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Cable Update (GBPUSD)

  • #256,101
  • Sep 27, 2010 2:03am Sep 27, 2010 2:03am
Quoting bbmac
1hr candle closes just @ the recent 1hr range lo 5802 area....intraday sentiment bearish so far but given the strong uptrend it's one of those markets where participants are likely looking for the 'best' place to get back in long, after the pullback ?

G/L
Why does this look bearish when almost every 1h / 30 min candle close have a shadow to the downside? Isn`t the PA bullish ?
  • #256,102
  • Sep 27, 2010 2:08am Sep 27, 2010 2:08am
http://www.forexrainbow.com/files/sy...vg8myvydj8.jpg
A little beginner trader since 2006
  • #256,103
  • Sep 27, 2010 2:09am Sep 27, 2010 2:09am
Quoting grashid
..correct..but from chart...
http://www.forexfactory.com/showpost...stcount=256021

PATIENT...........................
  • #256,104
  • Sep 27, 2010 2:11am Sep 27, 2010 2:11am
Quoting Sunsi
Why does this look bearish when almost every 1h / 30 min candle close have a shadow to the downside? Isn`t the PA bullish ?

Quite simply the intraday sentiment is indeed bearish at time of posting as there had been a rejection of the trend Hi and a downside break of the recent range lo on 1hr.. Ie the range was created by market indecision of the 5843 highs that followed a further rejection...I did qualify my remarks re current intraday sentiment by saying that markets like this (ie strong upotrends) are usually full of participants waiting to get back with trend following the pullback, is that overall the market was bullish as shown by the uptrend...but trends pullback and oftentimes extended pullbacks occur taking participants by surprise...In my opinion your analysis above was simply too simplistic...If only it were that simple..Lol !

G/L
ex member
  • #256,105
  • Sep 27, 2010 2:12am Sep 27, 2010 2:12am
Quoting Naseri13
http://www.forexrainbow.com/files/sy...vg8myvydj8.jpg
Things are going good I can see that. Good job!
But Why did you take that trade?
  • #256,106
  • Sep 27, 2010 2:12am Sep 27, 2010 2:12am
Quoting Sunsi
May I ask why ?
I have my strategy that I work with that

1- 15chart
2- MA 10 ( red line )
3- MA 30 ( black line )
4- MACD

when red line breack black line you should buy/sell.
and pay attention too macd

look at my chart you see that red line broke black line too sell
so we sell without any asking

you should practis and underestand hen you can close the pos in best situation. ( you can use macd and h4 for underestand the best posint of close )
A little beginner trader since 2006
  • #256,107
  • Sep 27, 2010 2:17am Sep 27, 2010 2:17am
Quoting Naseri13
I have my strategy that I work with that

1- 15chart
2- MA 10 ( red line )
3- MA 30 ( black line )
4- MACD

when red line breack black line you should buy/sell.
and pay attention too macd

look at my chart you see that red line broke black line too sell
so we sell without any asking

you should practis and underestand hen you can close the pos in best situation. ( you can use macd and h4 for underestand the best posint of close )

very good till now
  • #256,108
  • Sep 27, 2010 2:19am Sep 27, 2010 2:19am
Quoting bbmac
Quite simply the intraday sentiment is indeed bearish at time of posting as there had been a rejection of the trend Hi and a downside break of the recent range lo on 1hr.. Ie the range was created by market indecision of the 5843 highs that followed a further rejection...I did qualify my remarks re current intraday sentiment by saying that markets like this (ie strong upotrends) are usually full of participants waiting to get back with trend following the pullback, is that overall the market was bullish as shown by the uptrend...but trends pullback...
Okey. I understand Thanks for clearing that up.
So what you are saying are:

The market failed the high once again, this results in a pullback, and it`s likely to pullback some to get more buyers inn before it makes a new attepmt at the high again?
  • #256,109
  • Sep 27, 2010 2:28am Sep 27, 2010 2:28am
Quoting Sunsi
Okey. I understand Thanks for clearing that up.
So what you are saying are:

The market failed the high once again, this results in a pullback, and it`s likely to pullback some to get more buyers inn before it makes a new attepmt at the high again?
Basically yeh, and market participants will look for areas at which to get back with trend...like the first of the 3 x 2 fib clusters shown circled on 1hr screenshot below, that I highlighted/discussed in an earlier post...where indeed some demand has come in so far...

The first upside hurdle is now the potential sbr zone created by those range lows as well as the fibs associated with the moves down off 5843 hi.

