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Cable Update (GBPUSD)

  • #271,601
  • Feb 10, 2011 10:51am Feb 10, 2011 10:51am
...regarding fundamentals. I suspect that all eyes will be on next week's news coming out of China. Inflation bubble there, Bernanke BS yesterday, etcetera. Not sure the Chinese allow big money to know what it is up to, and often release out of published time.

I suspect that the USINDX will not make a significant move until after the Chinese have told the world of how 'under-control' everything is there.

Ha, it's always a problem second-guessing. The aforementioned may very well be the opposite, who knows.

Anyway, sorry to hear of your loss, and hope that it is quickly regained.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,602
  • Feb 10, 2011 10:51am Feb 10, 2011 10:51am
Quoting wormboy
HAD sounds about right bro

i reloaded longs @107. This time, I'm not gonna budge
lol, good deal , 970 for me, and then some from the lows today , c where they end up , nice little boost to the others tho thts for sure ,carry on my friend
  • #271,603
  • Feb 10, 2011 10:54am Feb 10, 2011 10:54am
Quoting fourxtrader
Oh it could continute to blow. See the daily.
But in the meantime maybe the 1H needs to close tightly to build needed energy.
So play the lower TFs with their compression / release patterns / pipage.

Dr. D. zzzzzzzzzzzzzzz

Trade opportunities using lower TFs:
We had a release down on the 5M earlier for ~70 pips.
Here's a compression pattern off of a 1M.
All while the 1H is staying in a tight configuration.

Dr. D.
Attached Image
  • #271,604
  • Feb 10, 2011 10:55am Feb 10, 2011 10:55am
Quoting wormboy
well you just checked in at the right time then
Stink of white spirit and got little cream paint droplets all over my face bro . GU is nobody's friend so not to worry, you have kicked her arse plenty of times and will continue to do so. I am still short from the 4H (1 lot, was 2 lots thankfully) parabolic sar break at 1.6178 and looks like I will stopped at BE +5 (typical shit for me always giving pips back). GL.
You've got to be IN IT to WIN IT!
  • #271,605
  • Feb 10, 2011 10:59am Feb 10, 2011 10:59am
Quoting wormboy
HAD sounds about right bro

i reloaded longs @107. This time, I'm not gonna budge
Hi wormie how bout 144 ?! do we continues or free fall again below it ?!
  • #271,606
  • Feb 10, 2011 11:02am Feb 10, 2011 11:02am
Quoting fourxtrader
Trade opportunities using lower TFs:
We had a release down on the 5M earlier for ~70 pips.
Here's a compression pattern off of a 1M.
All while the 1H is staying in a tight configuration.

Dr. D.
1H compression forming.

Dr. D.
Attached Image
  • #271,607
  • Feb 10, 2011 11:10am Feb 10, 2011 11:10am
Maybe setting up nicely for tight compression come 09:30 GMT tomorrow - release of PPI data for the UK - with the expected numbers already being priced in, and the release tomorrow the excuse to show Cable's hand for weekend.

I wager a pip that price will hit last week's high at 1.6270 region, and thus take us to the descending magenta TL of the larger wedge as can be seen in earlier chart submissions.



Quoting fourxtrader
1H compression forming.

Dr. D.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,608
  • Feb 10, 2011 11:12am Feb 10, 2011 11:12am
Quoting digger1
lol, good deal , 970 for me, and then some from the lows today , c where they end up , nice little boost to the others tho thts for sure ,carry on my friend
you too bro

Quoting Ifty
Stink of white spirit and got little cream paint droplets all over my face bro . GU is nobody's friend so not to worry, you have kicked her arse plenty of times and will continue to do so. I am still short from the 4H (1 lot, was 2 lots thankfully) parabolic sar break at 1.6178 and looks like I will stopped at BE +5 (typical shit for me always giving pips back). GL.
what are you painting for? eid is like months away bro
i'm not worried tbh, just pissed them sharks punked me today lol

Quoting deryworlds
Hi wormie how bout 144 ?! do we continues or free fall again below it ?!
hi dery
I dunno about 144, as long as the htf does not show weakness, I won't sell. Either I buy, or I stay flat. That's the plan.
Right now I am back in, bought. Have a good one!
Thank You
  • #271,609
  • Feb 10, 2011 11:27am Feb 10, 2011 11:27am
Wished I had paid attention to the hourly macd divergence.

In fact the dip in between these two marked also reinforced it.

http://i1137.photobucket.com/albums/...v_10102011.jpg
  • #271,610
  • Feb 10, 2011 11:57am Feb 10, 2011 11:57am
In fact, there was a RSI bullish divergence on M30 and M15 as well.

In my opinion there is now more bullish pressure on pound and dollar as well. Today, DXY was up about 0,6% when I last checked and GBP Index was up about 0,8%. I think my bias on the cable has turned more bullish even though the UK's economy is not in its best shape.

Very very bad day today. Had a lot of expectations on BoE. Well, -2,5% today. It's affordable but after a good winning streak, it doesn't fell good. But, losses are part of the game.

I'll post some charts about possible pound appreciation soon.

