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Cable Update (GBPUSD)

  • #328,661
  • Oct 31, 2012 3:53am Oct 31, 2012 3:53am
Quoting tirmizi
i dont believe any healthy retrace before 6105/07

hi good morning friends!

min target 6105/07 met if we get a hourly close above 6120 then i will wait for the up move to stop and consolidate

till then trade safe and be happy!
Learning Requires Failure
  • #328,662
  • Oct 31, 2012 3:53am Oct 31, 2012 3:53am
G/M,

Descending Daily t/line and 85.4% of 6141-6005 at the current daily hi as price so far today sees an upside follow thru on yesterday's daily bullish candle.

1hr is in a general opa uptrend , 4hr remains somewhat mixed-bullish re opa, Daily similar. (opa = overall price action-fractal swing hi/lo analysis)

G/L
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ex member
  • #328,663
  • Oct 31, 2012 4:01am Oct 31, 2012 4:01am
Quoting Nachiket
you are talking as if you take million dollar trades
Quoting Nachiket
and how much did you cash in to cash out. don't get excited. the fall when starts will be brutal and will not give you chance to get in also
LOL
  • #328,664
  • Oct 31, 2012 4:10am Oct 31, 2012 4:10am
Closed long at 1.6121 for +13 pips haha seeing market volatility die down
  • #328,665
  • Oct 31, 2012 4:11am Oct 31, 2012 4:11am
There is a good and very simple way to see bull/bear by a trader from a technicall point of view. I always try to look for a weakness on higher TF's i.e. H4/H1 which is backed by D1/W1 charts. Such a weakness can be recognised by smaller candle bodies, one by one and rejection of certain level would be candle's wick. This is usuall case before news release when mr market "prepare" for such a release and give us a hint about supply & demand. Good, old Japanese technique is to count trending candles - their lows/highs and usual swing range between 9/12 high/lows. I watch H4 since I entered my long and stated yesterday that this move hasn't finished yet.
Watch for those candles on certain levels and look for a fundamental reason to turn the direction of the train.
This is not happening yet.
1,6123 watch the line
swing it!
  • #328,666
  • Oct 31, 2012 4:16am Oct 31, 2012 4:16am
Quoting tirmizi
hi good morning friends!

min target 6105/07 met if we get a hourly close above 6120 then i will wait for the up move to stop and consolidate

till then trade safe and be happy!
6170/80 could be the next stop
Learning Requires Failure
  • #328,667
  • Oct 31, 2012 4:27am Oct 31, 2012 4:27am
Quoting tomspin
There is a good and very simple way to see bull/bear by a trader from a technicall point of view. Good, old Japanese technique is to count trending candles - their lows/highs and usual swing range between 9/12 high/lows. I watch H4 since I entered my long and stated yesterday that this move hasn't finished yet.
Watch for those candles on certain levels and look for a fundamental reason to turn the direction of the train.
This is not happening yet.
1,6123 watch the line
Hi,
can you explain more this point please, if you have time.
Thanks.
Don't be smart. Be rich.
  • #328,668
  • Oct 31, 2012 4:42am Oct 31, 2012 4:42am
Quoting maximinus
Hi,
can you explain more this point please, if you have time.
Thanks.
It is not a rule of thumb but making odds working your way...

http://s12.postimage.org/jp2o7uk71/gbp.gif
images
swing it!
  • #328,669
  • Oct 31, 2012 4:45am Oct 31, 2012 4:45am
Quoting tomspin
It is not a rule of thumb but making odds working your way...

http://s12.postimage.org/jp2o7uk71/gbp.gif
images

Good morning Tomspin,

I know you said not a rule of thumb. But whilst there are instances that back up your thoughts, Im always careful due to this also sometimes being a period of consolidation while Market has a breather, before the next leg in the same direction?

Or am I wrong?

Cheers
  • #328,670
  • Oct 31, 2012 4:47am Oct 31, 2012 4:47am
Quoting tomspin
It is not a rule of thumb but making odds working your way...

http://s12.postimage.org/jp2o7uk71/gbp.gif
images

In this instance though, I suppose backed up by an atl drawn from the lows on 23/10, confirmed with touches on 29/10 and 30/10 would back up you hypothesis... and ended up being spot on
  • #328,671
  • Oct 31, 2012 4:50am Oct 31, 2012 4:50am
Quoting Freshpips
Good morning Tomspin,

I know you said not a rule of thumb. But whilst there are instances that back up your thoughts, Im always careful due to this also sometimes being a period of consolidation while Market has a breather, before the next leg in the same direction?

Or am I wrong?

Cheers
I don't trade consolidation as I am not a scalper, not my style, set & forget works better, in this case you don't trade during consolidation but betting on a break up or down(based on D1&W1 direction) if you are aggressive trader you enter earlier risking more for better entry, or you enter after confirmation of a breakout like I did in the picture above.
Please go to H4 and study it for the last year, you will notice similarities.
swing it!
  • #328,672
  • Oct 31, 2012 4:52am Oct 31, 2012 4:52am
can it be fake move of a london open?

its look very bullish i ready to close my sell any second and if i get setup to enter long

eu something like 123 HL LH
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  • #328,673
  • Oct 31, 2012 4:52am Oct 31, 2012 4:52am
Quoting tomspin
It is not a rule of thumb but making odds working your way...
Thanks a lot, it's clear now, I understand.
Don't be smart. Be rich.
  • #328,674
  • Oct 31, 2012 4:55am Oct 31, 2012 4:55am
1 hour pin
  • #328,675
  • Oct 31, 2012 4:57am Oct 31, 2012 4:57am
h1
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  • #328,676
  • Oct 31, 2012 4:58am Oct 31, 2012 4:58am
Quoting walkman
h1

Always love your analysis walkman. Please keep it up.
  • #328,677
  • Oct 31, 2012 5:00am Oct 31, 2012 5:00am
interesting if it will be reaction on fibo 23 (38)
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  • #328,678
  • Oct 31, 2012 5:02am Oct 31, 2012 5:02am
Quoting Freshpips
Always love your analysis walkman. Please keep it up.
thks
  • #328,679
  • Oct 31, 2012 5:03am Oct 31, 2012 5:03am
this could test 6100 or 6082 which is more likely imo, if not forget about selling sterling today,
swing it!
  • #328,680
  • Oct 31, 2012 5:10am Oct 31, 2012 5:10am
since today night I was sure that the GU and EU bullish, but maybe not.
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