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Cable Update (GBPUSD)

  • #247,961
  • Aug 23, 2010 11:17am Aug 23, 2010 11:17am
In 4H TF, the pair did pierced inside the downtrend channel... I'll go short here..
Short @ 1.55295
TP @ 1.53901
SL @ 1.56050

Let's see if the pair can dive through the channel this time...

Any comment?
  • #247,962
  • Aug 23, 2010 11:28am Aug 23, 2010 11:28am
Quoting HowieTrader
In 4H TF, the pair did pierced inside the downtrend channel... I'll go short here..
Short @ 1.55295
TP @ 1.53901
SL @ 1.56050

Let's see if the pair can dive through the channel this time...

Any comment?
Even if major trend is down, you are taking a long term entry at the end of the move and direct into the support.
The 2 worst mistake of a neebi.

This would make sens for a quick scalp, if not, your entry is not well choosen for a medium/long term trade.
(You asked for comments).

Take care!
"Flip that coin!"
  • #247,963
  • Aug 23, 2010 11:31am Aug 23, 2010 11:31am
Quoting HowieTrader
In 4H TF, the pair did pierced inside the downtrend channel... I'll go short here..
Short @ 1.55295
TP @ 1.53901
SL @ 1.56050

Let's see if the pair can dive through the channel this time...

Any comment?
I'm not a pro trader by any stretch but if it just pierced it's not good enough. Wait until it actually closes below any particular TL you have.
  • #247,964
  • Aug 23, 2010 11:34am Aug 23, 2010 11:34am
I see... So that is why the pair is so quiet these moments... I think I know I'm waiting for the entry confirmation, you know, that trade can be closed anytime I want...

Anyway, thanks for your comment, it helps me build my trading strategy so that next time I can pick better price or entry signal

Quoting Scipionz
Even if major trend is down, you are taking a long term entry at the end of the move and direct into the support.
The 2 worst mistake of a neebi.

This would make sens for a quick scalp, if not entry is not well choosen for a medium/long term trade.
(You asked for comments).

Take care!


And yes, it closed below my TL in 4H TF, that's why I go boldly take this short.. Thx

Quoting c2v4l
I'm not a pro trader by any stretch but if it just pierced it's not good enough. Wait until it actually closes below any particular TL you have.
  • #247,965
  • Aug 23, 2010 11:39am Aug 23, 2010 11:39am
Quoting HowieTrader
I see... So that is why the pair is so quiet these moments... I think I know I'm waiting for the entry confirmation, you know, that trade can be closed anytime I want...

Anyway, thanks for your comment, it helps me build my trading strategy so that next time I can pick better price or entry signal
Sure! Your entry is not THAT bad, its even good is you take price pattern.
(It broken 1.5530 then come back at it, broken support will act as resistance).

It is just, if you refer to 1h/4h chart, we are at the end of the range/move, so near support at 1.5480/60.

Thats simple. Nothing to feel guilty about...
Keeping an eyes on 4h helps for that.

I personnaly took a scalp at 1.5535, closed at 1.5526..., remain 0.2 at BE now.
This is the kind of thing you should do at low range, breakeven them realy fast.

Take care!
"Flip that coin!"
  • #247,966
  • Aug 23, 2010 11:39am Aug 23, 2010 11:39am
How about
Short @ 15550
TP @ 15516
SL @ 15568
  • #247,967
  • Aug 23, 2010 11:44am Aug 23, 2010 11:44am
Slow boring morning (US time), I found no medium to high probability setups, took one short on GU which paid 25 pips and one short on EU which stopped out at -12.
Our Lady GU is not showing her hand just yet, so ...
... where did I put those patience pills... ??
******************* I'd rather make money than be right.
  • #247,968
  • Aug 23, 2010 11:47am Aug 23, 2010 11:47am
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
Pro means Bank traders + daily TF + 1000 lots minimum?
That sounds like volume trader to me. No?

BTW shorting our Lady till I hear from Gov. King again
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #247,969
  • Aug 23, 2010 11:49am Aug 23, 2010 11:49am
OK, thx...

Look forward to see the outcome of this trade; I moved the TP to 1.5490 so that in case it fails to break the said support, I can still laugh it out of the market...

Quoting Scipionz
Sure! Your entry is not THAT bad, its even good is you take price pattern.
(It broken 1.5530 then come back at it, broken support will act as resistance).

It is just, if you refer to 1h/4h chart, we are at the end of the range/move, so near support at 1.5480/60.

Thats simple. Nothing to feel guilty about...
Keeping an eyes on 4h helps for that.

I personnaly took a scalp at 1.5535, closed at 1.5526..., remain 0.2 at BE now.
This is the kind of thing you should do at low range, breakeven them realy fast.

