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Cable Update (GBPUSD)

  • #246,101
  • Aug 17, 2010 2:30am Aug 17, 2010 2:30am
Hmmm... Ill try to be more specific.

There are two "attempts" at 4h to try to cross the 24EMA. None is significant and thus should be interpreted as a confirmation of the short trend?

Quoting Magix
Not really sure what you are asking here....

My charts are all based on simplicity of trend with support and resistance. IF resistance holds, where is support. If support holds, where is next resistance.

I have just exited my long positions on the second test of the 200ema on the hourly and will now wait into London for a proper trigger.

I know what I am looking for, and expecting...if I am wrong on the play, I would rather be sidelines then trapped.
  • #246,102
  • Aug 17, 2010 2:48am Aug 17, 2010 2:48am
Quoting thelws
5636 + slip is the price to look out for. below that we have a short for the rest of the day. no break means it might still be bull stuff. go below plz lol make me more moaneh
Very nice observation, added some scalping longs on break of USD Index support exactly at that level, did you watch that too?
Don't be a hero. Don't have an ego. Always question yourself
  • #246,103
  • Aug 17, 2010 2:51am Aug 17, 2010 2:51am
any body share my view london just pushd it up now its falling again if so i know e/u not this thread so dont put me on your iggy list for being 'off topic' again but would you agree its ready to go down for a nice move now because it has pretty much respected the downtrend line till now very nice and its showing some good divergence, its important, if so all can add another sell position to g/u.
Any opinions?

Thanks.
  • #246,104
  • Aug 17, 2010 3:03am Aug 17, 2010 3:03am
I have just checked the lower tf charts on GU and it looks like a rollercoast ride this morning. Plenty of indecision on cable and I am glad that I am sitting on the sidelines. Scalpers must be in heaven

Good luck with your trading peeps!

Adios!
  • #246,105
  • Aug 17, 2010 3:06am Aug 17, 2010 3:06am
Quoting CoffeeDrinke
any body share my view london just pushd it up now its falling again if so i know e/u not this thread so dont put me on your iggy list for being 'off topic' again but would you agree its ready to go down for a nice move now because it has pretty much respected the downtrend line till now very nice and its showing some good divergence, its important, if so all can add another sell position to g/u.
Any opinions?

Thanks.
If you want to sell do it around 5690
If you want to buy, do it now (5637)

If you buy now set a real tight stop loss. If stop loss gets hit, change directions.

Selling now (5637) is the worst thing you can do. It has neither broken support nor is it at the most attractive price levels.
  • #246,106
  • Aug 17, 2010 3:07am Aug 17, 2010 3:07am
Wait for the news in 25 min.

http://www.forexfactory.com/calendar.php
"Flip that coin!"
  • #246,107
  • Aug 17, 2010 3:08am Aug 17, 2010 3:08am
Quoting Scipionz
Wait for the news in 25 min.

http://www.forexfactory.com/calendar.php

Yup and as Trending stated earlier, nice bull flag with the bottom of the flag on the DP, shorting this right now is not an attractive option in my playbook. In between the waffle there are always some good nuggets of info here. Plenty mentioned the various forms of support here.
  • #246,108
  • Aug 17, 2010 3:11am Aug 17, 2010 3:11am
Quoting CoffeeDrinke
any body share my view london just pushd it up now its falling again if so i know e/u not this thread so dont put me on your iggy list for being 'off topic' again but would you agree its ready to go down for a nice move now because it has pretty much respected the downtrend line till now very nice and its showing some good divergence, its important, if so all can add another sell position to g/u.
Any opinions?

Thanks.

I like you observation. Gbp didn't want to go up. Price hit the 1.5623 level which is the place where yesterday price started move up on a Eliot wave "C" (you can see it on 15 min chart only) the most powerful wave. That is why many placed pending orders at that level and what we see today is market reaction on that level. Also,important, if EUR will go up. Our short may be a loss.
  • #246,109
  • Aug 17, 2010 3:12am Aug 17, 2010 3:12am
Quoting cloggie
Yup and as Trending stated earlier, nice bull flag with the bottom of the flag on the DP, shorting this right now is not an attractive option in my playbook.
Or longing it either
  • #246,110
  • Aug 17, 2010 3:13am Aug 17, 2010 3:13am
Quoting AdrianHNV
Or longing it either
Correct, you never play a chart pattern in anticipation, especially with the news only 15 mins away, that would just reek of desparation. King had a big meeting last week sharing his adjusted view of the economy for this year and this is the first indicator to either validate or contradict him.
  • #246,111
  • Aug 17, 2010 3:14am Aug 17, 2010 3:14am
Hi guys! Hope everbody is pippin fine! On my charts GU is tackling a flag. Would like to get some views from the experts, also about how they handle the set-up. Thanks!

