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Cable Update (GBPUSD)

  • #279,921
  • May 24, 2011 4:01pm May 24, 2011 4:01pm
Quoting TauTrader
Good day to you,

Will be looking for 1.6220 - 1.6240 area to short. Back down to 1.6140 - 1.6100 area. Then long again towards a new possible high. This is my trading plan for the remainder of the week, in a nutshell.

Follow your own path.

All the best to you
I see your point Tau, good luck with that.
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  • #279,922
  • May 24, 2011 4:41pm May 24, 2011 4:41pm
Hi all

Looks to me like cable just shaking off overbought before resuming assault on 6250 4 hourly chart looks bullish in my view

Have buy limit at 6163

Have buy stop at 6207
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  • #279,923
  • May 24, 2011 6:31pm May 24, 2011 6:31pm
I have a short on Cable went in at 1.61373. Indications show it will come back down and further?

Thanx for any replies
  • #279,924
  • May 24, 2011 9:13pm May 24, 2011 9:13pm
Quoting WendyG
I have a short on Cable went in at 1.61373. Indications show it will come back down and further?

Thanx for any replies
well. The pin formation in one hour tells a possible bull back towards fibo 50 level below 6190 and come down to 6115 atleast. so you may have come out at 6120 level. best of luck!
  • #279,925
  • May 24, 2011 9:22pm May 24, 2011 9:22pm
Quoting bchbch
well. The pin formation in one hour tells a possible bull back towards fibo 50 level below 6190 and come down to 6115 atleast. so you may have come out at 6120 level. best of luck!
I can't take a risk, have already close 20 pips only at 6150..
and now looking for entry ...
  • #279,926
  • May 24, 2011 9:32pm May 24, 2011 9:32pm
Gu in a downward flag pattern channel so far. The upper break out possible @ 6230 now. already three times it touched and come down from the upper trend line. As per the theory if it retest the 4 time it will break out! so beware those having short now. better wait for the retracement to go long at bottom near 6000 level. comments are welcome i may wrong.
  • #279,927
  • May 24, 2011 9:33pm May 24, 2011 9:33pm
Quoting Phil Warran
why 6220? 6209 is the 61.8 retrace why not get in now? Market might miss your entry.
Good day to you,

My sincere apology for not responding earlier. Did not see your post till this morning. My post was made last night (my time) and I went to bed. I stay logged in most of the times although I am not always around. Sorry again.

To answer - it's purely an estimation. I look at "extreme" areas or regions where I believe we may see action / reaction. I do not use Fibs - although they can do very well on GU. My top extreme is sitting in this 1.6220 area for now. Price action, at times, gets me in very close to these numbers - sometimes not.

I guess it's like a cookie reward. For the sake of a bit more discipline - I stretch these numbers 10 to 20 pips in addition, as they are not fixed and they move with price. For me - it will be a region rather than a spesific, exact number.

All the best to you

Regards
  • #279,928
  • May 24, 2011 9:45pm May 24, 2011 9:45pm
Quoting sphinx8
good point here - TauT why do see 1.6220 as turning point? It is just number in the middle of R1 and R2...... just asking what is behind 1.6220
Good day to you,

Apology for the late response. Was sleeping - did not read your post till this morning....

You see - this is the interesting thing about trading. Phil Warran had a number 11 pips lower - due to his Fib analysis. You have a lower and a higher number based on resistance analysis...

We can only work with estimation areas. Sometimes they co-exist through different analysis - sometimes they do not make sense to others. Who is right? Fact is that all analysis will fail at times. I look at possible extremes based on timeframe and movement. These fail too - but it gives me a basis to work from.

So - 1.6220 was/is an area of interest for me - based on what I look at. It may mean nothing to others and could be totally wrong to start with.

All success to you and trade well

Regards
  • #279,929
  • May 24, 2011 9:49pm May 24, 2011 9:49pm
Quoting Low
If there's anything my screen time has taught me, it's that there really is always another trade just around the corner.
Good day to you, Low

Very important point you raised. Patience is probably one of the best attributes one can have in terms of trading. I still battle with this - but has gotten a lot better at it.

Always another trade to be had. Spot on.

Regards
  • #279,930
  • May 24, 2011 11:03pm May 24, 2011 11:03pm
Quoting TauTrader
Good day to you,

Will be looking for 1.6220 - 1.6240 area to short. Back down to 1.6140 - 1.6100 area. Then long again towards a new possible high. This is my trading plan for the remainder of the week, in a nutshell.

