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Cable Update (GBPUSD)

  • #331,121
  • Nov 28, 2012 9:41am Nov 28, 2012 9:41am
Quoting ZizoFX
The Sell orders have been satisfied.
nice one hour rally?
Wolves don't lose any sleep over the opinion of the sheep.
  • #331,122
  • Nov 28, 2012 9:42am Nov 28, 2012 9:42am
Quoting TauTrader
Good day, Mr.T

Hehe - i'm not short on GU. Only when we break 1.5960. Until such time - i'm sidelined. BUT, since EU has interest @ 1.2963.. I am looking to long EU starting now... with entries in same direction every 50. May get to 300 pip draw down... but got reasons.

I do hope your trade work out.. if correlated - you have a point.

All the best

Regards
If your pockets are deep enough, yours is a sound strategy - each failed support level will probably only sharpen the bounce when it comes, and gives you the opportunity to strengthen your position. I, unfortunately, am having to rely on catching the bounce practically to the pip, and as you can see, my long order has just been missed by a couple of pips for the second time. It's kind of the flipside of getting stopped out by being too close, and I keep doing that, as well. Duh. Ah well, I live to fight another day.

Good luck with your EU trade, Mr2Ts (TT just sounds rude).

Actually, a question to all: For the second time recently, I have tried to catch the third strike of a support line, and it has run away up without quite touching the demand line (preempted it by 2 or 3 pips). Intuitively, I can kind of see why it might do this, but in anyone's experience, is this phenomenon regular enough to incorporate into trading practice?
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  • #331,123
  • Nov 28, 2012 9:50am Nov 28, 2012 9:50am
Quoting Typeface
If your pockets are deep enough, yours is a sound strategy - each failed support level will probably only sharpen the bounce when it comes, and gives you the opportunity to strengthen your position. I, unfortunately, am having to rely on catching the bounce practically to the pip, and as you can see, my long order has just been missed by a couple of pips for the second time. It's kind of the flipside of getting stopped out by being too close, and I keep doing that, as well. Duh. Ah well, I live to fight another day.

Good luck with your EU trade,...
Hehe -

Good day to you, sir

you may call me what you like...

You do show an understanding. Not that I know anything more...

But here is a "V" for your reasoning. Sound.

Go kill it.

All success to you.

Warm regards
  • #331,124
  • Nov 28, 2012 9:56am Nov 28, 2012 9:56am
Quoting Typeface
...

Actually, a question to all: For the second time recently, I have tried to catch the third strike of a support line, and it has run away up without quite touching the demand line (preempted it by 2 or 3 pips). Intuitively, I can kind of see why it might do this, but in anyone's experience, is this phenomenon regular enough to incorporate into trading practice?
.
.
Show me a chart with your demand level, how you draw it and where you order entry/SL/TP was and I might be able to provide an answer...
  • #331,125
  • Nov 28, 2012 10:08am Nov 28, 2012 10:08am
Quoting FX Wolf
the only risk i see if it continue to slide then...
I'm short for now. Will wait to see how the daily ends. I will long again if daily closes above 50% fib around 1.5988.

Are you still long?
  • #331,126
  • Nov 28, 2012 10:09am Nov 28, 2012 10:09am
i am out of remaining longs try to enter short if... what ?

lol
Wolves don't lose any sleep over the opinion of the sheep.
  • #331,127
  • Nov 28, 2012 10:10am Nov 28, 2012 10:10am
Quoting Typeface
If your pockets are deep enough, yours is a sound strategy - each failed support level will probably only sharpen the bounce when it comes, and gives you the opportunity to strengthen your position. I, unfortunately, am having to rely on catching the bounce practically to the pip, and as you can see, my long order has just been missed by a couple of pips for the second time. It's kind of the flipside of getting stopped out by being too close, and I keep doing that, as well. Duh. Ah well, I live to fight another day.

Good luck with your EU...
imho the sharp move that you're referenced to might just be profit taking only.. also provides better opportunity to short again.
  • #331,128
  • Nov 28, 2012 10:15am Nov 28, 2012 10:15am
Quoting bbakker
Show me a chart with your demand level, how you draw it and where you order entry/SL/TP was and I might be able to provide an answer...
Mildly embarassed now, as actually the second occasion was PA failing to meet the fib level of 38.2 (twice, this afternoon), which I expected to be 1.5961, and which I think I've drawn accurately; and the prior recent occasion was 23rd Nov, when the price hovered for the best part of 2 hours 3 pips above the demand line. My query about PA second-guessing obvious support levels, and avoiding them, though, still holds.
You can see both here:
Attached Image (click to enlarge)
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  • #331,129
  • Nov 28, 2012 10:15am Nov 28, 2012 10:15am
Watch out... Obama is holding a surprise press conference in 15 mins! Check the FF calendar which states "Press conference announcement comes as a surprise from source. Event added to calendar 85 minutes before release time;"

Just hold on to your hats. If deal comes through, $ bearish... no deal, $ bullish.

