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Cable Update (GBPUSD)

  • #255,081
  • Sep 22, 2010 8:18am Sep 22, 2010 8:18am
Quoting Capn79
Hey D,

The LO breakout has been great for me, per Cloggie's teaching. Usually wait for the M15 to confirm the breakout of consolidation (closes outside Riverbox - and usually look for a trendline break as well --- on M15, M30, or 1hr)
...and then follow the M1 in conjunction with the 25EMA, but only after we've had a significant down move of about 20 - 25 pips. I used to use it earlier than that, but found it took me out of trades before they had moved enough.

Hope this helps,
Capn, a couple of questions for you.
1. Do you wait for a retest of the box? I got the impression that the first breakout was usually false, and that PA would retest.
2. Where do you usually put your SL?
  • #255,082
  • Sep 22, 2010 8:19am Sep 22, 2010 8:19am
Quoting chazzle
long from 15640 and happy to add until 15590-which looks like a strong level
closing for 15-price going a little bit too fast imo wait for pullback
  • #255,083
  • Sep 22, 2010 8:22am Sep 22, 2010 8:22am
1/2 position closed for +50

Quoting scurt
Didn`t catch the train... will start buying from 5609 (50fibo) and main position at DP(1,5584) which is 61,8 fibo of yesterday move... looking for 1,5950 at final target...Sl at 5535 (under upward TL )
  • #255,084
  • Sep 22, 2010 8:23am Sep 22, 2010 8:23am
Quoting Bull_Bear
So am I, short is the safe side for dragon PipChick, I'd keep an eye on 131.60
Im thinking a 50 or 61.8% retracement (speaking of the H4 GbpJpy chart) then the bullish hidden divergence may kick in at which point the stochs should be OS. Currently, the h4 200 ema is holding up the price. Sorry to speak of the GJ in the GU thread but I trade it exactly how I trade the GU.
Attached Image (click to enlarge)
Click to Enlarge Name: GJ.gif Size: 18 KB
  • #255,085
  • Sep 22, 2010 8:27am Sep 22, 2010 8:27am
Dang, missed the last riverbox breakout in EU .. was distracted with emails.
I've been playing EU a lot more than GU these past couple days ... chart setups look stronger.
******************* I'd rather make money than be right.
  • #255,086
  • Sep 22, 2010 8:29am Sep 22, 2010 8:29am
Quoting PipChick
Hey Geppy, Im short GJ too looking for about the same target. Im only in 1/2 position now with stop at BE so hopefully it will get to the target.
Me too, in a little higher & just a small position... dragon lady can bite.
******************* I'd rather make money than be right.
  • #255,087
  • Sep 22, 2010 8:30am Sep 22, 2010 8:30am
Quoting 4xStar
Me too, in a little higher & just a small position... dragon lady can bite.
Definately. Thats one pair you want to make sure you have a stop on. LOL
  • #255,088
  • Sep 22, 2010 8:32am Sep 22, 2010 8:32am
Scalp short GBP/USD here at 1.56583 (exact entry)... TP @ 1.5590 and SL @ 1.5697.

Not a great risk/reward but I'm favoring more downside and it's skewing my bias

EDIT: Wow, already proving to a be a terrible entry...
check out my blog: forexmademillionaire dot com
  • #255,089
  • Sep 22, 2010 8:36am Sep 22, 2010 8:36am
Good day to all,

