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Cable Update (GBPUSD)

  • #251,521
  • Sep 8, 2010 2:53am Sep 8, 2010 2:53am
Quoting zigizum
saw that mate
Alryte. Happy pipping.
  • #251,522
  • Sep 8, 2010 2:56am Sep 8, 2010 2:56am
Whenever I see this kind of move in GU, it's only preparatory to a serious reversal. Play long or short as you wish, but use SL by all means.
Happy pipping
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #251,523
  • Sep 8, 2010 3:00am Sep 8, 2010 3:00am
correction: 5min screenshot in my post above should say 261.8% res channel breech, not 262.8 !

I mentioned in post above the potential resistance cluster and the 1hr screenshot below shows the previous 1hr/4hr swing hi zone at whiich it found supply along with that Dail;y R2 area, 100sma-4hr and mni mentioning 'stronger offers' @ 5490/00...price was also @ 108% of it's 20day average pip range. (always like reversals when price deviated from it's averages !)

If Ind and manuf prod data comes in better than expected...may be more £ buying on knee-jerk reaction (+) ??

G/L

http://www.easy-upload.net/fichiers/z.2010989594.gif
ex member
  • #251,524
  • Sep 8, 2010 3:01am Sep 8, 2010 3:01am
Quoting pawpaw1000
I'm soo glad I've learnt to wait!!!

GOT IN SHORT AT 5426... T/P at 5300 ish and s/l 5456...

ANd yet, making kneejerk trades still comes naturally to me!
i open a short at 1.5438 but its looking risky !!
  • #251,525
  • Sep 8, 2010 3:06am Sep 8, 2010 3:06am
Quoting zameer
i open a short at 1.5438 but its looking risky !!
Do You think so (!!??) G/L with it but it probably depends now on that Uk data due in 25mins. Price is getting a bounce of yesterday's Hi at the moment (rbs) with a 5min and 15min pinbar formed there
ex member
  • #251,526
  • Sep 8, 2010 3:11am Sep 8, 2010 3:11am
  •  zigizum
  • | Joined Aug 2010 | Status: Not in a hurry too blow my account | 52 Posts
Quoting javajames
http://www.forexfactory.com/showpost...stcount=251513

As I said, it perfectly hit upper line of my channel......now it's time to come back to current trend......bearish

As you see after some years of experience (6 in forex, 12 in stocks and options) trading becomes easier.....

Trade well

Spot on mate!
  • #251,527
  • Sep 8, 2010 3:16am Sep 8, 2010 3:16am
Quoting zameer
i open a short at 1.5438 but its looking risky !!

before you take positions always look at your 4hr charts, which this week contains the monthly high at 5485 ish... and the use a tight SL of 15-20 pips... remember this for next time... good luck
  • #251,528
  • Sep 8, 2010 3:19am Sep 8, 2010 3:19am
The pair has returned trading in my downtrend channel in 4H TF, plus the pair is traded ranging in my BB...
Looking for fresh entry of shorts...
  • #251,529
  • Sep 8, 2010 3:21am Sep 8, 2010 3:21am
Quoting HiCS
before you take positions always look at your 4hr charts, which this week contains the monthly high at 5485 ish... and the use a tight SL of 15-20 pips... remember this for next time... good luck
hmmmmmmmmmm
  • #251,530
  • Sep 8, 2010 3:24am Sep 8, 2010 3:24am
anyone using the above
  • #251,531
  • Sep 8, 2010 3:24am Sep 8, 2010 3:24am
This upcoming Uk Ind Prod/Manuf prod data at 0830am gmt as well as the similar german Ind prod data later has been known to cause a market reaction in relevant instruments....G/L however you are positioned (short/long/flat)
ex member
  • #251,532
  • Sep 8, 2010 3:32am Sep 8, 2010 3:32am
Uk manuf prod annualised-highest since Dec'94. Ind prod pretty much as forecast. Muted reaction so far.

G/L
ex member
  • #251,533
  • Sep 8, 2010 3:36am Sep 8, 2010 3:36am
IMO, because it is released as forecast-ed, then it is no whipsaw reaction in the market... Then the pair can be free of the price action towards news release

Quoting bbmac
Uk manuf prod annualised-highest since Dec'94. Ind prod pretty much as forecast. Muted reaction so far.

