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Cable Update (GBPUSD)

  • #266,981
  • Dec 20, 2010 2:23am Dec 20, 2010 2:23am
Anybody trading the Nene.tpl, 30m chart?
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,982
  • Dec 20, 2010 2:29am Dec 20, 2010 2:29am
Resistance area mentioned (1), has now become temp support. Will it hold? Just above, we have the monthly open @ 1.5560.(2) This should be a little bugger.

The daily trend still very much down. Any sustainable move higher, will have to pass 1.5611 first.

I'm going out to the shops - my wife has me on duty to fix a couple of things around the house today. If I survive and keep all 10 fingers, I will be back a bit later.

Wish you all success
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  • #266,983
  • Dec 20, 2010 2:30am Dec 20, 2010 2:30am
thinking of going short from here around 1.5540 and TP open..
  • #266,984
  • Dec 20, 2010 2:47am Dec 20, 2010 2:47am
Quoting Magix
Anybody trading the Nene.tpl, 30m chart?
I did short this morning, took 26 pips from 3 orders.
But missed that long.
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  • #266,985
  • Dec 20, 2010 2:54am Dec 20, 2010 2:54am
G/M

Hope all had a warm w/e !

Cable Hi so far today above Friday's pullback Hi 5544 off the Friday lo 5453...and right at the steepest 4hr descending trend line/channel top.
23.6% of 5911-5453 is @ 5560 with 61.8% 5645-5453 above @ 5571. 5625-27 is 23.6%/38.2% oif the 4hr swings 6183/5911 to same 5453 Lo.

Current 1hr screenshot below, yellow and orange fibs are the minor 1hr swings to 5453 from 5813 and 5767 (not terribly meaningful ?)grey is from Friday's 5645 Hi to same lo.

Upcoming Event Risk: Uk data @ 0930am gmt.

G/L
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ex member
  • #266,986
  • Dec 20, 2010 2:57am Dec 20, 2010 2:57am
Quoting gsantri
I did short this morning, took 26 pips from 3 orders.
But missed that long.


There will be lotsa opps, we have only heard the ringing of the weekly opening bell....
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,987
  • Dec 20, 2010 3:11am Dec 20, 2010 3:11am
Been following your trading, i tend to place same trades with you but dont place same entry levels. I would love to see your entry timing as that can help better mine also.

what time frame do you use in placing entry?? would love to have your tip. All the best in your trading.

Quoting TauTrader
Resistance area mentioned (1), has now become temp support. Will it hold? Just above, we have the monthly open @ 1.5560.(2) This should be a little bugger.

The daily trend still very much down. Any sustainable move higher, will have to pass 1.5611 first.

I'm going out to the shops - my wife has me on duty to fix a couple of things around the house today. If I survive and keep all 10 fingers, I will be back a bit later.

Wish you all success
  • #266,988
  • Dec 20, 2010 3:19am Dec 20, 2010 3:19am
i think from here the correction of the pound is over and now time to short the pair again as it is just touching the expo of 34 days
  • #266,989
  • Dec 20, 2010 3:39am Dec 20, 2010 3:39am
Confluence of 1hr descending trend line with 23.6% 5911-5453 4hr swing the current Hi, above here 61.8% Friday Hi-Lo 5645-5453 is @ 5571 with 5600 area being 75.4% of said Friday hi-lo with 23.6% 6093-same 5453 Lo 4hr swing. 5625-27 is 23.6%/38.2% of the 4hr swings 6183/5911 to same 5453 Lo and Weekly pivot here. Above here Friday's 5645 Hi moves into view.

Pullback or more in 4hr/Daily downtrend ?

Finishing here for day.

G/L
ex member
  • #266,990
  • Dec 20, 2010 3:48am Dec 20, 2010 3:48am
Quoting Magix


There will be lotsa opps, we have only heard the ringing of the weekly opening bell....
Thanks.
now having problem with the connections, i have to limit open windows.
not sure if i can trade more today..
  • #266,991
  • Dec 20, 2010 3:58am Dec 20, 2010 3:58am
Quoting fendi
Been following your trading, i tend to place same trades with you but dont place same entry levels. I would love to see your entry timing as that can help better mine also.

what time frame do you use in placing entry?? would love to have your tip. All the best in your trading.
Good day to you,

Entries are taken on either 15min chart for longer term trades, and 5 min for shorter term trades ( scalps). entries are based on 4hr info, normally in confluece with daily info. But not always.

I will trade any timeframe on any selected pair - if the setup makes sense. I prefer using S/R levels or zones to initiate entry. Losses are taken in my stride and for this, I also use S/R levels . So - although not always right, losses are cut in reasonable time.

