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Cable Update (GBPUSD)

  • #259,041
  • Oct 6, 2010 9:44am Oct 6, 2010 9:44am
Quoting TauTrader
Good day to you all,

hope things are going well for you. Looking at the chart, price is trading between the daily open @ 1.5888 and the lower level of the weekly channel @ 1.5832.

We are in bearish territory for the day, but still in bullish territory for the week, as well as for the past 14 day cycle.

The 1.5834 / 1.5826 level will change the whole longer term picture back to bearish, should these levels be broken and act as resistance. The September high @ 1.5921 is currently acting as resistance to further movement higher. We are...
good to see you tau
Thank You
  • #259,042
  • Oct 6, 2010 9:45am Oct 6, 2010 9:45am
Quoting Dayboy001
could do with a EUR/USD break to drag this higher

  • #259,043
  • Oct 6, 2010 9:46am Oct 6, 2010 9:46am
Quoting wormboy
did you notice the H&S neckline break on the H1 gbplfx? Easy money to short pound earlier
anyway, my post earlier was more directed towards the guys who are daytrading the pair, I don't think the m5 will have any impact on the way you trade bro
weekly got a bullish outside bar of these levels and theres bullish diversion, monthly doji rejecting these lower levels..i dunno if the head n shoulder can step to that



theres bullish signs in PA at these levels for gbp and i think usd will break this support

either way no doubt..u will go with it regardless
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  • #259,044
  • Oct 6, 2010 9:47am Oct 6, 2010 9:47am
Scalp in 1H
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  • #259,045
  • Oct 6, 2010 9:48am Oct 6, 2010 9:48am
I preached "Short Cable" for 2 days.

Then, having proved myself right, I ignored my own ramblings and went long.
Fortunately, all positions are bought below 59 and there is only 3 still waiting to cash, one of which is in the profit zone.

But that's not the point.....

I listened to others on here who insisted that the CHARTS, SOFTWARE and technical analysis all pointed to long, having set aside those same peoples comments yesterday and favoured my own view.

I shorted time after time yesterday and made more than 100 pips on cable, shorting every time it returned to the 59 mark.
Today I shorted until lunchtime and then, seeing the figure and reading more comments about cable, I jumped in and went long.

I won't loose anything, so I have no complaint on that score.

My purpose of writing is only this.

To those of you who use and believe in SYSTEMS, please try to remember this; The traders in the banks etc, the ones trading hard cash on EBS, don't give a flying cahoots what anyone's software says about where the market ought or ought not to be going!

When they make their moves, they do so for profit.

It's as simple as that.

I read posts and believed in the conviction of others, it has served to remind me that the systems follow us, they don't dictate our path.
Dan TheMan
  • #259,046
  • Oct 6, 2010 9:49am Oct 6, 2010 9:49am
higher low on 4hr also bro!
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  • #259,047
  • Oct 6, 2010 9:55am Oct 6, 2010 9:55am
Quoting Dayboy001
long winded i know but you could email yourself the jpeg or get a pen and transfer it via that or set up a network drive you can drop files between computers

what...................... i n English please
  • #259,048
  • Oct 6, 2010 9:55am Oct 6, 2010 9:55am
Quoting nAVIN2007
weekly got a bullish outside bar of these levels and theres bullish diversion, monthly doji rejecting these lower levels..i dunno if the head n shoulder can step to that



theres bullish signs in PA at these levels for gbp and i think usd will break this support

either way no doubt..u will go with it regardless
nah i already cashed in earlier. currently flat & waiting to see if i'll get a proper setup. you know where i stand regarding cable long term. I just do not want to get caught in what could be a big retrace and end up giving back large gains.
I'd rather wait and see where this drop ends and starts to move back the other way before buying again
Thank You
  • #259,049
  • Oct 6, 2010 9:56am Oct 6, 2010 9:56am
Quoting wormboy
good to see you tau
Good day to you, Sir

I see you are still chipping away and doing great. Hope Junior is also growing up nicely and that your loved ones are well. Love your work.

Regards
  • #259,050
  • Oct 6, 2010 9:56am Oct 6, 2010 9:56am
Quoting nAVIN2007
higher low on 4hr also bro!
Nav,

when did your 4HR open / close?

mine is about to close at 16:00 BST
  • #259,051
  • Oct 6, 2010 9:57am Oct 6, 2010 9:57am
Quoting wormboy
nah i already cashed in earlier. currently flat & waiting to see if i'll get a proper setup. you know where i stand regarding cable long term. I just do not want to get caught in what could be a big retrace and end up giving back large gains.
I'd rather wait and see where this drop ends and starts to move back the other way before buying again

ofcourse..id do exactly the same..this certainly not the time to long as theres no clear signal
  • #259,052
  • Oct 6, 2010 9:58am Oct 6, 2010 9:58am
Quoting Dayboy001
Nav,

when did your 4HR open / close?

mine is about to close at 16:00 BST
that one is a demo so i have no idea, but make no mistake usd is in trouble..even the figures suggest it! i think!!
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  • #259,053
  • Oct 6, 2010 9:59am Oct 6, 2010 9:59am
As far as I am concerned, the Euro is behaving like a naughty little school boy and it needs a smacked bum!

It has no business reachig these dizzy heights, regardless of the dollars position.
Dan TheMan
  • #259,054
  • Oct 6, 2010 10:03am Oct 6, 2010 10:03am
Quoting WanderingDan
As far as I am concerned, the Euro is behaving like a naughty little school boy and it needs a smacked bum!

It has no business reaching these dizzy heights, regardless of the dollars position.
  • #259,055
  • Oct 6, 2010 10:03am Oct 6, 2010 10:03am
u see its stuffed..

Tau good to see u bro
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  • #259,056
  • Oct 6, 2010 10:05am Oct 6, 2010 10:05am


Quoting iqyu5an
Boarding Time for Bull airlines....

In at 5851 ......
not euphoria follower
  • #259,057
  • Oct 6, 2010 10:11am Oct 6, 2010 10:11am
The G/U seems to be content on staying in range bound pattern. I'm out at the moment and will wait for movement to commence again. So much for the diamond pattern breakout. I guess it was a dud.
  • #259,058
  • Edited 10:13am Oct 6, 2010 10:12am | Edited 10:13am
Quoting nAVIN2007
u see its stuffed..

Tau good to see u bro
Wazzap!

Conviction of note you have. Must admit...

All good Nav - thank you for the greetings. See you in the trenches..

Go well!

Regards
  • #259,059
  • Oct 6, 2010 10:12am Oct 6, 2010 10:12am
Just took +55 on cable and EU is up 53 too. Not a bad little run.

Thanks to Dan for giving me the confidence to hold this past the first swing point. Cashing in on positions early is my greatest failing. Wish I knew why you thought it would get back to 1.59 though.

Cheers
  • #259,060
  • Oct 6, 2010 10:12am Oct 6, 2010 10:12am
gbp is building as expected..hopefully its not just a retest
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