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Cable Update (GBPUSD)

  • #304,001
  • Mar 16, 2012 3:30am Mar 16, 2012 3:30am
resistant becoming support...as cable stuck in this range, my scalp TP is shorten in pips too..anyway still green for me..
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  • #304,002
  • Mar 16, 2012 3:58am Mar 16, 2012 3:58am
G/M,

Bullish candle on the Daily t/f yesterday...price making a high at the previous 4hr/1hr swing hi zone that extends to 5746..pulling back offf this to 38.2% of yesterday's move up where some demand has been encountered.

To the immediate upside of price;

[ 5735-43-46 prev 4hr/1hr sw hi zone incl 5738 = Weekly Pivot @/around
[ 5741-50 4 x fibs incl 5747 = Daily R1 @/around
[ 5749-57 prev 1hr sw hi/lo zone incl 5756 = 76.4% 5805-5601

5760-65 descending 4hr t/line coming thru on this present 4hr candle
5773-77 3 x fibs
5786 50% 5974-5601
5792 Daily R2 @/around
[ 5796/97 2 x fibs
[ 5797-5804 prev 1hr sw hi zone
5811-19 prev 1hr sw hi zone incl 5814 76.4% 5881=5601 and 5815 = Weekly R1 @/around
5821-32 prev Dly/4hr/1hr sw hi zone incl 5830 = 61.8% 5974-5601
5839-41 2 x fibs
5849 Daily R3 @/around
5851 Monthly Pivot @/around
5874-81 prev Dly/4hr/1hr sw hi zone
5885 76.4% 5974-5601
5896-5908 prev 4hr sw lo zone (non-immed) incl 5898 = 76.4% 5991-5601
5918 85.4% 5974-5601
[ 5928-35 prev minor 1hr sw hi zone incl 5933 85.4% 5991-5601
[ 5930-40 descending weekly t/line coming thru on present daily candle
　
[ 5958-65-74 prev 4hr swi hi zone incl 5958 = Weekly R2 @/around
[ 5960-70 descending daily t/line coming thru on present 4hr candle
5976-91 prev Daily/4hr sw hi zone incl 5986/89 2 x fibs incl 50% 6746-5234
5999 85.4% 6130-5234
6030 85.4% 6165-5234
6035 Weekly R3 @/around
6059 Monthly R1 @/around
6073-92 incl 6087 = 61.8% 6617-5234
6103-15-30 prev Dly/4hr sw hi zone
6136-65 prev Wkly/Dly sw hi zone incl 6163 = 76.4% 6454-5234
6167 61.8% 6746-5234
6179-6206 prev minor Daily sw lo hi zone incl 6198 = Monthly R2 @/around
6250-75 prev Daily minor sw lo zone (non immed) with 6275 = 85.4% 6454-5234
6287 76.4% 6617-5234

G/L
ex member
  • #304,003
  • Mar 16, 2012 4:05am Mar 16, 2012 4:05am
To the immediate downside of price as 1hr screenshot below. DP @/around 5690, Daily S1 @/around 5645.

G/L
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ex member
  • #304,004
  • Mar 16, 2012 4:15am Mar 16, 2012 4:15am
Quoting bbmac
To the immediate downside of price as 1hr screenshot below. DP @/around 5690, Daily S1 @/around 5645.

G/L
Hi there, a break on the cone-shape trendline doesn't mean bullish until 5750 resistant are broke right? sorry I am noob
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  • #304,005
  • Mar 16, 2012 4:22am Mar 16, 2012 4:22am
Hi

Depends how you define bullish or bearish, for me I look at the opa conditions (overall price action-peak/valley analysis) on the t/f's of interest to me and whether they are contra each other or co-existant and then if trending whether this trend is contra or co-existant any on the higher t/f's...Then of course I am aware of the intraday sentiment which for eg is bullish so far today - ie the current price is above the open. and is see-ing some upside follow thru on yesterday's daily t/f bullish candle off the fractal swing lo on that t/f at this week's current lo.

Re opa conditions - classically trending or generally trending or classically ranging are the 3 conditions so for eg 1hr is in a 'general uptrend'

Others might use different tools/measures/techniques to determine conditions - but I don't use the b/o of anything for this - like the 5750 area you mention - I use the above.

G/L

Quoting UbuFamily
Hi there, a break on the cone-shape trendline doesn't mean bullish until 5750 resistant are broke right? sorry I am noob
ex member
  • #304,006
  • Mar 16, 2012 4:41am Mar 16, 2012 4:41am
Quoting bbmac
Hi

Depends how you define bullish or bearish, for me I look at the opa conditions (overall price action-peak/valley analysis) on the t/f's of interest to me and whether they are contra each other or co-existant and then if trending whether this trend is contra or co-existant any on the higher t/f's...Then of course I am aware of the intraday sentiment which for eg is bullish so far today - ie the current price is above the open. and is see-ing some upside follow thru on yesterday's daily t/f bullish candle off the fractal swing lo on that...

Thank u for your opinion bbmac, I understand now how u work with your strategies...anyway I posted here a daily chart showing obvious bearish pattern..since last week majority traders here seeing a bull to the 1.62..the problem is I can't see the possibility of it...I did consider putting the UK,europe & USA fundies in here but these recent day everybody confused totally with cable movement..the other day somebody in here mentioned about stop hunting and I agreed with it...but who am I to judge this...Hence, if everything will be broken then I believe a change trend is what happening now...means bears retiring already..
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  • #304,007
  • Mar 16, 2012 4:47am Mar 16, 2012 4:47am
@bbmac

sorry dude, I'm way to nerd explaining things I'm not capable of...
I just realized that a short-term trader point of view are totally different than those long-term trader like u are..
and I forgot I am intraday scalper and will always be..
I trade to live
  • #304,008
  • Mar 16, 2012 4:51am Mar 16, 2012 4:51am
I see the beginnings of a classic opa downtrend off the 5991 High with 2 x LH and a LL at this week's current lo on this daily t/f - however off the 5601 current weekly lo price has pulled back inside that recent 5927-5647 range that saw a false upside break to 5991 before the fall out the bottom of it to 5601...this classic daily t/f is in the context of classically ranging conditions on the weekly with a recent bullish biais.