As Magix has mentioned many a time: The daily opening price is a key level and should form the basis of your daily trading. Add to this the weekly opening price and you have an incredible framework of reference to work with. Your weekly outlook should be determined by the weekly opening price. Draw a thick line over your chart. Mondays should be handled with care, as the market finds direction for the week. Above the weekly opening price - you look for longs. Below the weekly opening price, you look for shorts. Draw every daily opening price in as well, and trade these the same way. Obviously, if we trade below the weekly open and we trade above the daily open on any day during that week, you know you are counter trend trading-and vice versa. So stops should be tight. Put your pivots up and you have a sound base.

Hope this assists

Regards
  • #266,992
  • Dec 20, 2010 4:03am Dec 20, 2010 4:03am
Quoting TauTrader
Good day to you,

Entries are taken on either 15min chart for longer term trades, and 5 min for shorter term trades ( scalps). entries are based on 4hr info, normally in confluece with daily info. But not always.

I will trade any timeframe on any selected pair - if the setup makes sense. I prefer using S/R levels or zones to initiate entry. Losses are taken in my stride and for this, I also use S/R levels . So - although not always right, losses are cut in reasonable time.

As Magix has mentioned many a time: The daily opening price is a key...
Excellent Monday head clearer.. Thank you Mr Tau.
All systems of divination, like music itself,work through patterns.
  • #266,993
  • Dec 20, 2010 4:09am Dec 20, 2010 4:09am
Quoting kaspopsicle
Excellent Monday head clearer.. Thank you Mr Tau.
Good day to you,

Just rehashing the words of wisdom often presented here... but thanks...
Attached Image
  • #266,994
  • Dec 20, 2010 4:15am Dec 20, 2010 4:15am
xcellent indicator, adding it to my tool box...once i've got my screen back up off the floor..
All systems of divination, like music itself,work through patterns.
  • #266,995
  • Dec 20, 2010 4:25am Dec 20, 2010 4:25am
Good day to you,

Here is an example of a counter trend trade on Swissy.... entered @ 0.9671

Rejection of S/R cluster(1) including the weekly open. It's Monday, so this level is not established well. Therefor, SL is kept tight (2) @ 0.9692. Attempting to trade down to the next S/R level (3) - which is the closing price as well as the low of 2 trading days ago @ 0.9640/39

You will notice it is against the daily trend - so a scalp at the most. Will it pay a couple? Who knows... but this is how I look at possible trades.

Regards
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  • #266,996
  • Dec 20, 2010 4:27am Dec 20, 2010 4:27am
Quoting kaspopsicle
xcellent indicator, adding it to my tool box...once i've got my screen back up off the floor..
  • #266,997
  • Dec 20, 2010 4:54am Dec 20, 2010 4:54am
Thxs, good hand. Noted. Add to arsenal........



Quoting TauTrader
Good day to you,

Entries are taken on either 15min chart for longer term trades, and 5 min for shorter term trades ( scalps). entries are based on 4hr info, normally in confluece with daily info. But not always.

I will trade any timeframe on any selected pair - if the setup makes sense. I prefer using S/R levels or zones to initiate entry. Losses are taken in my stride and for this, I also use S/R levels . So - although not always right, losses are cut in reasonable time.

As Magix has mentioned many a time: The daily opening price is a key...
  • #266,998
  • Dec 20, 2010 5:09am Dec 20, 2010 5:09am
Quoting TauTrader
Good day to you,

Here is an example of a counter trend trade on Swissy.... entered @ 0.9671

Rejection of S/R cluster(1) including the weekly open. It's Monday, so this level is not established well. Therefor, SL is kept tight (2) @ 0.9692. Attempting to trade down to the next S/R level (3) - which is the closing price as well as the low of 2 trading days ago @ 0.9640/39

You will notice it is against the daily trend - so a scalp at the most. Will it pay a couple? Who knows... but this is how I look at possible trades.

Regards
Closed for + 15 - entered nother short on the little spike. Small trade - but they all add up. Anyway - I will go on the back burner for a while. Just wanted to show my reasoning. Sould be enough for a couple of....
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  • #266,999
  • Dec 20, 2010 6:03am Dec 20, 2010 6:03am
Good day to you,

You can also tame the Dragon. scalped on 5min chart for +10. ( with a 7 pip spead). Get comfortable in your system and trade it - come hell or highwater.

Eyes closed - pull the trigger.

Trust yourself.

Regards
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  • #267,000
  • Dec 20, 2010 6:13am Dec 20, 2010 6:13am
[qgm alluote=TauTrader;4254423]Good day to you,
my guess is u guessed it up up up,any thoughts?
You can also tame the Dragon. scalped on 5min chart for +10. ( with a 7 pip spead). Get comfortable in your system and trade it - come hell or highwater.

Eyes closed - pull the trigger.

Trust yourself.

Regards[/quote]
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