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Cable Update (GBPUSD)

  • #330,361
  • Nov 20, 2012 5:50pm Nov 20, 2012 5:50pm
Quoting A-speculator
too soon to say that mate.. daily doesn't look bullish yet..

i think it will just be a breakout retest..
I got bullish confy on Monday brother.
Come with me if you want to live....
  • #330,362
  • Nov 20, 2012 5:53pm Nov 20, 2012 5:53pm
Quoting Ill-b-back
Ok mate, but I would not look for too much.
You mentioned PA, what do you think of those 4 hr tails and TL breaks?
i know what you mean mate, that diagonal trendline has to be broken for this retracement to take place.. imho..

but i think the cluster resistance sits at about 5960 area.. which is at about 61% retracement from last high (~6040) to last low (~5825) in 4h, currently price is at about 50% retracement (~5930) which might also be the turn around price..

considering the resistance hold, the projection from the retracement is at about 5700 which is where i think we might see significant demand at about that price.

considering the current candle formation in 4h, i think it would not break the resistance unless price can show a breakout candle and trade sustainably above the said resistance. imho.

moreover, fiber might show weakness (daily last candle formation) and swissy already tested its cluster support and strengthens after the retest.
  • #330,363
  • Nov 20, 2012 6:02pm Nov 20, 2012 6:02pm
if there is short at your mentioned level... how strong it would be, mate ?

my imho...if there is drop, she is gonna drop from your level ( and around ) to form second bottom before next bull.

1 cent and only ...

Quoting A-speculator
i know what you mean mate, that diagonal trendline has to be broken for this retracement to take place.. imho..

but i think the cluster resistance sits at about 5960 area.. which is at about 61% retracement from last high (~6040) to last low (~5825) in 4h, currently price is at about 50% retracement (~5930) which might also be the turn around price..

considering the resistance hold, the projection from the retracement is at about 5700 which is where i think we might see significant demand at about that price.

considering the current candle...
not euphoria follower
  • #330,364
  • Nov 20, 2012 6:03pm Nov 20, 2012 6:03pm
Quoting A-speculator
i know what you mean mate, that diagonal trendline has to be broken for this retracement to take place.. imho..

but i think the cluster resistance sits at about 5960 area.. which is at about 61% retracement from last high (~6040) to last low (~5825) in 4h, currently price is at about 50% retracement (~5930) which might also be the turn around price..

considering the resistance hold, the projection from the retracement is at about 5700 which is where i think we might see significant demand at about that price.

considering the current candle...
Yes that is all very valid Specs, no arguments there.

I am quite confident we will get the bullish breakout candle though.
Come with me if you want to live....
  • #330,365
  • Nov 20, 2012 6:05pm Nov 20, 2012 6:05pm
Quoting iqyu5an
if there is short at your mentioned level... how strong it would be, mate ?

my imho...if there is drop, she is gonna drop from your level ( and around ) to form second bottom before next bull.

1 cent and only ...
perhaps it might do another bottom and rebounce but judging by daily, the price still has no confirmation of bullish just yet.. my point is, to say the price is already in its move upwards is still immature since it's still making lower high and lower low in daily (meaning no consolidation just yet - meaning no activity yet to absorb the downmove momentum)..
  • #330,366
  • Nov 20, 2012 6:55pm Nov 20, 2012 6:55pm
Quoting A-speculator
perhaps it might do another bottom and rebounce but judging by daily, the price still has no confirmation of bullish just yet.. my point is, to say the price is already in its move upwards is still immature since it's still making lower high and lower low in daily (meaning no consolidation just yet - meaning no activity yet to absorb the downmove momentum)..
Dude what are you talking about? Price has been trending up for last five days,lol
  • #330,367
  • Nov 20, 2012 7:01pm Nov 20, 2012 7:01pm
Quoting alex1976
Dude what are you talking about? Price has been trending up for last five days,lol
dude, obviously i'm talking about the daily chart and not the 1m chart..
  • #330,368
  • Nov 20, 2012 7:14pm Nov 20, 2012 7:14pm
Quoting A-speculator
dude, obviously i'm talking about the daily chart and not the 1m chart..
You said it was immature to say price is moving upwards, my point being is that had been moving upwards for last fiv days and still is. If it reverses over next few hours, well that's a different story.
  • #330,369
  • Nov 20, 2012 7:21pm Nov 20, 2012 7:21pm
Quoting alex1976
You said it was immature to say price is moving upwards, my point being is that had been moving upwards for last fiv days and still is. If it reverses over next few hours, well that's a different story.
you have to look at the whole picture mate, not just some 5 or 10 candles.. the current move down in daily might be a retest breakout from a larger range but focussing on the latest movement downwards, it still hasn't shown us exhaustion pattern just yet which means that bearish is still valid, thus it is still too early to say that a new trend has already developed.

