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Cable Update (GBPUSD)

  • #328,161
  • Oct 24, 2012 4:18pm Oct 24, 2012 4:18pm
Nope...unless this week closes engulfing the past two at 6133 or more and over the Blue weekly TL, I'm keeping the faith on a trip to 5800 or lower first.

That's the problem with things moving so slow. Gives too much time to start questioning myself...LOL
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Ghost Rider - WWTBMD?
  • #328,162
  • Oct 24, 2012 4:34pm Oct 24, 2012 4:34pm
Quoting nAVIN2007
how about u post a chart and do what u have written?
Sure. I take only a handful trades each month so this is just my skeptical sterling related analysis. I am not in a position right now but considering a short.

A key weekly demand level was taken up early at the daily demand pocket. Chart 1 & 2

At the moment its retraced up to half of the initial move down, possibly to collect more orders. At this point im looking for reversal signs here, GBPCHF already showing some on LTF. Oscillators still bearish to support this. If this level fails as a reversal then I would be looking at around 1.607 ish.

On the monthly price remains in a tight triangle consolidating at midpoint 1.6. currently I see slight PA towards a bearish breakout in the future but in the short term I am biased to see the bottom of this range around 1.58 or just under.

So on your insistence, here it is. As accurate/inaccurate, advanced/novice this analysis may be, at least it gives a complete picture of my method, my story and why i think price will do what it will. From my perspective this is what new traders, like myself would like to read. not just entries and exits.
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  • #328,163
  • Oct 24, 2012 4:37pm Oct 24, 2012 4:37pm
Quoting albchr
Nope...unless this week closes engulfing the past two at 6133 or more and over the Blue weekly TL, I'm keeping the faith on a trip to 5800 or lower first.

That's the problem with things moving so slow. Gives too much time to start questioning myself...LOL
Agreed, just looking for the whipsaw. Thought we had it earlier. Maybe into second test on new supply.
All systems of divination, like music itself,work through patterns.
  • #328,164
  • Oct 24, 2012 4:43pm Oct 24, 2012 4:43pm
Very Nice Goldfish. Far better than your first post.

But you would have to really follow this thread to see everyone else's "reasons, thinking and charts" behind their views.

The seasoned traders here don't just say buy here and sell there. This really isn't a thread for newbies to "learn from"

It gets jumbled around in here. When one of the seasoned traders says they are buying or selling, we already know why from their past posts.

Well done!
Ghost Rider - WWTBMD?
  • #328,165
  • Oct 24, 2012 4:47pm Oct 24, 2012 4:47pm
Quoting Ill-b-back
I think if you had left out the last line of each paragraph in your original post, it would have been seen as an objective post with constructive criticism worthy of an objective reply.

But you didn't...

You broke the rules of engagement so to speak with those last lines in each paragrah by putting members here down (without first coming under fire).

Apart from that, it would have been a worthy post I think.
The last line was just a comparison from what I have experienced here at FF. I don't think anyone should take it to heart. But if I did happen to 'put down' some folk I do apologize as it was not my intention. Im here to learn and trade maybe learn some more. Thats my only objective. The whole Nachiket argument earlier, which seemed to last for what felt like forever is what provoked me to say what I did. To much digression from what this thread is meant to be I feel.
  • #328,166
  • Oct 24, 2012 4:50pm Oct 24, 2012 4:50pm
Quoting goldfish3
Sure. I take only a handful trades each month so this is just my skeptical sterling related analysis. I am not in a position right now but considering a short.

A key weekly demand level was taken up early at the daily demand pocket. Chart 1 & 2

At the moment its retraced up to half of the initial move down, possibly to collect more orders. At this point im looking for reversal signs here, GBPCHF already showing some on LTF. Oscillators still bearish to support this. If this level fails as a reversal then I would be looking at around 1.607 ish....
I am so glad that everyone insisted.. that you post a chart .

Where did you get it from?

Why on earth didnt you post it earlier?
All systems of divination, like music itself,work through patterns.
  • #328,167
  • Oct 24, 2012 4:53pm Oct 24, 2012 4:53pm
Quoting goldfish3
The last line was just a comparison from what I have experienced here at FF. I don't think anyone should take it to heart. But if I did happen to 'put down' some folk I do apologize as it was not my intention. Im here to learn and trade maybe learn some more. Thats my only objective. The whole Nachiket argument earlier, which seemed to last for what felt like forever is what provoked me to say what I did. To much digression from what this thread is meant to be I feel.
And therin is the problem. I think you have the wrong idea of "what this thread is supposed to be".

It is NOT, I repeat NOT an "instructional" thread like J16, EO's and a bunch of others. And yep, things do get heated in here from time to time. That's part of the fun!

Funny thing is, inside all the chaos, we actually do share and learn from others here. But having a FIRM foundation you believe in is KEY! I may see things from anothers point of view but, seldom if ever does it change mine. Some do give me food for thought at times.
Ghost Rider - WWTBMD?
  • #328,168
  • Oct 24, 2012 5:13pm Oct 24, 2012 5:13pm
Quoting kaspopsicle
Agreed, just looking for the whipsaw. Thought we had it earlier. Maybe into second test on new supply.
That's my thinking at this point.

