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Cable Update (GBPUSD)

  • #279,701
  • May 20, 2011 1:36am May 20, 2011 1:36am
Quoting sueroe
Has anyone ever had such a bad week that they think that someone might be changing the chart direction as soon as you place a trade?
Good day to you,

For sure - many of us have had this experience on our path. I think you need to work on your patience. Your unfortunate week may demonstate that you are buying at resistance and selling at support. Study where you went wrong. Find it. Fix it.

Good luck and stay strong
  • #279,702
  • May 20, 2011 1:38am May 20, 2011 1:38am
So far just 28 pips range.... so difficult to predict the movement now. in the uk session will see some spikes in a short while.
  • #279,703
  • May 20, 2011 2:09am May 20, 2011 2:09am
G/M

Recovery off Wednesday's 6103 lo continued yesterday with a 6242 Hi - this @ a previous 1hr swing lo x 2 zone (previous support) now acting as resistance and tested again in the early London session.

Below current price is a previous 1hr swing hi zone (previous resistance) and previous 1hr and 1hr/4hr swing lo zones (previous support) as well as unbreeched fibs of the moves up from said 6103, 6130 and 6138 to that 6242 Hi...there is aslso a 1hr and a 4hr ascending trend line.

G/L
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ex member
  • #279,704
  • Edited 4:01am May 20, 2011 2:22am | Edited 4:01am
Above yesterday's 6242 Hi and up to 6321 are previous 1hr/4hr swing hi zones including up to that 6321 swing hi (previous resistance,) also;

6255 is 23.6% 6746-6103 as well as 76.4% 6301-6103
6261 38.2% 6517-6103
6268 Daily R1 area
6283 38.2% 6573-6103
6310 50% 6517-6103
6311 Daily R2 area

There is also a descending 4hr trendline.

G/L
ex member
  • #279,705
  • May 20, 2011 2:23am May 20, 2011 2:23am
Quoting TauTrader
Good day to you,

For sure - many of us have had this experience on our path. I think you need to work on your patience. Your unfortunate week may demonstate that you are buying at resistance and selling at support. Study where you went wrong. Find it. Fix it.

Good luck and stay strong
thanks for that tt
  • #279,706
  • May 20, 2011 2:27am May 20, 2011 2:27am
It's going back to ranging market oh gosh
  • #279,707
  • May 20, 2011 3:06am May 20, 2011 3:06am
Clever devils! Missed my buy limit at 6205 by 3 pips!!

Wonder how many other people had buy limits around the 6200 level - they must know!
  • #279,708
  • May 20, 2011 3:13am May 20, 2011 3:13am
Quoting smikester
Thank you. A strong close below 1.6146 gives us a good flag trade. SL above flag high, TP1 is that range, TP2 is the technical target, TP3, trail it on the weekly 20sma
Well, we didn't get that strong close and we now have a messy range. Winding up pretty tight this morning and so I'll be trading out of this morning's range.
Gone to a better place
  • #279,709
  • May 20, 2011 3:13am May 20, 2011 3:13am
break 6250 will bring us , at least , to 6320-6370 ? ( daily candle )

or 6270-6280 will stop us ? ahh time will tell
not euphoria follower
  • #279,710
  • May 20, 2011 3:22am May 20, 2011 3:22am
Quite good bullish divergence based set-up and2 x PB/hammer candle trigger on 3min then an IPB followed by 2 x PB/hammer trigger on 15min to get long !?

G/L

Quoting jmtini
Clever devils! Missed my buy limit at 6205 by 3 pips!!

Wonder how many other people had buy limits around the 6200 level - they must know!
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ex member
  • #279,711
  • May 20, 2011 3:27am May 20, 2011 3:27am
Price challenging those fibs and the 1hr descending trend line now.

G/L
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ex member
  • #279,712
  • May 20, 2011 3:27am May 20, 2011 3:27am
Broke hard as soon as I set my trades and posted above. Daily inside bar and there were double H4 inside bars on my feed. That's usually a sign for some fireworks.
Gone to a better place
  • #279,713
  • May 20, 2011 3:55am May 20, 2011 3:55am
If price can break and close above these 4hr previous swings then it might reliieve the overall bearishness of the 4hr chart?

G/L
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ex member
  • #279,714
  • Edited 4:04am May 20, 2011 4:02am | Edited 4:04am
gu 4hr-chart shows higher low already broken and now trying to firmly establish lower high and lower low.
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  • #279,715
  • May 20, 2011 4:41am May 20, 2011 4:41am
Quoting iqyu5an
break 6250 will bring us , at least , to 6320-6370 ? ( daily candle )

or 6270-6280 will stop us ? ahh time will tell
Hi
Good work as always bro
Happy to c u
1.63xx
Catch u later
  • #279,716
  • May 20, 2011 4:43am May 20, 2011 4:43am
Quoting iqyu5an
break 6250 will bring us , at least , to 6320-6370 ? ( daily candle )

or 6270-6280 will stop us ? ahh time will tell
Spot on bro..

No news or rumors to drive cable either way up or down..
euro is down btw
  • #279,717
  • May 20, 2011 4:55am May 20, 2011 4:55am
heads up :

daily trend : neutral (consolidating in marked rangebox )

h4: shows us pressure to the downside (LH,LL,LH,LL...)

h1: im likely to sell at h1 supply zone (as well coloured in blue).
price reflected a couple of times there

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Hero calls followed by margin calls...
  • #279,718
  • May 20, 2011 4:56am May 20, 2011 4:56am
Quoting PhAnTi'
heads up :

daily trend : neutral (consolidating in marked rangebox )

h4: shows us pressure to the downside (LH,LL,LH,LL...)

h1: im likely to sell at h1 supply zone (as well coloured in blue).
price reflected a couple of times there

Attachment

Attachment

Attachment
add: daily/weekly close below 6165 would be bearish
Hero calls followed by margin calls...
  • #279,719
  • May 20, 2011 6:06am May 20, 2011 6:06am
i had open sell @ 16190 2 standard lot . what should i do. my tp is @ 16160
any opinion on it ? should i closed it now , coz at asian session market already break 16250 area .
Just Newbie Need Guidance From The Expert
  • #279,720
  • May 20, 2011 6:13am May 20, 2011 6:13am
Quoting NoviceInd
i had open sell @ 16190 2 standard lot . what should i do. my tp is @ 16160
any opinion on it ? should i closed it now , coz at asian session market already break 16250 area .
well u should define and set a stop next time....30 pip target..30 pip stop or less to get a reliable r:r .....now u have to handle a 45 pip drawdown..... means - 900 $ ??

ouch

anyway....

what i WOULD do:
add another 2 lots short when price reaches 6275 area and set stops to 6325.

see blue coloured box.

set all targets to 6160.

Attached Image (click to enlarge)
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Hero calls followed by margin calls...
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