my assumption is the move up is just a retest pattern to retest the breakout price which is at about 5930 (50%) -5960 (61%).. until the price can prove itself by trading sustainably above the said price, i think it still has unfinish business going downwards.

another scenario we can expect is a consolidation at about the support price (about the 5700 area) in higher TF will also indicates the price is dissipating the bearish momentum and if that scenario happens then maybe a new trend is developing.
  • #330,370
  • Nov 20, 2012 9:14pm Nov 20, 2012 9:14pm
Quoting A-speculator
you have to look at the whole picture mate, not just some 5 or 10 candles.. the current move down in daily might be a retest breakout from a larger range but focussing on the latest movement downwards, it still hasn't shown us exhaustion pattern just yet which means that bearish is still valid, thus it is still too early to say that a new trend has already developed.

my assumption is the move up is just a retest pattern to retest the breakout price which is at about 5930 (50%) -5960 (61%).. until the price can prove itself by trading sustainably...

You pushed this thing down on us didn't you Specs
That wasn't very nice of you mate
Come with me if you want to live....
  • #330,371
  • Edited 9:57pm Nov 20, 2012 9:31pm | Edited 9:57pm
Quoting A-speculator
you have to look at the whole picture mate, not just some 5 or 10 candles.. the current move down in daily might be a retest breakout from a larger range but focussing on the latest movement downwards, it still hasn't shown us exhaustion pattern just yet which means that bearish is still valid, thus it is still too early to say that a new trend has already developed.

my assumption is the move up is just a retest pattern to retest the breakout price which is at about 5930 (50%) -5960 (61%).. until the price can prove itself by trading sustainably...
Loosening is not an option
  • #330,372
  • Nov 20, 2012 9:45pm Nov 20, 2012 9:45pm
Quoting Ill-b-back
You pushed this thing down on us didn't you Specs
That wasn't very nice of you mate
this move in cable is nothing mate, look at aussie, kiwi, fiber and swissy..

perhaps, next we might see EJ and GJ going down, but it's still too early to say atm with no valid confirmation just yet..but looking at the PA, seems like it's about ready/matured enough to go down...
  • #330,373
  • Nov 20, 2012 9:55pm Nov 20, 2012 9:55pm
Quoting A-speculator
this move in cable is nothing mate, look at aussie, kiwi, fiber and swissy..

perhaps, next we might see EJ and GJ going down, but it's still too early to say atm with no valid confirmation just yet..but looking at the PA, seems like it's about ready/matured enough to go down...
Aaarrrggghhh, I'll just pop up on deck and see what me navigator has to say.
Just a little gust blowing from the north me thinks.

Ill go have a look see

Aaaarrrrggghhh
Come with me if you want to live....
  • #330,374
  • Nov 20, 2012 10:43pm Nov 20, 2012 10:43pm
Quoting Typeface
I think it's been linked here before, but the 'Million Dollar Traders' series, though laughable in many respects, gave a good clue as to how they *might* work (albeit they were dealing in equities), with Darwinian selection being the most important rule - if you get results, you're in, otherwise GTFO:
http://www.youtube.com/watch?v=v6ciY...eature=related (if you have some hours to spend, while cable is going nowhere).

