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Cable Update (GBPUSD)

  • #334,261
  • Jan 19, 2013 4:01am Jan 19, 2013 4:01am
Quoting 100PipsADay
Don't take the post personal, just pointing out the facts. But I must remind you that I was NOT looking to buy regardless of what happened at the Trend Line so do not put those words in my mouth... My weekly / monthly view is bearish for Cable which is why I opened up 400k short position at 1.604 a few days ago...

Up about 170 pips and over $6,500 in just 3 days with this trade alone

January 15 Post: http://www.forexfactory.com/showthre...54#post6368354

http://www.forexfactory.com/attachme...7&d=1358323146...
I'm not putting words in your mouth, you said you would (trade the break) which ever way it went, I never said you were looking to buy off the lower trendline.

Who is putting words in whose mouth?
Come with me if you want to live....
  • #334,262
  • Jan 19, 2013 4:06am Jan 19, 2013 4:06am
Yes, it was a nice short at the retest wasn't it
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Come with me if you want to live....
  • #334,263
  • Edited 6:27am Jan 19, 2013 4:41am | Edited 6:27am
Quoting Ill-b-back
God knows where we could end up.

buying dips
(For 100pipsAday)

This is the chart with the broken (and successfully retested) descending Trendline I was refering to.
(Note: It has 5 points of PA confluence on the monthly)

Other traders, including Bones (I think) forgive me if I am wrong bones, also had this broken descending TL on their charts (He showed it on his weekly chart I think).

It's just that he was ignoring it , this shows experience I guess

At this point with the bullish action after the retest, it looked to me like we were on our way to retest the Trendline above (the trendline broken by Mays bearish candle).

I've got to be honest, the apparent certainty of this move may have lingered in my head a little long.

Coupled with this, was the fact that the 16/12 weekly bar was also a very strong bearish pin, yet it's top was taken out 2 weeks later by the bar that ultimately created the reversal.

This strong bullish price action (inspite of the 1st pin) seemed to fit with my monthly analysis and had me looking for bullish signals on the daily chart until the final ascending weekly TL was broken, which it was,

(and I traded it south also)

Anyway, sorry for the long post since it means diddly squat now, but I was asked for an explanation.
Come with me if you want to live....
  • #334,264
  • Jan 19, 2013 4:46am Jan 19, 2013 4:46am
Quoting 100PipsADay
Don't take the post personal, just pointing out the facts. But I must remind you that I was NOT looking to buy regardless of what happened at the Trend Line so do not put those words in my mouth... My weekly / monthly view is bearish for Cable which is why I opened up 400k short position at 1.604 a few days ago...

Up about 170 pips and over $6,500 in just 3 days with this trade alone

January 15 Post: http://www.forexfactory.com/showthre...54#post6368354

http://www.forexfactory.com/attachme...7&d=1358323146...
So you still have the weekly pin trades running also I suspect, (since you said you were targetting 1.55 with those trades at the weekly pin?)

And if not, why not?

Did "simple" perhaps get a little "complicated"?
Come with me if you want to live....
  • #334,265
  • Jan 19, 2013 4:53am Jan 19, 2013 4:53am
Quoting Ill-b-back
Other traders, including Bones (I think) forgive me if I am wrong bones, also had this broken descending TL on their charts (He showed it on his weekly chart I think).

It's just that he was ignoring it , this shows experience I guess

This is unfair..tony is a fantastic trader and has been trading live account b4 u even started trading and with huge amount per pip..
he also trades more currencies on the go than most can comprehend..

he is amongst the most experienced traders here in ff
  • #334,266
  • Jan 19, 2013 4:57am Jan 19, 2013 4:57am
Quoting nAVIN2007
This is unfair..tony is a fantastic trader and has been trading live account b4 u even started trading and with huge amount per pip..
he also trades more currencies on the go than most can comprehend..

he is amongst the most experienced traders here in ff
Bro, you regularly misunderstand my posts.

I made it very clear that he simply had the TL on his chart, I then made it very clear that he was ignoring it (ie, maintaining his bearish stance), since he obviously had other stronger reasons to sell (such as the index charts etc.).

I said nothing against Bones at all, please re-read my post dude.
Come with me if you want to live....
  • #334,267
  • Jan 19, 2013 5:04am Jan 19, 2013 5:04am
Quoting Ill-b-back
Bro, you regularly misunderstand my posts.

I made it very clear that he simply had the TL on his chart, I then made it very clear that he was ignoring it (ie, maintaining his bearish stance), since he obviously had other stronger reasons to sell (such as the index charts etc.).

I said nothing against Bones at all, please re-read my post dude.
im not being funny..but one can read what u wrote u say the opposite as well..

my bad for taking it the wrong way..but u also wrote it in a bad way :

ps:_ im actually long , mistake.. i didnt think that damn line of mine would break to easy
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  • #334,268
  • Jan 19, 2013 5:08am Jan 19, 2013 5:08am
Quoting Bones
Hey Z ,

whats your view on cable ??