Exciting times, for weeks a had a strong bullish bias covered by fundamental and technical factors, finally entered heavy longs @ 1.5430
After reaching level 1.573 it retraced a little which didn't worry me a lot but following PA until 1.566 it was clear to me that USD was developing weak but GBP very very weak which did cause me uncomfortable with my bullish bias so I decided to close my longs at 1.566
Since then no position and was waiting for relative strength of GBP for re-entering longs.
It didn't happen until yesterdays news, the USD reacted so extremely violant on the QE2 news item which surprised me, thought it was more or less in prices. Now I read in forum that UK is considering (on a more higher level) adapting QE2 which is quite surprising to me because I had the impression that QE was abolished during last elections.
End of story, I'm not so sure if my long term bullish bias is correct maybe it should be heavily bearish.
Still gaining more feeling for current situation, daily still points to upward trend but the more I think about it the less confident I get that upward daily trend will continue.
USDX has to find a bottom before GBP position can be seen more clear
Just some thoughts...........
Don't be a hero. Don't have an ego. Always question yourself
  • #255,090
  • Sep 22, 2010 8:36am Sep 22, 2010 8:36am
Quoting wormboy
well, price is still having problems negotiating past day open. Cable is still bullish imo.
Anyone short ought to cover earlier just to be safe.
whoomp there it is
Thank You
  • #255,091
  • Sep 22, 2010 8:36am Sep 22, 2010 8:36am
Quoting PipChick
Im thinking a 50 or 61.8% retracement (speaking of the H4 GbpJpy chart) then the bullish hidden divergence may kick in at which point the stochs should be OS. Currently, the h4 200 ema is holding up the price. Sorry to speak of the GJ in the GU thread but I trade it exactly how I trade the GU.
Heres' a birds eye view...
Attached Image (click to enlarge)
Click to Enlarge Name: Dragon.JPG Size: 94 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #255,092
  • Sep 22, 2010 8:37am Sep 22, 2010 8:37am
short from 15680 price following euro but going too fast and due a pullback of 20
  • #255,093
  • Sep 22, 2010 8:47am Sep 22, 2010 8:47am
Quoting chazzle
short from 15680 price following euro but going too fast and due a pullback of 20
out for practically breakeven-price hovering for too long (cancelling out the previous excessive speed)
  • #255,094
  • Sep 22, 2010 8:51am Sep 22, 2010 8:51am
Quoting chazzle
short from 15680 price following euro but going too fast and due a pullback of 20
Sorry to say this chazzle, especially as I too am a relative New-Bee, but i would suggest Less is More

you will eventually earn far more and loose a lot less.

happy pipping
  • #255,095
  • Sep 22, 2010 8:59am Sep 22, 2010 8:59am
I hate bees.
  • #255,096
  • Sep 22, 2010 9:04am Sep 22, 2010 9:04am
Quoting dil
I hate bees.
No probs, I hate Ferrari' drivers
  • #255,097
  • Sep 22, 2010 9:04am Sep 22, 2010 9:04am
Quoting AdrianHNV
Sorry to say this chazzle, especially as I too am a relative New-Bee, but i would suggest Less is More

you will eventually earn far more and loose a lot less.

happy pipping
With all due respect,Adrian,you dont know anything about me or the way I trade.I have found a strategy and mm which works-If you look at my posts you will see that the opposite of what you said is true-so far I gained about 90 and lost 20

just cos I'm new to FF-doesnt mean I'm completely wet behind the ears
  • #255,098
  • Sep 22, 2010 9:06am Sep 22, 2010 9:06am
Quoting chazzle
With all due respect,Adrian,you dont know anything about me or the way I trade.I have found a strategy and mm which works-If you look at my posts you will see that the opposite of what you said is true-so far I gained about 90 and lost 20
I've been watching & you've been nailing the moves for hours....
******************* I'd rather make money than be right.
  • #255,099
  • Sep 22, 2010 9:06am Sep 22, 2010 9:06am
especially red ones...........

http://www.motorbar.co.uk/430spider.htm
  • #255,100
  • Sep 22, 2010 9:10am Sep 22, 2010 9:10am
Quoting chazzle
With all due respect,Adrian,you dont know anything about me or the way I trade.I have found a strategy and mm which works-If you look at my posts you will see that the opposite of what you said is true-so far I gained about 90 and lost 20

just cos I'm new to FF-doesnt mean I'm completely wet behind the ears
put your real account statment or go away
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