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Cable Update (GBPUSD)

  • #248,441
  • Aug 24, 2010 10:10pm Aug 24, 2010 10:10pm
At the cross road....

If we can't manage to get over that little montain (1.5455-1.5476) GU will take a visit to 1.5400, and this could be ugly...

Let's see!
"Flip that coin!"
  • #248,442
  • Aug 24, 2010 10:22pm Aug 24, 2010 10:22pm
short @ 15440
  • #248,443
  • Aug 24, 2010 11:04pm Aug 24, 2010 11:04pm
I am short too @ .5435 and my limit +100pips
  • #248,444
  • Aug 24, 2010 11:18pm Aug 24, 2010 11:18pm
Quoting Pickensrulz
short @ 15440
timing .... .trading is all about timing.

short and then wonder what direction we are going to go for 4 hours before it does anything. 1,5475 area may be tested 1st before any down move as we have a channel 1.5475 to 1.5380

if 1,5480 is taken out I would close and not even wait to be stopped out as this is the level we saw heavy selling at and a break of this level means those sellers were absorbed

I am long term bearish BUT nothing goes down in a straight line and so far that 1.5360 daily support level and moving averages that magix was talking about earlier is being stubborn to break . If pros want lower prices they will mark price down rapidly thru that level , however we may see some form of upthrust in frankie to test top of current channel , I am waiting for that hulls moving average to turn down and london before I make my move

the black lines in the chart show potential sellers , very subtle at 1.5440

Attached Image (click to enlarge)
Click to Enlarge Name: chart2737.png Size: 160 KB
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  • #248,445
  • Aug 24, 2010 11:20pm Aug 24, 2010 11:20pm
Hi Cable Strike,

Any particular reason you are shorting this now?

Thanks a million.

rain
  • #248,446
  • Aug 24, 2010 11:24pm Aug 24, 2010 11:24pm
Quoting malcolmb14
timing .... .trading is all about timing.

1,5475 area may be tested 1st before any down move as we have a channel 1.5475 to 1.5380

if 1,5480 is taken out I would close
Good stuff as usual Malcomb.

The 200 ema, which was pretty big support last week and now turned resistance, is at 15497. I am also looking at 15510 as well but that one is personal, just my MAD MIND at work.
  • #248,447
  • Aug 24, 2010 11:30pm Aug 24, 2010 11:30pm
Quoting Pickensrulz
Good stuff as usual Malcomb.

The 200 ema, which was pretty big support last week and now turned resistance, is at 15497. I am also looking at 15510 as well but that one is personal, just my MAD MIND at work.
overall 1.5500 holds we see 1.5000 . There was talk of a river system here a couple of weeks ago ... everything moves in blocks .. this is why the river system works.

intraday gu moves in approx 50 pip blocks.... give or take

daily it moves in 500 pip blocks

this chart attached will show this concept a bit better .... ignore the noise out side the 50 pip lines ( 1.5550 , 1,55 , 1,5450 etc )

I would like to see an upthrust above 1.5450 then sell if this upthrust is hit with sellers of top of current 50 pip block

Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 209 KB
Blogging daily now at www.volume.zone
  • #248,448
  • Aug 24, 2010 11:33pm Aug 24, 2010 11:33pm
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 195 KB


Quoting malcolmb14
overall 1.5500 holds we see 1.5000 . There was talk of a river system here a couple of weeks ago ... everything moves in blocks .. this is why the river system works.

intraday gu moves in approx 50 pip blocks.... give or take

daily it moves in 500 pip blocks

this chart attached will show this concept a bit better .... ignore the noise out side the 50 pip lines ( 1.5550 , 1,55 , 1,5450 etc )

I would like to see an upthrust above 1.5450 then sell if this upthrust is hit with sellers of top of current 50 pip block

Attachment
Blogging daily now at www.volume.zone
  • #248,449
  • Aug 24, 2010 11:52pm Aug 24, 2010 11:52pm
Quoting malcolmb14
There was talk of a river system here a couple of weeks ago ... everything moves in blocks .. this is why the river system works.
I have no interest in river box trading or whatever it's coined as. It's nothing personal at all but I have spent too much time developing my own style. Anything that derives a signal from such a short time frame is bound to have plenty of false breaks. I'm just not experienced enough on the small time frames to be able to distinguish the good signals from the bad signals.