PS: ignore the long I already got on; it was a Cloggie-Box-Trade and is covered.

PPS: also ignore the news coming up soon. I'll sit tight until after that anyways.
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  • #246,112
  • Aug 17, 2010 3:16am Aug 17, 2010 3:16am
Quoting AnonYmos

it was a Cloggie-Box-Trade

How you getting on with that, making any money of it?
  • #246,113
  • Aug 17, 2010 3:18am Aug 17, 2010 3:18am
Quoting cloggie
How you getting on with that, making any money of it?
40 pips secured from closing 1 half of the pos. sl at entry. 2d half another 40 pips profit. should probably raise sl.
  • #246,114
  • Aug 17, 2010 3:19am Aug 17, 2010 3:19am
Quoting TommyPips

I seem to get on the wrong end of every trade or it turns and comes back at me. My timing must be all wrong !!
That is normal for a new trader .. and sometimes even for more experienced traders, you can have days like that!

Quote
The box method is interesting, however that even backfired on me...lol. I find it difficult to know when to enter trade and exit. My only success is in the morning between 6am - 9am.
I will get better!

what time zone are you in? If you lose money outside those hours, very simple .. don't trade outside those hours! Just demo trade for practice.
As to box method .. again it is just a visual prop to help learn to 'see' price action. Keep practicing, it will come.
Hope you are just working with a micro account or money you can afford to lose because losing may be normal for awhile. But as you said, you will get better.
******************* I'd rather make money than be right.
  • #246,115
  • Aug 17, 2010 3:19am Aug 17, 2010 3:19am
Quoting AnonYmos
40 pips secured from closing 1 half of the pos. sl at entry. 2d half another 40 pips profit. should probably raise sl.
You'll be fine, took it of the DP and bottom of the 30 flag. As long as you are at BE or better, the news won't matter and you may get lucky on the news spike, sometimes you got to make your luck a bit. So far this morning EU and UC are the better trades. GU is just waiting for the news, have a peek at EG
  • #246,116
  • Aug 17, 2010 3:26am Aug 17, 2010 3:26am
Quoting GlobalMacro
price broke out of the M30 descending wedge last week and retested the confluence support lines

the bearish momentum is clearly subsiding

I've got a long position in place at 1.5563
The concrete floor built around 1.5562 proved to be an ideal place
to build longs from

Ensuing confirmations in terms of breakout of M30 descending wedge and
minor M30 down trendline further solidified the rationale for maintaining the long position

Cable traded as high as 1.5703 yesterday buoying the position by +ve 140 pips at that point

Now trading at 1.5663 as of this writing, up by +ve 100 pips

As long as the downside failures persist, my bias remains bullish

As such I will continue to carry my long position entered @ 1.5563 on Monday...
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Hear the music before the song is over ...
  • #246,117
  • Aug 17, 2010 3:27am Aug 17, 2010 3:27am
Watc out now. the news will shock the market for 20-40 pips.
  • #246,118
  • Aug 17, 2010 3:28am Aug 17, 2010 3:28am
cloggie, where can one read more about your box trading method?

Regards, Zoreli
  • #246,119
  • Aug 17, 2010 3:30am Aug 17, 2010 3:30am
Quoting Makeveli
anyone takin the long ? i might do in a sec
it's not nice to take long over at resistance area......wait for it... it's going down IMHO....
  • #246,120
  • Aug 17, 2010 3:32am Aug 17, 2010 3:32am
Quoting cloggie
You'll be fine, took it of the DP and bottom of the 30 flag. As long as you are at BE or better, the news won't matter and you may get lucky on the news spike, sometimes you got to make your luck a bit. So far this morning EU and UC are the better trades. GU is just waiting for the news, have a peek at EG
EG is having a nice spike...might be good for a short trade...since daily and weekly is still so bearish...i got in, but to early.... got fooled...
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