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Cable Update (GBPUSD)

  • #282,881
  • Jun 30, 2011 9:59pm Jun 30, 2011 9:59pm
Lets Trade again.. Yesterday i was driven a bit by my emotion to trade swinger which is not my style, when It should not be for the trader..khkehkehe.. Now Lets start Scalping as I Used too..

Already entry the market with long position on 16038..SL 16025..TP 16056..since it breaks the line 16031...
  • #282,882
  • Jun 30, 2011 10:10pm Jun 30, 2011 10:10pm
Quoting iqyu5an
huhffffff........... first of july at the weekend

rgds,iqyu

***
3 days time frame
Monthly Time Frame ( please check in your MT4)

++ confused ++
Hi Iqyu san..

I Think the candle stick is forming the Bullish Harami, which is the signed as the bullish move with the strong midle, so it need to wait for further confirmation
  • #282,883
  • Jun 30, 2011 10:41pm Jun 30, 2011 10:41pm
The way price is stuck just below 1.6040 for almost 2 hours is giving me a feeling that it will pop and then go down with London. I know that feelings don't have place in forex trading but the way price has been acting erratically since the beginning of this week (last week seemed more predictable easy going) making everyone think that it will go up is giving me a feeling that it will go down. The breach of 1.5975 (even though by couple of pips) adds to this feeling. I think today is the day it make the big move (much bigger than yesterday).

I'm myself long but thinking of exiting. Will catch it again if it continues going up.

Feel free to comment.
  • #282,884
  • Jun 30, 2011 10:51pm Jun 30, 2011 10:51pm
Quoting CasperTrader
The way price is stuck just below 1.6040 for almost 2 hours is giving me a feeling that it will pop and then go down with London. I know that feelings don't have place in forex trading but the way price has been acting erratically since the beginning of this week (last week seemed more predictable easy going) making everyone think that it will go up is giving me a feeling that it will go down. The breach of 1.5975 (even though by couple of pips) adds to this feeling. I think today is the day it make the big move (much bigger than yesterday).

I'm...
Hi Casper in TF 1 H.. U can see there is a candle stick formed a Bullish Harami Cross, which is signed as the bullish move with strong midle..it need further confirmation to pass the line 1.6043.. If this passed then the confirmation is there for bullish move.. I 'll gonna long with a big quantity khekhehe...
Attached Image (click to enlarge)
Click to Enlarge Name: harami.gif Size: 16 KB
  • #282,885
  • Jun 30, 2011 11:08pm Jun 30, 2011 11:08pm
Quoting sinchan
Hi Casper in TF 1 H.. U can see there is a candle stick formed a Bullish Harami Cross, which is signed as the bullish move with strong midle..it need further confirmation to pass the line 1.6043.. If this passed then the confirmation is there for bullish move.. I 'll gonna long with a big quantity khekhehe...
I agree. That is the reason I was long but as of now, the upward pressure seems to be contained. I guess that's the difference between trading technically and "feeling".
  • #282,886
  • Jun 30, 2011 11:15pm Jun 30, 2011 11:15pm
yes..just wait and trade with the small quantity..when there is a confirmation with a real candle stick body (not the leg).. then its the time bro khekhekhe...
  • #282,887
  • Jun 30, 2011 11:23pm Jun 30, 2011 11:23pm
yeah.yeah....wait2 to trade with a big quantity, wait till the candle stick finished and passed the line the body..c'mon..!!
  • #282,888
  • Jun 30, 2011 11:25pm Jun 30, 2011 11:25pm
ok I am in now with a normal quantity to go long khekhekhe
  • #282,889
  • Jun 30, 2011 11:31pm Jun 30, 2011 11:31pm
ok I closed my previous open with +13 pips..now in again : SL 16040.. TP 16080..open 16056
  • #282,890
  • Jun 30, 2011 11:53pm Jun 30, 2011 11:53pm
Quoting sinchan
ok I am in now with a normal quantity to go long khekhekhe
I've got the feeling it will go down to 1.6031 first
  • #282,891
  • Jun 30, 2011 11:56pm Jun 30, 2011 11:56pm
Quoting solofx1
I've got the feeling it will go down to 1.6031 first
i think its time to go down to. maybe this is just a fake breakout...who knows.
  • #282,892
  • Jul 1, 2011 12:02am Jul 1, 2011 12:02am
Quoting stfu
i think its time to go down to. maybe this is just a fake breakout...who knows.
This is the confirmation Bro
But Let See
Attached Image (click to enlarge)
Click to Enlarge Name: confirmation.gif Size: 16 KB
  • #282,893
  • Jul 1, 2011 12:10am Jul 1, 2011 12:10am
Compression patterns are forming in every TF including the weekly
and monthly (excluding the 1M and the 4H). A synchronous gathering
and compressing of multiple EMAs leads to volatile PA followed often
by explosive unidirectional movement (relative to the TF). Their
collective and cumulative affects on multiple TFs lead to magnified
levels of energy to generate, support and sustain new or continuing
trends.

