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Cable Update (GBPUSD)

  • #247,121
  • Aug 19, 2010 8:44am Aug 19, 2010 8:44am
Quoting TheSwede
I'm just not sure it will hold. Are short too with tight SL if it fails im out for the day. I think the trade is to speculative for me though. Wish I could just wait for trend confirmation....
agreed, if it stays here for much longer we could have trouble and I might close mine for BE but will wait a bit longer. If london closes reckon ny will get their way and take us higher, thats if we don't go down soon. BUT hey, thats just speculating!

QUICK QUESTION: The longer PA stays at Resistance the larger the chance it is Gonna break? Think I heard that somewhere????
@pawpaw1000 on Twitter
  • #247,122
  • Aug 19, 2010 8:48am Aug 19, 2010 8:48am
The only advantage to go short now is a good place for stop loss. .
  • #247,123
  • Aug 19, 2010 8:50am Aug 19, 2010 8:50am
Couldn't agree more.

Quoting Piotr1
The only advantage to go short now is a good place for stop loss. .
  • #247,124
  • Aug 19, 2010 8:53am Aug 19, 2010 8:53am
Quoting Piotr1
The only advantage to go short now is a good place for stop loss. .
closed mine for +2...

waiting for confirmation...
@pawpaw1000 on Twitter
  • #247,125
  • Aug 19, 2010 8:57am Aug 19, 2010 8:57am
Thanks for all the tips and help for us new(SA) strugglers.
Go Bokke!!
  • #247,126
  • Aug 19, 2010 8:58am Aug 19, 2010 8:58am
don't understand why many people say short

as for me, I see very nice bull flag on m5

good luck
  • #247,127
  • Aug 19, 2010 8:59am Aug 19, 2010 8:59am
Quoting pawpaw1000
closed mine for +2...

waiting for confirmation...

If you are waiting for confirmation, then why did you enter the earlier trade? Just a gamble? Anticipating a break? Trading what you thought and not what you saw? Getting caught in the sentiment on the thread? Assuming instead of assuring?

Just picking on you.
  • #247,128
  • Aug 19, 2010 9:00am Aug 19, 2010 9:00am
Quoting mouse09
don't understand why many people say short

as for me, I see very nice bull flag on m5

good luck
I don't see a bull flag on m5? Chart please?

I'm glad I got out though, seems we might 1st make new high looking at PA...
@pawpaw1000 on Twitter
  • #247,129
  • Aug 19, 2010 9:02am Aug 19, 2010 9:02am
Quoting cloggie
If you are waiting for confirmation, then why did you enter the earlier trade? Just a gamble? Anticipating a break? Trading what you thought and not what you saw? Getting caught in the sentiment on the thread? Assuming instead of assuring?

Just picking on you.
Yeah cloggs, I know...

Was more a case of a break to the up and a fade in momentum with PA just hanging there so I decided to go for the short seeing as I have a 5star resistance and was risking about 15 pips / 1% of acc... reward: early entry meaning better s/l and quicker BE and a possible 4% return if it goes down to pivot...

Glad I did come to my senses when I saw it hanging around like a bad stench!
@pawpaw1000 on Twitter
  • #247,130
  • Aug 19, 2010 9:03am Aug 19, 2010 9:03am
Quoting pawpaw1000
I don't see a bull flag on m5? Chart please?

I'm glad I got out though, seems we might 1st make new high looking at PA...
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  • #247,131
  • Aug 19, 2010 9:04am Aug 19, 2010 9:04am
I like compairing e/u and g/u gives better outlook for me tht is.
It just retested 1,29 again, its not going to far above upper median line, showing hidden divergence, based on such strong evidence of resistance, y would anyone be loking for longs on G/U when it is also on resistance??
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  • #247,132
  • Aug 19, 2010 9:05am Aug 19, 2010 9:05am
Quoting pawpaw1000
Yeah cloggs, I know...

Was more a case of a break to the up and a fade in momentum with PA just hanging there so I decided to go for the short seeing as I have a 5star resistance and was risking about 15 pips / 1% of acc... reward: early entry meaning better s/l and quicker BE and a possible 4% return if it goes down to pivot...

Glad I did come to my senses when I saw it hanging around like a bad stench!

Testing the bottom of the range now.
  • #247,133
  • Aug 19, 2010 9:05am Aug 19, 2010 9:05am
Quoting cloggie
If you are waiting for confirmation, then why did you enter the earlier trade? Just a gamble? Anticipating a break? Trading what you thought and not what you saw? Getting caught in the sentiment on the thread? Assuming instead of assuring?

Just picking on you.
Cloggie,

In this kind of situation, what do you wait for before starting to consider shorts? Would you say it would be wise to wait for a close below the last M15 fractal/swing point first?

Thanks
  • #247,134
  • Aug 19, 2010 9:06am Aug 19, 2010 9:06am
Quoting pawpaw1000
closed mine for +2...

waiting for confirmation...
There is a lovely one of "Cloggie's boxes" on the m5 between 5664 and 5648. Scalped both directions for 10 pips a couple of times.

As for where price is headed next, no one can say for sure. I'm favouring a break of the TL simply because I see an M W formation on the daily chart and for it to be completed, my understanding is that we need an upswing on the final leg of the 'W'.

However I'm ready for a ride down to the Daily Pivot if it decides to go south.
  • #247,135
  • Aug 19, 2010 9:06am Aug 19, 2010 9:06am
Quoting mouse09
don't understand why many people say short

as for me, I see very nice bull flag on m5

good luck
Then go long and explain later. Ok?
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #247,136
  • Aug 19, 2010 9:08am Aug 19, 2010 9:08am
down divergence as expected
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  • #247,137
  • Aug 19, 2010 9:08am Aug 19, 2010 9:08am
Quoting Magic Hat
There is a lovely one of "Cloggie's boxes" on the m5 between 5664 and 5648. Scalped both directions for 10 pips a couple of times.

As for where price is headed next, no one can say for sure. I'm favouring a break of the TL simply because I see an M W formation on the daily chart and for it to be completed, my understanding is that we need an upswing on the final leg of the 'W'.

However I'm ready for a ride down to the Daily Pivot if it decides to go south.

Nice isn't it how a simple visualisation makes you focus on price and trade accordingly.
  • #247,138
  • Aug 19, 2010 9:11am Aug 19, 2010 9:11am
Quoting cloggie
Nice isn't it how a simple visualisation makes you focus on price and trade accordingly.
aaaargh! thinks I might have missed this one! you get in yet? got pending sells at 39 and 43
@pawpaw1000 on Twitter
  • #247,139
  • Aug 19, 2010 9:12am Aug 19, 2010 9:12am
Quoting pawpaw1000
aaaargh! thinks I might have missed this one! you get in yet? got pending sells at 39 and 43

Got in on the break of the range on the momentum bar. 5618 and DP are next key levels.
  • #247,140
  • Aug 19, 2010 9:13am Aug 19, 2010 9:13am
Philly Manufacturing Index comes in with negative numbers (-7.7 vs forecast +7.1)
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