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Cable Update (GBPUSD)

  • #314,001
  • May 20, 2012 8:47pm May 20, 2012 8:47pm
Quoting tunera
friday high touched, we look for a rejection now..
We have already seen 5 odd rejections from this level. There is certainly chance for another - but may not be as big as the previous rejections. It looks like price is gearing up to break this level.
  • #314,002
  • May 20, 2012 9:09pm May 20, 2012 9:09pm
I'm long from the 1.58 level looking for a 100-200 pip bounce, finally looking like a tradable bottom. I think a good reminder trading the cable is to remember that it really likes the false breaks to try to get people to buy the top and sell the bottom, so the best probability trades will be at extremes of range and/or recognizing the likely false breaks. In this case I think 1.58 looks like a good candidate.
  • #314,003
  • May 20, 2012 9:15pm May 20, 2012 9:15pm
Quoting Shostakovich
I'm long from the 1.58 level looking for a 100-200 pip bounce, finally looking like a tradable bottom. I think a good reminder trading the cable is to remember that it really likes the false breaks to try to get people to buy the top and sell the bottom, so the best probability trades will be at extremes of range and/or recognizing the likely false breaks. In this case I think 1.58 looks like a good candidate.
i think that might be possible.. we might get somewhere around 5950-6000 or 6060 at the extreme.. but not in one day..

for today, i will see how the price reacts towards 5900 first..
  • #314,004
  • May 20, 2012 9:20pm May 20, 2012 9:20pm
Quoting A-speculator
i think that might be possible.. we might get somewhere around 5950-6000 or 6060 at the extreme.. but not in one day..

for today, i will see how the price reacts towards 5900 first..
Yes, agreed targets most likely won't be hit in one day and we should be prepared to exit some/all of the position around 5900 levels. If we get above 6000 by tomorrow I think being greedy would be justified and we could hold it to further targets as that would be some overpowering momentum.
  • #314,005
  • May 20, 2012 9:23pm May 20, 2012 9:23pm
Quoting Shostakovich
Yes, agreed targets most likely won't be hit in one day and we should be prepared to exit some/all of the position around 5900 levels. If we get above 6000 by tomorrow I think being greedy would be justified and we could hold it to further targets as that would be some overpowering momentum.
don't need to be greedy i think, can always reenter on breakout retest..
  • #314,006
  • May 20, 2012 9:43pm May 20, 2012 9:43pm
Thanks for your advices

i don't speculate much but i will enter,let the market show me the direction..

right now i am down by -4opips..

we will see whether is it a retrace or uptrend when UK and US markets opens..

Imho..untill greece issue solves it is safe to play short...

u loss some..u win some... its all part of the game...

Happy pippin..everyone...
I am a hunter...i kill both bulls and bears...
  • #314,007
  • May 20, 2012 9:51pm May 20, 2012 9:51pm
Quoting oathbreaker
Thanks for your advices

i don't speculate much but i will enter,let the market show me the direction..

right now i am down by -4opips..

we will see whether is it a retrace or uptrend when UK and US markets opens..

Imho..untill greece issue solves it is safe to play short...

u loss some..u win some... its all part of the game...

Happy pippin..everyone...
i don't think it will be an uptrend.. it just a pullback from higher TF. the problem is your position is at the support..

another thing is, doesn't matter what happen with greece or italy or france or iraq or US.. trade your chart mate.. not what you think..

anyway, we are due for a pullback, maybe the pullback will just max at 5900.. maybe 6060.. who knows.. that's all depend on how the magnitude of the movement and how the price reacts towards s&r level..
  • #314,008
  • May 20, 2012 10:32pm May 20, 2012 10:32pm
Quoting A-speculator
i don't think it will be an uptrend.. it just a pullback from higher TF. the problem is your position is at the support..

another thing is, doesn't matter what happen with greece or italy or france or iraq or US.. trade your chart mate.. not what you think..

