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Cable Update (GBPUSD)

  • #289,301
  • Sep 21, 2011 10:39pm Sep 21, 2011 10:39pm
Quoting Faller
Adjusted my stop loss a little bit.....waiting for the next 15 min candle to close....if below my initial stop loss of 1.5450 I will close manually with a 25 pip loss.....if not will see how the next candle holds up.

30 min closed one pip below my stop loss.....continuing to hold position and will post chart later as price moves back up into the down channel - Although I did not want this to be a longer period trade.....the more I assess the daily chart it looks like we might form a doji on the daily....if so we could get a move back up to 1.5650 - will continue to monitor price action.
I don't trust any move - when you have profit...take it.
  • #289,302
  • Sep 21, 2011 10:47pm Sep 21, 2011 10:47pm
Asian session has been bearish sentiment for currencies. Risk off for now.
  • #289,303
  • Sep 21, 2011 10:56pm Sep 21, 2011 10:56pm
Not getting a signal to go long on any relevent timeframe yet. Europe hasn't weighed in off the back of FOMC.

Both NY and Asian sessions have been squarely risk off. We could see 5325 or lower today.

Personally, I'd wait for better confirmation than guessing what an open daily candle's going to look like in 17 hours.

Quoting Faller
.the more I assess the daily chart it looks like we might form a doji on the daily....if so we could get a move back up to 1.5650
  • #289,304
  • Sep 21, 2011 11:04pm Sep 21, 2011 11:04pm
Aud, Nzd, and Cad got hammered today....
  • #289,305
  • Sep 21, 2011 11:04pm Sep 21, 2011 11:04pm
Quoting Fudomyo
Not getting a signal to go long on any relevent timeframe yet. Europe hasn't weighed in off the back of FOMC.

Both NY and Asian sessions have been squarely risk off. We could see 5325 or lower today.

Personally, I'd wait for better confirmation than guessing what an open daily candle's going to look like in 17 hours.
5325? Do you mean 1.5325 my friend?
If there was easy money lying around,no one would be forcing it into your
  • #289,306
  • Sep 21, 2011 11:10pm Sep 21, 2011 11:10pm
Quoting Fudomyo
Not getting a signal to go long on any relevent timeframe yet. Europe hasn't weighed in off the back of FOMC.

Both NY and Asian sessions have been squarely risk off. We could see 5325 or lower today.

Personally, I'd wait for better confirmation than guessing what an open daily candle's going to look like in 17 hours.

You have a good point. You never know....the way I see it the markets never sleep and they may have already weighed in earlier. Asian markets have not really sold off very much....so for me down 25 pips on my trade shows not much selling. There is also a ton of news that is coming out at 3am est so we have to be aware of everything.

Thank you for your insight.
I don't trust any move - when you have profit...take it.
  • #289,307
  • Sep 21, 2011 11:13pm Sep 21, 2011 11:13pm
It is still sitting outside the BB on 4hr chart. I think a slight retracement is in order before any continuation lower.
  • #289,308
  • Sep 21, 2011 11:13pm Sep 21, 2011 11:13pm
Quoting ovaforty
Aud, Nzd, and Cad got hammered today....
yep. commodity currencies, mining and energy always take a hit off bad economic forecasts. factoring in lower production demand. especially oil and copper.
  • #289,309
  • Sep 21, 2011 11:57pm Sep 21, 2011 11:57pm
Quoting Faller
You have a good point. You never know....the way I see it the markets never sleep and they may have already weighed in earlier. Asian markets have not really sold off very much....so for me down 25 pips on my trade shows not much selling. There is also a ton of news that is coming out at 3am est so we have to be aware of everything.

Thank you for your insight.
We need to see how much was priced in during yesterday's Europe session. but given BOE's outlook on QE there's not much to bolster Sterling strength at the moment. Also, if equities continue to slide it will feed USD strength.

I'm waiting on better confirmation of support before guessing where the bottom is.

Personally I'm looking for a retest of 5600 (eventually). Shorter term, under 5400 we may see 5350-5320 if the Daily Open holds at 5500.

