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Cable Update (GBPUSD)

  • #284,501
  • Jul 17, 2011 11:34pm Jul 17, 2011 11:34pm
Quoting gristar
I have a few question about your chart. I have marked it in the chart.
Hi gristar. That's simple. I don't consider the trend to be down. I concentrate myself on momentum. The 400 pip upmove, that you see on the left, that's momentum to me. I see the current downward move as a consolidation of the previous bullish move. My bullish bias is supported technically by the falling wedge on daily (i posted a chart how the wedge is goin' every day), and fundamentally by the simple fact the GBP is 'lucky strong' now, since it's not the USD and it's not the EUR.

The downward pattern looks like a bull flag (look here: http://www.trending123.com/patterns/bull_flag.html) and if it plays out as supposed, it should break to the upside and IF it does, perhaps there will be a lot of momentum. Therefore, I don't put limit orders to the upper side of the flag. I can very well enter with a short there, but I will do it only with PA confirmation.

But perhaps i'm wrong and the flag will collapse I'm wrong very often But it doesn't matter, if you limit your risk and you're ready to admit it's wrong when it is. That's all.
MarginTrader All Time Return: na
  • #284,502
  • Jul 17, 2011 11:48pm Jul 17, 2011 11:48pm
Quoting MaryJane
Hi gristar. That's simple. I don't consider the trend to be down. I concentrate myself on momentum. The 400 pip upmove, that you see on the left, that's momentum to me. I see the current downward move as a consolidation of the previous bullish move. My bullish bias is supported technically by the falling wedge on daily (i posted a chart how the wedge is goin' every day), and fundamentally by the simple fact the GBP is 'lucky strong' now, since it's not the USD and it's not the EUR.

The downward pattern looks like a bull flag (look here: http://www.trending123.com/patterns/bull_flag.html)...
Oh okay.. Now i see.. you are aiming to profit the yellow region. and i m aiming for small profit at red region.
Attached Image
  • #284,503
  • Jul 18, 2011 12:11am Jul 18, 2011 12:11am
Quoting gristar
Oh okay.. Now i see.. you are aiming to profit the yellow region. and i m aiming for small profit at red region.
Better said: I don't want to see my stop smashed by the break if it happens. I will trade either way. but no sell limit orders with bull flag. But that's just me.
MarginTrader All Time Return: na
  • #284,504
  • Jul 18, 2011 12:25am Jul 18, 2011 12:25am
it still bearish. US index did not indicate any reversal.
Artist lead and hacks ask for a show of hands.
  • #284,505
  • Jul 18, 2011 12:59am Jul 18, 2011 12:59am
Morning. I placed my first order for this week:

Buy: 1.6078 ( Support LVL on 4 hour chart)
SL: 1.6050
TP: 1.6160 (resistance)

I wish you good trading week.

Josef
  • #284,506
  • Jul 18, 2011 1:00am Jul 18, 2011 1:00am
Quoting al_yaqen
it still bearish. US index did not indicate any reversal.
Hi, which US index are you looking at?
  • #284,507
  • Jul 18, 2011 1:49am Jul 18, 2011 1:49am
Quoting gristar
Oh okay.. Now i see.. you are aiming to profit the yellow region. and i m aiming for small profit at red region.
Why not to aim the profit in yellow and red region?
  • #284,508
  • Jul 18, 2011 2:04am Jul 18, 2011 2:04am
Daily chart of EURGBP. It looks pretty ugly at the moment. Would expect it to give some strength to cable- expect more swinging around this 1.61
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 30 KB
  • #284,509
  • Jul 18, 2011 2:59am Jul 18, 2011 2:59am
Quoting josef
Why not to aim the profit in yellow and red region?
Of course i wish to take both profit. But no confident yet whether that is the pattern market will go today. I will see on what other people comment about today trade first.
  • #284,510
  • Jul 18, 2011 3:10am Jul 18, 2011 3:10am
Litmus test on 6086, if it holds then the up break out is set. Otherwise, still holding my short i see if i can get 50pips from it +33 now 17 more to go with SL adjusted. Waiting patiently Safe trades and Goodmorning to u all
Keep the Lights on then you can catch the rise from the dark.
  • #284,511
  • Jul 18, 2011 3:17am Jul 18, 2011 3:17am
Quoting josef
Morning. I placed my first order for this week:

Buy: 1.6078 ( Support LVL on 4 hour chart)
SL: 1.6050
TP: 1.6160 (resistance)

I wish you good trading week.