G/L
  • #251,534
  • Sep 8, 2010 3:48am Sep 8, 2010 3:48am
As long as area below (previous resistance) acts as support, it probably keeps the upside in view and retains the bullish intraday tone...currently @ the 61.8% of the last swing up, also Daily R1 pivot there...a break below and the intraday picture may begin to look differently.

G/L

http://www.easy-upload.net/fichiers/z.201098104843.gif
ex member
  • #251,535
  • Sep 8, 2010 3:52am Sep 8, 2010 3:52am
Guess that cable always got its 50% fib??

I'm more bearish today... After seeing the pair traded ranging in my BB and still traded inside a downtrend channel of 4H TF...
What's ur opinion on this?

Quoting bbmac
As long as area below (previous resistance) acts as support, it probably keeps the upside in view and retains the bullish intraday tone...currently @ the 61.8% of the last swing up, also Daily R1 pivot there...a break below and the intraday picture may begin to look differently.

G/L

http://www.easy-upload.net/fichiers/z.201098104843.gif
  • #251,536
  • Sep 8, 2010 4:03am Sep 8, 2010 4:03am
Quoting HowieTrader
Guess that cable always got its 50% fib??

I'm more bearish today... After seeing the pair traded ranging in my BB and still traded inside a downtrend channel of 4H TF...
What's ur opinion on this?

I just go on what I see and play the set-ups that make up my trading edge, but they are not predictive so I try to keep an open mind...as for what I see, well 30min (and 1hr) my trend t/f are in an overall price action -peak/valley analysis uptrend, so my preference until that changes is for longs...there is a 5min hidden divergence based (re-entry to 30min+ uptrend after the pullback) set-up at that 1hr potential rbs at the moment....with the 0940am 5min bullish engulfing close as trigger to that.

The 1hr potential rbs (resistance becomes support) area posted above is the obvious potential support area after the pullback.

G/L

http://www.easy-upload.net/fichiers/...2010981115.gif
ex member
  • #251,537
  • Sep 8, 2010 4:05am Sep 8, 2010 4:05am
Quoting zameer
i open a short at 1.5438 but its looking risky !!
don't be confused, just believe in yourself and go with it, watching other's analysis will make you more confuse,take other's opinion as input.if you got wrong position, don't worry, just wait another position.good luck
yesterday was good, today is the best, tomorrow is amazing.....
  • #251,538
  • Sep 8, 2010 4:10am Sep 8, 2010 4:10am
I should add re that 5min hidden divergence into the 30min + opa (overall price action) uptrend...it developed @ a LL on that t/f not a HL which is optimum-ythis LL coincided with a potential HL on the 30min/1hr into whose uptrend a re-entry after the pullback was sought but it was not optimum...I prefer to see them develop at a Hl or L / HL on the t/f they set-up on/ the next higher t/f respectively...re an uptrend...As a result I have moved my stop quickly to b/e. (ie 5min my intermediate t/f having printed a LL was showing signs of weakness at the point of entry.

It is likely I will be stopped for B/e therefore unless fresh buyers enter quickly...but safety first is one of my guiding principles in trading-it keedps you in the game.

G/L
ex member
  • #251,539
  • Sep 8, 2010 4:11am Sep 8, 2010 4:11am
2-week old down TL was breached today accompanied by strong bullish momentum...

Overall posture turning positive but cable still a chop shop...there are far better markets to trade out there right now than the Lady Snobby tho...
Attached Image (click to enlarge)
Click to Enlarge Name: H1.gif Size: 9 KB
Hear the music before the song is over ...
  • #251,540
  • Sep 8, 2010 4:15am Sep 8, 2010 4:15am
  •  zigizum
  • | Joined Aug 2010 | Status: Not in a hurry too blow my account | 52 Posts
Quoting GlobalMacro
2-week old down TL was breached today accompanied by strong bullish momentum...

Overall posture turning positive but cable still a chop shop...there are far better markets to trade out there right now than the Lady Snobby tho...

EURCHF was a nice trade for me, yes.
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