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Cable Update (GBPUSD)

  • #304,861
  • Mar 23, 2012 5:47am Mar 23, 2012 5:47am
Home Land Security e-watch department reports sharply increased amounts of cursing today. Not related with any government institutions this time...

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  • #304,862
  • Mar 23, 2012 5:52am Mar 23, 2012 5:52am
Quoting smikester
I think Faller is pointing to the elephant in the room. I hope no one notices it.
YO!!! wassup mike...
just woke up seeing this nice fake... i wonder how many poor bulls got caught longing....
gosh the markets are so unforgiving sometimes...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #304,863
  • Mar 23, 2012 5:59am Mar 23, 2012 5:59am
Quoting 45Condor
...tried to give my answer - and no feathers ruffled at all. It's nice to have to try and validate one's position, as it forces one to take a closer look.

This morning's pump was a little worrisome - I wonder if this was a last attempt to get a good price before market close tonight, and you know what, if true.

Anyway, thanks IBB, you've spoilt my riding this afternoon; as opposed to concentrating on my centre line as I jump, I'll now have images of ascending and descending TL's confusing my retinas. Dear me, I hope I don't start trying to...
I apologise for the interruption Condor, as long as the horse can see straight, I'd imagine any possible damage will be limited (I hope).
Come with me if you want to live....
  • #304,864
  • Mar 23, 2012 6:12am Mar 23, 2012 6:12am
Quoting bguguen
YO!!! wassup mike...
just woke up seeing this nice fake... i wonder how many poor bulls got caught longing....
gosh the markets are so unforgiving sometimes...
Yep! It's all good. I don't trust this chuffer today.
Gone to a better place
  • #304,865
  • Mar 23, 2012 6:20am Mar 23, 2012 6:20am
Quoting 45Condor
...tried to give my answer - and no feathers ruffled at all. It's nice to have to try and validate one's position, as it forces one to take a closer look.

This morning's pump was a little worrisome - I wonder if this was a last attempt to get a good price before market close tonight, and you know what, if true.

Anyway, thanks IBB, you've spoilt my riding this afternoon; as opposed to concentrating on my centre line as I jump, I'll now have images of ascending and descending TL's confusing my retinas. Dear me, I hope I don't start trying to...
Thx for this Condor, I will read the text when I get back to my computer, you are not the only one straining his eyes. Just on the surface though, it seems that your trendlines just keep expanding out as price moves north, creating a false sense of containment (bears containing the bulls). Anyway, I will read the text when I get home as I am sure it will explain things thoroughly.
Come with me if you want to live....
  • #304,866
  • Mar 23, 2012 6:32am Mar 23, 2012 6:32am
Quoting 45Condor
...tried to give my answer - and no feathers ruffled at all. It's nice to have to try and validate one's position, as it forces one to take a closer look.
Thanks for the charts. In a nutshell I would say those lines are not trend lines. They are not trend lines because the price can move a long way from them. To me a trend line follows the price to a tight fit a bit like a 20 or 30 sma. Ideally in a channel. Once the price leaves that area then the trend line is invalidated. It's up to the analyst whether to move it, or not.

So what are those lines if they are not trend lines? They form dynamic support and resistance areas which are only useful if they complete a picture for the trader in conjunction with other factors, such as horizontal support and resistance. That is far more important in my eyes (sorry Plutonite, you were right and I was wrong).
Gone to a better place
  • #304,867
  • Mar 23, 2012 6:37am Mar 23, 2012 6:37am
Quoting A-speculator
both is not good.. market can eat your margin by two way: 1) bit by bit which is call as piranha effect, lol 2) in one large sum, shark effect.. lol.

i don't do 50 pips sl.. like today, my entry is 5820 sl 5830, the reason i choose 5830 is because it is just above the 4h high. by placing your entry at the best level, you cannot be at the wrong direction every time.. if you always in the wrong direction, then you have to check with your TA..

as we speak, i see good level to enter fiber at 3270 with stop at 3290 which is just above the high...
Did EUr reached your sl? Re-entered?
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  • #304,868
  • Mar 23, 2012 6:44am Mar 23, 2012 6:44am
Quoting abdul_halim
update
TP close manually
Good Luck!
TP +80pip
add short...
Attached Image (click to enlarge)
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  • #304,869
  • Mar 23, 2012 6:46am Mar 23, 2012 6:46am
Quoting smikester
Thanks for the charts. In a nutshell I would say those lines are not trend lines. They are not trend lines because the price can move a long way from them. To me a trend line follows the price to a tight fit a bit like a 20 or 30 sma. Ideally in a channel. Once the price leaves that area then the trend line is invalidated. It's up to the analyst whether to move it, or not.

