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Cable Update (GBPUSD)

  • #277,741
  • Apr 28, 2011 12:01am Apr 28, 2011 12:01am
Still no trace of reversal, even scalping SHORT isn't safe either. I am waiting for SHORT confirmation because entering LONG position again will be a bit late (that's quite nice ride going up ). See you later during London+US session and after news. I will be looking for some scalp if possible later.
  • #277,742
  • Apr 28, 2011 12:10am Apr 28, 2011 12:10am
No new trade here for me today. 124 pips during Asia. I think we might be ranging a bit today.
Gone to a better place
  • #277,743
  • Apr 28, 2011 12:17am Apr 28, 2011 12:17am
Quoting Wulfgar
San

Good afternoon

I mean i will be looking to buy to dip to the bottom of the current channel we are in. It is foolish at the moment the fight the trend. Our last stronghold for a potential trend reversal will be the 1.7078 level. If that area is compromised and closed above the probability is that we will revisit the 2.0000 level

I will not rule out the possibility of a trend reversal and if my channels start to break to the downside I will turn my attention toward shorting this pair.

Till then,trade what you see everybody
Good afternoon sir,

Yes I understand sir but that's not what I meant in my question earlier. What do you mean by Breakout channel is 6529-6722? Is it when the price touched 1.6529 Buy your new entry or something? And if the price of 6722 touched then the price will continue upward? Then you say Ill be looking to add more long if We pull back to the 6529 ... What about the intent of this sentence? Maybe I do not follow your conversation from the beginning so I was confused when reading it. Sorry sir if not mind please help to explain in more detail the point sir, and leave not just a piece of jigsaw puzzle. Thank you.


Best Regards

San
  • #277,744
  • Apr 28, 2011 12:17am Apr 28, 2011 12:17am
Quoting 0rPhioZ
Still no trace of reversal, even scalping SHORT isn't safe either. I am waiting for SHORT confirmation because entering LONG position again will be a bit late (that's quite nice ride going up ). See you later during London+US session and after news. I will be looking for some scalp if possible later.

I learned from yesterday... never trade while at work in a busy environment... make qwuick decision and it can be fatal. Yesterday what i knew would happen... happened and i traded against it... lost 350 pips instead of the other way around. so dejected.

Cable still going long... bulls rampaging... am i right in thinking it is going to hit the next resistance at 1.6765? i cannot afford another hit if the pullback comes now... the bears may be out of their slumber and waiting to prowl!..

Experts & experienced... please advise...
  • #277,745
  • Apr 28, 2011 12:24am Apr 28, 2011 12:24am
Just seems to keep getting stronger this pair. With all those people looking for shorts, you have to figure that looking for good long entries is the way forward for the foreseeable future...

Just my 2 cents...
  • #277,746
  • Apr 28, 2011 12:26am Apr 28, 2011 12:26am
Quoting mkpillai
I learned from yesterday... never trade while at work in a busy environment... make qwuick decision and it can be fatal. Yesterday what i knew would happen... happened and i traded against it... lost 350 pips instead of the other way around. so dejected.

Cable still going long... bulls rampaging... am i right in thinking it is going to hit the next resistance at 1.6765? i cannot afford another hit if the pullback comes now... the bears may be out of their slumber and waiting to prowl!..

Experts & experienced... please advise...
Well I'm not expert on FOREX perhaps in this case for little suggest keep your eyes on 30TF and watch if 1.6671 could break then we will see a bit lower again but if not we will see 1.6771 should break for 100% weekly FIBO into 1.6965. before 1.7200( still to far for 2.xxx need 2-3 month)
  • #277,747
  • Apr 28, 2011 12:51am Apr 28, 2011 12:51am
hi,
sorry for delay im in italy so was sleeping
i think we should not too much look at indicators when a strong trend like this is going on. indicators can lie and go down while price still go up.

then, with a push like this on gbp (also euro, gold, oil, aud etc...) now 2 ways: find levels to short it on scalp (very hard thing) find levels where to pick buy position and follow the trend.

for the moment better forget levels below 6500 (maybe also below 6600) at least until this week ends, until this month ends.
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  • #277,748
  • Apr 28, 2011 12:52am Apr 28, 2011 12:52am
Quoting GBP Trader
Good afternoon sir,

Yes I understand sir but that's not what I meant in my question earlier. What do you mean by Breakout channel is 6529-6722? Is it when the price touched 1.6529 Buy your new entry or something? And if the price of 6722 touched then the price will continue upward? Then you say Ill be looking to add more long if We pull back to the 6529 ... What about the intent of this sentence? Maybe I do not follow your conversation from the beginning so I was confused when reading it. Sorry sir if not mind please help to explain in more...
I apologize

What i mean by the "breakout channel" is that since we have had a "break" above the 6529 the new Channel ( created by mathematical formulas) ... is from 6529- 6722

In essence those two areas are now points of contention where price can make the decision either to

1. Bounce- effectively staying inside the channel and oscillating

2. break- go through the area significantly and close. Thus creating a new channel with new areas of contention.


