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Cable Update (GBPUSD)

  • #248,761
  • Aug 25, 2010 8:35pm Aug 25, 2010 8:35pm
from 1.55220 I expect cable to start falling again to target recent low of 1.5380, I will love to sell from 1.55220
  • #248,762
  • Aug 25, 2010 8:42pm Aug 25, 2010 8:42pm
Quoting Pickensrulz
short @ 15440

Added a second short @ 15485.
  • #248,763
  • Aug 25, 2010 8:49pm Aug 25, 2010 8:49pm
I think 2nd target maybe available 2 hit it
Quoting hindustani
from 1.55220 I expect cable to start falling again to target recent low of 1.5380, I will love to sell from 1.55220
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-15Mins.jpg Size: 171 KB
Patience + Discipline = Pips
  • #248,764
  • Aug 25, 2010 8:49pm Aug 25, 2010 8:49pm
Quoting Pickensrulz
Added a second short @ 15485.
what tells you she will drop soon?
  • #248,765
  • Aug 25, 2010 8:58pm Aug 25, 2010 8:58pm
Quoting joemiami
what tells you she will drop soon?
Cable is just below the 200ema, which was nice support last week.

I'll stop both on a clear & defined break of the 200ema.
  • #248,766
  • Aug 25, 2010 9:08pm Aug 25, 2010 9:08pm
Quoting Pickensrulz

I'll stop both on a clear & defined break of the 200ema.
it will....
  • #248,767
  • Aug 25, 2010 9:10pm Aug 25, 2010 9:10pm
Quoting dashboard
it will....

so I assume you are seriously leveraged long then.
  • #248,768
  • Aug 25, 2010 9:12pm Aug 25, 2010 9:12pm
Quoting hindustani
I do not use any indicators, they are a waste of time. Just basic support and resistance areas. Identify them correctly and keep collecting.

In my previous posts I did mention about 200 ema, but that was just because someone on this forum, suggested it was good for SR, but now I feel I can abandon that too.
problem with using indicators is that you end up seeing through the eyes of the indicator, and you simply ignore the general picture before you

in 2008 when cable fell, it fell exactly down to touch the previous monthly wave of 2001 low. any indicator would never have given this value in the beginning of the trend, so traders would be busy hunting 40 to 50 pips, sometimes collecting and sometimes not

but when seen in terms of S/R the whole picture becomes crystal clear

why did cable go from 2008 low to just kiss 2005 low on the retrace ?

again, an indicator would never give this kind of targets, just MA's

point is, move out of the shell of the indicators and look beyond them, forex trading is far simpler if you really make it simpler
  • #248,769
  • Aug 25, 2010 9:15pm Aug 25, 2010 9:15pm
Quoting wormboy
76 for the stop will most likely get hit methinks. way too tight if you ask me.
I'm looking at the d1 btw, & you're placing your stop where the last time price was here, that level got tested many times. it took a while to get going, i think a higher stop and a reduced risk won't hurt.
just a thought.

the d1 chart:
1.http://cdn.forexfactory.com/attachme...6&d=1282753183

Good place to short. Better risk to reward as price is currently retesting the previously broken support.

good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: gd.gif Size: 24 KB
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  • #248,770
  • Aug 25, 2010 9:16pm Aug 25, 2010 9:16pm
Quoting Pickensrulz
so I assume you are seriously leveraged long then.
yes, will go to 1,554 (ma 200 1h) if it pas thru it will go max to 1.57xx. but the main trend still bearish but need correction for a while. really want to see 1.53 - 1.51xx but not today or tommorow
  • #248,771
  • Aug 25, 2010 9:28pm Aug 25, 2010 9:28pm
Forgot to mention my last trade, anyway, there is a result (attached)...

Furthermore, the pair seems trying to reach upper boundary of my BB in 4H TF, don't know if it can pierce through the level there.. But suppose it can, bye-bye bear today..