So what are those lines if they are not trend lines? They form dynamic support and resistance areas which are only useful if they complete a picture for the trader in conjunction...
And this is a very valid point, and why I normally submit charts and focus more on Guppy profiles, fib zones and obvious S/R levels - which one can always 'fit' a TL to.

It is an interesting exercise to plot fibs, and then with a wanted TL on a monthly/weekly, zoom in on a 4hr and see how often a moved - for IBBs comment - is hit by price. It is a function of zones, more than TL lines, for me.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #304,870
  • Mar 23, 2012 6:48am Mar 23, 2012 6:48am
Quoting Faller
In the long term for a currency to be strong it has to be based on strong economic factors can anyone name any strong economic factors for Britain?
I trade all pairs in the triangle USD, GBP, AUD and their indices. Have found GBPAUD is the most attractive. When you understand how their economic factors factors alter in relationship to each other, trading opportunities are very apparent.

As for the strength of the GBP, I agree with you. But money is made as to how that strength or lack of it alters the relevant indices and the cross rates.

BB
  • #304,871
  • Mar 23, 2012 6:50am Mar 23, 2012 6:50am
Quoting smikester
Being offered a short here but I don't like it. Looking at other pairs.

dang jjust woke up.....should have taken that signal......wowl
I don't trust any move - when you have profit...take it.
  • #304,872
  • Mar 23, 2012 6:51am Mar 23, 2012 6:51am
Quoting Likerty
Did EUr reached your sl? Re-entered?
nope.. think i might re enter at 3240, after got a 4h closed below that price.. did you manage to trigger a short? however i manage to get into short cable at 5880, sorry for not posting that since i got a visit from my aunty..

chart shows 5900 price level which i mention earlier and that is why it is the price i am looking for during the move up, but due to the momentum, i haven't had the guts to pull the trigger, only shorted when the price stalled at 5880..
Attached Image (click to enlarge)
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  • #304,873
  • Mar 23, 2012 7:03am Mar 23, 2012 7:03am
Quoting A-speculator
nope.. think i might re enter at 3240, after got a 4h closed below that price.. did you manage to trigger a short? however i manage to get into short cable at 5880, sorry for not posting that since i got a visit from my aunty..

chart shows 5900 price level which i mention earlier and that is why it is the price i am looking for during the move up, but due to the momentum, i haven't had the guts to pull the trigger, only shorted when the price stalled at 5880..
I did not managed to short it be cause already using to much of margin and my broker increases margin requirements during weekends. So I'm looking to close today some and re-enter on monday
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  • #304,874
  • Mar 23, 2012 7:06am Mar 23, 2012 7:06am
Where is your profit target?
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  • #304,875
  • Mar 23, 2012 7:09am Mar 23, 2012 7:09am
Quoting A-speculator
nope.. think i might re enter at 3240, after got a 4h closed below that price.. did you manage to trigger a short? however i manage to get into short cable at 5880, sorry for not posting that since i got a visit from my aunty..

chart shows 5900 price level which i mention earlier and that is why it is the price i am looking for during the move up, but due to the momentum, i haven't had the guts to pull the trigger, only shorted when the price stalled at 5880..
  • #304,876
  • Mar 23, 2012 7:16am Mar 23, 2012 7:16am
I think SHORT Maybe I am wrong
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  • #304,877
  • Mar 23, 2012 7:27am Mar 23, 2012 7:27am
Quoting Likerty
I did not managed to short it be cause already using to much of margin and my broker increases margin requirements during weekends. So I'm looking to close today some and re-enter on monday
just took 3240 on fiber basing on 1h candle..
  • #304,878
  • Mar 23, 2012 7:28am Mar 23, 2012 7:28am
Quoting Ill-b-back
Smart move I think bro
Have a great weekend.
see ya
enjoy
  • #304,879
  • Mar 23, 2012 7:33am Mar 23, 2012 7:33am
one h1 candle or the other...
one day or the other...

this slaughter will come to an end.

seriously: good luck every1, hopefully next week will be better!
this week only 1 good trading day, maybe 2.

(scalping always excluded)

bybye
90% of traders use TA, indicators and prediction
  • #304,880
  • Mar 23, 2012 7:50am Mar 23, 2012 7:50am
Quoting A-speculator
this is just a talk, not exactly an analysis. yes, it is true that we have support at 5750 area. But since we are actually so close to the support (atm it is about less than 100pips) i personally think it won't hold the momentum and the fall is expected to stalled at ultimately 5600 level (bear in mind that we have a support also at 5650), so let's just take 5600-5650 as the area of the support zone.
Just talk!?!? Fall??!! Momentum!?!? something like that!?!?! Then "Bang" to the north almost 90 pips and by the way, I got my longs TPed.. remember those?!!?!

Sorry buddy!!
I still need a trading break soon!!! "Loose some to win more" --Baher A.
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