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Cable Update (GBPUSD)

  • #250,321
  • Sep 1, 2010 10:15am Sep 1, 2010 10:15am
Question for all your experienced types...

I've seen you talk about the differences between trading in the summer and other times in the year. Would someone be kind enough to explain what these differences are and therefore what a newbie should expect now that summer is officially over (well in the UK it is, although it's been quite sunny this week).

Many thanks in advance...
  • #250,322
  • Sep 1, 2010 10:25am Sep 1, 2010 10:25am
Quoting zameer
look like a made a mistake

End of day profit taking, rise in DOW and es has slowed down and is levelling of, Pipchick's channel is respected, 200 ema is respected, EC and UC are finding resistance here, yen crosses are flattening.

Your short may just about work out here. Just don't get greedy, make sure this is more then just profit taking at the close of London. Keep an eye on uCAD
  • #250,323
  • Sep 1, 2010 10:35am Sep 1, 2010 10:35am
Quoting cloggie
End of day profit taking, rise in DOW and es has slowed down and is levelling of, Pipchick's channel is respected, 200 ema is respected, EC and UC are finding resistance here, yen crosses are flattening.

Your short may just about work out here. Just don't get greedy, make sure this is more then just profit taking at the close of London. Keep an eye on uCAD

LC, uCAD is not finding support yet and UC is testing resistance again, watch that short closely
  • #250,324
  • Sep 1, 2010 10:36am Sep 1, 2010 10:36am
Well well... The pair is still below 200EMA on 1H TF... Should I go short or should I wait...Hmmppp... Interesting enough, in 30m TF, the pair has pierced the 200EMA, but yet to resume the downtrend...

Very confusing...
  • #250,325
  • Sep 1, 2010 10:42am Sep 1, 2010 10:42am
Ai, what a crappy day... Missed LO as I was working, jumped in short on fibre at 1.2802 thinking we had the start of a reversal with a nice W forming on m5 and m15 and then the news buggers me.

Then I had a pending sell which I forgot to cancel on cable and got triggered, luckily got out at -7 pips...

So, haven't traded the whole week as I havent been here most LO and have missed ost of the action and then I go and kneejerk a trade on fibre. Must say I'm not too unhappy with my fibre loss, more my entry...

-2.25% for the week, could be my 1st losing week in 3 but am here the whole day 2moro! Hope all are well and have been getting some good pips. Today was a interesting day

EDIT: Looking at H1 and H4 this seems like a good place to short...
@pawpaw1000 on Twitter
  • #250,326
  • Sep 1, 2010 10:50am Sep 1, 2010 10:50am
Looking at this chart we haven't closed above previous swing high, we have 3 very indecisive candles and then not on this chart is the 150ma which is keeping us down and also the 200 ma on h1.

It is still a bit indecisive but might gander a short if we close below 5435...
Attached Image (click to enlarge)
Click to Enlarge Name: tradeg.gif Size: 49 KB
@pawpaw1000 on Twitter
  • #250,327
  • Sep 1, 2010 10:53am Sep 1, 2010 10:53am
Quoting pawpaw1000
Looking at this chart we haven't closed above previous swing high, we have 3 very indecisive candles and then not on this chart is the 150ma which is keeping us down and also the 200 ma on h1.

It is still a bit indecisive but might gander a short if we close below 5435...

Yup we are in nomans land, lots of correlated pairs and equities need to find either support or resistance and then reverse for this one to go anywhere. Today was purely fundie driven, now lets see if the techies take over from here, eyeballing 5435 and 5484 would give a good early indication. I am still not seeing any shorts though, other then a few scalps here and there. It is PA like this that would catch most noobs on the wrong side of a trade and running for the exits too soon.
  • #250,328
  • Sep 1, 2010 11:01am Sep 1, 2010 11:01am
Quoting cloggie
Yup we are in nomans land, lots of correlated pairs and equities need to find either support or resistance and then reverse for this one to go anywhere. Today was purely fundie driven, now lets see if the techies take over from here, eyeballing 5435 and 5484 would give a good early indication. I am still not seeing any shorts though, other then a few scalps here and there. It is PA like this that would catch most noobs on the wrong side of a trade and running for the exits too soon.
Yip, this and the earlier fibre trade
@pawpaw1000 on Twitter
  • #250,329
  • Sep 1, 2010 11:02am Sep 1, 2010 11:02am
That's it.. It still closed below the 200EMA line in my 4H TF chart, a sign of good short IMO... Will look for entry signal for short..