I don't come anywhere close to having answers, but I can at least say I am fascinated with the same questions....
hello, sorry i was sleeping...
i guess i already seen that movie but will check later this evening i could be wrong!
i also think the game is something "profit" related: you have profits OK, you not, go away. Recently some one is trying to sell me that he has the best indicator ever seen on earth which reads orders by banks etc blah blah blah written in mql in a mt4 platform of one of those bucket brokers cypro blah. main problem is that i know that indicator n i exactly know what it does, we also saw it in some posts here in the forum, and it is not certainly a bank orders reader LOL. furthermore, one admiting that is possible to read market orders is insane. by default!
now imagine myself when hearing something like this: didn't know if laugh, stay silent, explain him something. i decided to stay silent.
and here the matter: how much one can stay silent and respect the intentions of the group allowing himself to use a fucking shit in his trading? the answer is simple: until the day some one ask me "what do you think about this?" and so me answering with a kind of "if we have to trade seriously i can show you what we can try to do, if we have to play a demo account we can just use this way!"

but to a certain extent, if there is a group there must be some rules.
IMO, these rules must be according on MM, %drawdown, N° trades, max consecutive loss, and things like these. then if you trade using a fucking indicator or a TL, what counts is that at the end of the day/week etc, you did evrerything according to the rules and not wasting a million because of a stupid decision by a sucking trendline.

oh well, let's begin this day.
good luck and have a great day
90% of traders use TA, indicators and prediction
  • #330,375
  • Nov 20, 2012 10:45pm Nov 20, 2012 10:45pm
Premature??
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Come with me if you want to live....
  • #330,376
  • Nov 20, 2012 10:58pm Nov 20, 2012 10:58pm
Quoting Ill-b-back
Premature??
Looks like a Suspicious BS move before GBP news.
Come with me if you want to live....
  • #330,377
  • Nov 20, 2012 11:02pm Nov 20, 2012 11:02pm
Quoting Mr.C
Hey N. We might see some cable pullback down to ~1,5887 area. But I am in a bulls camp for a while. Main move of the week - up and we have a quite nice TL that is more likely to be broken UP. I have put my SL to b/e just in case as I don't like the range that the price has traveled today. 56% might indicate that the pair is still making its decision of where to go.

Just my thoughts. Hope that helps. Good luck guys.
Reached leaving me without a position. Stopped out at b/e. Will be back on cable later.

GM and green pips fellow traders.
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  • #330,378
  • Nov 20, 2012 11:06pm Nov 20, 2012 11:06pm
Quoting Ill-b-back
Looks like a Suspicious BS move before GBP news.
A few days ago I decided to go into selling BULL/BEAR tee shirts on the GJ forum .http://www.forexfactory.com/showthre...67#post6208267

FYI, I went out last week and bought myself a nice new hat. Just so I could eat it if GU got above 1.596 in the next few days.
  • #330,379
  • Nov 20, 2012 11:34pm Nov 20, 2012 11:34pm
out of topic: EUR USD

just few words on the sucker.
price reaching an important low area for the week.
2740 is WPivot
2720 is possible support level weekly close/open
268-90 extreme low to be protected as weekly low area

on charts h1 you see these levels
on chart weekly to underline the importance of 2680-90

I'm looking for a long in this pair.
BUT NOT YET.

actually possible ranging trend for some weeks.
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  • #330,380
  • Nov 20, 2012 11:46pm Nov 20, 2012 11:46pm
while GU daily shows me the importance of 5880-90 level.
yesteday closed above 5915.

i'm holding my longs, but actually i'm happy that i scaled out my position these days near 5920, so now it is 30% than initial position.
will be waiting for a better setup.

target removed, will decide later.
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