Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#258,101
Oct 3, 2010 5:56pm Oct 3, 2010 5:56pm

egkid
Joined Apr 2008 | Status: Trader | 9,414 Posts

Quoting CaveatEmptor

Disliked

Why call the GBP "Cable"

Ignored

I think because
http://www.forexfactory.com/showpost...17&postcount=3

#258,102
Edited 6:17pm Oct 3, 2010 5:58pm | Edited 6:17pm

egkid
Joined Apr 2008 | Status: Trader | 9,414 Posts

Quoting PipChick

Disliked

Even if price closes the Sunday candle above the NL, there is a good possibility the inverse wont play out because of the bearish hidden divergence on the h1. It may be risky to enter a trade and walk away tonight.

Ignored

Thanks but my positions already open since some weeks/days.
I'm not into new trade

#258,103
Oct 3, 2010 5:58pm Oct 3, 2010 5:58pm

grashid
| Commercial User | Joined Oct 2008 | 5,712 Posts

this 1-2 week is not for buyer guys.....seller...

sell all rallies n perhaps going back to 155-1.53 area..hold in next weekly will continue north..otherwise am not suprice to c 1.51-1.49-1.48 before we continue north....

....remember what is the most important news this week ?...n remember as well as CNY is in holiday till Thu....dun get shock...
look at EUR for some pull back...should be the way..i think

i hate if i saw one straight line straight down to 1.53 this week...if this happen...i think am going to take my long holiday till end year...as am sure i know what is going to happen till Q1 next year...

good luck guys...

g

#258,104
Oct 3, 2010 6:03pm Oct 3, 2010 6:03pm

PipChick
| Membership Revoked | Joined Sep 2007 | 4,407 Posts

When I trade these patterns, (HS and AB=CD) I dont usually just put the trade on and place a TP and a stop (below "c"). What I usually do is this:
"D" the final target or with a HS pattern, the HS target is my ultimate target. I may take several trades to get me to that point.(As we all know, the mkt continuously changes minute by minute) I use price action for my exit strategy. So if I am 20 pips up and price is at the FE 23.6 and the m5 forms a bearish pin bar, I would most likely take my profits and watch for another entry to re-enter. I may do this several times until I get to my final destination. Although, when the mkt is trending nicely, I WILL at that point stay in the trade for the ultimate targets.

#258,105
Oct 3, 2010 6:44pm Oct 3, 2010 6:44pm

redsword11
Joined Nov 2008 | Status: living deliberately | 11,122 Posts

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sold for scalp

#258,106
Oct 3, 2010 6:49pm Oct 3, 2010 6:49pm

redsword11
Joined Nov 2008 | Status: living deliberately | 11,122 Posts

Quoting redsword11

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sold for scalp

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demand should be removed from level, prices should fall to lower demand

#258,107
Oct 3, 2010 7:04pm Oct 3, 2010 7:04pm

cohiba pips
| Joined Nov 2007 | Status: Trader | 1,839 Posts

Quoting CaveatEmptor

Disliked

Why call the GBP "Cable"

Ignored

a cable deep in the atlantic lmao

#258,108
Oct 3, 2010 7:28pm Oct 3, 2010 7:28pm

Kelmir
| Joined Jan 2009 | Status: Trader | 2 Posts

Quoting PipChick

Disliked

When I trade these patterns, (HS and AB=CD) I dont usually just put the trade on and place a TP and...

Ignored

I find interest the ability to maker that type of trades. I wish i ha more experience as you.

#258,109
Oct 3, 2010 7:36pm Oct 3, 2010 7:36pm

uksnowman
| Joined Feb 2009 | Status: Trader | 906 Posts

Quote

Disliked

The daily chart shows us a large cup pattern. I have never noticed a cup and handle in forex but they are considered a powerful bullish formation in stocks. The cup pattern alone is a pattern I have noticed in the past to be very bullish.

