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Cable Update (GBPUSD)

  • #306,221
  • Apr 4, 2012 6:49am Apr 4, 2012 6:49am
Quoting wormboy
Added sell position

Here's why I'm building short positions. Chart is D1, pretty blatant that the htf is pointing down again.

I pick no sides tho, if things suddenly change I'll get out without any hesitation & reverse position. For now I am bearish.
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Thank You
  • #306,222
  • Apr 4, 2012 6:54am Apr 4, 2012 6:54am
Think I'll join him in the asylum.

Had two good weeks and starting to give some back.

News shortly, so expect a small spike up if it going to continue it's down trend.
  • #306,223
  • Apr 4, 2012 6:59am Apr 4, 2012 6:59am
Quoting wormboy
Here's why I'm building short positions. Chart is D1, pretty blatant that the htf is pointing down again.

I pick no sides tho, if things suddenly change I'll get out without any hesitation & reverse position. For now I am bearish.
it is still not breaking 1.5850. so sign of strength.
  • #306,224
  • Apr 4, 2012 7:06am Apr 4, 2012 7:06am
Quoting Nachiket
it is still not breaking 1.5850. so sign of strength.
no
Thank You
  • #306,225
  • Apr 4, 2012 7:12am Apr 4, 2012 7:12am
Quoting wormboy
Here's why I'm building short positions. Chart is D1, pretty blatant that the htf is pointing down again.

I pick no sides tho, if things suddenly change I'll get out without any hesitation & reverse position. For now I am bearish.
Good charts and so be sure to let me know when you are adding and why. I'm still waiting for some kind of pull back to add, but it's always tricky.. Big news in 3 minutes. Out.
Gone to a better place
  • #306,226
  • Apr 4, 2012 7:13am Apr 4, 2012 7:13am
Quoting wormboy
no
lets see.
  • #306,227
  • Apr 4, 2012 7:19am Apr 4, 2012 7:19am
Quoting Nachiket
lets see.
5850 is a good level to keep in mind for this weekly closing price.
hourly can go below, above, below again, and again above.
just to say: be careful using it as entry for longs now
90% of traders use TA, indicators and prediction
  • #306,228
  • Apr 4, 2012 7:21am Apr 4, 2012 7:21am
Quoting _BBKing_
5850 is a good level to keep in mind for this weekly closing price.
hourly can go below, above, below again, and again above.
just to say: be careful using it as entry for longs now
you are an awesome helpful trader BB
Come with me if you want to live....
  • #306,229
  • Apr 4, 2012 7:22am Apr 4, 2012 7:22am
Quoting Fudomyo
cool. I figured you were on it.

this thread is ridiculous.
yes problem is that i closed chicken too much soon my short.
so actually i'm out and will probably stay out whole day until things setup.

about thread.... better i say nothing
90% of traders use TA, indicators and prediction
  • #306,230
  • Apr 4, 2012 7:22am Apr 4, 2012 7:22am
Quoting smikester
There have been some lunatic posts this morning but yours goes to the top of the tree. At least the others were not about trading.

Now before you take offence, where is your reasoning? At least post a chart.
I won't defend myself because I was lazy posting chart when I made this post. My reason for LONG position is confluence between the 5870 level and my MA there. My view about this is bears taking a break, probably some will close their position opting me to enter LONG there for scalping. I can't give you more explanation because I rely on my hunch and I don't know how I will explain that.
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  • #306,231
  • Apr 4, 2012 7:24am Apr 4, 2012 7:24am
Quoting smikester
Good charts and so be sure to let me know when you are adding and why. I'm still waiting for some kind of pull back to add, but it's always tricky.. Big news in 3 minutes. Out.
yeah, i second on that... i also wanted to add on my position but no valid pullback to let me do that..

hey wormie.. make sure you tell us when you are making new position on cable eh..
  • #306,232
  • Apr 4, 2012 7:25am Apr 4, 2012 7:25am
Quoting 0rPhioZ
I won't defend myself because I was lazy posting chart when I made this post. My reason for LONG position is confluence between the 5870 level and my MA there. My view about this is bears taking a break, probably some will close their position opting me to enter LONG there for scalping. I can't give you more explanation because I rely on my hunch and I don't know how I will explain that.
the bears on cable is resting to give way on fiber.. check your EG mate..
  • #306,233
  • Apr 4, 2012 7:30am Apr 4, 2012 7:30am
Quoting smikester
Good charts and so be sure to let me know when you are adding and why. I'm still waiting for some kind of pull back to add, but it's always tricky.. Big news in 3 minutes. Out.
Quoting A-speculator
yeah, i second on that... i also wanted to add on my position but no valid pullback to let me do that..

