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Cable Update (GBPUSD)

  • #284,801
  • Jul 21, 2011 4:15pm Jul 21, 2011 4:15pm


bears are ready on the bbq

what a day guys!
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  • #284,802
  • Jul 21, 2011 5:41pm Jul 21, 2011 5:41pm
Morning all... Yesterday i said there was a good chance of a breakout but i was in trades and couldnt risk any more for the day... Both of those went bad and then i look at Cable today and see it has gone to EXACTLY where my projected target was!! See dotted pale blue arrow. Why do I still keep taking bad trades and leaving the good ones? WHY GOD WHY?!?!??!
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  • #284,803
  • Jul 21, 2011 8:02pm Jul 21, 2011 8:02pm
Possible retracement back to Fibonacci Extension lvl 61.8% @ 1.62 before further uptrend?
  • #284,804
  • Jul 21, 2011 9:19pm Jul 21, 2011 9:19pm
Quoting cheagil
m meditating
close all on first target. chicken out on the second one.
ready to load sell if 6372 is reached.

what should i do if 6372 is unreachable..
  • #284,805
  • Jul 21, 2011 10:40pm Jul 21, 2011 10:40pm
good morning and gooood trades to all!

nothing in way for bulls until cca 6375 where potentially very strong supply could kick in. This zone extends to cca 6430 - appears to be top of our brand new 4hr channel as well (if i drew it correctly). This should cap the cable rally or give a pretty bounce at least, could play well with eu in similar situation (daily TL)..

on the downside, test of broken 22nd June swing high (6262, also today's pivot point!) is imminent. Next level is just below 6200 - recently broken resistance and top of fresh demand zone, which goes downto 6120 and that should be the ultimate support, only spikes allowed there (perhaps to touch-test the broken falling wedge) for bulls to remain strong.

some support might be granted by the pink trendline.

ps. exact levels can differ, i'm not able to see levels specified to exact pip - never worked for me but i know it's my bad i admire everybody who hacks them
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  • #284,806
  • Jul 21, 2011 10:53pm Jul 21, 2011 10:53pm
Just took a short GBP/USD trade off the 15min time frame based on overbought levels all over the place.

indicators used:
momentum
rsi
OsMa
AME Support & Resistance
and some other support and resistance one with blue and red dots
PAR
ZigZag
Stoch' Oscillator

TP #1 1.62700
TP #2 1.62000

Do good stuff

Steve
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  • #284,807
  • Jul 21, 2011 11:01pm Jul 21, 2011 11:01pm
Quoting SystemFX2011
Just took a short GBP/USD trade off the 15min time frame based on overbought levels all over the place.
best of luck
i'm not game to take a trade here.. no man's land.
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  • #284,808
  • Jul 21, 2011 11:05pm Jul 21, 2011 11:05pm
Thank you MaryJane (nice name btw).

I got my eyes locked down and ready to jump out

If it fails, I'll take another short at the next supply level around 1.6430 ish level - if that fails, i may have to double up on the lots (I trade approx 1% most of the time) at 1.6541 - 1.6505 area.

Do good stuff

Steve

Quoting MaryJane
best of luck
i'm not game to take a trade here.. no man's land.
  • #284,809
  • Jul 21, 2011 11:10pm Jul 21, 2011 11:10pm
Here's another reason for shorting

Steve
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  • #284,810
  • Jul 21, 2011 11:13pm Jul 21, 2011 11:13pm
Quoting MaryJane
best of luck
i'm not game to take a trade here.. no man's land.
Hi MJ what lvl is bear land then? Below 1.626?
  • #284,811
  • Jul 21, 2011 11:34pm Jul 21, 2011 11:34pm
4HR bearish Harami almost confirmed. If current candle that closes in about 26 minutes closes below the bull candle's low, then we hopefully should see a retracement to the 24% trend reactionary level on the fibo at 1.62537. If that level breaks it'll re-visit the 42% trend reactionary level at 1.61974 ish.

We'll see

Do good stuff

Steve
  • #284,812
  • Edited 11:50pm Jul 21, 2011 11:40pm | Edited 11:50pm
Quoting MarcPeanut
Hi MJ what lvl is bear land then? Below 1.626?
well it depends on the view.. i didn't mean bull/bear land, i just can't lean on anything here in this area, it's a midpoint for me.. too expensive to buy, too cheap to sell.. but selling here can be a perfect trade - i don't argue, it just doesn't fit into my framework but that's personal, not good or wrong..

