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Cable Update (GBPUSD)

  • #283,941
  • Jul 11, 2011 10:23pm Jul 11, 2011 10:23pm
Quoting sinchan
see its trying to break the Line 1.5912

if this line can be broken then there is a strong Bears Movement to line 1.5884..

I dont Trade Now.. I have enough trade today (I have my Own Daily or weekly target points), but I love to watch the market's movement..

So the Most Important for Us is to Act according what the market tell us, not us who tells the market to go in which direction..

Wish Would Be Useful for our good together..

Salam
As predicted last night
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  • #283,942
  • Jul 11, 2011 10:28pm Jul 11, 2011 10:28pm
Quoting CasperTrader
Stopped out. What are the next possibilities for PA? Any thoughts?
still downtrend .close above 1.5890 will trigger long orders
  • #283,943
  • Jul 11, 2011 10:44pm Jul 11, 2011 10:44pm
Quoting CasperTrader
Stopped out. What are the next possibilities for PA? Any thoughts?
Take a Break First Bro, U already so Tired.. Do Not Scalping today, we wait till the long reach it peaks, then we go Short just before the News and hold the position till all the news released..That what I am Gonna do..

Keep the Spirit Bro
  • #283,944
  • Jul 11, 2011 11:02pm Jul 11, 2011 11:02pm
Quoting bchbch
hi josef i am on your side long at 5965 since today gu range so far 97. let's look for some pull back from here
hi good morning to all. I close the long sterday in -36 pips. Went a short @ 5911 sterday still holding it. will add short if possible just before the news today any peek we see. Today made 20+ in fresh short from 5995 to 5975. My target for the short is 5760. its in the long way down but anything can happen in this crazy market.
  • #283,945
  • Jul 11, 2011 11:13pm Jul 11, 2011 11:13pm
I am Long right now. What can I say?

Tried a new hypothesis for the first time and so far it aint working. Only in for 1 mini-lot though so it is far from disaster.
  • #283,946
  • Jul 11, 2011 11:16pm Jul 11, 2011 11:16pm
Quoting bchbch
hi good morning to all. I close the long sterday in -36 pips. Went a short @ 5911 sterday still holding it. will add short if possible just before the news today any peek we see. Today made 20+ in fresh short from 5995 to 5975. My target for the short is 5760. its in the long way down but anything can happen in this crazy market.
Tp 1.5840
Rome was not built in a day, but I will do in a day if it was me.
  • #283,947
  • Jul 11, 2011 11:28pm Jul 11, 2011 11:28pm
Quoting volforex
still downtrend .close above 1.5890 will trigger long orders
Thanks guys. I also see a daily and hourly confluence of bollinger around 1.5855. Price might bounce back from here as well. Just another possibility.

To add to that, around 1.5850 seems to be the extension of the lower daily trendline as pointed out earlier by MaryJane. This also happens to be the upper trendline in the 4 hr chart which has already been tested several times before. See attached.
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  • #283,948
  • Jul 11, 2011 11:33pm Jul 11, 2011 11:33pm
Quoting Sar
Tp 1.5840
Thanks Sar. 5840 is the first support. 5750 is the solid one. i am looking for that since my lot is small one. cheers.
  • #283,949
  • Jul 11, 2011 11:36pm Jul 11, 2011 11:36pm
Quoting CasperTrader
Stopped out. What are the next possibilities for PA? Any thoughts?
Careful with longs, this was a major breakout we're trying to find a bottom but we might see further decline, turmoil in Europe and US recovery worries are breaking supports all across the board, so my advice is stop trying to pick a bottom.
Don't get mad, get even!
  • #283,950
  • Jul 11, 2011 11:37pm Jul 11, 2011 11:37pm
Quoting CasperTrader

To add to that, around 1.5850 seems to be the extension of the lower daily trendline as pointed out earlier by MaryJane.
In a downward trend shouldn't the TL be drawn from the tops instead of the bottoms?

I do not use TL on a regular basis, I do like to be aware of them, in my humble opinion TL's only have predictive quality on the very lengthy TF's.

So what I am asking is; why draw a TL based on the lows in a downward trend?
  • #283,951
  • Jul 11, 2011 11:43pm Jul 11, 2011 11:43pm
Quoting Astroman
In a downward trend shouldn't the TL be drawn from the tops instead of the bottoms?

