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Cable Update (GBPUSD)

  • #262,781
  • Nov 2, 2010 6:00am Nov 2, 2010 6:00am
Quoting Dayboy001
No disrespect meant to anyone but there seem to be some very good traders (or analysts at least) that still hold down their day jobs, would it not be more beneficial to concentrate more time on trading?

I am a long way off I know but my main goal is to trade on its own without the NOISE of work.
One step at a time! Once my trading income surpasses my monthly wage packet on a regular basis, then I will make that step. I would not dream of doing this before.

I am very lucky that I work in IT support, which also allows me to trade. My boss and work colleagues know that I trade and do not mind, so long I get the day job done and for them that is all that matters. We have a very relaxed office atmosphere here, with a pool table, dart board and X-box only 25 feet away from my desk. Sure I will work weekends and evenings when we have to, especially when a customer is upgrading their business software. Last year I was in Helsinki for 2 weeks and I worked 18 hours straight on my first day on the customer's site. We work hard and PLAY hard.

Now, I really must sign off... Have a good one!
  • #262,782
  • Nov 2, 2010 6:02am Nov 2, 2010 6:02am
Final look at 1hr screenshot in respect of potential supp/res/sbr/rbs...Daily S2 is at 5942 with monthly pivot just below 5925-30 area, weekly pivot 5914-20 area. I guess yesterday's daily candle doji close was a clue ??


G/L

http://www.easy-upload.net/fichiers/z.201011212412.gif
ex member
  • #262,783
  • Nov 2, 2010 6:07am Nov 2, 2010 6:07am
Quoting primzvicious
900 pls.... my short position get stuck
first target hit

http://cdn.forexfactory.com/attachme...4&d=1288625495
Verily, in every difficulties there is relief
  • #262,784
  • Nov 2, 2010 6:08am Nov 2, 2010 6:08am
Right I am out of here for a few hours, Hopefully the DP acts as a nice resistance level for my short.

Lots of luck to you all
Enter Signature
  • #262,785
  • Nov 2, 2010 6:25am Nov 2, 2010 6:25am
just open up my charts and saw big drop on gbp why is that?other currencies are stable
  • #262,786
  • Nov 2, 2010 6:30am Nov 2, 2010 6:30am
Quoting Alihuzaifa
just open up my charts and saw big drop on gbp why is that?other currencies are stable

may you open the news calender also :-)
  • #262,787
  • Nov 2, 2010 6:30am Nov 2, 2010 6:30am
Going long from 1.5973 all the way back up to the top, either today or tomorrow
  • #262,788
  • Nov 2, 2010 6:35am Nov 2, 2010 6:35am
Quoting AdrianHNV
Going long from 1.5973 all the way back up to the top, either today or tomorrow
every pullback is being sold into.
  • #262,789
  • Nov 2, 2010 6:41am Nov 2, 2010 6:41am
Quoting punisher
may you open the news calender also :-)
yeah i have checked there is no imp news from gbp
  • #262,790
  • Nov 2, 2010 6:42am Nov 2, 2010 6:42am
Quoting lexazver
every pullback is being sold into.
no problem, I'm sure that either today or tomorrow it will go back up to where it was this morning or at least someways up.....
  • #262,791
  • Edited 7:04am Nov 2, 2010 6:45am | Edited 7:04am
Quoting Alihuzaifa
yeah i have checked there is no imp news from gbp

So the massive shortfall in construction PMI doesn't count? Have another look, this was typical Cable behaviour tenuous testing of the top for day 2 and a bad news report brought it right back where it started, see Wormy's and my posts from yesterday for the initial targets we were looking at. WB had 5994 I had 5991, use the same levels as yesterday and the move was pretty easy to follow. Also have a look at bbmac's post for the triggers for those interested in divergences, then put up your fibs and Bob's your uncle.

Why did we rest here? Have a look at 28/29 OCt. While you are having a look there you can see what 5959 will trigger, 5930 and 5869. Don't go jumping the gun 5959 is the key. Is there more room for a further retrace, yes there is but my 5991 and Wormy's 5994 are the key for that one. IF 5991 does give we are looking at 6044, why? have a look at yesterday's play.

So here you are a fully inclusive trading plan that you can discard or use to your heart's content. Now if you want a messy trading setup then go play the range we are in now for guaranteed whipsaw and reversals galore, 5959-5991. Where is the smart money right now? Long fibre with a stop just below the high waiting for a break.


Here you go:

http://programmerblacksmith.files.wo...4/spoon3_1.jpg
  • #262,792
  • Nov 2, 2010 6:47am Nov 2, 2010 6:47am
Quoting Alihuzaifa
yeah i have checked there is no imp news from gbp
CIPS: Rate Of UK Construction Growth Slows Sharply In Oct
  • #262,793
  • Nov 2, 2010 6:54am Nov 2, 2010 6:54am
Quoting Alihuzaifa
yeah i have checked there is no imp news from gbp
here you go. keep up with the fx news.

http://www.dailyfx.com/real_time_news/
  • #262,794
  • Nov 2, 2010 7:03am Nov 2, 2010 7:03am
Quoting AdrianHNV
no problem, I'm sure that either today or tomorrow it will go back up to where it was this morning or at least someways up.....
it could do but at the moment it looks very unlikely... more likely in my view we will end up near 1.59 and then 1.56 after QE2
  • #262,795
  • Nov 2, 2010 7:05am Nov 2, 2010 7:05am
As anyone else got 1.5954 as the next level below DP

Was a nice resistance level going up on Friday and is at my 61.8 fib level thats drawn from the low on friday to the high yesterday.

I am new to fibs so a comment would be welcome
Enter Signature
  • #262,796
  • Nov 2, 2010 7:11am Nov 2, 2010 7:11am
Quoting cloggie
Where is the smart money right now? Long fibre with a stop just below the high waiting for a break.

Oh yeah. And that move in fibre gave us a secondary trigger for the move in Cable, 4007 and 3977
  • #262,797
  • Nov 2, 2010 7:14am Nov 2, 2010 7:14am
Quoting darrenware
As anyone else got 1.5954 as the next level below DP

Was a nice resistance level going up on Friday and is at my 61.8 fib level thats drawn from the low on friday to the high yesterday.

I am new to fibs so a comment would be welcome

Cable loves the 50. There is serious money to be made on the 50 retraces from the highs on the higher TF's. Just for fun go and plot the fibs on the daily and H4 from the intermediate highs and lows and you will see. Just make sure you use a H4 that starts at 0000 London time and not a NY H4
  • #262,798
  • Nov 2, 2010 7:15am Nov 2, 2010 7:15am
by the looks of things there was nice big buy order 5 minutes back on cable (i guess on euro also) which got completely absorbed by sellers.
  • #262,799
  • Nov 2, 2010 7:17am Nov 2, 2010 7:17am
Thanks cloggie....i'll take a look now

Quoting cloggie
Cable loves the 50. There is serious money to be made on the 50 retraces from the highs on the higher TF's. Just for fun go and plot the fibs on the daily and H4 from the intermediate highs and lows and you will see.
Enter Signature
  • #262,800
  • Nov 2, 2010 7:18am Nov 2, 2010 7:18am
Quoting darrenware
Thanks cloggie....i'll take a look now

That is one of those weekend projects.
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