Quoting SystemFX2011
If it fails, I'll take another short at the next supply level around 1.6430 ish level....
cheers, seems your short is going well watch 6289/93.. marginal support there

i would really wonder if we get so high without a decent bounce. i'll start looking for shorts above 6370 (touch on fading momentum) with stop just above 6400. i'll consider long around 6260 but only with clear pa confirmation (m5/15), if stopped out then long again around 6225 (w/confirm) or 6200 (touch).

we could get a weak longs shakeout again, this happens often before attacking a strong resistance, long entries can be tricky (and short as well) it's friday after all, GL.
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  • #284,813
  • Jul 21, 2011 11:56pm Jul 21, 2011 11:56pm
Quoting MaryJane
best of luck
i'm not game to take a trade here.. no man's land.
i'm an undisciplined muppet.
took a small long @6302 sl 6286 target 6369
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  • #284,814
  • Jul 22, 2011 12:12am Jul 22, 2011 12:12am
Quoting MaryJane
i'm an undisciplined muppet.
took a small long @6302 sl 6286 target 6369
LOL... I took about the same trade, after seeing it drift along all over the place the last few hours... Im figuring its becoming support. I see it potentially hitting 1.64 region, maybe a bit higher. Thats T1 of the current upmove, T2 of the previous move that saw the current high, plus got a few other fibs and S/R up there... so fingers crossed!

PS SystemFX, the sooner you get rid of all those pointless indicators the better mate!!
  • #284,815
  • Jul 22, 2011 12:25am Jul 22, 2011 12:25am
Hello friends. Good morning. Today no news for cable so we can not expect any horror fall. As the cable has a steam left to get it near the 6420 level my buy stops are in the blue area and in case if we get any little retracement have the sell stop in the white area. but the sell stop is not valid after the london open. have a nice day to all of you.
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  • #284,816
  • Jul 22, 2011 12:33am Jul 22, 2011 12:33am
heehee

Its all good.. I know, clearer charts are better... in fact, I have 5 GBP/USD charts open with all different types of strategies, including naked trading candle pattern stuff

As long as I can read it, is all that counts - so don't worry.
that chart made me over 700 pips yesterday via 3 currency pairs at $20 a pip

I've been trading for some time, so - thanks all the same buddy...

Hope you do well today and get ready to spend all that cash on the weekend ahead...

Do good stuff

Steve

Quoting Jazznos
PS SystemFX, the sooner you get rid of all those pointless indicators the better mate!!
  • #284,817
  • Jul 22, 2011 12:36am Jul 22, 2011 12:36am
Quoting SystemFX2011
heehee

As long as I can read it, is all that counts - so don't worry.
that chart made me over 700 pips yesterday via 3 currency pairs at $20 a pip

I've been trading for some time, so - thanks all the same buddy...
Ahh ok well sounds like maybe i should be taking advice from you then! I took it that you may have been a newbie and was trying to save you from the pain and time wasting of discovering for yourself that the market doesent really give much of a shit about indicators as far as I can tell! Good work
  • #284,818
  • Jul 22, 2011 12:40am Jul 22, 2011 12:40am
Quoting Jazznos
LOL... I took about the same trade,...
LOL for me it was the way eu consolidated, slowed down and bottomed in m5. i watch (and trade) eu instead of usdx, it's almost the same thing just inverted chart.. gone long eu as well that was planned but taking the cable was reckless
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  • #284,819
  • Jul 22, 2011 12:44am Jul 22, 2011 12:44am
Thanks for your concern..

I've been trading for over a decade now but hey, aren't we all learning, always new tricks to learn So I'm open to any kind of advice to make my game stronger.

I must admit, that trade I did was a tad on the risky side - it was only a small lot... and the 4Hr bearish Harami never confirmed, so looks as if we may head back up today... and current 4HR TF looks as if it may develop a continuation formation to the upside too.

but next week could be a different story all together

Do good stuff

Steve

Quoting Jazznos
Ahh ok well sounds like maybe i should be taking advice from you then! I took it that you may have been a newbie and was trying to save you from the pain and time wasting of discovering for yourself that the market doesent really give much of a shit about indicators as far as I can tell! Good work
  • #284,820
  • Jul 22, 2011 12:58am Jul 22, 2011 12:58am
Quoting bchbch
Hello friends. Good morning. Today no news for cable so we can not expect any horror fall. As the cable has a steam left to get it near the 6420 level my buy stops are in the blue area and in case if we get any little retracement have the sell stop in the white area. but the sell stop is not valid after the london open. have a nice day to all of you.
My buy stop taken at 6315 my first target for this long is 20pips. lets see. Canceled the sell stop at 6285.
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