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Cable Update (GBPUSD)

  • #242,641
  • Aug 3, 2010 5:46am Aug 3, 2010 5:46am
Quoting drakes
Yeah.. todays trade isn't so straight forward...
that's because the whole market getting overly exuberant today not only in cable...may I suggest "irrational exuberance"...
Hear the music before the song is over ...
  • #242,642
  • Aug 3, 2010 5:46am Aug 3, 2010 5:46am
sorry to ask such a noob question, but how do I post a chart?
I can post it as an attachment, but how to post a thumbnail?

thanks.
  • #242,643
  • Aug 3, 2010 5:47am Aug 3, 2010 5:47am
Quoting mloistianto
jumping short here mate.. good luck on your trade. short @1.5951..
that's a very good level rr-wise...good luck to you too bro...
Hear the music before the song is over ...
  • #242,644
  • Aug 3, 2010 5:48am Aug 3, 2010 5:48am
Quoting bbmac
I don't remember off hand...but personally I do trade both ways in a trend but really only go against it at a confluuence of potential supp/res factors and with one of my repeating set-ups with a price action trigger confirm...I agree with your comments...save to say that trends do move in waves - impulsive and corrective so iit can still be high probability to go against provided a confluebce of tech reasons lines up to suggest such and price action indicates that this may be a good reason to do so. Of course in a trend I favour 'with trend' entries...
Well thank you again ! It's a great answer and makes me more aware of the possibility of going short (provided good reasons for sure!)...Even if I won't do it. I just read a lot of post lately claiming that the market was high enough and had to go down...it made no sense to me but I must admit that for some...it might be totally logical to go short.

I'm sorry if i hurt anyone this morning...including this frustrated guy who apparently put me to his "shitlist"...I just wanted an intelligent input on top picking...

Thank you bbmac
It's all about your stomach lining...
  • #242,645
  • Aug 3, 2010 5:50am Aug 3, 2010 5:50am
Quoting GlobalMacro
that's because the whole market getting overly exuberant today not only in cable...may I suggest "irrational exuberance"...
Yeah... am flat now, will wait for a clearer picture...
Don't be emo... don't be emo....
  • #242,646
  • Aug 3, 2010 5:50am Aug 3, 2010 5:50am
Warning: End of trend - Imminent end of bullish move
  • #242,647
  • Aug 3, 2010 5:50am Aug 3, 2010 5:50am
Quoting patmarch
Well thank you again ! It's a great answer and makes me more aware of the possibility of going short (provided good reasons for sure!)...Even if I won't do it. I just read a lot of post lately claiming that the market was high enough and had to go down...it made no sense to me but I must admit that for some...it might be totally logical to go short.

I'm sorry if i hurt anyone this morning...including this frustrated guy who apparently put me to his "shitlist"...I just wanted an intelligent input on top picking...

Thank you bbmac
lol, top and bottom picking , let someone elses money show you where they are at ha ha
  • #242,648
  • Aug 3, 2010 5:53am Aug 3, 2010 5:53am
Quoting wormboy
basically you can't answer can you?
you're just here to wind people up. it's not pointless to post a chart up if you know where and what the higher probability setup currently is. that is IF you know. you obviously don't
one more to the shitlist. see ya

Well that's good ! I'd rather be in your "shitlist" than having all that aggressivity thrown at me. If your attitude towards the market makes you feel angry today...that's your problem, not mine. I wish next time the "probabilities" your talking about will play in your favor so you won't explode of rage in front of a simple question...

