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Cable Update (GBPUSD)

  • #248,061
  • Aug 24, 2010 2:10am Aug 24, 2010 2:10am
Quoting Mr.Elliott
my MA & RSI just flip in EU (up)....but unfortunately it flips back....to the downside....that what i'm saying...got fooled by the PA just now....it's a bad trade i guess...
even the PA is worrying me...i think...it would not be long that the trend might change from bearish to bullish...IMHO...but still until now...there's no such thing yet....

EU has been ranging for the last few hours. If there is no clear trend then it will flip up and down until a trend develops. Best to wait for the trend and trade the breakout.
  • #248,062
  • Aug 24, 2010 2:13am Aug 24, 2010 2:13am
Quoting Fudomyo
Never met an RSI or MA I could trust.

(maybe a 200 on the Daily, but the rest of it isn't reliable)

Now flat, closed the rest of my position at 15400.
i understand....but i treat this 2 just like a calculator for me....MA is acting as my average price and RSI is acting as my average momentum or strength...this is the only 2 indicator i use..the rest is PA, S&R and TL....
some times it's hard to calculate the previous 2 or 3 days price compared to the current price.....they used to do it on a good white paper....
  • #248,063
  • Aug 24, 2010 2:13am Aug 24, 2010 2:13am
¯(¿)/¯ Kaboom(¯`*•.¸,¤°´`°¤,¸.•*´¯)
Attached Image (click to enlarge)
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Verily, in every difficulties there is relief
  • #248,064
  • Aug 24, 2010 2:14am Aug 24, 2010 2:14am
Quoting bbmac
Cable drop continues after monday's pullback to 5617, currently finding some demand around 5385..below here mni say bids likely to 5350.

a 4 fib cluster exists on the daily t/f 5366-5322:
5366 = 38.2% 4345-5997
5346 = 61.8% 4944-5997
5329 = 76.4% 4870-5997
5322 = 38.2% 4229-5997

G/L
ABCD pattern 4h
FE1= 1.5410
FE1.27=1.5354
FE1.618=1.5284.....

And fibs extension of the pattern are:
1.618 = 1.5367
2=1.53

Let's see!
"Flip that coin!"
  • #248,065
  • Aug 24, 2010 2:15am Aug 24, 2010 2:15am
Quoting AndyPass
EU has been ranging for the last few hours. If there is no clear trend then it will flip up and down until a trend develops. Best to wait for the trend and trade the breakout.
it is true andy....just before that i was fooled...thought of it was going to turn in bullish....
  • #248,066
  • Aug 24, 2010 2:19am Aug 24, 2010 2:19am
Quoting wormboy
26 pips to the monthly pvp. Who woulda thunk

Later fellas.
monthly pvp target reached & breached.
Cleared 3/4 positions with the remaining short positions covered while the immediate targets left being 5330 & 5240.

Good luck.
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Thank You
  • #248,067
  • Aug 24, 2010 2:21am Aug 24, 2010 2:21am
Scalping long @ 1.538
Don't be a hero. Don't have an ego. Always question yourself
  • #248,068
  • Aug 24, 2010 2:24am Aug 24, 2010 2:24am
I have set limit (LONG) @1.5350, Daily S3. Target @1.5425, Daily S2.
  • #248,069
  • Aug 24, 2010 2:25am Aug 24, 2010 2:25am
Price reaches that 38.2% 4335-5997....now @ 93% of it's 20day average pip range.

G/L


Quoting bbmac
Cable drop continues after monday's pullback to 5617, currently finding some demand around 5385..below here mni say bids likely to 5350.

a 4 fib cluster exists on the daily t/f 5366-5322:
5366 = 38.2% 4345-5997
5346 = 61.8% 4944-5997
5329 = 76.4% 4870-5997
5322 = 38.2% 4229-5997

G/L
ex member
  • #248,070
  • Aug 24, 2010 2:28am Aug 24, 2010 2:28am
the massive H&S is now valid. Longs are very risky imo ..
just a thought.
Thank You
  • #248,071
  • Aug 24, 2010 2:28am Aug 24, 2010 2:28am
Quoting Mr.Elliott
i understand....but i treat this 2 just like a calculator for me....MA is acting as my average price and RSI is acting as my average momentum or strength...this is the only 2 indicator i use..the rest is PA, S&R and TL....
some times it's hard to calculate the previous 2 or 3 days price compared to the current price.....they used to do it on a good white paper....
I understand.