Quoting HowieTrader
Well well... The pair is still below 200EMA on 1H TF... Should I go short or should I wait...Hmmppp... Interesting enough, in 30m TF, the pair has pierced the 200EMA, but yet to resume the downtrend...

Very confusing...
  • #250,330
  • Sep 1, 2010 11:09am Sep 1, 2010 11:09am
I would never short into a pivot bar pointing north. Especially on a 1 hr T/F. but you never know.

Quoting PipChick
Your short has a chance. If I were short at the moment at the price you are in short at, I would exit the trade IF the h1 closed above the 61.8. I am seeing bearish Hidden divergence on the h1 chart. The data releases do support the GBP long but, it may have went as high as the data allows it. I am also seeing some pullbacks on the DX.
Im not giving advice, I am just saying what I would do if I were short at your price.

Good Luck
  • #250,331
  • Sep 1, 2010 11:15am Sep 1, 2010 11:15am
Whatever position you might want to take, I'm in short for 30pips, and it cannot fail Maybe you'd use my chart
Attached Image
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #250,332
  • Sep 1, 2010 11:15am Sep 1, 2010 11:15am
Quoting Magic Hat
Question for all your experienced types...

I've seen you talk about the differences between trading in the summer and other times in the year. Would someone be kind enough to explain what these differences are and therefore what a newbie should expect now that summer is officially over (well in the UK it is, although it's been quite sunny this week).

Many thanks in advance...
Nice question Magic Hat i wanna listen the explanation too
Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #250,333
  • Sep 1, 2010 11:21am Sep 1, 2010 11:21am
Quoting PipChick
Your short has a chance. If I were short at the moment at the price you are in short at, I would exit the trade IF the h1 closed above the 61.8. I am seeing bearish Hidden divergence on the h1 chart. The data releases do support the GBP long but, it may have went as high as the data allows it. I am also seeing some pullbacks on the DX.
Im not giving advice, I am just saying what I would do if I were short at your price.

Good Luck
still hanging with my short bro ..............
  • #250,334
  • Sep 1, 2010 11:22am Sep 1, 2010 11:22am
I know it's GU here but I also too a short on AU, and that promises more reward. See attached chart with confluence of bullish channel and monthly TL
Attached Image
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #250,335
  • Sep 1, 2010 11:23am Sep 1, 2010 11:23am
Quoting cloggie
Just wanted to make sure your weren't tempted shorting this thing unlike some here. And indeed you did have 484 on your chart.
That would include me then. Got taken UTAH quite roughly today, luckily managed to clean up the mess a little bit when I stopped facing in the wrong direction. Sore but still alive.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #250,336
  • Sep 1, 2010 11:24am Sep 1, 2010 11:24am
Quoting pawpaw1000
Looking at this chart we haven't closed above previous swing high, we have 3 very indecisive candles and then not on this chart is the 150ma which is keeping us down and also the 200 ma on h1.

It is still a bit indecisive but might gander a short if we close below 5435...
hai pawpaw please tell me what is 150ma and 200ma (meaning)?
  • #250,337
  • Sep 1, 2010 11:28am Sep 1, 2010 11:28am
Quoting zameer
hai pawpaw please tell me what is 150ma and 200ma (meaning)?
Moving averages mate...

Got in short at 71...

Looking to bottom of consolodation area (30 pips ) and then decide whether I will keep...

EDIT: S&P turning on H1 which could give us the momentum to break bottom of consolodation for maybe a extra 15 - 20 pips...
@pawpaw1000 on Twitter
  • #250,338
  • Sep 1, 2010 11:34am Sep 1, 2010 11:34am
Quoting Nene
I would never short into a pivot bar pointing north. Especially on a 1 hr T/F. but you never know.
Pivot Bar? Chart please.
  • #250,339
  • Sep 1, 2010 11:40am Sep 1, 2010 11:40am
Quoting pawpaw1000
Moving averages mate...

Got in short at 71...

Looking to bottom of consolodation area (30 pips ) and then decide whether I will keep...

EDIT: S&P turning on H1 which could give us the momentum to break bottom of consolodation for maybe a extra 15 - 20 pips...
and what is mean by 200 moving averages ?
  • #250,340
  • Sep 1, 2010 11:44am Sep 1, 2010 11:44am
Quoting zameer
and what is mean by 200 moving averages ?
well, when you add a moving average you can choose how many bars it uses to derive the average. SO, I have one with 150 bars and another with 200 bars. MA's are really good to discern trend and also to use as S/R
@pawpaw1000 on Twitter
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