Anyway, have a great night/day folks. 15 hours is enough for me today...LOL
Ghost Rider - WWTBMD?
  • #328,169
  • Oct 24, 2012 5:26pm Oct 24, 2012 5:26pm
Quoting goldfish3
The last line was just a comparison from what I have experienced here at FF. I don't think anyone should take it to heart. But if I did happen to 'put down' some folk I do apologize as it was not my intention. Im here to learn and trade maybe learn some more. Thats my only objective. The whole Nachiket argument earlier, which seemed to last for what felt like forever is what provoked me to say what I did. To much digression from what this thread is meant to be I feel.
I understand your point of view, the thread can get heated and I have always felt it was the character of this thread a little which is why I didn't join it until I was more confident with my trading.

But seriously, the last lines of your 2 paragraphs "Egotistical debauchery", and claiming your lot is better than our lot, was only ever going to draw a negative response.

As had just been noted, you need to follow this thread to get a bugger picture.

I wish I could post another chart from my phone, I really do...
Come with me if you want to live....
  • #328,170
  • Oct 24, 2012 5:29pm Oct 24, 2012 5:29pm
Whoops, "bigger" not "bugger"
Come with me if you want to live....
  • #328,171
  • Oct 24, 2012 5:32pm Oct 24, 2012 5:32pm
Quoting albchr
Pick..Pick..Pick...
Sorry mate just saw this, so will you draw first or shall I he he...
Come with me if you want to live....
  • #328,172
  • Oct 24, 2012 5:34pm Oct 24, 2012 5:34pm
Massage on the go.

See you soon...
Come with me if you want to live....
  • #328,173
  • Edited 8:47pm Oct 24, 2012 5:41pm | Edited 8:47pm
Quoting Fudomyo
We're at the Weekly channel bottom here and near the longer term trendline, so it will be interesting to see how price reacts here.
Interesting it was.

The channel bottom and 38% were respected on the Weekly. (and yes the channel formation could be a nice bull flag forming. We're still in a longer term up trend as long as we're trading above the 50% 5800 handle)

Intraday, we're still trading below the monthly/weekly pivot which are also a fib confluence and prior weekly support at 6065.

in the larger scheme of things 6065 and 6120 monthly open are more important barriers than 6000 for continuation of the medium term down move, so looking for the test.
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  • #328,174
  • Oct 25, 2012 1:33am Oct 25, 2012 1:33am
Quoting Fudomyo

in the larger scheme of things 6065 and 6120 monthly open are more important barriers than 6000 for continuation of the medium term down move, so looking for the test.
OK, that took long enough... first resistance target hit + 10 at R1 6075. Closing here and waiting for Europe open. Low stress Asia trade. Even caught a nap during it and no one argued on the Cable thread the past 7 hours. ...lol
  • #328,175
  • Oct 25, 2012 1:34am Oct 25, 2012 1:34am
Quoting Fudomyo
ok, that took long enough... first resistance target hit + 10 at R1 6075. closing here and waiting for Europe open.
since resistance broken, shouldn't it go to R2 6120?
Make pips, not war!
  • #328,176
  • Oct 25, 2012 1:37am Oct 25, 2012 1:37am
good morning friend traders!

cable high so far 6074, 11 pips shy of my target

euro$ hit to the target 3014/15 lets see, i am waiting for cable

good luck
Learning Requires Failure
  • #328,177
  • Edited 2:24am Oct 25, 2012 1:43am | Edited 2:24am
Quoting J3r0m3
since resistance broken, shouldn't it go to R2 6120?
That's what I'm hoping. I trade a different style, much shorter term exposure, so I break the moves into parcels. 30 pips covers my daily numbers. I look for 3 trades like this a day optimally based on a pretty strict criteria. Everyone finds the style that works for them. I found this approach keeps my life fairly simple and stress free.
  • #328,178
  • Oct 25, 2012 1:54am Oct 25, 2012 1:54am
Quoting Fudomyo
That's what I'm hoping. I trade a different style, much shorter term exposure, so I break the moves into parcels. 30 pips covers my daily numbers. I look for 3 trades like this a day optimally based on a pretty strict criteria. Everyone finds the style that works for them. I found this approach keeps my life fairly simple and stress free.
I see. Well done. I guess it helps keep ones sanity also. Lol...
Make pips, not war!
  • #328,179
  • Oct 25, 2012 2:02am Oct 25, 2012 2:02am
Quoting goldfish3
Sure. I take only a handful trades each month so this is just my skeptical sterling related analysis. I am not in a position right now but considering a short.

A key weekly demand level was taken up early at the daily demand pocket. Chart 1 & 2

At the moment its retraced up to half of the initial move down, possibly to collect more orders. At this point im looking for reversal signs here, GBPCHF already showing some on LTF. Oscillators still bearish to support this. If this level fails as a reversal then I would be looking at around 1.607 ish.

On...
welldone nice analysis
I like your point..i forget that if u really want to help explain the charts..for future i will do this..

just one point..looking at your chart, it does remind me of my early charts..so much, try and use trendlines to narrow down the entry and exit..i know the method rely mainly on support and resistance but in this market, its extremely tough to find a A1 setup mainly due to the ranges making massive traffic

thank u for yur post
  • #328,180
  • Oct 25, 2012 2:11am Oct 25, 2012 2:11am
Quoting J3r0m3
I guess it helps keep ones sanity
Yeah, that's important. I put in about 4 years of 18 hour days straight with very little down time in the beginning, but it's not sustainable in the long run.

Eventually people either go for a longer term Watanabe (carry trade) approach or a Kimono trader approach. With the current market conditions, carry trades are harder to sustain, and the shorter term trades are lower risk exposure even though they're much higher stake because you're typically not in the market for long periods of time.

Best of luck with your trades.
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