But with the current downside momentum, no point taking unnecessary risk.
As Andy said earlier, waiting for the breakout signal makes the most sense.

Personally, not considering any longs under these conditions.
  • #248,072
  • Aug 24, 2010 2:32am Aug 24, 2010 2:32am
Quoting bbmac
Price reaches that 38.2% 4335-5997....now @ 93% of it's 20day average pip range.

G/L
@ bottom of said 4 fib cluster running 5366-22, I have Daily S3 pivot with Weekly S2 pivot around 5327-25.

G/L
ex member
  • #248,073
  • Aug 24, 2010 2:36am Aug 24, 2010 2:36am
4hr descending channel remains intact...

http://www.easy-upload.net/fichiers/z.201082493556.gif


G/L
ex member
  • #248,074
  • Edited 2:50am Aug 24, 2010 2:37am | Edited 2:50am
Quoting wormboy
still long? lol
That brought a smile to my face this morning!

If I were to go long, I would be looking at the following areas and these areas only based on the h4 chart -

1.5370-1.5345
1.5150-1.5123
1.4967-1.4947

But I am not looking to go long. My broker doesn't do hedging as I am already in short
  • #248,075
  • Aug 24, 2010 2:42am Aug 24, 2010 2:42am
Quoting bbakker
That bought a smile to my face this morning!

If I were to go long, I would be looking at the following areas and these areas only based on the h4 chart -

1.5370-1.5345
1.5150-1.5123
1.4967-1.4947

But I am not looking to go long. My broker doesn't do hedging as I am already in short
Any TPs would also have to be aggressive. Swimming against the tide is tiring!
  • #248,076
  • Aug 24, 2010 2:49am Aug 24, 2010 2:49am
Any chance good mortgage approval figures will induce a 100pip bullish spike? It does appear to be oversold at the moment.
  • #248,077
  • Aug 24, 2010 2:55am Aug 24, 2010 2:55am
Quoting ozpips
Any chance good mortgage approval figures will induce a 100pip bullish spike? It does appear to be oversold at the moment.
The BBA has been giving these numbers for 15 years and never in its 15 year history has it caused a 100 pip spike, of course today in the middle of summer trading and a solid down trend it is going to do so for the very first time.

Why do we get page after page of dozens of posters predicting a bottom and going long for any and all reasons.

It sure is entertaining. Do people do it continuously so the one out of 1,000 tries that they are right they can be the thread's hero for an hour? What a way to p!ss money away.
  • #248,078
  • Aug 24, 2010 2:56am Aug 24, 2010 2:56am
Quoting ozpips
Any chance good mortgage approval figures will induce a 100pip bullish spike? It does appear to be oversold at the moment.

Lol, anything can happen of course, but this data has not historically caused a hige price reaction of itself, that said like all data it depends on the actual number's deviation from previous, and forecast as to market's reaction...as to whether it is a hi-probability outcome, ...the answer would be No ,based on historical precedent.

G/L
ex member
  • #248,079
  • Aug 24, 2010 3:00am Aug 24, 2010 3:00am
Quoting bbmac
Price reaches that 38.2% 4335-5997....now @ 93% of it's 20day average pip range.

G/L


Quite rightly, you just said 'average.' To get an average there are also highs and lows.

London has just opened. I hope you're not saying all that will happen between now and the US session is the remaining 7%?

Today is looking like a 200 pip day
  • #248,080
  • Aug 24, 2010 3:01am Aug 24, 2010 3:01am
OK thanks for replies and no I'm not thinking going long Cloggie, just have seen a few massive spikes from Cable recently after no big deal news events. I think of it as the market cleaning out all the money in the shorts and beginning a fresh start.
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