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Cable Update (GBPUSD)

  • #263,761
  • Nov 9, 2010 6:42am Nov 9, 2010 6:42am
Quoting wormboy
hola!
wormhole in space-time dimention: for timetravelling forth and back?
  • #263,762
  • Nov 9, 2010 6:52am Nov 9, 2010 6:52am
GU possibility
Attached Image (click to enlarge)
Click to Enlarge Name: GU H4.gif Size: 17 KB
  • #263,763
  • Nov 9, 2010 7:02am Nov 9, 2010 7:02am
1. 6180 M15 close above it
2. UCAD M15 and H1 not forming like current bar (M15 double bottom)

and could it be like this first b4 up?

n me? sorry not a long yet...i should love to see some drop first...

still

good luck

g
Attached Image (click to enlarge)
Click to Enlarge Name: GU-M15.JPG Size: 193 KB
  • #263,764
  • Nov 9, 2010 7:11am Nov 9, 2010 7:11am
Quoting wormboy
you're welcome my friend.
Keep an eye on the monthly resistance @6203.
I'm long myself with stop place @1.6040, & targeting previous week's high first.
Will only reevaluate the current trade position if price dips back below the pivot.

Right I'm off, have a good one
thank you for giving me confidence ,we are in the same boat .

cheers .
A chart helps those who can read it.
  • #263,765
  • Nov 9, 2010 7:18am Nov 9, 2010 7:18am
gone long on a test of that TL pointed out in WBs chart
  • #263,766
  • Nov 9, 2010 7:35am Nov 9, 2010 7:35am
Looking at a short if DP goes....sellers are being absorbed at the moment though....let battle commence
Enter Signature
  • #263,767
  • Nov 9, 2010 7:35am Nov 9, 2010 7:35am
Quoting chazzle
gone long on a test of that TL pointed out in WBs chart
http://www.forexfactory.com/search.p...nduser&u=84206

fyi n watch gold movement?

cheers

g
Attached Image (click to enlarge)
Click to Enlarge Name: GU-H1.JPG Size: 158 KB
  • #263,768
  • Nov 9, 2010 7:37am Nov 9, 2010 7:37am
Quoting grashid
http://www.forexfactory.com/search.p...nduser&u=84206

fyi n watch gold movement?

cheers

g
AU is getting selling pressure too
Enter Signature
  • #263,769
  • Nov 9, 2010 7:39am Nov 9, 2010 7:39am
Quoting darrenware
AU is getting selling pressure too
correct...M15 is good to watch...just patient
  • #263,770
  • Nov 9, 2010 8:10am Nov 9, 2010 8:10am
taken a small short 1.6148 - sl 1.6186
Enter Signature
  • #263,771
  • Nov 9, 2010 8:10am Nov 9, 2010 8:10am
good luck guys..enjoy ur trade

be back in London close..........chiow

  • #263,772
  • Nov 9, 2010 8:17am Nov 9, 2010 8:17am
Quoting bbmac
I'm not stupid enough to think I can predict future price action- lol !! all I know is that there was a 5min bull thrust candle on data react closing at 0935 and it closed above the last HL on that t/f...but pulled back to the 38.2% of the m,ove up from the 1hr descending trend line...the previous 5min swing highs is where any potential fresh demand to push this thing higher may be found ?? Plentty of potential res/sbr factors overhead.

I just play the edges as they present themselves.

G/L
hi BBMAC

I notice you seem very experienced in trading fx. pls tell me...are we not in an overall up trend. why are people who seem to be good traders calling shorts. thot they always say, trend is ur best friend. if i must trade against trend, what should be my guiding priciples..

would really appreciate u take some time from ur busy schedule and help a noob out here. many thanks
  • #263,773
  • Nov 9, 2010 8:25am Nov 9, 2010 8:25am
Price has put in a base in form of a double-bottom @ 1.6068 & 1.6074 respectively, turning the day's bias to the bullish side
Attached Image (click to enlarge)
Click to Enlarge Name: M30.gif Size: 13 KB
Hear the music before the song is over ...
  • #263,774
  • Nov 9, 2010 8:29am Nov 9, 2010 8:29am
Quoting redsword11
sold @ 1.61477
and then what happened after that......?
  • #263,775
  • Nov 9, 2010 8:44am Nov 9, 2010 8:44am
Quoting lechidi
hi BBMAC

I notice you seem very experienced in trading fx. pls tell me...are we not in an overall up trend. why are people who seem to be good traders calling shorts. thot they always say, trend is ur best friend. if i must trade against trend, what should be my guiding priciples..

would really appreciate u take some time from ur busy schedule and help a noob out here. many thanks
i know that you were asking bbmac about this...just trade what your chart says...if you think the trend is bullish....then go ahead with some long position...some trader trade counter trades....and sometimes make you confused a bit...and also sometimes...your judgement would be influence by this statement....that is what i've learn so far...sorry for interuppting bro...just my 2 cent.good luck in your trading....
  • #263,776
  • Nov 9, 2010 8:50am Nov 9, 2010 8:50am
PA looks like its gearing up to test 16200
  • #263,777
  • Nov 9, 2010 8:54am Nov 9, 2010 8:54am
Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 62 KB
  • #263,778
  • Nov 9, 2010 9:00am Nov 9, 2010 9:00am
Quoting GlobalMacro
Price has put in a base in form of a double-bottom @ 1.6068 & 1.6074 respectively, turning the day's bias to the bullish side
Where is ur target on gu?
  • #263,779
  • Nov 9, 2010 9:27am Nov 9, 2010 9:27am
Quoting darrenware
taken a small short 1.6148 - sl 1.6186
how many lots? standard account type? so i learn a bit abt ur MM
  • #263,780
  • Edited 9:42am Nov 9, 2010 9:34am | Edited 9:42am
Quoting lechidi
hi BBMAC

I notice you seem very experienced in trading fx. pls tell me...are we not in an overall up trend? why are people who seem to be good traders calling shorts. thot they always say, trend is ur best friend. if i must trade against trend, what should be my guiding priciples..


It depends on the t/f (s) you are looking it, whilst 1hr was below the LH at 6150 it was in an overall price action (opa) peak/valley analysis downtrend, but now it has printed a HL and a H above that last LH of the downtrend signalling some strength and possibly the beginning of an uptrend....the 4hr from the 6297 top had printed that as HH, followed by a Hl, LH, L, LH and LL at today's current intraday lo and now a H above the last LH. Daily t/f's last 5 prints to that 6297 were a HH, HL,HH, L, and the HH @ 6297 (above the last 2 x HH thus reestablishing the uptrend after the L @ 5649.

My point is this, only you can deterine what the 'main trend' is by determining what the longest t/f you look at...and then determining whether this is trending or ranging and if trending whether it is a possible pullback in a trend counter to this on a t/f above it, or with a trend on the t/f above it. Trading with the trend is overall highest in probability when the t/f's you look at are all trending in the same direction

As for counter trend trading, well trends do pullback....but as cloggie once said in an uptrend for eg, 2 x 5min red candles doesn't neccessarilly mean the start of armageddon !!...I treat all counter trend moves as pullbacks until pa on censecutively higher t/f's begins to say otherwise. As for what the best toolsare to determine where trends may reverse/pullback, potential suport and resistance and pa obviously, but you could also add oscillator divergence to the mix.


------------------------------

Current 1hr screenshot below, the current Hi at the 50% of the 6297-6065 move down/61.8% 6260 to same 6065 current intraday lo.

G/L

http://www.easy-upload.net/fichiers/z.2010119163618.gif
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