I'm happy to be in your shitlist...
It's all about your stomach lining...
  • #242,649
  • Aug 3, 2010 5:53am Aug 3, 2010 5:53am
It ready up to 1.5963, and after that, it might have potentially to go down to around 1.5850.
  • #242,650
  • Aug 3, 2010 5:55am Aug 3, 2010 5:55am
Quoting digger1
lol, top and bottom picking , let someone elses money show you where they are at ha ha
You have a point...I bet there's a lot of stop-loss orders around 5970...
It's all about your stomach lining...
  • #242,651
  • Aug 3, 2010 5:55am Aug 3, 2010 5:55am
Hello traders i think about that what else ? => back to 1.5609 ?

http://nsa16.casimages.com/img/2010/...5546185654.jpg

other analysis on my blog http://foxtrade-foxtrade.blogspot.com/

  • #242,652
  • Aug 3, 2010 5:56am Aug 3, 2010 5:56am
Quoting patmarch
Well thank you again ! It's a great answer and makes me more aware of the possibility of going short (provided good reasons for sure!)...Even if I won't do it. I just read a lot of post lately claiming that the market was high enough and had to go down...it made no sense to me but I must admit that for some...it might be totally logical to go short.

I'm sorry if i hurt anyone this morning...including this frustrated guy who apparently put me to his "shitlist"...I just wanted an intelligent input on top picking...

Thank you bbmac
No probs, the example was that great short down from the current i/day Hi...potential resistance confluence of Dly R/Mthly R1 Pivots (minor potential supp/res factors in my view and I wouldn't act at them alone) Mni were suggesting offers around the 61.8% 7044-4229 so there were 2 x 'main' potential res factors also...and I got a 1min and 5min with some 15min supporting confluence to go short...look at the 5min -double regular immediate bearish divergence in my lead oscailltor-osma 2nd time not making it back above it's zero axis...(potentially bearish) suggesting momentum at this stage of the upmove may be waning...and the 10 bol (blue) comes inside the 20 and 40 (white and pink) sugggesting shorter term volatility is below the longer term on that t/f...then price action begins to agree by prining a PB candle...(pinbar) so all in all it became a hi-probability to go against trend at that point as this was one of my repeating reversal/pullback set-ups at pre-identified potential res factors, that is until a better opportunity arose to get back 'with it'..as posted earlier.
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ex member
  • #242,653
  • Aug 3, 2010 5:58am Aug 3, 2010 5:58am
Quoting wormboy
I have a question for you if you don't mind.
Instead of posting stuff like this, why not you post something of use. If you think that trying to sell here is not going to worth as much as buying, please put up a chart on where you think is a good entry, where you'd place your stop & why.
I have sold & shared why I did so here:
1. http://www.forexfactory.com/showpost...stcount=242555

It's much better to post trade setups before any move instead of posting charts after the fact.

Thanks.
hey dawg how things bro?

Ive gone short - have top picked few times like dickhead and figured would do it one more time... here's my rationale - tight SL

61.8 FIB is 1.6970 from major downtrend... we did have minor retrace of 50 FIB, but only minor for the day... anyway may just be good enough to buy back up.. lets see hey?!
Attached Image
"Millionaires don't use astrology, billionaires do"
  • #242,654
  • Aug 3, 2010 6:01am Aug 3, 2010 6:01am
Quoting bbmac
No probs, the example was that great short down from the potential resistance confluence of Dly R/Mthly R1 Pivots (minor potential supp/res factors in my view and I wouldn't act at them alone) Mni were suggesting offers around the 61.8% 7044-4229 so there were 2 x 'main' potential res factors also...and i got a 1min and 5min with some 15min supporting confluence to go short...look at the 5min -double regular immediate bearish divergence in my lead oscailltor-osma suggesting momentum at this atage of the upmove may be waning...and the 10 bol (blue)...
Wow...Here we have a logical approach. I don't have much else to say than thank you !

I don't use indicators at all but I see they fit you very well !

I assume you would consider getting back in the trend should the above analysis be proven wrong by the market or another setup makes you fell more comfortable going long ?...Or would you set a stop-loss and let the thing go all the way whatever happens ?
It's all about your stomach lining...
  • #242,655
  • Aug 3, 2010 6:07am Aug 3, 2010 6:07am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
I expect to see some reaction @ 1605xxx level (chart attached). Market is irrational and it can stay this way for a long period. I expect little retrace before thursday's BOE news otherwise this area will be breached and we should expect more upwards momentum. However, market seems tired to me now after looking at 5 min candles. People are going short the dollar saying it's screwd, what in hindsight seems good atm is actually bad as other economies might also need to do the same. Global economy mimics largest economy. With US slowing down everyone will follow soon.
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  • #242,656
  • Aug 3, 2010 6:08am Aug 3, 2010 6:08am
Quoting patmarch
Wow...Here we have a logical approach. I don't have much else to say than thank you !