anyway, we are due for a pullback, maybe the pullback will just max at 5900.. maybe 6060.. who knows.. that's all depend on how the magnitude of the movement and how the price reacts towards s&r level..
Hey A-speculator

thanks for your opinion...
I am a hunter...i kill both bulls and bears...
  • #314,009
  • May 20, 2012 10:35pm May 20, 2012 10:35pm
Quoting oathbreaker
Hey A-speculator

thanks for your opinion...
no problem mate.. always remember that forex is not about making money, it's all about how not to lose money..

by remembering that, perhaps next time you might carefully place your entry,TP and SL at a better price..

all the best mate.
  • #314,010
  • May 20, 2012 10:42pm May 20, 2012 10:42pm
Quoting A-speculator
no problem mate.. always remember that forex is not about making money, it's all about how not to lose money..

by remembering that, perhaps next time you might carefully place your entry,TP and SL at a better price..

all the best mate.
The best way to not lose money would be to not trade
  • #314,011
  • May 20, 2012 10:48pm May 20, 2012 10:48pm
Quoting A-speculator
no problem mate.. always remember that forex is not about making money, it's all about how not to lose money..

by remembering that, perhaps next time you might carefully place your entry,TP and SL at a better price..

all the best mate.
But it is part of my strategy...i don't worry about 70 pip loss...i trade my rules...
Last week i made +2500pips,compare to that 70 pips not so big amount i guess...
Anyway we will look when Uk and Us sessions opens....
I am a hunter...i kill both bulls and bears...
  • #314,012
  • May 20, 2012 10:49pm May 20, 2012 10:49pm
Quoting HotBiscuits
The best way to not lose money would be to not trade
you won't be making money either..
  • #314,013
  • May 20, 2012 10:50pm May 20, 2012 10:50pm
Quoting oathbreaker
But it is part of my strategy...i don't worry about 70 pip loss...i trade my rules...
Last week i made +2500pips,compare to that 70 pips not so big amount i guess...
Anyway we will look when Uk and Us sessions opens....
i see.. that's good to hear then.. if that's so, i wish you good luck and keep up the good work..

see ya later mate..
  • #314,014
  • May 20, 2012 10:50pm May 20, 2012 10:50pm
Triangle in 15 min. I'm bullish, but i will enter when price break support line.
Attached Image
Keep Simple...!
  • #314,015
  • May 21, 2012 12:36am May 21, 2012 12:36am
with magnitude like this, doesn't look like its gonna get to 5900.. hmmm..
  • #314,016
  • May 21, 2012 12:43am May 21, 2012 12:43am
Quoting A-speculator
with magnitude like this, doesn't look like its gonna get to 5900.. hmmm..
mm indeed a weird top (if this can be called a top), i was expecting much more bullpressure, maybe it will come soon, or maybe the market is ok with a triple top.
If it's the case, 1.56 is the next station.
  • #314,017
  • May 21, 2012 12:51am May 21, 2012 12:51am
Quoting tunera
mm indeed a weird top (if this can be called a top), i was expecting much more bullpressure, maybe it will come soon, or maybe the market is ok with a triple top.
If it's the case, 1.56 is the next station.
critical price is the high of the hammer in daily, if that market unable to break that price (closed candle above that price level), i don't think we will see anymore higher price..
  • #314,018
  • May 21, 2012 1:59am May 21, 2012 1:59am
Quoting A-speculator
critical price is the high of the hammer in daily, if that market unable to break that price (closed candle above that price level), i don't think we will see anymore higher price..
Good day to you,

We may be forming a bear trap on EU 30 min - if correclated - GU may go higher still.

Just opinion

Regards
  • #314,019
  • May 21, 2012 2:03am May 21, 2012 2:03am
don't understand why some people trade against the trend.
  • #314,020
  • May 21, 2012 2:03am May 21, 2012 2:03am
Quoting TauTrader
Good day to you,

We may be forming a bear trap on EU 30 min - if correclated - GU may go higher still.

Just opinion

Regards
if cable wants to get higher, the price has to trade above the daily hammer high sustainably.. seems like cable failed miserably to trade above the hammer high.. and the momentum is not there..

maybe bulls giving up already..
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