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Cable Update (GBPUSD)

  • #293,281
  • Nov 28, 2011 4:24am Nov 28, 2011 4:24am
price challenging 23.6% 6092-5422 now, a 5 fib cluster including this 23.6% of the moves down to 5422 from and including 6165 runs up to 5600...Daily R3 in there too @/around 5586.

G/L
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ex member
  • #293,282
  • Nov 28, 2011 4:27am Nov 28, 2011 4:27am
Quoting TauTrader
Hope to see you post some thoughts here as well.
I'm sorry I cannot match your level of politeness or class.

I trade using Constant Range Bars. Attached is a 20pip chart. The problem with CRBs is that the candle highs and lows are necessarily arbitrary, so identified levels will not match exactly those identified from time bars.

However, we've just breached the Thursday high and are moving towards the 1.5600 - 1.5612 zone where we had highs and lows from Monday through Wednesday. If breached we can see 1.5690, but I expect this rally to be short lived and last week's bearish trend to resume.

Have fun.
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The dream will never die
  • #293,283
  • Nov 28, 2011 4:28am Nov 28, 2011 4:28am
UPdate GU...Update UCHF
Attached Image(s) (click to enlarge)
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  • #293,284
  • Nov 28, 2011 4:37am Nov 28, 2011 4:37am
Quoting redsword11
sold @ 1.55230

manual 15 - 20

tg subjective, might just be a scalp

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cut and resold in this zone
  • #293,285
  • Nov 28, 2011 5:14am Nov 28, 2011 5:14am
Good day to you,

I believe a bit of relief is due soon.... Slightly oversold. Will be looking at the 1.5600 - 1.5620 area to see what price does. As a rule, if price reaches above XX.85XX - it will go to the next round number to break that. Similarely, as a rule - when price breaks down to below XX.15XX - it runs down to break the below round number - not always - but mostly.

So I expect 1.5600 to go - even if just briefly.

Regards
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  • #293,286
  • Nov 28, 2011 5:19am Nov 28, 2011 5:19am
Quoting TauTrader
Good day to you,

I believe a bit of relief is due soon.... Slightly oversold. Will be looking at the 1.5600 - 1.5620 area to see what price does. As a rule, if price reaches above XX.85XX - it will go to the next round number to break that. Similarely, as a rule - when price breaks down to below XX.15XX - it runs down to break the below round number - not always - but mostly.

So I expect 1.5600 to go - even if just briefly.

Regards
Thanks for the tip TauTrader. I think maybe I should pay more attention to round numbers. Are you talking about a simple break of the round number line or a close above on a particular TF in order to eye the next level?

Thanks!
  • #293,287
  • Nov 28, 2011 5:19am Nov 28, 2011 5:19am
watch for a brop
  • #293,288
  • Nov 28, 2011 5:28am Nov 28, 2011 5:28am
.....price testing the middle of that aforementioned 5 fib cluster running up to 5600 ..right in a previous 1hr swing hi zone. Not shown on this 1hr chart are more fibs of the moves from and including 6165 to 5422 above the current Hi.

outa here.

G/L
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ex member
  • #293,289
  • Nov 28, 2011 5:42am Nov 28, 2011 5:42am
Quoting Sutts
Thanks for the tip TauTrader. I think maybe I should pay more attention to round numbers. Are you talking about a simple break of the round number line or a close above on a particular TF in order to eye the next level?

Thanks!
Good day to you,

No - not to eye next levels or next round numbers... All I am saying is that a LOT of times, when I consider entering a long or short position, and price is trading at those levels - I would rather wait a bit for a better entry....

So - if I consider shorting and price has traded above xx.85xx, I will wait for price to go to the next round number to then enter. If I consider entering a long, and price has traded below xx.15xx - I would rather wait a bit for a better entry.

That is all - it may also cause you to miss some..

Retail traders often place stops just above or just below round numbers. These are then targetted.

Regards
  • #293,290
  • Nov 28, 2011 5:46am Nov 28, 2011 5:46am
Quoting TauTrader
Good day to you,

No - not to eye next levels or next round numbers... All I am saying is that a LOT of times, when I consider entering a long or short position, and price is trading at those levels - I would rather wait a bit for a better entry....

