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Cable Update (GBPUSD)

  • #271,461
  • Feb 9, 2011 1:53pm Feb 9, 2011 1:53pm
30M c.pattern fizzled after a short move down.
Did I say, "compression patterns are reliable"? lol

There are no bad MAs.... only bad TFs.

Just have to let the market pick the TF and try and
follow. Here's the 30M dud... (but it did offer 100 pips
in a sharp drop using a ~5m trigger).

However, the limited and scattered 30M move has
allowed the 1H to form and not roll-over and now the
30M is beginning to reform so maybe they will join in sync.

In the meantime, the smaller TFs always bekon.

Just my view,

Dr. D.
Attached Images
  • #271,462
  • Feb 9, 2011 2:51pm Feb 9, 2011 2:51pm
From the charts above (in the previous post)
as these higher TFs form we have the 15M that
has compressed tightly together with the price
hovering above... which will either pull the EMAs
apart prematurely or drive down thru the cluster.

And of course the 5M and 1M would form sooner
to ignite a chain reaction lending their energies to
the higher TFs for further compression or separation.

Compression = potential energy (energy building) = price consolidation
Separation = kinetic energy (energy releasing) = price breakout

Just my unorthodox views.

Dr. D.
Attached Images
  • #271,463
  • Feb 9, 2011 6:47pm Feb 9, 2011 6:47pm
Hmmmmm...

Kinda interesting place the pound is at...


http://i52.tinypic.com/104qbnr.gif
No way I'll wreck this... It's a beer truck!
  • #271,464
  • Feb 9, 2011 8:59pm Feb 9, 2011 8:59pm
Quoting Bruce Flea
Hmmmmm...

Kinda interesting place the pound is at...
On the sidelines for now.
Waiting for the interest rate statement and accompanying rhetoric.

P.S. To enrich one's perspective, whilst awaiting the big news, here's an opinion from a dude that "broke the pound" back in the day.
  • #271,465
  • Feb 9, 2011 9:31pm Feb 9, 2011 9:31pm
Quoting USD-Bear
were in the same boat as you and although it's beautiful to read about position trades with 500+ profits, volatility is too large.
I just read your sig. I only brag about how easy trading is right before I get my ass righteously handed to me. I'm a little annoyed with myself, for being so proud of the success I've had session trading. Time to lock it down and stay humble. I think I'll go crawl back under my rock.

If you want those position trades, they can be yours, trouble is the larger stops required. I don't care about nominal stop size in pips, because I use Oanda and they give me enough granularity to play it responsibly......but.......

If you use a 100 pip stop, you need 200 pips to get 2:1 RR.
Start making the stops larger (like for a gbpchf daily reversal), and all of a sudden you need 300-400-600 pips profit just to get 2:1 RR.

I'd way rather risk 20, bag 40 and come back tomorrow.

I would like to get back into placing some longer term trades during early NY when there's still some liquidity left to give me a good entry, but right now I am content session trading.
  • #271,466
  • Feb 9, 2011 10:04pm Feb 9, 2011 10:04pm
the cable seems to be on the wave 5 of elliot wave on my 4h n i 4see a bull action later.what do u guys think
  • #271,467
  • Feb 10, 2011 12:50am Feb 10, 2011 12:50am
1.6122 < > 1.6145 above i am expecting a bull run and sidelined now till news out ....
  • #271,468
  • Feb 10, 2011 1:12am Feb 10, 2011 1:12am
as soon as 30min chart gives buy signal, i'm in long ( probably at 6086) with target 6146 as per attachment. could be next (8:30am) candle already.
Attached Image
  • #271,469
  • Feb 10, 2011 1:59am Feb 10, 2011 1:59am
bulls at the 61.8 fib?..

Attached Image
  • #271,470
  • Feb 10, 2011 2:17am Feb 10, 2011 2:17am
gu 1 hr inverted head n shoulder http://www.myimgs.org/images/gu1hrfeb10.jpg
  • #271,471
  • Feb 10, 2011 2:58am Feb 10, 2011 2:58am
morning traders,

can anyone tell me when will we have the news? I mean how many hours from now on ? is it in 5 hours?
  • #271,472
  • Feb 10, 2011 3:00am Feb 10, 2011 3:00am
Quoting redbeben
morning traders,

can anyone tell me when will we have the news? I mean how many hours from now on ? is it in 5 hours?
First important news are in 30min
  • #271,473
  • Feb 10, 2011 3:09am Feb 10, 2011 3:09am
on frontpage of forexfactory.com just click on the time upper left and set correct time zone for you. All other important info you find on the homepage of ff.com

Quoting redbeben
morning traders,

can anyone tell me when will we have the news? I mean how many hours from now on ? is it in 5 hours?
  • #271,474
  • Feb 10, 2011 3:10am Feb 10, 2011 3:10am
Quoting redbeben
morning traders,

can anyone tell me when will we have the news? I mean how many hours from now on ? is it in 5 hours?
How are you doing ?

BOE rate decision at 1200 GMT ie. 3 hrs.

Umemployment Claims : 1330 GMT i.e. 4 h 30 mins.
  • #271,475
  • Feb 10, 2011 3:32am Feb 10, 2011 3:32am
No reaction to the bad News.
Seems like the market are awaiting rate decision in a few hours.
  • #271,476
  • Feb 10, 2011 3:59am Feb 10, 2011 3:59am
Pity... i did not jump into the market, right after released of the Manufacturing production news..
Sigh...
INEXPERIENCE!
  • #271,477
  • Feb 10, 2011 4:13am Feb 10, 2011 4:13am
okay anyone got dynamite? blast fishing day today.
need to blow them sharks outta water. making my blood boil
Attached Image
Thank You
  • #271,478
  • Feb 10, 2011 4:22am Feb 10, 2011 4:22am
Quoting wormboy
okay anyone got dynamite? blast fishing day today.
need to blow them sharks outta water. making my blood boil
Wormboy,

I have position from last week (position is at be),TP is 150 pips and i still waiting,,,
Cable cant go in one way more than 100 pips,very flaty week...I also have 2 piositions from yesterday..

Petar
Attached Image (click to enlarge)
Click to Enlarge Name: cabe.gif Size: 28 KB
"Buy on fear, sell on greed !!!
  • #271,479
  • Feb 10, 2011 4:25am Feb 10, 2011 4:25am
Quoting myforexpip
TL should hold.
TL held (during the wee night hours)..........

Actually as far as a complete 100% retrace down to 1.603
Attached Image (click to enlarge)
Click to Enlarge Name: gb3.gif Size: 16 KB
  • #271,480
  • Feb 10, 2011 4:28am Feb 10, 2011 4:28am
Quoting Petar_Serbia
Wormboy,

I have position from last week (position is at be),TP is 150 pips and i still waiting,,,
Cable cant go in one way more than 100 pips,very flaty week...I also have 2 piositions from yesterday..

Petar
my tp is 500 pips up bro
one of us will get it right tho, sure as hell hope it's not you!

have a good one my friend
Thank You
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