Personally I think he will say that no deal has been reached yet but we are nearly there and it will be done.
  • #331,130
  • Nov 28, 2012 10:24am Nov 28, 2012 10:24am
Quoting A-speculator
imho the sharp move that you're referenced to might just be profit taking only.. also provides better opportunity to short again.
Hmm, you may be right. I'm going to keep the position open, anyway - if it bounces off 1.6 a second time, I won't be surprised to see 960 revisited. However, knowing my luck, it'll revisit in a hello-goodbye fashion, on its way to 940, lol.
  • #331,131
  • Nov 28, 2012 10:31am Nov 28, 2012 10:31am
Quoting Typeface
Mildly embarassed now, as actually the second occasion was PA failing to meet the fib level of 38.2 (twice, this afternoon), which I expected to be 1.5961, and which I think I've drawn accurately; and the prior recent occasion was 23rd Nov, when the price hovered for the best part of 2 hours 3 pips above the demand line. My query about PA second-guessing obvious support levels, and avoiding them, though, still holds.
You can see both here:
PrtSc and paste to Paint don't work at the moment, so I have had to publish it to another web site without comments.

http://gyazo.com/54af2a0f1f01200025fe4bc892b4941f

Blue lines are intraday S/R. My black lines is the demand level using CiC (Candlestick in Control) although this is not the best example as the next candlestick went slightly lower. We all have different ways of drawing demand/supply levels. I use CiC, others use the body of the candles. I find CiC works really well for these occasions where price just touches into the demand or supply level to get an entry. If that happens and price reacts accordingly, you know you are onto a winner.

Price dipped into the h4 demand level as you can see on the chart. Using fibs for confluence was great.

I did not trade it as I am taking a break due to other issues going on in my life but they are nearly resolved and I'm itching to get back to trading. However, I did take a short on EURUSD earlier this week which is now closed. I am really eager but must bite my lip.

Good luck and trade well.
  • #331,132
  • Nov 28, 2012 10:32am Nov 28, 2012 10:32am
time to give an eye on EUR CHF + AUD CHF
90% of traders use TA, indicators and prediction
  • #331,133
  • Nov 28, 2012 10:36am Nov 28, 2012 10:36am
Quoting Typeface
Hmm, you may be right. I'm going to keep the position open, anyway - if it bounces off 1.6 a second time, I won't be surprised to see 960 revisited. However, knowing my luck, it'll revisit in a hello-goodbye fashion, on its way to 940, lol.
too soon to say that mate, perhaps a revisit of 6030 first before down? atm it's a no no to short.. imho.
  • #331,134
  • Nov 28, 2012 10:42am Nov 28, 2012 10:42am
Quoting A-speculator
too soon to say that mate, perhaps a revisit of 6030 first before down? atm it's a no no to short.. imho.
And EU?
  • #331,135
  • Nov 28, 2012 10:44am Nov 28, 2012 10:44am
Quoting bbakker
PrtSc and paste to Paint don't work at the moment, so I have had to publish it to another web site without comments.

http://gyazo.com/54af2a0f1f01200025fe4bc892b4941f

Blue lines are intraday S/R. My black lines is the demand level using CiC (Candlestick in Control) although this is not the best example as the next candlestick went slightly lower. We all have different ways of drawing demand/supply levels. I use CiC, others use the body of the candles. I find CiC works really well for these occasions where price just touches into the...


hope every thing will be ok!
good luck
90% of traders use TA, indicators and prediction
  • #331,136
  • Nov 28, 2012 10:47am Nov 28, 2012 10:47am
Quoting TauTrader
And EU?
i think it might revisit somewhere around your expected price ~2960 area.. but i closed most of my other pairs not eu since i entered quite high up, but already secured the profit just in case..
  • #331,137
  • Nov 28, 2012 10:54am Nov 28, 2012 10:54am
Quoting A-speculator
i think it might revisit somewhere around your expected price ~2960 area.. but i closed most of my other pairs not eu since i entered quite high up, but already secured the profit just in case..
OK - but we also now need to mark 1.2910.. It is getting difficult to keep up with the landmarks thrown out..

So - 1.2963 first then down to 1.2910 - or down to 1.2910 first to continue towards 1.2963?

I'm closing here to wait.. 1.2910 first - I look to slowly build long. 1.2963 first - I look to slowly build short.

Gotta go. All the best.

Regards
Attached Image (click to enlarge)
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  • #331,138
  • Nov 28, 2012 10:57am Nov 28, 2012 10:57am
little bullflag
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  • #331,139
  • Nov 28, 2012 11:05am Nov 28, 2012 11:05am
Quoting bbakker
PrtSc and paste to Paint don't work at the moment, so I have had to publish it to another web site without comments.

http://gyazo.com/54af2a0f1f01200025fe4bc892b4941f

Blue lines are intraday S/R. My black lines is the demand level using CiC (Candlestick in Control) although this is not the best example as the next candlestick went slightly lower. We all have different ways of drawing demand/supply levels. I use CiC, others use the body of the candles. I find CiC works really well for these occasions where price just touches into...
Thanks, bb. I probably don't look at candlesticks enough. Like Fibs, I'm not convinced of the rationality of their use, except for the fact that so many use them (which of course, validates them entirely). I should educate myself, and also be a little more flexible in my setups, perhaps.
  • #331,140
  • Nov 28, 2012 11:15am Nov 28, 2012 11:15am
Quoting chazzle
little bullflag
break
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