum driver for continued moves. They work well on daily retraces, on new highs set on the Daily as a top identifier and retrace indicator, they work well on the H4 for consolidation and continuation of trends and directions. Just another tool in the toolbox that the big boys like. If it is good enough for them I want to use them just to peek over their shoulders really.
  • #241,260
  • Jul 27, 2010 8:56am Jul 27, 2010 8:56am
Quoting cloggie
That's how to play the range, first thing though is to be able to identify the bugger, then trading it is pretty simple.
I also play within the range you've laid out before.. Thanks
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