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Cable Update (GBPUSD)

  • #247,041
  • Aug 19, 2010 6:35am Aug 19, 2010 6:35am
Quoting Astroman
Hey Cloggie, Probably too early to tell but that 1H line is holding up good for now.

What caused that spike?

The EUR followed, isnt it usually the other way around?

Any way it is good to see that this Pair has calmed down a bit.

I think the spike at 11am was caused by the CBI Industrial Order numbers.
  • #247,042
  • Aug 19, 2010 6:39am Aug 19, 2010 6:39am
I think your pending order would keep u in a disadvantage position b cos if 1.5730-60 is reached you would be minus 100pips plus. I insist on daily 14sma would b touched b4 any shorting, i am trading on the longs as there is a 100pips move to the north from here... my view



Quoting okie
I'm pending short at 1.5675 (after auto close my long target soon - if hit)
another (or some more) wave before move to real direction. hope I'm right
Sorry no chart to explain
Attached Image
  • #247,043
  • Aug 19, 2010 6:43am Aug 19, 2010 6:43am
Why does it seem that the strongest resistance is always at my entry point. I opened a long position at 1.5641 and the price is bouncing off it like a 4HR trend line
  • #247,044
  • Aug 19, 2010 6:43am Aug 19, 2010 6:43am
Quoting cloggie
Eh, look at your watch, when that long pointy handle thingy is pointing up, that's when it closes.

Not a stupid question at all, what made you think that?


did you get any action this morning cloggs? Got my 105 so far... Looking for another couple when NY opens...

What you see happening? Touch of yesterdays high and then down or are we dropping from here.
@pawpaw1000 on Twitter
  • #247,045
  • Aug 19, 2010 6:46am Aug 19, 2010 6:46am
Quoting jaws810
Why does it seem that the strongest resistance is always at my entry point. I opened a long position at 1.5641 and the price is bouncing off it like a 4HR trend line

The real question you should ask is why buy resistance in the first place when there is no indication of it going.
  • #247,046
  • Aug 19, 2010 6:47am Aug 19, 2010 6:47am
Quoting pawpaw1000


did you get any action this morning cloggs? Got my 105 so far... Looking for another couple when NY opens...

What you see happening? Touch of yesterdays high and then down or are we dropping from here.

If that TL goes on the hourly and we get a solid close above I will look for longs, as long as it holds I will look for shorts. Covered my positions earlier at the touch of the TL and now just watching until she shows the way.

Price is still in the same range 5626-5645, it had 2 textbook fakes, one to the top and one to the bottom. Waiting for the real break. Just a couple of sucker breaks to take some retail money.
  • #247,047
  • Aug 19, 2010 6:48am Aug 19, 2010 6:48am
Quoting jaws810
Why does it seem that the strongest resistance is always at my entry point. I opened a long position at 1.5641 and the price is bouncing off it like a 4HR trend line
Look at this chart mate, now why the hell would you buy where it is now?

Do you see that the downside has alot more space than your little upside so even if it does go, we have huge resistance a couple of pips up...

Unless you're scalping ofcourse...
Attached Image (click to enlarge)
Click to Enlarge Name: tradeg.gif Size: 52 KB
@pawpaw1000 on Twitter
  • #247,048
  • Aug 19, 2010 6:55am Aug 19, 2010 6:55am
Quoting Delite
I think the spike at 11am was caused by the CBI Industrial Order numbers.
The spike happened 90 minutes before the release.
  • #247,049
  • Aug 19, 2010 6:55am Aug 19, 2010 6:55am
Quoting Astroman
Hey Cloggie, Probably too early to tell but that 1H line is holding up good for now.

What caused that spike?

The EUR followed, isnt it usually the other way around?

Any way it is good to see that this Pair has calmed down a bit.
That spike was pretty much a textbook fake out, you can see one at 1000 GMT and one at 1035 GMT on the M5, neither of them broke the range and were just attempts to mop up some retail money. Now just be wary of the next spike, make sure it confirms the break and don't just jump on it because it is testing.

The biggest mistake "newer" traders make is jumping on the first M5 candle they see that goes in the direction of their thought process instead of sitting on their hands and wait for confirmation. Trading is not a test of getting every pip out there, just wait and see the direction confirmed and just trade the "fat" part of the move.
  • #247,050
  • Aug 19, 2010 6:56am Aug 19, 2010 6:56am
Quoting pawpaw1000
Look at this chart mate, now why the hell would you buy where it is now?

Do you see that the downside has alot more space than your little upside so even if it does go, we have huge resistance a couple of pips up...

