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Cable Update (GBPUSD)

  • #247,241
  • Aug 19, 2010 9:14am Aug 19, 2010 9:14am
shorted @ .5665 hoping for .5570
  • #247,242
  • Aug 19, 2010 9:14am Aug 19, 2010 9:14am
Quoting 4xStar
I'm looking at the .50 of todays high/low which I have around 5589. Did take some off & tight stop following...
well done , the eur has given back most of its gain for the day atm , if the gbp takes out this weekly open again there may be a nice chunk to the down side this time around , and I repeat if lol
  • #247,243
  • Aug 19, 2010 9:15am Aug 19, 2010 9:15am
In fact this decline had such a convincing momentum that the whole picture has been inverted now...

everything that was said regarding big megaphone and small megaphone is recursive now...

don't you love trading....?....especially the gorgeous lady...err...b!a"%&t cable...(she usually responds to that title better...)

Short @ 1.5606
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Hear the music before the song is over ...
  • #247,244
  • Aug 19, 2010 9:16am Aug 19, 2010 9:16am
Quoting cloggie
Here comes the confirmation level of a move further down.

Done, pattern play completed, you guys are on your own now.

Here is the M1 view of the pattern play using fib levels within the broadening top, you can clearly see how all the levels I gave in earlier posts played out nicely.
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  • #247,245
  • Aug 19, 2010 9:17am Aug 19, 2010 9:17am
Darn it missed the drop. Didn't expect to this time of the day. Still have a bit more drop targeting 15575.
  • #247,246
  • Aug 19, 2010 9:17am Aug 19, 2010 9:17am
Quoting GlobalMacro
In fact this decline had such a convincing momentum that the whole picture has been inverted now...

everything that was said regarding big megaphone and small megaphone is recursive now...

don't you love trading....?....especially the gorgeous lady...err...b!a"%&t cable...(she usually responds to that title better...)

Short @ 1.5606

Not quite, put your fib levels in to the inside and you can see the current play, pattern within a pattern.
  • #247,247
  • Aug 19, 2010 9:24am Aug 19, 2010 9:24am
Looks like she getting ready to climb up fanny hill again. One more thrust up my queen so I can ski down your bum once again!
  • #247,248
  • Aug 19, 2010 9:25am Aug 19, 2010 9:25am
Good day all,

been here for a longtime. just checked again as i see an old time frame here

here is my view on GU

i think, emphasis shd be placed on resistance and support on GU as established on 1hr time frame.
it has been trending between 1.5677 and 1.5538 with safe trading taking it short from the resistance level

here is a trade taken based on bearish crown reversal on 5mins time frame
hope my analysis is clear

i wish us best in our trading
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  • #247,249
  • Aug 19, 2010 9:25am Aug 19, 2010 9:25am
Quoting cloggie
Not quite, put your fib levels in to the inside and you can see the current play, pattern within a pattern.
the small BT is history now...remains to be seen how the bigger one shapes up tho...
Hear the music before the song is over ...
  • #247,250
  • Aug 19, 2010 9:27am Aug 19, 2010 9:27am
Quoting Scullmeister
You may have my friend, but not some on here.

I have noticed on here when she moves South, you all make yourself heard, oh it's going to go to level whatever, then when she goes North, oh she's going to go to level whatever. YOU DO NOT KNOW WHERE IT'S GOING - SIMPLE FACT OF TRADING!

Trade what you see, not what you think is going to happen......

So funny....

Most retail traders like you just see chaos while PA traders see very clearly identifiable patterns and plays within levels that are fairly easy to trade.
  • #247,251
  • Aug 19, 2010 9:29am Aug 19, 2010 9:29am
Quoting GlobalMacro
the small BT is history now...remains to be seen how the bigger one shapes up tho...
Yup pattern is completed and played out very much to textbook. I will have a look at the bigger one tonight to see how that could play out.
  • #247,252
  • Edited 10:27am Aug 19, 2010 9:39am | Edited 10:27am
Going long at 5592 for ANOTHER scalp....mo fwee mOney!
  • #247,253
  • Aug 19, 2010 9:39am Aug 19, 2010 9:39am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
For trend traders it's a chop shop for scalpers heaven

Regardless, next week will open door to another side and will be very interesting as we don't have much data before friday. It'll be very volatile.