The monthly patterns take years and decades to form and play out...
the weekly take months and years.... the daily take weeks and months...
and so on and so forth down to the lowest TFs. Consequently, there
is hardly a need to rely on the higher TFs such as a daily or weekly chart
and only be limited in risk tolerance to intraday and hourly movements
created by the lower TFs such as a 5M or 15M.

So pick your TF and your poison, then enjoy your pleasure or your pain.

Dr. D.
Attached Images
  • #282,894
  • Jul 1, 2011 12:24am Jul 1, 2011 12:24am
Quoting fourxtrader
Compression patterns are forming in every TF including the weekly
and monthly (excluding the 1M and the 4H). A synchronous gathering
and compressing of multiple EMAs leads to volatile PA followed often
by explosive unidirectional movement (relative to the TF). Their
collective and cumulative [i][color=blue]affects...

Nice Post Doctor..!!

Trading without knowing the importance of TF is quiet danger, because the TF should fit to our own trading style..

Let say if I trade in TF 1 H, then I'll look in the bigger TF such 4H to determined the main trend..and look at TF 15M to determined my entry and also to watched the Price Action closely..
  • #282,895
  • Jul 1, 2011 12:33am Jul 1, 2011 12:33am
Alhamdulillah 9 pips already (ranging 6 - 10 pips)

Just watching the PA , if the wave become bigger then I just riding the wave till the sign appear telling the wave will be over soon
  • #282,896
  • Jul 1, 2011 12:43am Jul 1, 2011 12:43am
I just let the price goes with the PA with SL & TP..
time for Friday prayer now

See U guys in the next 2 hours
  • #282,897
  • Jul 1, 2011 12:49am Jul 1, 2011 12:49am
after the shocking down move yesterday , it seem the cable has regain its strength to move up . it s very confusing for me , the news is bad , the rate will not rise . then what is driving the market to go up ? can anyone tell me
thx alot
Just Newbie Need Guidance From The Expert
  • #282,898
  • Jul 1, 2011 12:59am Jul 1, 2011 12:59am
Quoting NoviceInd
after the shocking down move yesterday , it seem the cable has regain its strength to move up . it s very confusing for me , the news is bad , the rate will not rise . then what is driving the market to go up ? can anyone tell me
thx alot
e are in a Risk on market.. USD sells off heavily and money is moved into higher yield currencies.

GBP is being bolstered in the short term by a general hatred of the USD. Take a look at the EUR/GBP... Ive been buying this pair heavily since 8600... the GU will turn over and drop down to 1.5000 again as long as the US doesnt institute QE3... itll just take a few months IMHO
  • #282,899
  • Edited 1:21am Jul 1, 2011 1:05am | Edited 1:21am
Quoting NoviceInd
after the shocking down move yesterday , it seem the cable has regain its strength to move up . it s very confusing for me , the news is bad , the rate will not rise . then what is driving the market to go up ? can anyone tell me
thx alot
would you believe if I tell you that it is the mass psychology of the participants in the market like traders are the ones driving the price up and down be it with good news or bad news?

explore the elliott wave principles and you just might understand why?. otherwise, news will just drive you crazy.

if you look at your 15min chart, you will see that price is likely to test yesterdays high price and could bounce. but ultimately break that level to further go up and potentially test the monthly pivot @ 1.6149

will just keep editing this post for quick updates.... on 15min chart. try to draw a trendline using yesterdays low and todays low as the bottom of an uptrend channel. draw a parallel line using the lower high of yesterday. possible target for now is yesterday's high or the point on the upper side of that uptrend channel. sorry cant post charts from here.
  • #282,900
  • Jul 1, 2011 1:21am Jul 1, 2011 1:21am
Morning, guy. Hope we will have good trading Friday and will recover.

I'll start with short trade at 1.6095

Good luck

Josef
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