Josef
So did it get filled? 75 was the daily pivot and my broker shows bounce off 60754. Good luck, I'll wait for 64.
Don't get mad, get even!
  • #284,512
  • Jul 18, 2011 3:18am Jul 18, 2011 3:18am
Break 6082 on my chart and closed 2 shorts, look for entry to short again
  • #284,513
  • Jul 18, 2011 3:25am Jul 18, 2011 3:25am
Quoting Hoang Long
Break 6082 on my chart and closed 2 shorts, look for entry to short again
am out of all short position I just have to wait and see. I see a long for a big move up
Keep the Lights on then you can catch the rise from the dark.
  • #284,514
  • Jul 18, 2011 3:44am Jul 18, 2011 3:44am
Quoting ricmaj
am out of all short position I just have to wait and see. I see a long for a big move up
hi Ricmaj, what is the criteria support for a big move in long position in your opinion?
  • #284,515
  • Jul 18, 2011 4:00am Jul 18, 2011 4:00am
Quoting gristar
hi Ricmaj, what is the criteria support for a big move in long position in your opinion?

From my chart analysis at this moment 6086 is Buyers Entry Price. Price action around that price has failed to yeild a Selling Momentum rather the result as remain in a No Price Action. As such it has acted as a support. However I will need this Hourly close to be above that price to confirm that 6086 holds and buyers still in contention. once it holds price action will attempt to break the Resistance at 1.6121. If it goes then GU goes upward to 6200. My Stop Loss will just be at 6060
Keep the Lights on then you can catch the rise from the dark.
  • #284,516
  • Jul 18, 2011 4:05am Jul 18, 2011 4:05am
you guys are pretending to be big fish, assuming market where to go support and resistance bla bla bla. Look why eager to 6200 ? it so simple. Trendline reject the resistance so why buy ? open your eyes dude.. it sell.. until 1.5960
Artist lead and hacks ask for a show of hands.
  • #284,517
  • Jul 18, 2011 4:18am Jul 18, 2011 4:18am
feel free to comment. I decided to go for a short if it touch the resistance trend line. See the arrow
Attached Image (click to enlarge)
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  • #284,518
  • Jul 18, 2011 4:22am Jul 18, 2011 4:22am
Quoting al_yaqen
you guys are pretending to be big fish, assuming market where to go support and resistance bla bla bla. Look why eager to 6200 ? it so simple. Trendline reject the resistance so why buy ? open your eyes dude.. it sell.. until 1.5960
Nobody pretends to be big fish, if you think trendlines are the A&O of trading and supply/demand areas don't matter, that's fine and up for discussion.
I do have this pair in a downtrend as clearly visible from the first chart below.

However between my buy limit and the upper M15 trendline (second chart) there are 80 pips to collect.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable18072.gif Size: 31 KB
Click to Enlarge Name: cable18071.gif Size: 25 KB
Don't get mad, get even!
  • #284,519
  • Jul 18, 2011 4:35am Jul 18, 2011 4:35am
Quoting al_yaqen
you guys are pretending to be big fish, assuming market where to go support and resistance bla bla bla. Look why eager to 6200 ? it so simple. Trendline reject the resistance so why buy ? open your eyes dude.. it sell.. until 1.5960
well... u cannot say they r wrong.. people r doing that for a reason... maybe they trigger something eg.. a strong support level at 1.607... but for me.. I dont have any reason to buy now... I just let it go, coz buying is not on my list today... only sell... if they want to go for 6200, well good luck... and you my friend.. going to 5960..?.. well that still a mystery yet.. but I hope it will go there.. coz we r on the same train here... SELL...
now.. the cable seems want to go up.. thats good... I need some break now... man.. I've already closed my selling twice since market is opening.. with a profit of 40 pips (20 pips each trade)... I think I going to need a break now.... huuuhhh.. inner..inner peace..
  • #284,520
  • Jul 18, 2011 4:50am Jul 18, 2011 4:50am
Quoting al_yaqen
you guys are pretending to be big fish, assuming market where to go support and resistance bla bla bla. Look why eager to 6200 ? it so simple. Trendline reject the resistance so why buy ? open your eyes dude.. it sell.. until 1.5960
But market need balance. Let`s they play how want. Will be better for bears
Once scalper always scalper
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