Enjoy while you can.

What can't go up, must come ?????
And
what can't go down, must go ???

Yeah right

One thing for sure, you would agree right arm is much interesting then the left arm this time.


ta
ams
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  • #247,254
  • Aug 19, 2010 9:45am Aug 19, 2010 9:45am
In the way I read the chart, I'll say generally the pair has resumed its downtrend (based on 4H TF)...

Preferably to short here than taking long, IMO... Anyway, tomorrow is "Anything can happen" Friday... So I must be prepared, SL and TP must be set beforehand, you know, just in case...

Quoting ams
For trend traders it's a chop shop for scalpers heaven

Regardless, next week will open door to another side and will be very interesting as we don't have much data before friday. It'll be very volatile.

Enjoy while you can.

What can't go up, must come ?????
And
what can't go down, must go ???

Yeah right


ta
ams
  • #247,255
  • Aug 19, 2010 9:51am Aug 19, 2010 9:51am
Quoting joemiami
Going long at 5992 for ANOTHER scalp....mo fwee mOney!
ewwwww me too
  • #247,256
  • Aug 19, 2010 9:54am Aug 19, 2010 9:54am
Guys/girls, I am finished for the day, she's been good to me so far.

Goodnigh y'all.
  • #247,257
  • Aug 19, 2010 9:55am Aug 19, 2010 9:55am
Quoting cloggie
Guys/girls, I am finished for the day, she's been good to me so far.

Goodnigh y'all.
Have a great nite man , cu
  • #247,258
  • Aug 19, 2010 9:58am Aug 19, 2010 9:58am
'Just a bad trend' - 500,000 jobless claims

http://i2.cdn.turner.com/money/2010/...claims.top.gif By Julianne Pepitone, staff reporterAugust 19, 2010: 11:08 AM ET


NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months.
Last week, the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000, according to a Labor Department report released Thursday.

 

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There were 488,000 claims filed the previous week.
"This 500,000 level is very difficult, on both a psychological and semi-technical level," said Tim Quinlan, an economist at Wells Fargo.
Initial claims had been hovering in the mid- to upper-400,000s since November.
"You can sometimes dismiss a big number and say , 'Oh, it's just one week,'" Quinlan added. "But with the four-week moving average continuing higher, you can see this is just a bad trend."
The 4-week moving average of initial claims -- a number that tries to smooth out week-to-week volatility -- was 482,500, up 8,000 from the previous week. (Read 'Tired of living paycheck to paycheck')
Can the economy recover without jobs? During the last downturn around 2001, Quinlan notes, companies' finances were in bad shape -- but consumers were weathering it well.
Don't blame the consumer
"In this recession, we have the opposite," Quinlan said. "Companies are flush with cash, but economic data on the consumer side have been so weak."
But all that cash on corporate balance sheets means nothing to consumers unless companies start hiring, Quinlan said.
"Everyone's in this mode of wait and see for a sustainable recovery," Quinlan said. "But that concern will be a self-fulfilling prophecy if we don't create jobs."
  • #247,259
  • Aug 19, 2010 10:03am Aug 19, 2010 10:03am
Like this TETRIS
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  • #247,260
  • Edited 10:08am Aug 19, 2010 10:07am | Edited 10:08am
Quoting joemiami
Going long at 5992 for ANOTHER scalp....mo fwee mOney!
Nice trade with mid daily R2 at 1.5591, daily fib at 1.5592, weekly S2 at 1.5588 and price action confirming a short term reversal.

A true scalper's trade!!!
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