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Cable Update (GBPUSD)

  • #286,321
  • Aug 15, 2011 9:23am Aug 15, 2011 9:23am
Quoting Flatfish
I shorted this at 1.6378. Probably not the smartest of trades. But hoping it won't cause me much pain, and may take a while.
How many shorts today on this pair?

Dude - it's going up!
Anything can happen.
  • #286,322
  • Aug 15, 2011 9:23am Aug 15, 2011 9:23am
Quoting Flatfish
I shorted this at 1.6378. Probably not the smartest of trades. But hoping it won't cause me much pain, and may take a while.
I'm waiting for some support on USDX first, it is still very weak, maybe the bold red line will do.......

D1:
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Don't be a hero. Don't have an ego. Always question yourself
  • #286,323
  • Aug 15, 2011 9:44am Aug 15, 2011 9:44am
Quoting ddinnov
How many shorts today on this pair?

Dude - it's going up!
True I have taken only shorts today, and even though it has gone up have so far managed to close my trades for a small profit or no loss. Since taking the trade PA hasn't gone as I would have wished but as long as I don't over leverage I don't think my trades will runaway from me. I feel happier holding short cable than being long it- just how I view things at the moment. My entries aren't always the best. I only post them so other may know what others traders are doing I never expect anyone to copy me.
  • #286,324
  • Aug 15, 2011 9:45am Aug 15, 2011 9:45am
more downside is available on USDX, prolly capped by 73.25. that's a time to look for some pullbacks from the insane move on GU and EU hopefully.
  • #286,325
  • Aug 15, 2011 9:48am Aug 15, 2011 9:48am
1.64 hit now, will it hold?...
Anything can happen.
  • #286,326
  • Aug 15, 2011 9:52am Aug 15, 2011 9:52am
Quoting Flatfish
True I have taken only shorts today, and even though it has gone up have so far managed to close my trades for a small profit or no loss. Since taking the trade PA hasn't gone as I would have wished but as long as I don't over leverage I don't think my trades will runaway from me. I feel happier holding short cable than being long it- just how I view things at the moment. My entries aren't always the best. I only post them so other may know what others traders are doing I never expect anyone to copy me.
It's your money mate, why not have a stab at going the other way?
Anything can happen.
  • #286,327
  • Aug 15, 2011 10:00am Aug 15, 2011 10:00am
I think it will retrace here now and then retest the level 1.644
  • #286,328
  • Aug 15, 2011 2:27pm Aug 15, 2011 2:27pm
Trying a short @ 1.6393

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Don't be a hero. Don't have an ego. Always question yourself
  • #286,329
  • Aug 15, 2011 2:49pm Aug 15, 2011 2:49pm
Quoting USD-Bear
Trying a short @ 1.6393

Attachment
stop @ BE
Don't be a hero. Don't have an ego. Always question yourself
  • #286,330
  • Aug 15, 2011 4:02pm Aug 15, 2011 4:02pm
i dont know why
but i was expectin this fast push up ....
looks like an 'already seen movie'
90% of traders use TA, indicators and prediction
  • #286,331
  • Aug 15, 2011 4:25pm Aug 15, 2011 4:25pm
Any charts with advice on gbp.... looking to short for few pips to 6334 i am gettin
Quoting _BBKing_
i dont know why
but i was expectin this fast push up ....
looks like an 'already seen movie'
We cannot direct the winds but we can adjust our sail.
  • #286,332
  • Aug 15, 2011 4:28pm Aug 15, 2011 4:28pm
Quoting ddinnov
1.64 hit now, will it hold?...
I will not be surprised if it hits the level 1.65. I was bearish till my stop loss got triggered @ 1.6344 and lost a few pips in the process. To me 1.65 seemed possible but only late this week. I anticipated a bear first to touch level 1.61 and a bullish resistance @ 1.63; then followed by this rise which looks like 1.65 on its way. I will wait till i see formation of a support. If that does not happen then the move is likely to be high velocity. However Long-Term my sentiment remains bullish for the cable.
  • #286,333
  • Aug 15, 2011 4:53pm Aug 15, 2011 4:53pm
Quoting posterboy
Any charts with advice on gbp.... looking to short for few pips to 6334 i am gettin
i was thinkin the same
then i changed my idea prefering to wait as i think is possible a move up before a move down and i still no see confirmation on faster TF. its still supported above 6373 (previous resistance seen in m5-m15) and the 6430-50 is so near. this means a stop loss of at least 50pips. too much for me with this hourly uptrend.

