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Cable Update (GBPUSD)

  • #295,941
  • Dec 28, 2011 6:20pm Dec 28, 2011 6:20pm
Watching the gold TL closely. If that goes, panic selling will see the dollar soar.
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  • #295,942
  • Dec 28, 2011 6:20pm Dec 28, 2011 6:20pm
Quoting Ill-b-back
I think it is simply because the Euro had not made the recovery the pound had for obvious euro reasons.
mmm
i really dont know! possible also what you say.

meanwhile 1.29 gone to the hell.
1.28 area open

2880 good first
then 2850.60 etc....

now i can go bed feeling bit better looking euro going in the correct way.

90% of traders use TA, indicators and prediction
  • #295,943
  • Dec 28, 2011 6:31pm Dec 28, 2011 6:31pm
Quoting chess king
to me telling me very bearish
  • #295,944
  • Dec 28, 2011 6:52pm Dec 28, 2011 6:52pm
System telling me so far that 54 will go. Don't see a buy yet at all. Putting is a soft sell BE once 5409 reached.
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  • #295,945
  • Edited 7:17pm Dec 28, 2011 7:06pm | Edited 7:17pm
First and foremost, I am an not expert in prediction. Because I see a lot of people doing prediction, so I just join them for fun. Do not take this seriously.

http://lcchong.files.wordpress.com/2...ng?w=590&h=402
  • #295,946
  • Dec 28, 2011 7:17pm Dec 28, 2011 7:17pm
i'm not so sure about anyone pointing long position on cable.. we are closing to the support, yes but still no candle pointing towards a potential reversal just yet..

Perhaps need to wait a little longer.. a very successful trader who successfully trade crude palm oil here in Malaysia once told me, most of the time, we might not get the tail and the head of the price (he means the very top or the very bottom of the price), sometime we might get the tail but not the head and vice versa but it's very close to impossible we get both the head and the tail of the price with every trade.

with that said, normally, we only get into position once there is already a move/momentum, sometime we might get to pick the top or bottom and use SL to protect the position since it's very close to gamble.

I think there's might a very good chance that 2900 will be the short term bottom for fiber, 5430 the bottom for cable and 9450 the top for swissy but i'm reluctant to take the position and stay sideline for a while, and see how the price progress in the longer TF. Afterall, a countertrend position is always a hit and run position.
Attached Image (click to enlarge)
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  • #295,947
  • Dec 28, 2011 7:31pm Dec 28, 2011 7:31pm
Quoting A-speculator
i'm not so sure about anyone pointing long position on cable.. we are closing to the support, yes but still no candle pointing towards a potential reversal just yet..

Perhaps need to wait a little longer.. a very successful trader who successfully trade crude palm oil here in Malaysia once told me, most of the time, we might not get the tail and the head of the price (he means the very top or the very bottom of the price), sometime we might get the tail but not the head and vice versa but it's very close to impossible we get both the head and the...
and to take short position at these price level for cable to me is madness since the price is very close to support and in my humble opinion, the best place to open short position is on the pullback of the price.

Afterall, we are buying low, selling high right?

During a trending PA, we might get to buy high and sell even higher but i think cable might retest the 5575 on the daily TF (of the broken support) before any move down.
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Click to Enlarge Name: cable.gif Size: 28 KB
  • #295,948
  • Dec 28, 2011 8:06pm Dec 28, 2011 8:06pm
Quoting A-speculator
and to take short position at these price level for cable to me is madness since the price is very close to support and in my humble opinion, the best place to open short position is on the pullback of the price.

Afterall, we are buying low, selling high right?