There should be some decent trades today between these key price areas.
  • #289,310
  • Sep 22, 2011 1:16am Sep 22, 2011 1:16am
Quoting Fudomyo
Personally I'm looking for a retest of 5600 (eventually). Shorter term, under 5400 we may see 5350-5320 if the Daily Open holds at 5500.
There should be some decent trades today between these key price areas.
  • #289,311
  • Sep 22, 2011 1:25am Sep 22, 2011 1:25am
Quoting honeybhi
hey HB

hope your trades are going well mate.
  • #289,312
  • Sep 22, 2011 1:33am Sep 22, 2011 1:33am
Quoting Fudomyo
hey HB

hope your trades are going well mate.
Going good bro.

How is ur trades coming btw ??
  • #289,313
  • Sep 22, 2011 1:37am Sep 22, 2011 1:37am
GJ

At monthly support and trading now at the bottom of the channel.

Waiting for bullish PA to add long pos.

If monthly close below 118.80, i will short this .
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  • #289,314
  • Sep 22, 2011 1:52am Sep 22, 2011 1:52am
BUY now GBPUSD, Tp: 1.6000
Daily RSI to wake up 400pips today and Tomorrow
  • #289,315
  • Sep 22, 2011 1:59am Sep 22, 2011 1:59am
Quoting Faller
30 min closed one pip below my stop loss.....continuing to hold position and will post chart later as price moves back up into the down channel - Although I did not want this to be a longer period trade.....the more I assess the daily chart it looks like we might form a doji on the daily....if so we could get a move back up to 1.5650 - will continue to monitor price action.
Nice pop up.....closed position plus 12 pips. Not great, but better then a loss. Will post chart tomorrow....I am going to bed.

Cheers to all.

Faller
I don't trust any move - when you have profit...take it.
  • #289,316
  • Sep 22, 2011 2:35am Sep 22, 2011 2:35am
Quoting honeybhi
Going good bro.

How is ur trades coming btw ??
good to hear.

going nicely so far. first target hit. nice little run to 5500 Daily Open and shorted off of it.

lately just looking for 40 pips a day to make my numbers, so 2-4 small trades 20-30 pips usually is more than enough.

low stress. steady growth.





Quoting Fudomyo
Shorter term, under 5400 we may see 5350-5320 if the Daily Open holds at 5500.
  • #289,317
  • Sep 22, 2011 3:01am Sep 22, 2011 3:01am
Post FOMC lo and the current daily lo just touched top oif that previous daily swing lo zone runnint 5448-05 which contains Daily S1 @/around 5415, below here:

5452-48 previous 1hr swing lo zone
5360-5343 prev dly/weekly/minor mthly swing lo zone
5322 Daily S2 @/around
5188 61.8% 4225-6746
5159 Daily S3
4819 76.4% 4225-6746

Price @ the current Lo (5448) has reached 99% of the 20week atr and 124% of the 20month atr but only 48% of the 20day atr so far.

Neeless to say trend remains down on 1hr to daily with a brearish looking weekly chart now now. 100sma remains below 200sma on 1hr/4hr and like those t/f's pointing down on the daily and converging on the 200sma on that t/f from above it.

G/L
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  • #289,318
  • Sep 22, 2011 3:08am Sep 22, 2011 3:08am
follow thru on that master bearish thrust engulf x 3 1hr candle just closed - deeper into that previous daily swing lo zone running 5448-05, more demand in this zone ?

G/L
ex member
  • #289,319
  • Sep 22, 2011 3:13am Sep 22, 2011 3:13am
Quoting Fudomyo
good to hear.

going nicely so far. first target hit. nice little run to 5500 Daily Open and shorted off of it.

lately just looking for 40 pips a day to make my numbers, so 2-4 small trades 20-30 pips usually is more than enough.

low stress. steady growth.


Your looking at broadly the same method as me, 2-4 trades 25 -50 pips per trade. As equity grows so my lot sizes can grow.
  • #289,320
  • Sep 22, 2011 3:37am Sep 22, 2011 3:37am
Quoting FXConveyor
Your looking at broadly the same method as me, 2-4 trades 25 -50 pips per trade. As equity grows so my lot sizes can grow.
ATM for you then and that's the way the trading should go.
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