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Cable Update (GBPUSD)

  • #334,761
  • Jan 25, 2013 9:57am Jan 25, 2013 9:57am
Didn't get a Test on the Supply line ..
Looking for a Rebound to test the line ..
Probably the only thing I do today ...
Let see If 15 min /30 min demand flex some muscle...
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  • #334,762
  • Jan 25, 2013 10:03am Jan 25, 2013 10:03am
Good day,

A general post...

I have f*cked up a lot of times... I have lost a lot..and gained more..

We all start out with "AWESOMENESS" in our eyes. Forex is easy. Buy or sell. We see this animal of potential..

Mega Millions - instantly..

Currently a good example on EU -

Should be down - but UP..

Entering at selected points makes you profitable. EU is really giving me the finger..

Stuff you

will profit.

I want to close - going for a BBQ - end of week. Rest.

See next week.

Regards

Hehe
  • #334,763
  • Jan 25, 2013 10:10am Jan 25, 2013 10:10am
Quoting Ill-b-back
Thank you for the clarification Sir and all the best to your family.

I trust you received my PM today?
mate, you're right.. breakout on the ucad.. nice mate..
  • #334,764
  • Jan 25, 2013 10:26am Jan 25, 2013 10:26am
Quoting TauTrader
Good day,

A general post...

I have f*cked up a lot of times... I have lost a lot..and gained more..

We all start out with "AWESOMENESS" in our eyes. Forex is easy. Buy or sell. We see this animal of potential..

Mega Millions - instantly..

Currently a good example on EU -

Should be down - but UP..

Entering at selected points makes you profitable. EU is really giving me the finger..

Stuff you

will profit.

I want to close - going for a BBQ - end of week. Rest.

See next week.

Regards

Hehe
good one mate.

i also don't know what's happening with fiber.. bite my a$$ several times, got to cover with other pairs.. perhaps might get better when swissy move back to the upside.. just a little bit more..
  • #334,765
  • Jan 25, 2013 10:35am Jan 25, 2013 10:35am
Quoting A-speculator
good one mate.

i also don't know what's happening with fiber.. bite my a$$ several times, got to cover with other pairs.. perhaps might get better when swissy move back to the upside.. just a little bit more..
EU is forming the ultimate pin..

Not so?
  • #334,766
  • Jan 25, 2013 10:38am Jan 25, 2013 10:38am
Quoting TauTrader
EU is forming the ultimate pin..

Not so?
i'm not sure to take trade fiber atm.. not until i see big momentum to the downside first which tells us the movement to the downside has begun..

but i would like to trade the swissy to the upside on exhaustion in 4h..
  • #334,767
  • Jan 25, 2013 1:23pm Jan 25, 2013 1:23pm
Quoting TauTrader
Good day,

A general post...

I have f*cked up a lot of times... I have lost a lot..and gained more..

We all start out with "AWESOMENESS" in our eyes. Forex is easy. Buy or sell. We see this animal of potential..

Mega Millions - instantly..

Currently a good example on EU -

Should be down - but UP..

Entering at selected points makes you profitable. EU is really giving me the finger..

Stuff you

will profit.

I want to close - going for a BBQ - end of week. Rest.

See next week.

Regards

Hehe
Enjoy at the barbecue.
Gone to a better place
  • #334,768
  • Jan 25, 2013 1:38pm Jan 25, 2013 1:38pm
Quoting A-speculator
good one mate.

i also don't know what's happening with fiber.. bite my a$$ several times, got to cover with other pairs.. perhaps might get better when swissy move back to the upside.. just a little bit more..
Hey Specs, look at the major weekly EU dip bullish extension to 3485 or so, (we are nearly there).
Maybe next week she drop after taking out this weekly high by just a few pips to finish the job around 3485 or so.

Ill-b-damned if USDCHF didn't come down to where I was looking this strategy of yours could work for me Specs (as long as it doesn't distract me from GU).

