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Cable Update (GBPUSD)

  • #245,581
  • Aug 13, 2010 6:51am Aug 13, 2010 6:51am
thanks for advised

Quoting cloggie
Several of us have given levels here of interest to watch and trade accordingly. Nobody is going to give you a trade call for you to trade on. Any calls here should always be analysed based on your plan and strategy.
  • #245,582
  • Aug 13, 2010 6:52am Aug 13, 2010 6:52am
Quoting wormboy
hi sailor,

i see it. if current hour's candle closes bullish matching 50% or more to the previous bear candle than maybe it'll be a good idea to clear. Else, I think shorts are still ok.
agree about the price action
But the things is there is no more volume right now...it's just dead
COT: The precious data ignored
  • #245,583
  • Aug 13, 2010 6:54am Aug 13, 2010 6:54am
Quoting bbmac
Well it is U.s CPI and Retail sales data at same time so one could be strong the other weak etc....which makes market reacxtion more difficult to predict ahead of the event risk. If for eg retail sales are strong and cpi has jumped up, the conventional wisdom is $ buying/£ selling in this pairing on the knee jerk...vice versa for weak data...but it is data and anything can happen or nothing can happen....depending on the data itself, it's deviation from forecasts and any revisions to previous...so may variables particul;arly when a double announcemnet...
Thank you for the insight! Seems like GU could be a sideways today. Anyways staying on the sidelines till I get the signal
  • #245,584
  • Aug 13, 2010 6:55am Aug 13, 2010 6:55am
i want to use this opportunity to appreciate traders who have been sharing their analysis on this forum i really appreciate it cloggie, wormboy,forxlion,quick silver,e.t.c you guys are doing a great job more pipping to all of ya!
















and in the end it is not the years in your life that counts but the life in those years.
  • #245,585
  • Aug 13, 2010 6:55am Aug 13, 2010 6:55am
these boxes made me nice pips but with the exits i keep having troubles, like now sitting short from 5640 but according to the principles of the boxes should i have gotten out at the WS 5573 or what? In other words how do you determine the breakouts. Thanks everybody for this learningfull thread.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 13 08.jpg Size: 129 KB
  • #245,586
  • Aug 13, 2010 6:55am Aug 13, 2010 6:55am
Quoting Pickensrulz
Ya know, my initial thoughts for Friday were bullish. A freaky friday reversal candle after a strong move. It still could happen.

I'm neutral and I'll be a reactive rather than a proactive trader today.
well maby the news releases are very negative for the dollar then we might get some buyers in but i am done, i just hope its going to go up, lets try positive thinking haha
  • #245,587
  • Aug 13, 2010 6:58am Aug 13, 2010 6:58am
The reason to evoid all the trades is: math expectation for the success in any trade is negative.
  • #245,588
  • Aug 13, 2010 7:03am Aug 13, 2010 7:03am
well it has formd a semi higher high, but i dont think thts reliable trading lets just hope it pushes it up hold tht 's
  • #245,589
  • Aug 13, 2010 7:04am Aug 13, 2010 7:04am
The rest are looking at them. As soon as some decide to join the fun the broomers do in the opposit direction and broom ur guts out
  • #245,590
  • Aug 13, 2010 7:04am Aug 13, 2010 7:04am
Quoting meromar
The reason to evoid all the trades is: math expectation for the success in any trade is negative.
actually I find that if I look for reasons not to enter a trade I can generally always find one so the mindset for me is to look and plan for reasons to enter a trade...it works better...that is not to say that I just enter at all set-ups, I do not, I reject morte than I enter..and enter only at the highest probability areas of tech confluence etc..
ex member
  • #245,591
  • Aug 13, 2010 7:08am Aug 13, 2010 7:08am
It,s not my style. I trade in both directions at a time
  • #245,592
  • Aug 13, 2010 7:11am Aug 13, 2010 7:11am
Quoting meromar
It,s not my style. I trade in both directions at a time

HOW?????

On same account or different ones????
  • #245,593
  • Aug 13, 2010 7:12am Aug 13, 2010 7:12am
I smell rats in the dollars basement, oooooooooo i love tht smell
  • #245,594
  • Aug 13, 2010 7:14am Aug 13, 2010 7:14am
Quoting CoffeeDrinke
I smell rats in the dollars basement, oooooooooo i love tht smell

haha definitely yeh
COT: The precious data ignored
  • #245,595
  • Aug 13, 2010 7:15am Aug 13, 2010 7:15am
Quoting bbmac
actually I find that if I look for reasons not to enter a trade I can generally always find one so the mindset for me is to look and plan for reasons to enter a trade...it works better...that is not to say that I just enter at all set-ups, I do not, I reject morte than I enter..and enter only at the highest probability areas of tech confluence etc..
Agree .. if I looked for reasons NOT to enter a trade I would probably never trade .. and we are traders after all.. gotta accept the risk.
I think a better strategy is to always know what would make you EXIT a trade once you have made the decision to enter .. and then respect that.
My biggest problem in the past was entering a trade & thinking 'if it does so-and-so I will get out" .. but then the soandso happened and I found (or invented!) another justification to stay in. What was supposed to be a scalp turned into a longer term hold .. with continued new justifications for moving the stop. DAS IST NICHT GUT!! ( As they say in German)
..just don't DO that.
Know what would make you leave the trade BEFORE you enter AND DO NOT CHANGE YOUR MIND!!! (voice of painful experience....)
******************* I'd rather make money than be right.
  • #245,596
  • Aug 13, 2010 7:19am Aug 13, 2010 7:19am
I don't really understand why there is so much bears on there...on my graph we haven't reach the trendline and we got stopped by the 50% fibo of the last big upmove...so ain't a bounce up more likely to happen?
What i'm missing :o?

http://www.easy-upload.net/vignettes...=2010813141531
  • #245,597
  • Aug 13, 2010 7:27am Aug 13, 2010 7:27am
nice flat on M5

all I can say - right now will be kaboom to up or to down.
good luck everybody.

i'm sell with 20 pips s/l
  • #245,598
  • Aug 13, 2010 7:28am Aug 13, 2010 7:28am
are 15min candles giving an advanced clue to news reaction on knee-jerk + ?? Time will tell...2mins
ex member
  • #245,599
  • Aug 13, 2010 7:29am Aug 13, 2010 7:29am
Quoting bbmac
are 15min candles giving an advanced clue to news reaction on knee-jerk + ?? Time will tell...2mins

Yup, lots of lovely wicks.
  • #245,600
  • Aug 13, 2010 7:29am Aug 13, 2010 7:29am
Quoting skyfxgold
thanks for advised
1.5550 is the lower end of the demand zone also better known as resistance. If you are going to sell, you can sell on the breakout of the zone at 1.5540 or on the ltl on h4, but personally I would not do that. I would wait for it drop to the next demand zone, retrace back to the supply zone and then go short, but this is just me and it is in my trading plan! If you want to know demand/supply zones, please check my previous posts for the link.

Some people trade breakouts, but breakouts can easily turn into fakeouts. There is enough demand at the current levels and people are buying here. If you look at the levels to the left, you can see we were around this price point for 4 days around the end of July. So this is a messy level on the GU chart for me and hence I am sitting this one out and I am happier to be shorting fibre.

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