During a trending PA, we might get to buy high and sell even higher but i think cable might retest the 5575 on the daily TF (of the broken support) before any move down.
Yes, yes, yes, back on my meds. No sell, be patient and follow the plan. Thx
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  • #295,949
  • Dec 28, 2011 8:11pm Dec 28, 2011 8:11pm
It was nicely played out the short to close all the projections on the rbs.........and now long to test the sbr and then shorting cable again.........tf 4hrs..........
  • #295,950
  • Dec 28, 2011 8:12pm Dec 28, 2011 8:12pm
Quoting Ill-b-back
Yes, yes, yes, back on my meds. No sell, be patient and follow the plan. Thx
Rilax mate, if the price does break down, the plan is always the same, wait for a pullback & avoiding chasing the price. Waiting is always part of the game mate and i admit, it is also the hardest thing to do, waiting for your PO to get triggered.. LOL.
  • #295,951
  • Dec 28, 2011 8:15pm Dec 28, 2011 8:15pm
Quoting A-speculator
Rilax mate, if the price does break down, the plan is always the same, wait for a pullback & avoiding chasing the price. Waiting is always part of the game mate and i admit, it is also the hardest thing to do, waiting for your PO to get triggered.. LOL.
damn did someone say my PO was in here, damn back to the pin, got caught again trading forex
  • #295,952
  • Dec 28, 2011 8:20pm Dec 28, 2011 8:20pm
Quoting PoundTrader
damn did someone say my PO was in here, damn back to the pin, got caught again trading forex
in forex, we gain some, we lose some.. the important thing is the bottom line every month should be in greeeeennn. lol.

I don't know mate, no one can tell you for sure where it will go, afterall i'm only basing my analysis based on the technical. in this case, i see a possible retracement and until 5320 and 5270 taken out, we are still ranging and in a range anything can happen.
  • #295,953
  • Dec 28, 2011 8:25pm Dec 28, 2011 8:25pm
Quoting A-speculator
in forex, we gain some, we lose some.. the important thing is the bottom line every month should be in greeeeennn. lol.

I don't know mate, no one can tell you for sure where it will go, afterall i'm only basing my analysis based on the technical. in this case, i see a possible retracement and until 5320 and 5270 taken out, we are still ranging and in a range anything can happen.
the closest support to us right now is ~5420.

later guys..
  • #295,954
  • Dec 28, 2011 8:37pm Dec 28, 2011 8:37pm
last before i go, the retracement i mentioned is up to 5575, doesn't mean that it has to get that far but it is crucial for the price to maintain that figure to keep the analysis for the downtrend valid.

If that 5575 break, it means that the range will stretch a bit longer..

That is all guys. Good luck and god speed to all of you.
  • #295,955
  • Dec 28, 2011 8:51pm Dec 28, 2011 8:51pm
Quoting A-speculator
Rilax mate, if the price does break down, the plan is always the same, wait for a pullback & avoiding chasing the price. Waiting is always part of the game mate and i admit, it is also the hardest thing to do, waiting for your PO to get triggered.. LOL.
I'm fine dude, thx for the advice. Just kidding around a little. But I definitely do need to practice patience. My system is an easy trader if I just wait for the signals. Right now, no confirmed bottom yet but no sure sign of follow thru either. Could be final wave down to 52 and even 42ish longer term. If we get to 52, then potential to 65 based on signal. Remembering figures etc will help with focus I feel. Patience is the key for me.
Come with me if you want to live....
  • #295,956
  • Dec 28, 2011 8:55pm Dec 28, 2011 8:55pm
Quoting PoundTrader
damn did someone say my PO was in here, damn back to the pin, got caught again trading forex
is your long still legite dude. Anything changed your end?
Come with me if you want to live....
  • #295,957
  • Dec 28, 2011 9:42pm Dec 28, 2011 9:42pm
Quoting PoundTrader
i mean vouch for me
Wish I could my friend but I need to learn to follow my system more blindly to have any chance to qualify to vouch.
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  • #295,958
  • Dec 28, 2011 9:58pm Dec 28, 2011 9:58pm
Quoting Ill-b-back
5616 is hurting a little, 57 no probs as SL at BE. Seeing possible shorting opportunity tomorrow. Depending on how my indis line up. Still see potential to revisit mid 54's.
Note to myself: I MUST always follow my system, as it tells me stuff like this
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  • #295,959
  • Dec 28, 2011 11:35pm Dec 28, 2011 11:35pm
looking for a sweet bounce off 5409 to 5580.
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  • #295,960
  • Dec 28, 2011 11:39pm Dec 28, 2011 11:39pm
Quoting Ill-b-back
looking for a sweet bounce off 5409 to 5580.
Who put the wink on here? It wasn't me??? This place is haunted, I'm sure of it. Seen a few odd things last few weeks. Senior members having some fun I suspect
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