Take care!
  • #247,970
  • Aug 23, 2010 12:05pm Aug 23, 2010 12:05pm
Hi People. SHort here is not a very wise decision. On the other side, long is preferable.. I closed all my short just now.. it will return to long any moments.
  • #247,971
  • Aug 23, 2010 12:16pm Aug 23, 2010 12:16pm
Quoting Saffer
Your insight into trading is phenomenal. I am learning a helluva lot.. Thanks Cloggie

I agree so I keep waiting for one phenomenon to shed further light upon another.

Dr. D.
  • #247,972
  • Aug 23, 2010 12:23pm Aug 23, 2010 12:23pm
anybody long here for a move to the top of the channel?
Attached Image
  • #247,973
  • Aug 23, 2010 12:27pm Aug 23, 2010 12:27pm
Quoting forexlion
who is boring into u ?
and which well are they boring into
  • #247,974
  • Aug 23, 2010 12:34pm Aug 23, 2010 12:34pm
Quoting joemiami
anybody long here for a move to the top of the channel?
Nah, been a tough day and not gonna throw my money away now. I'd be tempted to short off the 25m on m15 but with a target of 20pips and a spread of 2 I'd rather not!

I got a nice short this morning but got stopped BE by the SPREAD! pa went to withing 2 pips of my stop and it triggered. Would've got 40 - 50 pips but hey, who's complaining, this is forex!

I'm hoping we will get some nice moves 2moro or that the market will make up its mind on a direction!

Good luck to all the scalpers out there, sure you're enjoying today
@pawpaw1000 on Twitter
  • #247,975
  • Aug 23, 2010 12:37pm Aug 23, 2010 12:37pm
Compression charts work best with EMA's vs others.
You'd have to wait forever for the SMA's to narrow to a
pinpoint line signaling an iminent release and separation.

Dr. D.
Attached Images
  • #247,976
  • Aug 23, 2010 12:40pm Aug 23, 2010 12:40pm
we've had 4 attacks on the 9ema on monthly trying to break to the downside and all failed. in anticipation of the counterattack by the bulls i am long from 1.5513 with my stoploss at 1.5499. take profit at 1.6000
  • #247,977
  • Aug 23, 2010 12:45pm Aug 23, 2010 12:45pm
so far 1.5585 is our break for a uptrend and 1.5445 is our break for a downtrend, get in when there's a clear trend and stop guessing , good luck to all
  • #247,978
  • Edited 1:16pm Aug 23, 2010 1:05pm | Edited 1:16pm
Quoting pip-d-ripper
we've had 4 attacks on the 9ema on monthly trying to break to the downside and all failed. in anticipation of the counterattack by the bulls i am long from 1.5513 with my stoploss at 1.5499. take profit at 1.6000
I look at things differently, but then again I usually see things in a different light then most posters here.

So far this month has been a repeating fib play with the fundies trying to break the top levels unsuccesfully and the techies bringing it right back to continuation. We had a perfect test of the 50 on the 12th with a perfect technical rejection followed by a test and rejection of the 61.8. Last week saw the techie playing out the continuation of the move down only to be interrupted by the fundies with a bit of news for a few days that could not break the 61.8. So my longer term outlook is that we are still in a consolidation both on the yearly 50 retrace and the monthly 50 retrace, that is a big area to overcome. None of the techie moves in the last 3-4 weeks support a return of the bulls yet and any instigation by the news is promptly put down once it rears its head above the parapet.

Taking a long trade here with a target exceeding both the monthly high and the next fib on the yearly play is pure gambling for as long as both 5562 and 5664 are still strongly protected by the techie play. Barring the fundies taking over solidly this week we are looking at 5460 and further down once 5460 has seen a proper close below, with longer term targets of sub 5350.

I am just playing the intraday trends for now until we have seen that close below 5460. And the last thing I want to do is see a few bull bars on the M5 as a trend change that was established 4 weeks ago. That is just wishful thinking.

The only thing that is stopping a further move down is the stops at 5480 for now that have been here for a week or two, once they go the bears will be fully in charge again. All this is a nice little setup on the daily and weekly for when summer trading ends.

Position trading in the summer when the summer play has not finished yet is not something I would use in my play book, that is still 2 weeks away.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: today's play 60.gif Size: 25 KB
Click to Enlarge Name: today's play 59.gif Size: 26 KB
  • #247,979
  • Aug 23, 2010 1:41pm Aug 23, 2010 1:41pm
Im still waiting for her to run to the top of channel( see last chart I posted) so I can ride her down with heavy shorts..
  • #247,980
  • Aug 23, 2010 2:04pm Aug 23, 2010 2:04pm
I'm short on 1.5531.
T/P 1.5480
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