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Cable Update (GBPUSD)

  • #243,061
  • Aug 4, 2010 7:10am Aug 4, 2010 7:10am
Quoting egkid
LOL
Look where it closed , Not above 50 and not under it , exactly on 1.5950
So i will hold my positions another 4h
Made my move Mr. Market

http://www.youtube.com/watch?v=mnqj3...layer_embedded
1h more to close
Number of Days without an idiotic request: 0
  • #243,062
  • Aug 4, 2010 7:12am Aug 4, 2010 7:12am
Quoting nowy
1h more to close

All depends on your broker, mine closed an hour ago. I line my H4 and daily's up with London, some use other times.
  • #243,063
  • Aug 4, 2010 7:14am Aug 4, 2010 7:14am
Quoting nowy
1h more to close
What do u mean 1h?
I decided by 4h not less TF
  • #243,064
  • Aug 4, 2010 7:15am Aug 4, 2010 7:15am
Quoting cloggie
All depends on your broker, mine closed an hour ago. I line my H4 and daily's up with London, some use other times.
Thanks to clear it
  • #243,065
  • Aug 4, 2010 7:16am Aug 4, 2010 7:16am
Quoting master4forex
It is more likely to go down to around 1.5870..

Ah please, how can it when the last range formed has not been breached. And don't tell me it is overbought, because Cable can stay overbought for weeks and months, a lot longer then your account can handle the DD.

This also clearly shows the plays today. Simple repeating range play. Like Killy says hit and run, don't load up on your position play yet just play the borders. Is the Bull run going to continue? Yes it is bout to and you will know when just by looking at the H4, EGkid already alluded to the level to watch.
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  • #243,066
  • Aug 4, 2010 7:26am Aug 4, 2010 7:26am
Quoting master4forex
when overbought market will underpressure... so it will cannot Bullish anymore .. time for Bearish take over...Warning: End of trend - Imminent end of bullish move... Bearish begin....
Cloggie once again will help you with reading skills on "overbought-oversold" n ature.
  • #243,067
  • Aug 4, 2010 7:27am Aug 4, 2010 7:27am
1.60 anyone?
  • #243,068
  • Aug 4, 2010 7:29am Aug 4, 2010 7:29am
This is one of my possible scenarios I have planned for this week, I will trade it once it happens (I have 3 more lesser probable ones that don't look good yet) Planning for inside TL's in a continued trend is a very profitable scenario and one that has worked well for the last 2 months for me. It is also very cheap insurance to not predict your tops.
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  • #243,069
  • Aug 4, 2010 7:34am Aug 4, 2010 7:34am
ONce again she is bouncing off that LTL drawn from yesterday's lows .. interesting how she always seems to respect previous days' trendlines .. or maybe I am just noticing it thanks to Cloggie.

What I am liking most about this way of trading is how it keeps you out of the game when things are uncertain. For small accounts, that is probably just as important .. or more .. than identifying the best trades.
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******************* I'd rather make money than be right.
  • #243,070
  • Aug 4, 2010 7:37am Aug 4, 2010 7:37am
Quoting 4xStar
ONce again she is bouncing off that LTL drawn from yesterday's lows .. interesting how she always seems to respect previous days' trendlines .. .

Never ever get rid of your TL's until the price does it for you. The PA formed that one and I have used it for 2 solid days now to find real easy setups that have not given me a losing trade yet. All noobs forget and ignore the basic form of trading; price. Indy's would not have made you any money here in the last two days, look on the thread plenty of failed setups using all kinds of Bells, Whistles and Christmas trees.

Here is one of my H4 TL's, that I have used for 2 months and will continue to do so until price forms a new one.
Attached Image (click to enlarge)
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  • #243,071
  • Aug 4, 2010 7:40am Aug 4, 2010 7:40am
Quoting GlobalMacro
cable's finding a nice support on top of that broken Broadening Top I mentioned last week...

front Options containing the price advance so far...but back contracts letting up pressure...

So (still) Long...
there seems to be a case of severe constipation with the price action...

I'm exiting longs here at 1.5935 and staying flat.
Hear the music before the song is over ...
  • #243,072
  • Aug 4, 2010 7:40am Aug 4, 2010 7:40am
my view
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Verily, in every difficulties there is relief
  • #243,073
  • Aug 4, 2010 7:42am Aug 4, 2010 7:42am
Quoting primzvicious
my view

That makes a bit more sense, sell the resistance and have an order in place in case she goes, just make sure your SL is the order so you properly hedge your setup.
  • #243,074
  • Aug 4, 2010 7:44am Aug 4, 2010 7:44am
Quoting GlobalMacro
there seems to be a case of severe constipation with the price action...

I'm exiting longs here at 1.5935 and staying flat.
Well with 3 doji's, one spinner and 2 inverted hammers on H4 why does that surprise you?
  • #243,075
  • Aug 4, 2010 7:50am Aug 4, 2010 7:50am
hi cloggie, i m a newbie..........i have my sell trade at 1.5960........is it going to head south or will it continue with the trend as its not breaking its resistance at 1.598 nor at 1.596
  • #243,076
  • Aug 4, 2010 8:03am Aug 4, 2010 8:03am
Quoting chitindu
hi cloggie, i m a newbie..........i have my sell trade at 1.5960........is it going to head south or will it continue with the trend as its not breaking its resistance at 1.598 nor at 1.596
the answer is no one certainly know...
Verily, in every difficulties there is relief
  • #243,077
  • Aug 4, 2010 8:03am Aug 4, 2010 8:03am
Quoting chitindu
hi cloggie, i m a newbie..........i have my sell trade at 1.5960........is it going to head south or will it continue with the trend as its not breaking its resistance at 1.598 nor at 1.596

There are 2 very simple longer term possibilities here, we break the high and continue the trend, we break the TL and the range and have a retrace to 5757, all you need to do is find the levels that trigger either scenario and trade accordingly. As to the immediate direction here, I have already posted a chart with the exact plays. Don't go trading the no mans land in the middle just play the extremes right now. If you missed it wait for the return leg.

Taking a trade here in anticipation of a range breakout that lasts more then a few hours is just silly. Just look at the price and take the higher probability setup right now that remains within the current range, just follow the price. So far the price has given you 4 easy trades today.
  • #243,078
  • Aug 4, 2010 8:08am Aug 4, 2010 8:08am
thank you very much cloggie for the valuable info, please could u post the chart again as i am not able to locate it
  • #243,079
  • Aug 4, 2010 8:08am Aug 4, 2010 8:08am
Quoting cloggie
Well with 3 doji's, one spinner and 2 inverted hammers on H4 why does that surprise you?
it's a scalper's paradise...heavy options play on both sides containing price in a narrow range...
Hear the music before the song is over ...
  • #243,080
  • Aug 4, 2010 8:09am Aug 4, 2010 8:09am
Quoting GlobalMacro
it's a scalper's paradise...heavy options play on both sides containing price in a narrow range...

Absolutely, am loving the last 2 days, like taking candy from a baby. A 2 day 50 pip range is why I love Cable so much. Fibre will never give you this.
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