G/L

http://www.freeimagehosting.net/uploads/fb0bb973d9.gif
ex member
  • #256,110
  • Sep 27, 2010 2:31am Sep 27, 2010 2:31am
Quoting bbmac
Basically yeh, and market participants will look for areas at which to get back with trend...like the first of the 3 x 2 fib clusters shown circled on 1hr screenshot below, that I highlighted/discussed in an earlier post...where indeed some demand has come in so far...

The first upside hurdle is now the potential sbr zone created by those range lows as well as the fibs associated with the moves down off 5843 hi.

G/L

http://www.freeimagehosting.net/uploads/fb0bb973d9.gif
I am very thankfull that you are helping me to learn!
Thanks!
  • #256,111
  • Sep 27, 2010 2:31am Sep 27, 2010 2:31am
Long @ 1.58000
SL 1.5784 (couple of pips below hr low)
TP 1.5840 (couple of pips below range high)

GL ALL
  • #256,112
  • Sep 27, 2010 2:31am Sep 27, 2010 2:31am
very niceeeeeee

closed last pos with +8pip

open another short 5812 with -20 pip

Totall pip in today for all pairs : 48 pips today
A little beginner trader since 2006
  • #256,113
  • Sep 27, 2010 2:36am Sep 27, 2010 2:36am
Quoting Dayboy001
Long @ 1.58000
SL 1.5784 (couple of pips below hr low)
TP 1.5840 (couple of pips below range high)

GL ALL
Good job man, doing well but I have too short pos

5816
5812

I will close them soon
A little beginner trader since 2006
  • #256,114
  • Sep 27, 2010 2:39am Sep 27, 2010 2:39am
Quoting Dayboy001
Long @ 1.58000
SL 1.5784 (couple of pips below hr low)
TP 1.5840 (couple of pips below range high)

GL ALL
http://www.forexrainbow.com/files/ip...a62lcyhty8.gif
A little beginner trader since 2006
  • #256,115
  • Sep 27, 2010 2:40am Sep 27, 2010 2:40am
Quoting Dayboy001
Long @ 1.58000
SL 1.5784 (couple of pips below hr low)
TP 1.5840 (couple of pips below range high)

GL ALL
What is your reasons to your trade?
I am in a long myself from:
1.5796
  • #256,116
  • Sep 27, 2010 2:45am Sep 27, 2010 2:45am
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1285577723 http://cdn.forexfactory.com/attachme...1&d=1285577723

Cable has broken out of the 200 pips box on Friday and headed toward the next box. Price movement is simply a matter of habits. History keeps repeating itself over and over again.

Look at the candle between between 1.57147 and 1.58534 both on the way up and down. I single H4 candle. Also look at the candle on the way down from 1.60000 which closed on 1.56396 and the current candle which took which close outside the box.

If we break the resistance at 1.58535 our next destination is most likely the next zone between 1.58535 - 1.60000. If the resistance hold however, we have landing where the candle took of from i.e. 1.57000 - 1-55000

It is always better to trade within the context of the bigger picture.

Happy trading week to you all!
  • #256,117
  • Sep 27, 2010 2:45am Sep 27, 2010 2:45am
Quoting Dayboy001
Long @ 1.58000
SL 1.5784 (couple of pips below hr low)
TP 1.5840 (couple of pips below range high)

GL ALL
Closed 1/2 @ 1.5820 for 1% gain

moved SL to B/E
  • #256,118
  • Sep 27, 2010 2:45am Sep 27, 2010 2:45am
Quoting Sunsi
What is your reasons to your trade?
I am in a long myself from:
1.5796
Look At my chart or bbmac chart
you will got your answer bro
A little beginner trader since 2006
  • #256,119
  • Sep 27, 2010 2:47am Sep 27, 2010 2:47am
Quoting Purple
Ya I am a full time trader and part time student... I have the same problem too.. when I increase lot size its get difficult to accept loss and cut loss.. I start hoping it will be back in green and never cut loss on higher lots.. so now I increase my lot only when my equity crosses certain benchmark.. I want to get out of FX, even though I make good money out of it but the stress is too much and it effects my personal life and relationship with others.. mood swings and all.. so I hope after completing my graduate studies I will get a more usual...
wow why study more when u can trade full time. haha yes dun let trading affect ur life i come to reailse it
  • #256,120
  • Sep 27, 2010 2:48am Sep 27, 2010 2:48am
Quoting Naseri13
Look At my chart or bbmac chart
you will got your answer bro
Ya. Just asked incase he had some other reasons to enter that trade!
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