Did UC breakout? I'm not at charts right no to see the daily picture.
Come with me if you want to live....
  • #334,769
  • Jan 25, 2013 2:19pm Jan 25, 2013 2:19pm
Quoting Ill-b-back
Hey Specs, look at the major weekly EU dip bullish extension to 3485 or so, (we are nearly there).
Maybe next week she drop after taking out this weekly high by just a few pips to finish the job around 3485 or so.

Ill-b-damned if USDCHF didn't come down to where I was looking this strategy of yours could work for me Specs (as long as it doesn't distract me from GU).

Did UC breakout? I'm not at charts right no to see the daily picture.
yes, UC did break out - attached here.. seems like we might get a retest to the ~1.0050 maybe after it tested the resistance at about ~1.0185 - might take sometime for this to happen..

afterall, i think cable will get another pressure downwards next week.. 5500 still in the card, i just haven't any plan yet on where to take the price yet..

regarding fiber, that's a tough one mate.. atm no candle(s) suggest she exhausted yet.. if she shows signs of exhaustion, i will wait for daily momentum to show first (huge momentum to the downside). the thing is, the pair is actually in an uptrend so to speculate and picking top atm seems "not wise" . and lately the correlation between fiber and swissy has loosen a little. if i was given which pair to choose between fiber and swissy, i will choose swissy - reason is: more predictable & atm follow the TA quite well, fiber in the other hand, still follow the basic rules of TA but not following our bias..

regarding my strategy, nothing special with it. it just basic TA like everyone here already knows.. My main indicator is the price itself and some other tools to assist with my trading, that other tools definitely not my decision maker.. you don't get distracted when you treat the pair as a singular entity, meaning every pair has its own unique behaviour but still pay attention to the correlation between every pair just to have some idea to the single unit of currency (GBP,USD,CHF, etc..) - i don't know if you understand this but i don't know how i can explain it..

in my humble opinion, i think you've got better in your trading style, you might have different trading styles than me but our concept might be the same. i already seen you know where to take the entry price, SL & TP so you know your trading ratio well before taking the trade, that's very good. do you still hedging mate?
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  • #334,770
  • Jan 25, 2013 2:45pm Jan 25, 2013 2:45pm
ill-b-back: this is my view on fiber..

see the minor fibo extension of 161 at about 3400.. that is where the price should rebound to the downside but the price break the resistance today..

the larger wave of 161 fibo extension is at about 3815 where its confluence with the minor extension of 261.. well, it doesn't seems like a downtrend atm unless the price unable to trade sustainably above 3400.. or else fiber might be headed to 3815 in the larger scale (longer term)..
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  • #334,771
  • Edited 3:13pm Jan 25, 2013 3:02pm | Edited 3:13pm
ill-b-back: i want to make a correction on cable from my previous post saying 5500 possible..

seems like the price is testing 50 fibo on weekly and also the trendline.. unless price manage to break both support, then only we will see lower price..

we might have morning star on weekly, projection is 6960 (161 fibo) longer term with 6300 (100 fibo) mid term & 5900 (61.8 fibo) short term resistance - we might also have 6000 resistance as well..

safest to trade this setup is when price trading sustainably above 5900 but i think might be ok to pick bottom on this.. disclaimer: at your own risk

i removed the indicator so that you can see clearly since this is weekly view..
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  • #334,772
  • Jan 25, 2013 3:29pm Jan 25, 2013 3:29pm
Quoting A-speculator
ill-b-back: this is my view on fiber..

see the minor fibo extension of 161 at about 3400.. that is where the price should rebound to the downside but the price break the resistance today..

the larger wave of 161 fibo extension is at about 3815 where its confluence with the minor extension of 261.. well, it doesn't seems like a downtrend atm unless the price unable to trade sustainably above 3400.. or else fiber might be headed to 3815 in the larger scale (longer term)..
Hi Specs, thx very much for the reply mate.
Sorry, this was my tech view, maybe I got it wrong as I'm still practicing.