Quoting HowieTrader
If I slide to daily chart, I see the pair is sitting at the lower boundary of my BB.. Wiser to long here don't u think? Targeting to middle BB @ around 1.55700 level?
I don't know about bears here, but it seems like it is weaker than the bulls..

Still a flat day for me, not going to take any trade here, but I still got the bullish sentiment, in case it confirms a good entry, I'll long from there; otherwise, the pair might follow the downtrend channel again
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 28 KB
Attached Image
  • #248,772
  • Aug 25, 2010 9:28pm Aug 25, 2010 9:28pm
Quoting hindustani
problem with using indicators is that you end up seeing through the eyes of the indicator, and you simply ignore the general picture before you

in 2008 when cable fell, it fell exactly down to touch the previous monthly wave of 2001 low. any indicator would never have given this value in the beginning of the trend, so traders would be busy hunting 40 to 50 pips, sometimes collecting and sometimes not

but when seen in terms of S/R the whole picture becomes crystal clear

why did cable go from 2008 low to just kiss 2005 low on the retrace ?

again,...
brokers will always love to promote the use of indicators, because it helps them keep you stuck in a shell and keep giving them spread money in every trade.
  • #248,773
  • Aug 25, 2010 9:30pm Aug 25, 2010 9:30pm
Seems like a good place to bank some profit.

Rode one up with a couple side cars off the 5....

Very nice for a shit range day.
Attached Image (click to enlarge)
Click to Enlarge Name: 30m200.jpg Size: 79 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #248,774
  • Aug 25, 2010 9:31pm Aug 25, 2010 9:31pm
I haven't contribute yet in term of chart so here is my take.

I would expect GU to drop until 1.5440/65 (middle channel on 1h and around 50% of last move). Then retry the 1.55 area and maby get to 61.8% @ 1.5524 (also higher trendline making top of the triangle and 50% of the last leg up on daily) or extreme at 78% @ 1.5565/80 to clear to zero all sellers of last move. This is also major resistance over daily (6 candle did close at that level).

I can be wrong, I can be wright...

I never post my entry here because I mostly scalp, so its no use.
But I have a major view on the thing to help me decide in witch way I'll do it.

So... this is what my view look like, and I wont be shy to change it if I see PA derogating from it.

Wish you all good trade!
Attached Image (click to enlarge)
Click to Enlarge Name: GU1h25-08.jpg Size: 178 KB
"Flip that coin!"
  • #248,775
  • Aug 25, 2010 9:38pm Aug 25, 2010 9:38pm
We agree on this one & when we agree it is usually a no-brainer.....LOL

Quoting wormboy
Good place to short. Better risk to reward as price is currently retesting the previously broken support.

good luck.
  • #248,776
  • Aug 25, 2010 9:45pm Aug 25, 2010 9:45pm
Quoting hindustani
brokers will always love to promote the use of indicators, because it helps them keep you stuck in a shell and keep giving them spread money in every trade.
sliced through all ema's like knife through butter.
  • #248,777
  • Aug 25, 2010 9:48pm Aug 25, 2010 9:48pm
Quoting hindustani
sliced through all ema's like knife through butter.
now open a simple daily chart and look at April 15 high, does it ring any bells ?
  • #248,778
  • Aug 25, 2010 9:50pm Aug 25, 2010 9:50pm
Quoting hindustani
now open a simple daily chart and look at April 15 high, does it ring any bells ?
and while you are doing this also look at March 17 high, i think the bell just got louder.
  • #248,779
  • Aug 25, 2010 9:51pm Aug 25, 2010 9:51pm
Quoting hindustani
now open a simple daily chart and look at April 15 high, does it ring any bells ?
  • #248,780
  • Aug 25, 2010 9:52pm Aug 25, 2010 9:52pm
Quoting hindustani
and while you are doing this also look at March 17 high, i think the bell just got louder.
u mean March 15 ?
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