Cable Update (GBPUSD) | Page 12398 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #247,941
  • Aug 23, 2010 10:03am Aug 23, 2010 10:03am
Quoting msniper

The more pattern traders the better, this is one I am keeping my eye on for the weekly:
Attached Image (click to enlarge)
Click to Enlarge Name: today's play 59.gif Size: 26 KB
  • #247,942
  • Aug 23, 2010 10:06am Aug 23, 2010 10:06am
Quoting cloggie
Now we finally have some dollar strength coming into the market, UC up EU down, equities selling of, futures down. Trailing a short with a stop above the DP now, let's see if this attempt leads to anything.

Round number and last weeks low next.
Yea it went down because I took a long position... closed for loss... two trades and two losses for today... i am done for the day...:=)
  • #247,943
  • Aug 23, 2010 10:12am Aug 23, 2010 10:12am
Quoting ams
Magix,

check 200 day simple moving average on daily and see why cable can't go below it...SMA (simple moving average) has more value then EMA for pro traders.


ta
ams
Guess I could never measure up as a pro trader.

Here's the same MA's in a SIMPLE vs EXPONENTIAL configuration.

Of course, I don't use the EMA's as a collection for direction like
one might use SMA's individually as targets and S/R. However,
they are very useful as a timing signal.

Look at this move developing off of a nice compression pattern.

Dr. D.
Attached Images
  • #247,944
  • Aug 23, 2010 10:12am Aug 23, 2010 10:12am
Quoting LostMyShirt
Yea it went down because I took a long position... closed for loss... two trades and two losses for today... i am done for the day...:=)

Buying the middle of major levels without seeing which one is tested first was never going to be a highly probable setup. Tossing a coin would have given you the same chances really. Your trade call would only have had any chance of succes with large stops attached, a buy with a SL below last weeks low or a sell with a SL above either the TL or something like a slower MA/EMA on a higher TF.

Sorry for picking on you, but I did answer your earlier post with quite elaborate setups for plays today and the 2 levels that you could have played of on, instead of taking a trade somewhere in the middle. On days like this (consolidation around the higher TF's levels) correlation with other pairs and instruments is going to be an early indicator or even a confirmation of a direction and should be ignored at your own peril.

Plenty of posters here gave an early indication of dollar strength coming into the market.
  • #247,945
  • Aug 23, 2010 10:14am Aug 23, 2010 10:14am
5 minute charts

its a cci based indicator


http://img651.imageshack.us/img651/9863/71162985.gif
Attached File(s)
File Type: ex4 ForexLionFx.ex4   2 KB | 592 downloads
  • #247,946
  • Aug 23, 2010 10:19am Aug 23, 2010 10:19am
Quoting cloggie
Time to take some profits of and letting the rest run. Targets 5495 and 5472.

Covered all my shorts now, it is struggling to get below last TUE/WED levels, don't intent to give my profits back to the market so am now flat Cable. Am watching now to see if this retrace materialises and when it does how it behaves around the earlier levels of support before committing to another trade.

Oh and eatmyshorts, this is what I meant with the large stops earlier, we could well make it back to your buy entry here, 5529 will be the key for any retrace to have any meaning.
  • #247,947
  • Aug 23, 2010 10:20am Aug 23, 2010 10:20am
The pair is trying to pierce through downtrend channel; should it can close inside the channel, the downtrend resumes; otherwise, see a bounce to the uptrend channel.. Easy trade actually, not to mention that the pair has been traded in range last week...
  • #247,948
  • Aug 23, 2010 10:22am Aug 23, 2010 10:22am
I bought it close to the 50 Fib.. i saw the downward momentum but ignored and bought it at 50 fib level.... Thats fine since I was only playing one mini lot ...
I have to do better in the future and stop throwing money away.. Thanks man.. Keep picking on me.. :-) I appreciate that.. That will improve my trading skills..

Quoting cloggie
Buying the middle of major levels without seeing which one is tested first was never going to be a highly probable setup. Tossing a coin would have given you the same chances really. Your trade call would only have had any chance of succes with large stops attached, a buy with a SL below last weeks low or a sell with a SL above either the TL or something like a slower MA/EMA on a higher TF.

Sorry for picking on you, but I did answer your earlier post with quite elaborate setups for plays today and the 2 levels that you could have played of on,...
  • #247,949
  • Aug 23, 2010 10:24am Aug 23, 2010 10:24am
Quoting LostMyShirt
I bought it close to the 50 Fib.. i saw the downward momentum but ignored and bought it at 50 fib level.... Thats fine since I was only playing one mini lot ...
I have to do better in the future and stop throwing money away.. Thanks man.. Keep picking on me.. :-) I appreciate that.. That will improve my trading skills..

