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Cable Update (GBPUSD)

  • #317,081
  • Jun 21, 2012 7:48am Jun 21, 2012 7:48am
Quoting TauTrader
Good day to you,

Not too sure about a sustainable upmove at this point...

My daily chart is not currently indicating that. We either drop from here for a few - or we form a temporary new recent high. Then trade down for a few days.

After that - maybe... too far ahead to tell.

My appoach will be to sell as high as I can over the next few days. 4hr is still indicating upward pressure - but will turn around somewhere to align with daily.

This is how I will trade the "longer term"

Just my opinion

Regards
Hi,

Possible drop today and tomorrow?

the uptrend is still up against the long term down trend on the daily, plus candle forming on h4 is pretty bearish in my view.

New guy so am still learning here and willing to take any advice on board.

I also need to learn how to post a chart but will crack that by next time...promise.

Kind Regards
  • #317,082
  • Jun 21, 2012 8:14am Jun 21, 2012 8:14am
Quoting gavalar
Hi,

Possible drop today and tomorrow?

the uptrend is still up against the long term down trend on the daily, plus candle forming on h4 is pretty bearish in my view.

New guy so am still learning here and willing to take any advice on board.

I also need to learn how to post a chart but will crack that by next time...promise.

Kind Regards
Good day to you,sir

Welcome.

It is difficult for me to pinpoint exact behaviour with the system I use. I only get possible direction out of it. So I use multiple entries normally - coupled with overbought / oversold levels.

I do not believe today - it looks like 4hr is looking for a temporary bottom again - for a few pips up...

Regards
  • #317,083
  • Jun 21, 2012 8:16am Jun 21, 2012 8:16am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting gavalar
Yes, I've been one of the 'voyeurs' for a couple of months now and just wanted to introduce myself. Been trading for only 6 months with initially some good results and lately not so good. Ahh, the humility of trading eh?

As you would suspect, even though this is the first time you have heard of me, I think I have got to know you all individually and have gleaned quite a lot of free education for which I am very grateful. Each of you has your own specific way of trading which is interesting but you all share the passion for trading.

Hopefully,...
Thanks for introducing yourself gavalar. This is a good place to be. LOTS of good traders around.
  • #317,084
  • Jun 21, 2012 8:28am Jun 21, 2012 8:28am
Quoting TauTrader
Good day to you,sir

Welcome.

It is difficult for me to pinpoint exact behaviour with the system I use. I only get possible direction out of it. So I use multiple entries normally - coupled with overbought / oversold levels.

I do not believe today - it looks like 4hr is looking for a temporary bottom again - for a few pips up...

Regards

Thanks for advice and warm welcome TT
  • #317,085
  • Jun 21, 2012 8:31am Jun 21, 2012 8:31am
Quoting eggs
Thanks for introducing yourself gavalar. This is a good place to be. LOTS of good traders around.
http://www.forexfactory.com/images/icons/icon11.gif

Thanks Eggs, I know how good. I've been hovering for weeks !!
  • #317,086
  • Jun 21, 2012 8:35am Jun 21, 2012 8:35am
Quoting gavalar
Thanks for advice and warm welcome TT
Good day to you,

Not really anything useful in my post - but thanks. The basis on my trading rests on retracement trades in supposed established trends. That is all.

Gone the days of trying to pick tops and bottoms. But make no mistake - retracement trades can be powerful when the right one comes along. Other than that - it's for 10 here and 20 there...

All success to you

Regards
  • #317,087
  • Jun 21, 2012 8:46am Jun 21, 2012 8:46am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
First lower high to print on the 4H.
Attached Image (click to enlarge)
Click to Enlarge Name: cable3.gif Size: 26 KB
  • #317,088
  • Jun 21, 2012 8:50am Jun 21, 2012 8:50am
Confluence of two Fib retracement lines here.
  • #317,089
  • Jun 21, 2012 8:53am Jun 21, 2012 8:53am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
This area has done a good job of leaving a trail of wick in the recent past. If your on the fence about direction a good play could be to wait for a break & close below these wicks THEN retest of the area for an entry.
Attached Image (click to enlarge)
Click to Enlarge Name: cable3.gif Size: 25 KB
  • #317,090
  • Jun 21, 2012 8:54am Jun 21, 2012 8:54am
Will GBP hit 5777
  • #317,091
  • Jun 21, 2012 8:59am Jun 21, 2012 8:59am
Quoting amilasbandar
Will GBP hit 5777
When?
base on what??
any chart?
  • #317,092
  • Jun 21, 2012 9:01am Jun 21, 2012 9:01am
Who needs to watch Braveheart when you can watch Bulls & Bears fight over support and Resistance levels every day?!

"You can take my money.
You can take my pride.
But you shall never take my CHAAARTS!"

Show Me Your Pips!!!
  • #317,093
  • Jun 21, 2012 9:06am Jun 21, 2012 9:06am
Quoting redbeben
p.s. I sold @ 1.5704 @ 1 lot

TP 1.5620
  • #317,094
  • Jun 21, 2012 9:07am Jun 21, 2012 9:07am
and gold touched 1580
  • #317,095
  • Jun 21, 2012 9:08am Jun 21, 2012 9:08am
Quoting redbeben
sold EU again @ 1.2698 this time TP 1.2358....but this will invalidate any longs I have in my vision
yhaaaaaaaaaaaaaa

trailing it trailing only
Attached Image (click to enlarge)
Click to Enlarge Name: selleur.gif Size: 46 KB
  • #317,096
  • Jun 21, 2012 9:18am Jun 21, 2012 9:18am
I'll load long on EU @ 1.2600-1.2560 (1.2595 is the 50 FIbo and 1.2560 is the 61.8%)
better to jump half now and the rest @ 61.8


on cable I'll long @ 1.5600-15 and load more @ 1.5570

TP 1.5800 SL 1.5470
  • #317,097
  • Jun 21, 2012 9:26am Jun 21, 2012 9:26am
moved SL on EU @ + 88 pips and opened a long @ 1.2600 TP in 30 pips

risky entry long now as move can go down some more to 61.8 which is 50 pips down.

I'll reload there
Attached Image (click to enlarge)
Click to Enlarge Name: selleur.gif Size: 44 KB
  • #317,098
  • Jun 21, 2012 9:35am Jun 21, 2012 9:35am
Quoting redbeben
moved SL on EU @ + 88 pips and opened a long @ 1.2600 TP in 30 pips

risky entry long now as move can go down some more to 61.8 which is 50 pips down.

I'll reload there


moved TP to 1.2640-42

I'll sell again there.

short EU stopped out @ 1.2610 and on GU @ 1.5657

I'll reload shorts higher @ 1.5680 TP 1.5577
  • #317,099
  • Jun 21, 2012 9:52am Jun 21, 2012 9:52am
Well that was a short stay. Price bounced right off a 1.5638. Scalped a few pips figuring it would retrace back to the 1.5658 level to retest that as resistance. But it didn't resist much!
  • #317,100
  • Jun 21, 2012 9:52am Jun 21, 2012 9:52am
Quoting redbeben
yhaaaaaaaaaaaaaa

trailing it trailing only
Good day to you, Red

Also believe 1.2600 is a good level to long. Entered there as well.

Regards
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TonyTepeli