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Cable Update (GBPUSD)

  • #242,361
  • Aug 2, 2010 8:43am Aug 2, 2010 8:43am
All those major hedge funds calling for EU 1.18 by the end of the year, I wonder what they're thinking now. So many people were bearish on EU a few weeks ago, I guess they are all "losing their shirts".
  • #242,362
  • Aug 2, 2010 8:44am Aug 2, 2010 8:44am
Took 22 pips on break of trendlines, got out at the bottom trend line.
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  • #242,363
  • Aug 2, 2010 8:45am Aug 2, 2010 8:45am
Quoting Pipsqueak
All those major hedge funds calling for EU 1.18 by the end of the year, I wonder what they're thinking now. So many people were bearish on EU a few weeks ago, I guess they are all "losing their shirts".

Horrendous numbers from the US and no plan at all to increase revenue or reduce spending, just a free for all and blank cheques handed out left right and centre is not helping the Dollar right now.

And of course the little credibility Obamarama had left has now completely disappeared:

http://www.reuters.com/article/idUSTRE66T46K20100730
  • #242,364
  • Aug 2, 2010 8:46am Aug 2, 2010 8:46am
When the retracement is completed, that will be my entry...Nice clue.. Thanks

Quoting cloggie
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.
  • #242,365
  • Aug 2, 2010 8:48am Aug 2, 2010 8:48am
Quoting cloggie
4X has been called many a name, but gentleman has never been one of 'm...
I was actually thanking 4xStar for sending me the information which makes him a gentleman in my eyes anyway.
Hercs
  • #242,366
  • Aug 2, 2010 8:48am Aug 2, 2010 8:48am
Quoting Hercs
I was actually thanking 4xStar for sending me the information which makes him a gentleman in my eyes anyway.

4X is a mom to 4 sprogs, hence the name....
  • #242,367
  • Aug 2, 2010 8:51am Aug 2, 2010 8:51am
Quoting Hercs
I was actually thanking 4xStar for sending me the information which makes him a gentleman in my eyes anyway.
What Cloggie means is ... he is a she

That's ok... people assume that everyone here is male.
******************* I'd rather make money than be right.
  • #242,368
  • Aug 2, 2010 8:52am Aug 2, 2010 8:52am
mdiz2
Quote
]Took 22 pips on break of trendlines, got out at the bottom trend line.

Good job. I was to shy to hold my shorts, so closed at 1.5861. But, yes my indis told me to stay in a bit longer. It was ok for me.
  • #242,369
  • Aug 2, 2010 8:52am Aug 2, 2010 8:52am
Quoting cloggie
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.

Looks like we are getting an underside test of that 15 min tl .. if I have it in the right place.
******************* I'd rather make money than be right.
  • #242,370
  • Aug 2, 2010 8:59am Aug 2, 2010 8:59am
Quoting chitindu
cloggie, please could you advice me if there is any possibility of reversal at 15850 after US news as I am absolutely novice and invested too much funds.
throw this on your charts ... it is a no brainer .. red sell ... green buy ... follow trend on 4 hour if trading smaller time frames.

since 5200 no reason to sell as hulls on a 4 hour green

it is so simple , if 4 hour hulls is green , wait for hulls to turn green on a 15 min , go long on the candle that makes hulls green , stop 25 pip under it ... follow hulls up till it turns trailing stop

today is do or die on es ... 1115 to 1120 critical above this we see 1150 to 1180 this week , this could take eu to 13500 gu 16300

not really sure why everyone picking a top in gu , till that hulls turns on the 4 hour top is not here yet , not even on 15 min although does seem supply hitting the market on the 60 min

hulls or some other trend system is awesome .. no thinking about ifs and news reaction blah blah . just follow hulls.

I would imagine cloggies boxes and hulls would work awesome together. I use something similar , value are of today and prior day

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  • #242,371
  • Aug 2, 2010 9:03am Aug 2, 2010 9:03am
Quoting malcolmb14
today is do or die on es ... 1115 to 1120 critical above this we see 1150 to 1180 this week , this could take eu to 13500 gu 16300


We had a nice little rally before the open, let's see where they take us.

And the market sees the news for what it really is.
  • #242,372
  • Aug 2, 2010 9:06am Aug 2, 2010 9:06am
Update:
Closed the trade @ 1.58720 for a mere 15 pips just now... Not too sure about taking long near overbought area (just make up my mind)

RSI is still pointing down... A little bit hesitated to take Long but taken it anyway @ 1.58556 for a some change...

Let's see if the pair can shoot higher or just retrace-diving for another hours...
  • #242,373
  • Aug 2, 2010 9:08am Aug 2, 2010 9:08am
Quoting cloggie
We had a nice little rally before the open, let's see where they take us.

And the market sees the news for what it really is.
I am on es and tf ...traded the 1100 to 1115 , es really is my thing due to timing ( I am on west coast canada)

also on eu looking to see if days range completes 3190 but seems to be stalling 140
Blogging daily now at www.volume.zone
  • #242,374
  • Aug 2, 2010 9:10am Aug 2, 2010 9:10am
Quoting subterfuge
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
closing here for +40
  • #242,375
  • Aug 2, 2010 9:24am Aug 2, 2010 9:24am
Quoting subterfuge
closing here for +40

Not a bad place to do so, we have a resistance forming on the M30 for the first time since the open and NY has thus far failed to set the high. Fibre had a lovely break on the open though.
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  • #242,376
  • Aug 2, 2010 9:28am Aug 2, 2010 9:28am
Quoting 4xStar
Here's what my 'river box' trade looks like now...
apart from everything else, this would definitely keep me from top-picking (head licer) because unless price falls out of a box, there is no thought of shorting... this methodology keeps you focused on what price is doing not what you think it 'should' be doing....
Hi, sorry Im a noob lol
could you tell me how to draw those boxes?? I'll appreciate it
Thank you
Good trade everyone
  • #242,377
  • Aug 2, 2010 9:31am Aug 2, 2010 9:31am
Looking for short entry guys? The 1H TF is showing overbought already... Don't know if this is a good signal, but no action is taken right now...
  • #242,378
  • Aug 2, 2010 9:32am Aug 2, 2010 9:32am
Quoting HowieTrader
Looking for short entry guys? The 1H TF is showing overbought already... Don't know if this is a good signal, but no action is taken right now...

Cable can remain overbought for a lot longer then your account can handle the DD......
  • #242,379
  • Aug 2, 2010 9:32am Aug 2, 2010 9:32am
Quoting malcolmb14
I am on es and tf ...traded the 1100 to 1115 , es really is my thing due to timing ( I am on west coast canada)

also on eu looking to see if days range completes 3190 but seems to be stalling 140
Mal, what is tf?
  • #242,380
  • Aug 2, 2010 9:35am Aug 2, 2010 9:35am
Quoting langdonb
Mal, what is tf?

Russell contracts. I traded them a bit when they were still called ER's, never did see the point in them migrating away from CME though.
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