Most of us here had the same plan as I, short biased, selling the retraces would always be more profitable on a day like today and buying a support without a confirmed rejections would be the lower probability trade. So even here I would not buy this support, instead would see where the retrace ends, if we have one at all, so I can sell it again. Intra day bias is still short, with last week's lows being the key levels for continuation.
  • #247,950
  • Aug 23, 2010 10:25am Aug 23, 2010 10:25am
Quoting forexlion
5 minute charts

its a cci based indicator


http://img651.imageshack.us/img651/9863/71162985.gif
so what do you predict, where will it go next? Up or Down, Lion??
  • #247,951
  • Aug 23, 2010 10:27am Aug 23, 2010 10:27am
Quoting cloggie
Covered all my shorts now, it is struggling to get below last TUE/WED levels, don't intent to give my profits back to the market so am now flat Cable. Am watching now to see if this retrace materialises and when it does how it behaves around the earlier levels of support before committing to another trade.

Oh and eatmyshorts, "Hmmmmmm " this is what I meant with the large stops earlier, we could well make it back to your buy entry here, 5529 will be the key for any retrace to have any meaning....
Yea.. It might come back...
  • #247,952
  • Aug 23, 2010 10:28am Aug 23, 2010 10:28am
Quoting behman8850
so what do you predict, where will it go next? Up or Down, Lion??
on weekly - down

otherwise keep scalping
  • #247,953
  • Aug 23, 2010 10:30am Aug 23, 2010 10:30am
Quoting LostMyShirt
Yea.. It might come back...

Think back over last week, all the moves up were driven by the fundies. There was no news on friday and no move up, so what can you deduct from all of that for today? No news, technically short biased, so why buy the dips, selling the rallyes would always have been the higher probable setup today. Also last week told us that there are some major stops at 5480, they are not going to give up easy, they put up a fight last week so expect the same this week.
  • #247,954
  • Aug 23, 2010 10:30am Aug 23, 2010 10:30am
Quoting forexlion
on weekly - down

otherwise keep scalping
thank you very much sir.
  • #247,955
  • Aug 23, 2010 10:31am Aug 23, 2010 10:31am
Quoting cloggie
5529 will be the key for any retrace to have any meaning.
Decision time, still flat.
  • #247,956
  • Aug 23, 2010 10:32am Aug 23, 2010 10:32am
Quoting forexlion
5 minute charts

its a cci based indicator


http://img651.imageshack.us/img651/9863/71162985.gif



first trade within 10 minutes of writing a totally new indicator

and

http://img339.imageshack.us/img339/3725/61106742.gif
  • #247,957
  • Aug 23, 2010 10:33am Aug 23, 2010 10:33am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Cheers Dr D.

By Pro I mean bank traders. And they usually look at the daily timeframe for entry, exit / support , resistance and they trade 1000 lots min.

If I am not wrong, none of us on FF can be called pro if we compare ourselves with their lot size for that matter :-)

I personally like ema's for direction on smaller timeframes but I look at SMA's on larger timeframe.

ta
ams



Quoting fourxtrader
Guess I could never measure up as a pro trader.

Here's the same MA's in a SIMPLE vs EXPONENTIAL configuration.

Of course, I don't use the EMA's as a collection for direction like
one might use SMA's individually as targets and S/R. However,
they are very useful as a timing signal.

Look at this move developing off of a nice compression pattern.

Dr. D.
  • #247,958
  • Aug 23, 2010 10:38am Aug 23, 2010 10:38am
Quoting ams
Cheers Dr D.

By Pro I mean bank traders. And they usually look at the daily timeframe for entry, exit / support , resistance and they trade 1000 lots min.

If I am not wrong, none of us on FF can be called pro if we compare ourselves with their lot size for that matter :-)

I personally like ema's for direction on smaller timeframes but I look at SMA's on larger timeframe.

ta
ams

I totally agree. I'm just a novice here, enamored by colored lines.

<<fumbling for a view of my 5sec - 90sec charts>> lol

Dr. D.
  • #247,959
  • Aug 23, 2010 10:42am Aug 23, 2010 10:42am
1503 GMT [Dow Jones] EUR/HUF touches 283 as market participants continue to react negatively to the central bank's rate decision and press conference. "Despite corporate interest to sell the spikes we are seeing solid demand for EUR/HUF above 2.82," says Citi. EUR/HUF is up at 282.80 from an open of around 278.63. Ripples are being felt elsewhere in the region, with the EUR/PLN also under pressure, trading at 4.0137 from around 3.97 at the open. ([email protected])


Contact us in London. +44-20-7842-9464
[email protected]


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?...2Bs3VnaQ%3D%3D. You can use this link on the day this article is published and the following day.
  • #247,960
  • Aug 23, 2010 10:53am Aug 23, 2010 10:53am
Quoting cloggie
We are not as much in a range as in a consolidation area. This level corresponds to the 50 retrace of the years down move if you don't take the news spike of the hung parliament into account, we have pips out t
It really pays of keeping track of the bigger picture and zooming out your charts finding the larger patterns that are still valid.
Your insight into trading is phenomenal. I am learning a helluva lot.. Thanks Cloggie
505 traders viewing now, 3 are registered:
Richiiee
,
makeme
,