Unless you're scalping ofcourse...
i think a LONG position for a massive 0.1 pip can be attempted with a 100 pip SL, what do you think
  • #247,051
  • Aug 19, 2010 6:56am Aug 19, 2010 6:56am
Quoting forexlion
i think a LONG position for a massive 0.1 pip can be attempted with a 100 pip SL, what do you think

You may need about 200 to have any chance.
  • #247,052
  • Aug 19, 2010 6:59am Aug 19, 2010 6:59am
Quoting cloggie
You may need about 200 to have any chance.
  • #247,053
  • Aug 19, 2010 7:04am Aug 19, 2010 7:04am
Quoting pawpaw1000
Look at this chart mate, now why the hell would you buy where it is now?

Do you see that the downside has alot more space than your little upside so even if it does go, we have huge resistance a couple of pips up...

Unless you're scalping ofcourse...
I'm only looking for 20 pips and with US unemployment data coming out in a half an hour all the bears out there should be careful, because the unemployment data hasn't been that great which would mean a big jump for the euro and cable. But I could be wrong.
  • #247,054
  • Aug 19, 2010 7:06am Aug 19, 2010 7:06am
Quoting Saffer
Hi all,

Just want to get onto the scoresheet... (posts).
Been following this forum for a few weeks and have learned more in these few weeks than in the last 6 months reading books on indicators etc..and playing with demo accounts.
Thanks to guys and gals like Cloggie, FourXtrader, Fourxstar and others who share their knowledge so willingly. I think I am getting close to making some positive trades now. Iv'e had to learn the hard way...
Any newbees wanting an insight into the "pro's" trading methods, read the thread from page 16132 onwards...
Thanks bro. I will definitely go through it.

MAK
  • #247,055
  • Aug 19, 2010 7:06am Aug 19, 2010 7:06am
siamese twins, joined since birth @ the wrong place

http://img715.imageshack.us/img715/7...7587412025.jpg
  • #247,056
  • Aug 19, 2010 7:11am Aug 19, 2010 7:11am
Quoting forexlion
i think a LONG position for a massive 0.1 pip can be attempted with a 100 pip SL, what do you think


I shouldn't laugh, I used to be the same!!!

ANyways, I agree with you about the US unemployment but mate, one thing I've learnt is that the numbers governments put out are rarely the real thing!

Let's just let PA tell us where we are going instead of guessing and having 30% chance at success. If you let PA show you you will have 95% chance at success!
@pawpaw1000 on Twitter
  • #247,057
  • Aug 19, 2010 7:12am Aug 19, 2010 7:12am
Quoting jaws810
I'm only looking for 20 pips and with US unemployment data coming out in a half an hour all the bears out there should be careful, because the unemployment data hasn't been that great which would mean a big jump for the euro and cable. But I could be wrong.

Trading the news on what you think the market is going to do (all 1,000's of participants out there right now) is just gambling, what makes you think that this move up was not a reflection of the news coming out later? What makes you think that this H4/H1 TL is not the boundary for the news? What makes you think that you can possibly know what everyone else is thinking right now?

As a seperate point of thought, if the news is as bad as you think we will see a sell of in equities, which would actually mean that the dollar would strengthen, so both fibre and cable would be heading South.
  • #247,058
  • Aug 19, 2010 7:12am Aug 19, 2010 7:12am
1210 GMT [Dow Jones] Treasurys are lower as demand for safe assets eases. Global equities are up and a strong UK retails sales also boosts risk appetites. Up next is US jobless claims report at 8:30 a.m. EDT, followed by leading indicators and Phila Fed report at 10 a.m. EDT. The Fed will buy Tsys maturing between Aug 2016 and Aug 2020 at 10:15 a.m. EDT while the Treasury will release the sizes for next week's auctions in 2-yr, 5-yr and 7-yr note sales and 30-yr TIPS auction. Fed's Bullard is set to speak about the economy at 12:30 p.m. EDT. In recent trade, the 10-year note's price is 9/32 lower to yield 2.670%. The 30-year bond is down 9/32 to yield 3.754%. ([email protected])
  • #247,059
  • Aug 19, 2010 7:14am Aug 19, 2010 7:14am
Any ideas/thoughts about the US unemployment claims?

It should be down but, it is too close to call.

Regards
Nectarios
  • #247,060
  • Aug 19, 2010 7:15am Aug 19, 2010 7:15am
Quoting cloggie
That spike was pretty much a textbook fake out, you can see one at 1000 GMT and one at 1035 GMT on the M5, neither of them broke the range and were just attempts to mop up some retail money. Now just be wary of the next spike, make sure it confirms the break and don't just jump on it because it is testing.

The biggest mistake "newer" traders make is jumping on the first M5 candle they see that goes in the direction of their thought process instead of sitting on their hands and wait for confirmation. Trading is not a test of getting every pip...
I'm still having problems sorting the fakes, that 1st one closed outside the box, went even higher,(where I jumped in) and then promptly fell back to the box!
where on earth do you enter for a reasonable chance of success?, any advice would be most welcome.
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