I do not use TL on a regular basis, I do like to be aware of them, in my humble opinion TL's only have predictive quality on the very lengthy TF's.

So what I am asking is; why draw a TL based on the lows in a downward trend?
I drew them exactly for the same reason, just to be aware of them. In my opinion, trendlines do tend to limit or contain the price whether it's the upper or lower one. Both tend to have false breaks as well. If completely broken, they do tend to serve as support if it was resistance earlier and vice versa.
  • #283,952
  • Jul 11, 2011 11:45pm Jul 11, 2011 11:45pm
Quoting stulic
Careful with longs, this was a major breakout we're trying to find a bottom but we might see further decline, turmoil in Europe and US recovery worries are breaking supports all across the board, so my advice is stop trying to pick a bottom.
I agree but bollinger bounce tends to give a good entry with very little risk. Not trying to give advice here but MM is the key to this game and I try to use percentage of my equity to trade rather than fixed size for a given risk.
  • #283,953
  • Jul 11, 2011 11:46pm Jul 11, 2011 11:46pm
Quoting CasperTrader
I drew them exactly for the same reason, just to be aware of them. In my opinion, trendlines do tend to limit or contain the price whether it's the upper or lower one. Both tend to have false breaks as well. If completely broken, they do tend to serve as support if it was resistance earlier and vice versa.
Appreciate your reply.

Thanks!
  • #283,954
  • Jul 11, 2011 11:48pm Jul 11, 2011 11:48pm
Quoting CasperTrader
I agree but bollinger bounce tends to give a good entry with very little risk. Not trying to give advice here but MM is the key to this game and I try to use percentage of my equity to trade rather than fixed size for a given risk.
Whatever helps for scalping retracements, just saying don't try to pick the bottom just yet, we're in for a crazy trading week which wont care about any bands or any TA indies till proper consolidation.
Don't get mad, get even!
  • #283,955
  • Jul 12, 2011 12:02am Jul 12, 2011 12:02am
Quoting stulic
Whatever helps for scalping retracements, just saying don't try to pick the bottom just yet, we're in for a crazy trading week which wont care about any bands or any TA indies till proper consolidation.
Thanks. Will keep that in mind.
  • #283,956
  • Jul 12, 2011 12:09am Jul 12, 2011 12:09am
As a follow up to GBP/USD–Trade Update (H4RTT), I will look for short signal by using D1RTT.

http://lcchong.files.wordpress.com/2...ng?w=877&h=396
  • #283,957
  • Edited 12:20am Jul 12, 2011 12:12am | Edited 12:20am
Quoting Astroman
In a downward trend shouldn't the TL be drawn from the tops instead of the bottoms?

I do not use TL on a regular basis, I do like to be aware of them, in my humble opinion TL's only have predictive quality on the very lengthy TF's.

So what I am asking is; why draw a TL based on the lows in a downward trend?
hi, take a look at this
http://www.google.com/search?q=falli...ation&tbm=isch
then take a look at daily chart (or see this post). Btw Nov-Dec 2010 there was a similar one.. broke to the upside on Jan 12th. There's really absolutely no sense in picking a bottom here, the trendlines (both are descending) are really very vague with big wedges, also there are a lot of fake 'breaks' with them, a real break (either side) is almost always a BIG move.

i'm off today, best trades to all of you, take care!
MarginTrader All Time Return: na
  • #283,958
  • Jul 12, 2011 12:13am Jul 12, 2011 12:13am
Dot sell GU today,
remember patience is the key.
a lott of buying orders have seen at 1.5850
Don't compare your Trades with Others
  • #283,959
  • Jul 12, 2011 12:19am Jul 12, 2011 12:19am
Quoting MaryJane
hi, take a look at this
http://www.google.com/search?q=falli...ation&tbm=isch
then take a look at daily chart. Btw Nov-Dec 2010 there was a similar one.. broke to the upside on Jan 12th. There's really absolutely no sense in picking a bottom here, the trendlines (both are descending) are really very vague with big wedges, also there are a lot of fake 'breaks' with them, a real break (either side) is almost always a BIG move.

i'm off today, best trades to all of you, take care!
You take care as well.

To be honest with you, there was many charts provided with your link, I did not look at them.
  • #283,960
  • Jul 12, 2011 12:31am Jul 12, 2011 12:31am
Morning

We had bearish party yesterday and it didn't work for me, will try to recover today.

Good luck

Josef
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