I have been looking at this pattern lately too. I first noticed it on a zoomed out 4h chart, but the handle seemed to be too low down in the cup whereas it should normally be in the upper half of the cup as selling pressure forms near the previous high. On the daily chart attached, the current consolidation could be the beginnings of the handle which may also be the beginnings of Mal's suggestion of a sideways range until a possible breakout north. Although I prefer it to be a steeper descending channel if it were to be considered a cup's handle. Now I look at the chart it is probably better to remove the upper TL to avoid "curve-fitting", if a new low is made it could be interesting to redraw the TLs as a steeper channel..

Some further reading here http://www.investopedia.com/terms/c/cupandhandle.asp

Interesting to read about volumes increasing as price comes to test the old highs, but this is to be expected as the fight for control at important s/r levels takes place. Also worth noting is that this pattern is a bullish continuation pattern which can often take 3-6 months to play out in stocks, but with 24 hour forex markets it could be over a shorter timescale.

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#258,110
Oct 3, 2010 7:54pm Oct 3, 2010 7:54pm

clientfx
| Commercial User | Joined Jan 2010 | 250 Posts

Quoting grashid

Disliked

this 1-2 week is not for buyer guys.....seller...

sell all rallies n perhaps going back to 155-1.53 area..hold in next weekly will continue north..otherwise am not suprice to c 1.51-1.49-1.48 before we continue north....

....remember what is the most important news this week ?...n remember as well as CNY is in holiday till Thu....dun get shock...
look at EUR for some pull back...should be the way..i think

i hate if i saw one straight line straight down to 1.53 this week...if this happen...i think am going to take my long holiday till end year...as...

Ignored

agree with you bro...im with you ..this week we will see 5550

#258,111
Oct 3, 2010 8:03pm Oct 3, 2010 8:03pm

redsword11
Joined Nov 2008 | Status: living deliberately | 11,122 Posts

Quoting redsword11

Disliked

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demand should be removed from level, prices should fall to lower demand

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Red

#258,112
Oct 3, 2010 8:11pm Oct 3, 2010 8:11pm

samdol
| Joined Aug 2010 | Status: Trader | 54 Posts

well, this is what i see in cable, H4. Its trying to test upper trend line.

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#258,113
Oct 3, 2010 9:59pm Oct 3, 2010 9:59pm

trending
| Joined Jul 2010 | Status: Trader | 348 Posts

Quoting grashid

Disliked

this...

Ignored

this 1-2 week is not for seller guys.....buyer...

buy all drops n perhaps going up to 165-1.63 area..hold in next weekly will continue south..otherwise am not suprice to c 1.71-1.89-1.88 before we continue south....

....remember what is the most important news this week ?...n remember as well as CNY is in holiday till Thu....dun get shock...
look at EUR for some rallies...should be the way..i think

i hate if i saw one straight line straight up to 1.63 this week...if this happen...i think am going to take my long holiday till end year...as am sure i know what is going to happen till Q1 next year...

good luck guys...

#258,114
Oct 3, 2010 10:16pm Oct 3, 2010 10:16pm

Mr.Elliott
| Joined Jul 2009 | Status: ˙˙˙˙ʇɥƃıɐɹʇs ʞlɐʇ ɹǝʌǝu ı | 439 Posts

Quoting trending

Disliked

this...

Ignored

wow...very confusing.....

for newbies like me....

#258,115
Oct 4, 2010 12:13am Oct 4, 2010 12:13am

iqyu5an
Joined Jul 2010 | Status: Always manage your risk & leverage | 7,339 Posts

iqyu
http://www.forexfactory.com/showpost...&postcount=703

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not euphoria follower

#258,116
Oct 4, 2010 12:41am Oct 4, 2010 12:41am

pips stunner
| Commercial User | Joined Feb 2009 | 183 Posts

After building a solid foundation for my $100*40 account i am now playing the no stop loss system.. oops maybe a little hangover to start trading this early.

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