Dear B

Missed this beautiful drop, same time i do not like the fast drop?? for sure better to short until any kind of reversal candle changing the actual sentiment.
My habit is when i miss the good entry i do not jump,i wait.

no sign of bulls after this sharp drop, who is longing now he is giving his money free.(unless scalpers they are always in and out).


Let's talk candles in Hussin thread (hope he is ok). I like this place in FF
I will post there when it is possible.

All the best for all
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #334,269
  • Jan 19, 2013 5:14am Jan 19, 2013 5:14am
Quoting nAVIN2007
im not being funny..but one can read what u wrote u say the opposite as well..

my bad for taking it the wrong way..but u also wrote it in a bad way :
Sorry mate, yes, it can see how it can sound like I was being sarcastic, I didn't mean it that way at all.

When I said ignoring the TL shows his experience, I meant it literally, since ignoring the TL was the right thing to do (ie, had strong reasons to be bearish despite the bullishly broken TL).

This forex business is like Golf, when it's good, it's great,

when it's bad, I'd rather be doing something else
Come with me if you want to live....
  • #334,270
  • Jan 19, 2013 5:32am Jan 19, 2013 5:32am
I'm expecting a nice bounce from this area now, possibly up to the 1.6 area, will be looking for longs next week on this pair. In a nice demand area at 1.58-1.57.

http://www.bloguin.com/crystalballru...rystalball.jpg
  • #334,271
  • Jan 19, 2013 8:17am Jan 19, 2013 8:17am
Quoting Ill-b-back
Sorry mate, yes, it can see how it can sound like I was being sarcastic, I didn't mean it that way at all.

When I said ignoring the TL shows his experience, I meant it literally, since ignoring the TL was the right thing to do (ie, had strong reasons to be bearish despite the bullishly broken TL).

This forex business is like Golf, when it's good, it's great,

when it's bad, I'd rather be doing something else
its not easy that is for sure..so many variables and everything works sometimes
  • #334,272
  • Jan 19, 2013 8:23am Jan 19, 2013 8:23am
Quoting GDR3k
I'm expecting a nice bounce from this area now, possibly up to the 1.6 area, will be looking for longs next week on this pair. In a nice demand area at 1.58-1.57.

http://www.bloguin.com/crystalballru...rystalball.jpg
I agree. Carefully looking to scalp longs this pair
  • #334,273
  • Jan 19, 2013 9:10am Jan 19, 2013 9:10am
Quoting dsmith2269
think it might go a little lower
hi mate, there is strong support at 1.5850. This line has been solid since mid-November, when the pound began its rally against the greenback.
  • #334,274
  • Jan 19, 2013 9:51am Jan 19, 2013 9:51am
Nav, who is Tony?
  • #334,275
  • Jan 19, 2013 11:12am Jan 19, 2013 11:12am
Support coming up at 58400 area. Will she bounce or are we heading for 53000.
  • #334,276
  • Jan 19, 2013 11:55am Jan 19, 2013 11:55am
I agree Terry ,this is something lots see Can 1.5650-700 hold cause I think thats where were going ,this /next month

If it does on weekly im looking to build a long position ,with a view to go higher


Quoting 100PipsADay
I'm curious, which "Bullish Broken Monthly TL" are you referring to? I don't see any real TL on higher time frames due to the fact that GBP/USD has been stuck in a 1000 pip range for ALL of 2012. Please help me out here...

I do however see a 4-Year Symmetrical Triangle.

This pattern is getting so tightly squeezed, a breakout is imminent. This means that GBP/USD will breakout into a new multi-year trend after having been stuck in a four-year range.
Like I said, GBP/USD is still range bound, best to play support and resistance [/quote]
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,277
  • Jan 19, 2013 12:01pm Jan 19, 2013 12:01pm
Lol, I have no powers of prediction - was just pointing out the overall price (opa) action copnditions on weekly t/f downwards and what the potential supp/res is.

G/L

Quoting alex1976
Yes Bmac It's true, we're going south ATM. Flow with the wave.
ex member
  • #334,278
  • Jan 19, 2013 12:02pm Jan 19, 2013 12:02pm
would be rising tl channel on £
top of channel $
any how im very intrested in the gbp rising tl
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,279
  • Jan 19, 2013 12:28pm Jan 19, 2013 12:28pm
,I think I have read definition carefully
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,280
  • Jan 19, 2013 12:29pm Jan 19, 2013 12:29pm
Quoting bbmac
Lol, I have no powers of prediction - was just pointing out the overall price (opa) action copnditions on weekly t/f downwards and what the potential supp/res is.

G/L
I'm just joking you bro, lol

I like your trading style though. You and a handful of others in here keep it real.
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