Follow your own path.

All the best to you
same with me what you thinking . looking back @ monthly chart GBP USD
its look like the low @ 23 may morning asian session might be low for this month. i'm looking to GBP USD closed @ 163 area or 164 area @ the end of the month @ continuing to 165 - 166 area for next month . its my trading set up to continuing bullish trend since june 2010 . i might be wrong.
and pls notice i'm still novice and still poor in Fundamental pls trade your own setup
Just Newbie Need Guidance From The Expert
  • #279,931
  • May 24, 2011 11:13pm May 24, 2011 11:13pm
Quoting TauTrader
Good day to you, Low

Very important point you raised. Patience is probably one of the best attributes one can have in terms of trading. I still battle with this - but has gotten a lot better at it.

Always another trade to be had. Spot on.

Regards
It gets easier after you've lost enough stupid trades, and won enough stupid trades, to realize that "missing a move" doesn't mean that much in the long run.

I can tell when some instruments will go a certain direction. I can even determine a series of targets that have a good probability of being reached. I cannot determine how far a given instrument will go, nor how fast or slow it will go there.

So I avoid big hopes, and play for what I know I can get.
  • #279,932
  • Edited May 25, 2011 12:07am May 24, 2011 11:49pm | Edited May 25, 2011 12:07am
good morning/evening all people,
i see in h4 where price stopped the upward move in red dotted line.
straight red line should be stronger actually near 6220. as i see on previous posts also other people find resistances in this area 6200-6240

anyway there are also other 2 facts i notice:
1. macd bullish divergence very clear.
2. price has been contained below trendlines but did not bounce so much. or at least not as far as last 2 touches.

daily open price 6176.
daily low 6142.
today is GDP revised data...
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90% of traders use TA, indicators and prediction
  • #279,933
  • May 25, 2011 12:03am May 25, 2011 12:03am
Quoting bchbch
Gu in a downward flag pattern channel so far. The upper break out possible @ 6230 now. already three times it touched and come down from the upper trend line. As per the theory if it retest the 4 time it will break out! so beware those having short now. better wait for the retracement to go long at bottom near 6000 level. comments are welcome i may wrong.
Morning to all. Yes I see ABC pattern on 4 r chart well at least the AB - "C" will be high for the day which could again be around 16250 ??

May be wrong of course but that is what it looks like to me right now.

rgds
  • #279,934
  • May 25, 2011 12:12am May 25, 2011 12:12am
Went long again at a dip, targeted to 1.6211.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #279,935
  • May 25, 2011 12:13am May 25, 2011 12:13am
Quoting Low
It gets easier after you've lost enough stupid trades, and won enough stupid trades, to realize that "missing a move" doesn't mean that much in the long run.

I can tell when some instruments will go a certain direction. I can even determine a series of targets that have a good probability of being reached. I cannot determine how far a given instrument will go, nor how fast or slow it will go there.

So I avoid big hopes, and play for what I know I can get.
i agree 100%
90% of traders use TA, indicators and prediction
  • #279,936
  • May 25, 2011 1:54am May 25, 2011 1:54am
90% of traders use TA, indicators and prediction
  • #279,937
  • May 25, 2011 1:55am May 25, 2011 1:55am
Quoting manize
Went long again at a dip, targeted to 1.6211.
I think it will be a good trade
  • #279,938
  • May 25, 2011 1:56am May 25, 2011 1:56am
Quoting Low
It gets easier after you've lost enough stupid trades, and won enough stupid trades, to realize that "missing a move" doesn't mean that much in the long run.

I can tell when some instruments will go a certain direction. I can even determine a series of targets that have a good probability of being reached. I cannot determine how far a given instrument will go, nor how fast or slow it will go there.

So I avoid big hopes, and play for what I know I can get.
I agree with you.

Btw.. I had very good short trade the day before yesterday and good long trade yesterday... week is going very good. But I have feeling there will be no good trade for me today.

Good luck
Josef
  • #279,939
  • May 25, 2011 2:38am May 25, 2011 2:38am
The GU really is as mad as a cut snake.
  • #279,940
  • May 25, 2011 2:46am May 25, 2011 2:46am
Quoting Phil Warran
The GU really is as mad as a cut snake.
huhu
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