Take care of you fellows. Today was a bad day for many traders.
  • #271,611
  • Feb 10, 2011 12:07pm Feb 10, 2011 12:07pm
Quoting kaspopsicle
DX now at 7836 ,high of 7 feb. If it pushes through and holds i would THEN look to short cable below 16035 ..support from 4,8,9,10 Feb.
Out of the mouth of a baby...if people cant understand what i'm saying ..
This post was intended to higlight indecision in the market, that the price could go either way. I deliberately posted as a felt that a very vocal almost senior member was being a little highhanded in his call for a short considering the technicals were showing overall bias north. Maybe i should start using caps now and then.
All systems of divination, like music itself,work through patterns.
  • #271,612
  • Feb 10, 2011 12:41pm Feb 10, 2011 12:41pm
Quoting TexasforEX
I have got 4 shorts between 16167 and 16220.

price bounced directly off the monthly trendline which starts at 17040. I could see a major reversal off these highs. I do not see price getting above 16300 here.

After persuing a view posts here, I am comforted by the fact that so many here in the forum don't agree with me.

I could see 44 hours of consolidation before NFP but when it happens is somewhat irrelevant. That is the beauty of swing trading.

Cheerio
This PA is just typical of a market that is setting up for a big short but needed to flush out all the weak shorts. Very ambiguous and volatile PA has led us nowhere. I'm still holding the above mentioned shorts looking for sub 1.5... No way in hell I'd stop these or reverse until we print 1.63+, but that's just me.

Cheerio
"Timing Is Everything. Really I Swear It Is"
  • #271,613
  • Feb 10, 2011 12:57pm Feb 10, 2011 12:57pm
Quoting gsantri
USD Unemployment data in 40 min could be the trigger.

If negative, imo there will be an eruption of the pent-up energy. FLY.
I had just awakened from sleep, she triggered herself, no news needed.

That's why I loved divergences, tho missed that longs
  • #271,614
  • Feb 10, 2011 1:01pm Feb 10, 2011 1:01pm
Anyone have any idea how the market will react if the Egyptian president Moubarak step down tonight?
  • #271,615
  • Edited 1:32pm Feb 10, 2011 1:21pm | Edited 1:32pm
Quoting TexasforEX
This PA is just typical of a market that is setting up for a big short but needed to flush out all the weak shorts. Very ambiguous and volatile PA has led us nowhere. I'm still holding the above mentioned shorts looking for sub 1.5... No way in hell I'd stop these or reverse until we print 1.63+, but that's just me.

Cheerio
Most of us here are intraday traders. We scalp and hold if the trade runs.
This ambiguous and volatile market is why we are here.
I've booked a humble 37 pips today.
Being very new to trading this is all i am able to do. I cannot afford to trade long term which is what you are clearly (i think) doing.
Very differing approaches to the market....I would be looking to go short @ 1.63 where you would be taking a loss of min. 213 pts from what you have said.
Attached chart is what TexasforEX is referring to
I am not here to loose that amount whether on dummy or live. Cant see the point in dummy...i trade micro .
G/L
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (10-FEB-11).png Size: 10 KB
All systems of divination, like music itself,work through patterns.
  • #271,616
  • Feb 10, 2011 1:22pm Feb 10, 2011 1:22pm
Quoting Abouelzelouf
Anyone have any idea how the market will react if the Egyptian president Moubarak step down tonight?
Good question, he's going to talk in 40mn.
  • #271,617
  • Feb 10, 2011 1:24pm Feb 10, 2011 1:24pm
Quoting gsantri
I had just awakened from sleep, she triggered herself, no news needed.

That's why I loved divergences, tho missed that longs
Happy wakeys GS
All systems of divination, like music itself,work through patterns.
  • #271,618
  • Feb 10, 2011 1:28pm Feb 10, 2011 1:28pm
i love it, good luck to all
  • #271,619
  • Feb 10, 2011 1:34pm Feb 10, 2011 1:34pm
Quoting kaspopsicle
Out of the mouth of a baby...if people cant understand what i'm saying ..
This post was intended to higlight indecision in the market, that the price could go either way. I deliberately posted as a felt that a very vocal almost senior member was being a little highhanded in his call for a short considering the technicals were showing overall bias north. Maybe i should start using caps now and then.
I know that feeling Kas. and I see your analysis are makes sense.
Let us just do what we see.

like to put sell order @6075 but, naah.. there will be tomorrow.
Think I'm better back to sleep now . 2.40 am here

Regards
  • #271,620
  • Feb 10, 2011 1:37pm Feb 10, 2011 1:37pm
Quoting kaspopsicle
Most of us here are intraday traders. We scalp and hold if the trade runs.
This ambiguous and volatile market is why we are here....

Obviously, I don't know your trading experience level. For me, I learned after five or so years trading that I performed much better once I got out of my own way. If trying to identify and time a move like todays move is easy for you than congrats. However, you'd be in the minority. I'd bet days like today crushed the large majority of day (retail) traders. Now day traders are behind the 8 ball, trying to make up their losses to earn their monthly nut. Where as I am even for the week and sitting on my gains from last week.

I find it much easier to let go of trying to time these interday moves. It decreases the number of trades you make and increases your avg profit per trade immensely. Swing trading: If it's not for you, then simply don't do it. But saying that you can't afford to trade long term is just not true. It just means that you don't know how to make it work. This is fine as I can't make day trading work on a consistent basis.
"Timing Is Everything. Really I Swear It Is"
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