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Cable Update (GBPUSD)

  • #242,341
  • Aug 2, 2010 7:56am Aug 2, 2010 7:56am
Quoting cloggie
I just took my profit of that last break. Looking for the next one.
Do you think we could see a bit of a retrace now it has over shoot a trend channel line on the hour and hit the weekly mid R2 or do you only pay attention to the PA on the 5min?

Back to 15815 maybe (WR1)?
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  • #242,342
  • Aug 2, 2010 7:56am Aug 2, 2010 7:56am
Quoting mdiz2
Should have read this sooner. Set second trade to BE to soon and got taken out. Think it may be best to sit on the sidelines and watch now. I can see how well this can work and appreciatre you sharing with us Cloggie.

It is only one more tool in the toolbox.
  • #242,343
  • Aug 2, 2010 7:57am Aug 2, 2010 7:57am
Quoting reflex
do you only pay attention to the PA on the 5min?
The H1 and M30 are the triggers for me, M15/5 are the entries.
  • #242,344
  • Aug 2, 2010 7:58am Aug 2, 2010 7:58am
Quoting cloggie
The H1 and M30 are the triggers for me, M15/5 are the entries.
OK cheers.
  • #242,345
  • Aug 2, 2010 8:01am Aug 2, 2010 8:01am
Quoting reflex
Do you think we could see a bit of a retrace now it has over shoot a trend channel line on the hour and hit the weekly mid R2

Back to 15815 maybe (WR1)?

The M30 and Hourly have massive momentum bars, there's lots of demand out there still. Only a fool would sell into this rally.
  • #242,346
  • Aug 2, 2010 8:07am Aug 2, 2010 8:07am
Quoting cloggie
The M30 and Hourly have massive momentum bars, there's lots of demand out there still. Only a fool would sell into this rally.
Yep I see that now and I guess no need to go against them until some PA shows you its getting weaker.
Could the price falling back down into an older box be a sign of weaknes?
  • #242,347
  • Aug 2, 2010 8:12am Aug 2, 2010 8:12am
Quoting reflex
Yep I see that now and I guess no need to go against them until some PA shows you its getting weaker.
Could the price falling back down into an older box be a sign of weaknes?

All depends, a test on the M5 with no other support would only tell me there is some covering into the rally, like I said earlier breakouts are only a tool in the toolbox. Right now the M15 is forming a lovely inside TL that will need some interaction to see where this leads. If that holds as support then the bears are losing this battle, if it goes and there is further indication of a retrace I may actually take a CT with a tight SL. Right now the Bulls have it.
  • #242,348
  • Aug 2, 2010 8:15am Aug 2, 2010 8:15am
Quoting cloggie
The M30 and Hourly have massive momentum bars, there's lots of demand out there still. Only a fool would sell into this rally.
hi there mate, i might be a fool and a noob but i think these levels are the perfect levels to sell for some good retracement, im not saying it will collapse but idk, things telling me i should sell, waiting for your comments, thanks already.
  • #242,349
  • Aug 2, 2010 8:15am Aug 2, 2010 8:15am
Hey, cloggie...

nice to see your trading style: Complete Contrary to mine...
I got short at 1,5860 and through good trading, now my position is at 1,5875.
Top-picking .

I love us-session and don't like europe-session. I think most of you it's the other way around, is it ?

I love to share my thoughts with you (all) and may be I can learn to go with the trend, like cloggie.

Besides I love netherlands one time per year i am on vacation there.

Right in this moment, the situation is problably changing for bears(intraday), my "indis" say. Let's see

Jack
  • #242,350
  • Aug 2, 2010 8:24am Aug 2, 2010 8:24am
Quoting cloggie
We are now taking another stab at that 50 having passed the 23.6 at 51080. We are at weekly resistance of 5707, which I mentioned in an earlier post based on intermediate fib play. So for this Sterling recovery to progress we need 6073 to at least test, which will open the way to another 50 test at 6853. The game play for this week will be of the weekly resistance, if that holds we are looking at 5523 and a test of the 50 retrace on the daily, if it goes we are looking at 5831.

Here is my game plan from yesterday, worked out pretty good. Now let's see what NY gives us, with the news right after and Heli-Ben flapping about.
  • #242,351
  • Edited 8:41am Aug 2, 2010 8:29am | Edited 8:41am
just wondering if my box drawing is correct.
i just identified which level has been hit more than twice
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  • #242,352
  • Aug 2, 2010 8:30am Aug 2, 2010 8:30am
Quoting GlobalMacro
looks like since the late hours on friday were on low volume one couldn't attach a whole lot of significance to them...
BTW does your data feed supply tick volume for currency futures as well?
yes ... i have futures volume also ... been useful for daily set ups
Blogging daily now at www.volume.zone
  • #242,353
  • Aug 2, 2010 8:31am Aug 2, 2010 8:31am
Another Long opportunity is seen.. The pair is being traded upside and last retracement only lasted to 200EMA in my 30m TF...

Should I open Long right away or wait for the retracement to finish somewhere down below? The RSI is pointing flat-to-downward already...

What a dilemma I'm on right now...
  • #242,354
  • Aug 2, 2010 8:34am Aug 2, 2010 8:34am
Maybe it's a good time to stop for a spot of British afternoon tea

And some scones,with strawberry's of course, not forgetting the cream!!!!!!
  • #242,355
  • Aug 2, 2010 8:36am Aug 2, 2010 8:36am
Quoting HowieTrader
Another Long opportunity is seen.. The pair is being traded upside and last retracement only lasted to 200EMA in my 30m TF...

Should I open Long right away or wait for the retracement to finish somewhere down below? The RSI is pointing flat-to-downward already...

What a dilemma I'm on right now...
Here is my bigger picture for the NY open, range will need adjusting once the open has had a bit of time to form one.
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  • #242,356
  • Aug 2, 2010 8:36am Aug 2, 2010 8:36am
newb here.
Gonna try a long here at 1.5832. Market only seems to want to go up and so maybe this dip is a gift.
Stop at 1.5760
  • #242,357
  • Aug 2, 2010 8:36am Aug 2, 2010 8:36am
Quoting AdrianHNV
Maybe it's a good time to stop for a spot of British afternoon tea
Mmm... Like it
  • #242,358
  • Aug 2, 2010 8:37am Aug 2, 2010 8:37am
Quoting 4xStar
I will re-post this .. cut/pasted from Friday conversation where Cloggie was helping us understand his intraday trading methodology.
Attached.
=======================

You are a gentleman, a scholar and a star! Many thanks; much appreciated.
Hercs
  • #242,359
  • Aug 2, 2010 8:38am Aug 2, 2010 8:38am
Quoting xenu
Mmm... Like it
+2, time for a spot of lunch.
  • #242,360
  • Aug 2, 2010 8:38am Aug 2, 2010 8:38am
Quoting Hercs
=======================

You are a gentleman, a scholar and a star! Many thanks; much appreciated.

4X has been called many a name, but gentleman has never been one of 'm...
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