So - if I consider shorting and price has traded above xx.85xx, I will wait for price to go to the next round number to then enter. If I consider entering a long, and price has traded below xx.15xx - I would rather wait a bit for a better entry.

That is all - it may also cause you to miss some.....

Thanks again Tau, I'll keep that in mind.

Cheers
  • #293,291
  • Nov 28, 2011 6:11am Nov 28, 2011 6:11am
Quoting redsword11
Attachment


cut and resold in this zone

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added higher, locked both


closed first sell positive
  • #293,292
  • Nov 28, 2011 6:42am Nov 28, 2011 6:42am
Quoting redsword11
Attachment

added higher, locked both


closed first sell positive

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out most a little earlier, closed lower


small runner, will hunt breakeven heavy if PA suggests it
  • #293,293
  • Nov 28, 2011 6:48am Nov 28, 2011 6:48am
What's your TP ? Or you close it manually ...?
  • #293,294
  • Nov 28, 2011 7:02am Nov 28, 2011 7:02am
Quoting catalicu
What's your TP ? Or you close it manually ...?


its a small positon left, this is my tg its reached but we don't know what it will do here so l will leave it alone and use my breakeven as a tg for buying scalps


reasoning ........... rarely have l ever had a trade where my breakeven is not threatened so why don't we trade to it


the tgs have been reached, now l will leave this position alone and if we get a bigger move south l will consider closing it


a runner is termed that as to leave it running
  • #293,295
  • Nov 28, 2011 7:07am Nov 28, 2011 7:07am
Quoting josef
Hello guys,

GU started to run from the opening of London session.

I'm in with setup:

Sell: 1.5560
SL: 1.5590
TP: 1.5460

Regards,

Josef
Stopped out at 1.5590. Five pips wider stop loss would keep the trade alive.

Regards,

Josef
  • #293,296
  • Nov 28, 2011 7:08am Nov 28, 2011 7:08am
Quoting josef
Stopped out at 1.5590. Five pips wider stop loss would keep the trade alive.

Regards,

Josef


....... that just proves my point above
  • #293,297
  • Nov 28, 2011 7:11am Nov 28, 2011 7:11am
Quoting redsword11
its a small positon left, this is my tg its reached but we don't know what it will do here so l will leave it alone and use my breakeven as a tg for buying scalps


reasoning ........... rarely have l ever had a trade where my breakeven is not threatened so why don't we trade to it


the tgs have been reached, now l will leave this position alone and if we get a bigger move south l will consider closing it


a runner is termed that as to leave it running
very insightfull..
  • #293,298
  • Nov 28, 2011 7:21am Nov 28, 2011 7:21am
Ok. My prospect for this week now is 1.57 with a view to then retrace back.

57ish is the 38.2 retrace from 6162 to 5418 then we should go back to fill the gap from Friday close to yesterday open.

Keep lucky
  • #293,299
  • Nov 28, 2011 7:21am Nov 28, 2011 7:21am
Quoting redsword11
its a small positon left, this is my tg its reached but we don't know what it will do here so l will leave it alone and use my breakeven as a tg for buying scalps


reasoning ........... rarely have l ever had a trade where my breakeven is not threatened so why don't we trade to it


the tgs have been reached, now l will leave this position alone and if we get a bigger move south l will consider closing it


a runner is termed that as to leave it running

amazing red
  • #293,300
  • Nov 28, 2011 7:31am Nov 28, 2011 7:31am
Quoting redsword11
its a small positon left, this is my tg its reached but we don't know what it will do here so l will leave it alone and use my breakeven as a tg for buying scalps


reasoning ........... rarely have l ever had a trade where my breakeven is not threatened so why don't we trade to it


the tgs have been reached, now l will leave this position alone and if we get a bigger move south l will consider closing it


a runner is termed that as to leave it running

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there, look @ this, sure thing, highest probability trade, couldn't get an entry and now its already there


all my days, never leaves it alone



going off charts for a bit, makes me so mad
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