My strategy in current market conditions is to only look for shorts( sell entries) from areas of VERY strong contention ( ie. the 7078) and to look for long( buy entries) from the low points of the channels where I feel we will have a "bounce" to the topside.


Does that clarify the strategy a bit?
  • #277,749
  • Apr 28, 2011 12:53am Apr 28, 2011 12:53am
morning,
i hope you closed your shorts,
you disappeared from the thread....
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  • #277,750
  • Apr 28, 2011 12:56am Apr 28, 2011 12:56am
i open weekly chart n i see how price in h1 consolidated that FE....
i think finally the FE we drawn last week was correct

i would like to underline that charts i post are both my study added to other's people here on the forum. i dont remember all names, but anyway, thank you all! i think a good job is going on here
Attached Image (click to enlarge)
Click to Enlarge Name: gusdh1.gif Size: 17 KB
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  • #277,751
  • Apr 28, 2011 12:59am Apr 28, 2011 12:59am
Morning.

My long trade without TP was closed with 181 pips profit 30 minutes ago. Huhhhh, but lot size for the trade was only 0.01.

Josef
  • #277,752
  • Apr 28, 2011 1:02am Apr 28, 2011 1:02am
morning all
i have following levels

6660-70 previous top of resistance area
6730 weekly resistance before 7000 area
then is 6850-60 (near) as weeeekly resistance and monthly ema200

any other?
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  • #277,753
  • Apr 28, 2011 1:06am Apr 28, 2011 1:06am
Quoting josef
Morning.

My long trade without TP was closed with 181 pips profit 30 minutes ago. Huhhhh, but lot size for the trade was only 0.01.

Josef

is a great profit! 180 pips is 180 pips. money doesn't matter 4me
or better, if all weeks out in pip profits, one day instead of 0,01 lot, positions can be done with 1lot with same mode
90% of traders use TA, indicators and prediction
  • #277,754
  • Apr 28, 2011 1:13am Apr 28, 2011 1:13am
Quoting _BBKing_
is a great profit! 180 pips is 180 pips. money doesn't matter 4me
or better, if all weeks out in pip profits, one day instead of 0,01 lot, positions can be done with 1lot with same mode
Yes, but I won't sleep well when I have open position already in a profit without any TP order.

I completely agree with you.

Josef
  • #277,755
  • Apr 28, 2011 1:25am Apr 28, 2011 1:25am
will london session give last boost to target 68 area?
week n month ends tomorrow....
90% of traders use TA, indicators and prediction
  • #277,756
  • Apr 28, 2011 1:28am Apr 28, 2011 1:28am
does anyone think its going to come back down to 1.65?
  • #277,757
  • Apr 28, 2011 1:30am Apr 28, 2011 1:30am
no news no data in UK.
big impact today on us dollar advance GDP

i suspect FED already know that data!
will us dollar be killed today if bad GDP? or are we going to watch it as already priced by market? so a bad release=stronger dollar?
90% of traders use TA, indicators and prediction
  • #277,758
  • Apr 28, 2011 1:33am Apr 28, 2011 1:33am
Quoting wiz001
does anyone think its going to come back down to 1.65?
1.65 is a good bottom but i would be surprised to see it there today!
90% of traders use TA, indicators and prediction
  • #277,759
  • Apr 28, 2011 1:41am Apr 28, 2011 1:41am
hopefuly it will go down at some point before going all the way over 1.68x levels.....
this is pure game anyway, I do not think that the US is doing sooooooo mu h worse than the UK....for the rate to be this
  • #277,760
  • Apr 28, 2011 1:57am Apr 28, 2011 1:57am
updated charts

h1 23% fibo 6430--->6740 is 6670

6670 is also previous top of resistance area
fibo n trendline cross near 6670

on buy i would set stops below 6670 line
while breaking it can move price to 6630
Attached Image (click to enlarge)
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