Prediction is futile all we can tell are the current conditions on the t/f's of interest to us and overall general biais if there is one, and play our edge.

G/L

Quoting UbuFamily
Thank u for your opinion bbmac, I understand now how u work with your strategies...anyway I posted here a daily chart showing obvious bearish pattern..since last week majority traders here seeing a bull to the 1.62..the problem is I can't see the possibility of it...I did consider putting the UK,europe & USA fundies in here but these recent day everybody confused totally with cable movement..the other day somebody in here mentioned about stop hunting and I agreed with it...but who am I to judge this...Hence, if everything will be broken then I believe...
ex member
  • #304,009
  • Mar 16, 2012 4:56am Mar 16, 2012 4:56am
actually I am a short term trader like you - 75% of my market entries are from the 1 or 3min t/f.

G/L

Quoting UbuFamily
@bbmac

sorry dude, I'm way to nerd explaining things I'm not capable of...
I just realized that a short-term trader point of view are totally different than those long-term trader like u are..
and I forgot I am intraday scalper and will always be..
ex member
  • #304,010
  • Mar 16, 2012 4:59am Mar 16, 2012 4:59am
Quoting bbmac
I see the beginnings of a classic opa downtrend off the 5991 High with 2 x LH and a LL at this week's current lo on this daily t/f - however off the 5601 current weekly lo price has pulled back inside that recent 5927-5647 range that saw a false upside break to 5991 before the fall out the bottom of it to 5601...this classic daily t/f is in the context of classically ranging conditions on the weekly with a recent bullish biais.
G/L
That was the part that made me do hard hard hard thought....


Quoting bbmac
Prediction is futile all we can tell are the current conditions on the t/f's of interest to us and overall general biais if there is one, and play our edge.

G/L
Yes sir!
Thanks again bbmac
I trade to live
  • #304,011
  • Mar 16, 2012 5:01am Mar 16, 2012 5:01am
Quoting bbmac
actually I am a short term trader like you - 75% of my market entries are from the 1 or 3min t/f.

G/L

difference is to me..
short term trader = work of the hear and now..react to what u see, ie the trigger
long term trader u work in reverse ie the bounce after the trigger..the time frame movement are often opposite..i understand this probably makes no sense
  • #304,012
  • Mar 16, 2012 5:02am Mar 16, 2012 5:02am
Quoting bbmac
actually I am a short term trader like you - 75% of my market entries are from the 1 or 3min t/f.

G/L
Really?? now I know.....
anyway It's 6pm here and I'm going home...will chat and post later...

Adios!
I trade to live
  • #304,013
  • Mar 16, 2012 5:03am Mar 16, 2012 5:03am
Quoting UbuFamily
Really?? now I know.....
anyway It's 6pm here and I'm going home...will chat and post later...

Adios!
he is probably the best scalper in here..he can happily pull the trigger 300 times in one day
  • #304,014
  • Mar 16, 2012 5:05am Mar 16, 2012 5:05am
Quoting nAVIN2007
difference is to me..
short term trader = work of the hear and now..react to what u see, ie the trigger
long term trader u work in reverse ie the bounce after the trigger..the time frame movement are often opposite..i understand this probably makes no sense
what u are saying does make sense navin
That is what happened actually

Alright I'm driving home
I trade to live
  • #304,015
  • Mar 16, 2012 5:08am Mar 16, 2012 5:08am
Quoting nAVIN2007
he is probably the best scalper in here..he can happily pull the trigger 300 times in one day

Ha Ha yup yup I agree..
For me the obvious scalper here is totally abdul halim...I liked it when he posted his income statement...
I trade to live
  • #304,016
  • Mar 16, 2012 5:13am Mar 16, 2012 5:13am
Quoting UbuFamily
Ha Ha yup yup I agree..
For me the obvious scalper here is totally abdul halim...I liked it when he posted his income statement...
yes..he is very good trader
  • #304,017
  • Mar 16, 2012 5:31am Mar 16, 2012 5:31am
break above/below?
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  • #304,018
  • Mar 16, 2012 5:33am Mar 16, 2012 5:33am
all a bit rangy now 5min-1hr, and on 4hr although a wider range on that t/f. Dip from previous 4hr/1hr sw hi zone found demand at the 38.2% of yesterday's move up again.

Intraday still bullish so far.

Current near-term 1hr screenshot below.

G/L
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ex member
  • #304,019
  • Mar 16, 2012 5:36am Mar 16, 2012 5:36am
Quoting UbuFamily
Ha Ha yup yup I agree..
For me the obvious scalper here is totally abdul halim...I liked it when he posted his income statement...
Scalping..
Thanks Nav...
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  • #304,020
  • Mar 16, 2012 5:45am Mar 16, 2012 5:45am
Good morning all...

i see GBPUSD is stuck at 1.5720 resistance i've mentioned before... however its friday so im not particularly interested in trading today, im just gona let my auto do its work instead...
im always skeptical with fridays specially the risk-aversion flows near the end of the day...
We live in a finite world with infinite possibilities.
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