No, I wouldn't try to pick top without some PA confirmation, I can never bring myself to catch a falling knife (or a flying rocket for that matter),I need to see a reversal sign first, that way I know precisely where to put my SL so can use larger trade size in relation to my tiny account.
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Come with me if you want to live....
  • #334,773
  • Jan 25, 2013 3:33pm Jan 25, 2013 3:33pm
Quoting Zircon
Dear B,
closed did not like it..


nice WE guys.
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #334,774
  • Jan 25, 2013 3:37pm Jan 25, 2013 3:37pm
Hi Specs, I thought when doing price projection, you put the fib tool on the leg completed (prior) to the dip used as the bottom reference point as I have in my EU chart.

How can you put the fib tool on the next leg (after) the dip as you have on fibre, since by then you should already be in the trade (if buying) assumng you enter before price has completed the 100% fibo extension.
Come with me if you want to live....
  • #334,775
  • Jan 25, 2013 3:42pm Jan 25, 2013 3:42pm
Quoting Ill-b-back
Hi Specs, I thought when doing price projection, you put the fib tool on the leg completed (prior) to the dip used as the bottom reference point as I have in my EU chart.

How can you put the fib tool on the next leg (after) the dip as you have on fibre, since by then you should already be in the trade (if buying) assumng you enter before price has completed the 100% fibo extension.
that's depend on your bias, if you want to see the retracement for an uptrend, you read it low to high.. if you draw like what you posted, it saying that you area expecting more downtrend.. because you read it from high to low..

the main thing about fibo is your bias, your bias wrong, you will draw it wrong..

the next leg after the dip is to find the next probability wave, obviously not the current wave which i draw the fibo.
  • #334,776
  • Jan 25, 2013 3:47pm Jan 25, 2013 3:47pm
Quoting A-speculator
that's depend on your bias, if you want to see the retracement for an uptrend, you read it low to high.. if you draw like what you posted, it saying that you area expecting more downtrend.. because you read it from high to low..

the main thing about fibo is your bias, your bias wrong, you will draw it wrong..

the next leg after the dip is to find the next probability wave, obviously not the current wave which i draw the fibo.
Ok, it's different from what I learnt, but to be honest, I think I'll stick with Cable, my tools work best on her.

Thx again Specs, have a great wekend mate
Come with me if you want to live....
  • #334,777
  • Jan 25, 2013 3:48pm Jan 25, 2013 3:48pm
Quoting Ill-b-back
Hi Specs, thx very much for the reply mate.
Sorry, this was my tech view, maybe I got it wrong as I'm still practicing.

No, I wouldn't try to pick top without some PA confirmation, I can never bring myself to catch a falling knife (or a flying rocket for that matter),I need to see a reversal sign first, that way I know precisely where to put my SL so can use larger trade size in relation to my tiny account.

do u want me to be honest?
  • #334,778
  • Jan 25, 2013 3:52pm Jan 25, 2013 3:52pm
Quoting Ill-b-back
Ok, it's different from what I learnt, but to be honest, I think I'll stick with Cable, my tools work best on her.

Thx again Specs, have a great wekend mate
in the first picture is the major wave, you find the retracement by it high and low, yes?

second picture, you find the retracement by the same method and so is the other wave..

by combining them, i just took the projection of the larger wave and the first minor wave because usually wave completed in 161,261 or 461 fibo which is also EW rules but translated to fibos.
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  • #334,779
  • Jan 25, 2013 3:58pm Jan 25, 2013 3:58pm
Quoting nAVIN2007
do u want me to be honest?
Of course mate, I know you don't BS
Come with me if you want to live....
  • #334,780
  • Jan 25, 2013 4:00pm Jan 25, 2013 4:00pm
Quoting nAVIN2007
do u want me to be honest?
If you are talking about further upside, I agree, potential to go to the moon on fibre to complete weekly H&S looking at current PA.
Come with me if you want to live....
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