hey wormie.. make sure you tell us when you are making new position on cable eh..
That's the thing tho, 2 ways to add, the norm is to wait for a pullback, the other is at the break of a level. LTF on cable m5 right up to the H1 have 2 consecutive close below the monthly pivot, I used that to add earlier.
Risky I know, but hey look at yoorow, 200 pips dive with no significant pullback, you wait, you don't get paid

Dinner time for me. Cheers fellas take care!
Thank You
  • #306,234
  • Apr 4, 2012 7:31am Apr 4, 2012 7:31am
Quoting 0rPhioZ
I won't defend myself because I was lazy posting chart when I made this post. My reason for LONG position is confluence between the 5870 level and my MA there. My view about this is bears taking a break, probably some will close their position opting me to enter LONG there for scalping. I can't give you more explanation because I rely on my hunch and I don't know how I will explain that.
Thanks. So profit taking perhaps? Looking towards the London close for that, possibly? Probably will shake things up. I have waited over 2 hours to take profit on a trade at 1.5860. How's that for patience?
Gone to a better place
  • #306,235
  • Apr 4, 2012 7:35am Apr 4, 2012 7:35am
Quoting wormboy
That's the thing tho, 2 ways to add, the norm is to wait for a pullback, the other is at the break of a level. LTF on cable m5 right up to the H1 have 2 consecutive close below the monthly pivot, I used that to add earlier.
Risky I know, but hey look at yoorow, 200 pips dive with no significant pullback, you wait, you don't get paid

Dinner time for me. Cheers fellas take care!
how am i gonna add to price like this? Perhaps i might just TP at my target levels.. oh my..

aku tak boleh la bro nak add kalau takde pullback.. takuttt.. lol.
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  • #306,236
  • Apr 4, 2012 7:42am Apr 4, 2012 7:42am
mantap .....ayo GBPUSD buy buy
  • #306,237
  • Apr 4, 2012 7:51am Apr 4, 2012 7:51am
Quoting smikester
Thanks. So profit taking perhaps? Looking towards the London close for that, possibly? Probably will shake things up. I have waited over 2 hours to take profit on a trade at 1.5860. How's that for patience?
I dunno about London close but from what I have seen on EUR/USD (diving down very fast) down movement will probably have retracement soon. I think that this is stop hunting method of big boys (such major movement after lagging - probably big boys push it down further while retailer are taking breaths) and to me we're still on range making me thinking that retracement will happen very soon and from some PA after retracement we can see if it's bearish or bullish. Well, we're not taking about EUR/USD here but those 2 pairs are usually quite close like a brother. Just my 2 cents.
  • #306,238
  • Apr 4, 2012 7:59am Apr 4, 2012 7:59am
Quoting A-speculator
how am i gonna add to price like this? Perhaps i might just TP at my target levels.. oh my..

aku tak boleh la bro nak add kalau takde pullback.. takuttt.. lol.
How is this for a strategy: Switch to M5 chart with a 30ATR indicator. When you see 2 bullish candles together, enter a sell order immediately, SL is 2*ATR, move to BE at 2*ATR profit. TP is 3*ATR if you must. Rinse and repeat, but only if the next order is lower than your last. I don't know if it would work?
Gone to a better place
  • #306,239
  • Apr 4, 2012 8:04am Apr 4, 2012 8:04am
Quoting smikester
How is this for a strategy: Switch to M5 chart with a 30ATR indicator. When you see 2 bullish candles together, enter a sell order immediately, SL is 2*ATR, move to BE at 2*ATR profit. TP is 3*ATR if you must. Rinse and repeat, but only if the next order is lower than your last. I don't know if it would work?
thanks mate. i would try to test that strategy.. i think it might be useful in catching the price in market like this.. and market moving like this quite rare, definitely not normal..

do you have any strategy by using the h4?

all the best mate..
  • #306,240
  • Apr 4, 2012 8:13am Apr 4, 2012 8:13am
Quoting A-speculator
thanks mate. i would try to test that strategy.. i think it might be useful in catching the price in market like this.. and market moving like this quite rare, definitely not normal..

do you have any strategy by using the h4?

all the best mate..
I do my analysis on higher time frames to get a general view of direction. That means H4 upwards. But I rarely enter on higher than M30 or H1 as I like small losses. Unlike some here, I can not do 1100 trades without a loss. If I could, I would not be posting here for sure.

Let me know how the testing goes.
Gone to a better place
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