I don't use indicators at all but I see they fit you very well !

I assume you would consider getting back in the trend should the above analysis be proven wrong by the market or another setup makes you fell more comfortable going long ?...Or would you set a stop-loss and let the thing go all the way whatever happens ?

I treat all reversal set-ups as pullbacks until PA tells me otherwise on successively higher t/f's from that I used as the trigger...but in reality if against trend my targets are lower than with it unless PA goes decisevly in my favour...the above scenario and question you pose is excatly what happened..on first test of 5964 price sold down to 5900 area where that 15min hidden divergence based Re-entry (to next higher t/f uptrend) set-up came with the great Pinbar trigger...it is shown below...I was out of the shortt by then so enterrede the long on the close of the 15min PB candle @ 1015 Uk time...
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ex member
  • #242,657
  • Aug 3, 2010 6:12am Aug 3, 2010 6:12am
...and look where that 15min re-entry set-up came...at the 1hr previous swing hi=previous resistance = potential support zone (RBS) confluence with 61.8% of the then i/day move up from 5860...so 1 hidden div re-entry on 15min into the 1hr (+) uptrend) aftyer the pullback at a potential RBS zone= a high probability trade opp.
Attached Image
ex member
  • #242,658
  • Aug 3, 2010 6:14am Aug 3, 2010 6:14am
Long time lurker, first time poster.

Most definitely a newbie but been making positive pips...just wondering why so many people are trying to predict what is going to happen and going short?

What I have learnt in my short time trading is to trade what is in front of you and not what you hope / expect will happen - hence Cloggie's "river boxes" and trend lines.

All the HTF charts (Daily, H4, H1) are showing bullish candles and supporting the current uptrend - yes the daily R1 is at 1.5962 but we're now testing it for the 2nd time today. The trend lines are up, the channels are all still heading up.

It might be the top, it might not be, but surely resistance levels are times to scale back and take some profit rather than try and anticipate a turn...if the turn happens then great, jump on board once it has started as there will be plenty of seats!
  • #242,659
  • Aug 3, 2010 6:19am Aug 3, 2010 6:19am
Quoting digger1
I dont know about anyone else, I day trade mostly ,who cares about tops or bottoms , all depends on wht timeframe your looking at , day trading its about trading support and resistence levels for me , had a couple short trades early on now a couple of long trades tht payed better lol
hey digg whatz up
  • #242,660
  • Aug 3, 2010 6:20am Aug 3, 2010 6:20am
Quoting bbmac
I treat all reversal set-ups as pullbacks until PA tells me otherwise on successively higher t/f's from that I used as the trigger...but in reality if against trend my targets are lower than with it unless PA goes decisevly in my favour...the above scenario and question you pose is excatly what happened..on first test of 5964 price sold down to 5900 area where that 15min hidden divergence based Re-entry (to next higher t/f uptrend) set-up came with the great Pinbar trigger...it is shown below...I was out of the shortt by then so enterrede the long...
Ok I see ! I'll leave you alone now cause i'm sure you have much else to do than answering my questions this morning. Many thanks for your time and educational comments !

I trade a very very simple approach (that most people here would laugh at) on GU 1H...and an old school trend following system on EU Daily...so my analysis are confined to a quick look at the 1H close and the daily close...it takes around 30 min of my day and makes me good money. But everytimes I read well educated and intelligent comments like yours...it makes me think I should maybe push my trading a little more...but I will not. I love the way I trade...and won't change it.

Again a warm thank you !
It's all about your stomach lining...
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