I much prefer swing trading. Through my experience I've come to recognize the nuances of the style. I have a firm grasp of what to look for in the two oscillators I use. I just know more of the tricks of the trade when it comes to "swinging".

I try not to be closed minded but I would rather continue to refine what I already know rather than dive headfirst into a new style. No offense to anyone that does; it's just my preference. Best of luck.
  • #248,450
  • Aug 24, 2010 11:58pm Aug 24, 2010 11:58pm
Quoting Pickensrulz
I have no interest in river box trading or whatever it's coined as....
you are wise brother, own system is better than 100 other trading systems on the internet

i trade when I see a trade, otherwise i just wait for a good trade.
  • #248,451
  • Aug 25, 2010 12:03am Aug 25, 2010 12:03am
Quoting Pickensrulz
I have no interest in river box trading or whatever it's coined as....
What oscillators do you use, and with what time frame?,.... if I may ask
  • #248,452
  • Aug 25, 2010 12:10am Aug 25, 2010 12:10am
Good morning folks....

Hope you all had a profitable journey over night
  • #248,453
  • Aug 25, 2010 12:12am Aug 25, 2010 12:12am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
thanks mate!

ta
ams

Quoting puma1
Hey ams, sorry i have missed your comment, this is how X/O is calculated: http://www.forexpnf.info/wp-content/...xplanation.png
If you want to see true candle view on the Cute PnF indicator's chart window, go to the chart properties>colors and set the "Bar UP" "Bar Down" colors, then you will see candlestick's High(upper shadow) and Low(lower shadow) and you will figure out how X's and O's are calculated and plotted.
  • #248,454
  • Aug 25, 2010 12:16am Aug 25, 2010 12:16am
the real point to that was .... if gu stays under 1,5500 we see 500 pip lower...

I am not a swing trader , but have been holding eu and gu for a week or so now from higher up

the potential right now is very tempting

Quoting Pickensrulz
I have no interest in river box trading or whatever it's coined as....
Blogging daily now at www.volume.zone
  • #248,455
  • Aug 25, 2010 12:29am Aug 25, 2010 12:29am
Quoting malcolmb14
the real point to that was .... if gu stays under 1,5500 we see 500 pip lower...

I am not a swing trader , but have been holding eu and gu for a week or so now from higher up

the potential right now is very tempting
i hear you, advise well taken, it does look bearish to me, just wish to see where i can take a good sell entry for today's trade
  • #248,456
  • Aug 25, 2010 12:30am Aug 25, 2010 12:30am
Good morning traders.
  • #248,457
  • Aug 25, 2010 12:32am Aug 25, 2010 12:32am
if yesterdays low is retested and is not broken convincingly then we can say that a W formation will take place targetting 1.5564 levels.

what u all pros think???
comments invited


regards
Nishant
  • #248,458
  • Aug 25, 2010 12:33am Aug 25, 2010 12:33am
Quoting malcolmb14
overall 1.5500 holds we see 1.5000 .
.............
.............
ignore the noise out side the 50 pip lines ( 1.5550 , 1,55 , 1,5450 etc )
.............
I would like to see an upthrust above 1.5450 then sell if this upthrust is hit with sellers of top of current 50 pip block

Attachment

The 5m is primed and ready to pop.
Every move has to start somewhere.

Dr. D.
Attached Image
  • #248,459
  • Aug 25, 2010 12:39am Aug 25, 2010 12:39am
i been long since 1.5390, t/p 1.5715
  • #248,460
  • Aug 25, 2010 12:39am Aug 25, 2010 12:39am
Quoting fourxtrader
The 5m is primed and ready to pop.
Every move has to start somewhere.

Dr. D.
A bit of compression and a bit of guppy on this one here doc...figured it might be a chart that'd catch your eye.
Attached Image (click to enlarge)
Click to Enlarge Name: dr5.jpg Size: 221 KB
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