anyway 6330-50 area im interested to find out if possible to pick a long position
in chart below that level is near the red line downward and also near 61.8%ffibo

sincerely i dont actually have a setup for shorts. maybe im missing something.

any other ideas here?
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90% of traders use TA, indicators and prediction
  • #286,334
  • Aug 15, 2011 5:02pm Aug 15, 2011 5:02pm
Impresive, i just post my idea on friday , gu will test 1.64 in coming days and it hit on monday...., now gu is ready for down targeting 1.6250 as first target, will post the chart later
  • #286,335
  • Aug 15, 2011 5:19pm Aug 15, 2011 5:19pm
m1 action @6373
nice
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  • #286,336
  • Aug 15, 2011 5:26pm Aug 15, 2011 5:26pm
in m15 shows better what i mean by prefering to wait for shorts..
possible bull flag need a close >6400

macd still not kissing but very near to do.

if gives another push up my choice is good.
if goes down i will search n entry for short to 6340 or will search an entry to buy near 6340.
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  • #286,337
  • Aug 15, 2011 5:35pm Aug 15, 2011 5:35pm
charts and theory.....u r in my buddy list ..cheerz mate i will bug u more lolz


Quoting _BBKing_
in m15 shows better what i mean by prefering to wait for shorts..
possible bull flag need a close >6400

macd still not kissing but very near to do.

if gives another push up my choice is good.
if goes down i will search n entry for short to 6340 or will search an entry to buy near 6340.
We cannot direct the winds but we can adjust our sail.
  • #286,338
  • Aug 15, 2011 5:41pm Aug 15, 2011 5:41pm
Quoting posterboy
charts and theory.....u r in my buddy list ..cheerz mate i will bug u more lolz
tks for kind words
i always hope 'to help' some one by sharing my ideas!

exactly the same thing that happens when i read other people's sharings!
we need to work like a team imho to trade well in such a difficult market!!
90% of traders use TA, indicators and prediction
  • #286,339
  • Aug 15, 2011 6:05pm Aug 15, 2011 6:05pm
no pray insight yet .... m5 m15 ..probably better to switch off i dont want to force a trade

Quoting _BBKing_
tks for kind words
i always hope 'to help' some one by sharing my ideas!

exactly the same thing that happens when i read other people's sharings!
we need to work like a team imho to trade well in such a difficult market!!
We cannot direct the winds but we can adjust our sail.
  • #286,340
  • Aug 15, 2011 9:05pm Aug 15, 2011 9:05pm
Good day everyone,

My analysis for today:
Possibly GU are going to make a small retracement today before continuing its up trend towards this month's resistance @6470 (orange circle on H4 chart below). AND IF price breaks 6470-6520, we can expect to see price shoots up to 6720.

Reasons:

 

  1. GU H4 chart shows price broke the blue channel and retesting the previous resistance. (This month's high on 1st and 8th of august @6470)

  1. GU H4 chart shows Stoch(10,3,3) is at the over bought zone and looking to go down for a retracement around 6320 the most.

  1. Stoch(10,3,3) on GU Daily chart shows that GU is currently still in an uptrend targeting 6720 (previous resistance in May)

  1. Stoch(10,3,3) on USD index H4 shows that price is oversold and looking to go up. (Meaning GU will go down for a retracement)

My plan of action:
Stay out until retracement is done. When price breaks 6410-20, I am anticipating a long towards 6470. If price breaks 6470-6520, re-enter long towards 6720. If all this doesnt happen today, I expect to execute this plan within 1-3 days.

Hello pips, here we come! Good luck all.

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