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Cable Update (GBPUSD)

  • #336,761
  • Mar 11, 2013 4:02am Mar 11, 2013 4:02am
Hourly engulf with a longer lower wick than I would have preferred, but still valid. Nearly hit 38.2% retrace of Friday's daily candle.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,762
  • Mar 11, 2013 4:16am Mar 11, 2013 4:16am
Big Bearish Candle confirms down trend but need momentum and best Sell area for new traders is above 1.4980
for scalping 1.4945-1.4910 (Swing trading)
Attached Image
Don’t follow someone else’s trading advice blindly
  • #336,763
  • Mar 11, 2013 4:23am Mar 11, 2013 4:23am
This is my humble look at our situation and of course should be over ruled by the experts in the house :

Of course, we need to keep in mind that cable is amazingly oversold due to the bubble the Olympics created in 2012 and POPed as 2013 came in. on W1 GU the 200 EMA was almost flat lately, so the selling is starting to make it look south now (naturally based on the fundamentals and the lack of demand for cable since the Olympics which created the high demand of last year are over), the price is very far from all its moving averages even the 10MA (still looking at W1 GU).

IMHO 4775 is very important during the coming 2 weeks, if we are able to touch there soon, then there might be a very good probability for a 5100 by the end of the month. More good news from the UK is required for a 5200 in early April. This probability should be mostly be due to bear traders loosing some patience to catch the biger chunk of the move and profit realization. Once we are there, we will need to look again and see what will be moving the market and get back to the drawing "chart".
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #336,764
  • Mar 11, 2013 4:25am Mar 11, 2013 4:25am
Quoting ForexRatVN
Yeah Navin, I need a break for this week as well..
Ok the break is needed. Just hoping its not a "heart" break!!!!!
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #336,765
  • Mar 11, 2013 4:26am Mar 11, 2013 4:26am
Quoting zusch
Hourly engulf with a longer lower wick than I would have preferred, but still valid. Nearly hit 38.2% retrace of Friday's daily candle.
I'm short due to an indicator based set up right now and a line I have sitting on top of the past two hourly candles (otherwise I would not of entered at this area).

Personally the lower wick is too big for me in comparison to the size of the candle to have taken the short based on the engulfing candle. It is also not in the best place for me.
  • #336,766
  • Mar 11, 2013 4:39am Mar 11, 2013 4:39am
Quoting blobsaudio
I'm short due to an indicator based set up right now and a line I have sitting on top of the past two hourly candles (otherwise I would not of entered at this area).

Personally the lower wick is too big for me in comparison to the size of the candle to have taken the short based on the engulfing candle. It is also not in the best place for me.
Sorta running low on time left in this hourly candle. Anticipating a bold down hourly candle, still 25 mins left to go though for Cable to make its move.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,767
  • Mar 11, 2013 5:08am Mar 11, 2013 5:08am
Quoting zusch
Sorta running low on time left in this hourly candle. Anticipating a bold down hourly candle, still 25 mins left to go though for Cable to make its move.
Probably not as bold as you wanted, but it did break the previous candles low.
  • #336,768
  • Mar 11, 2013 5:12am Mar 11, 2013 5:12am
Quoting blobsaudio
Probably not as bold as you wanted, but it did break the previous candles low.
Yeah was hoping for something more explosive, but moved my stop to breakeven and not focused on it anymore. Wondering why my U/J position isn't moving...
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,769
  • Mar 11, 2013 5:21am Mar 11, 2013 5:21am
Quoting zusch
Yeah was hoping for something more explosive, but moved my stop to breakeven and not focused on it anymore. Wondering why my U/J position isn't moving...
Decided to cash the small profit as at a mid support line, near a round number, at a zone I have placed and what is to the left of where we are now. Should of opened two positions really.
  • #336,770
  • Mar 11, 2013 5:26am Mar 11, 2013 5:26am
Quoting blobsaudio
Decided to cash the small profit as at a mid support line, near a round number, at a zone I have placed and what is to the left of where we are now. Should of opened two positions really.
Ahhh...why?? You had a perfectly placed trade. Should price came back and takes you out at breakeven...so what? You would lose a 25 pip profit, but if we drop the whole week that position alone could be worth a whole lot more than a bunch of 25 pip winners.

Still not too late to enter...thats the beauty of trend trading. More people are going to have to sell if this is to continue.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,771
  • Mar 11, 2013 5:40am Mar 11, 2013 5:40am
bids touted 4900, 4885, 4855, 4830, 4800-10 (possibly strong)

Price sold off from a current daily hi of 4924 after a gap down and rally to it from the open.

Current near-term 1hr screenshot below

G/L
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ex member
  • #336,772
  • Mar 11, 2013 5:50am Mar 11, 2013 5:50am
Quoting zusch
Ahhh...why?? You had a perfectly placed trade. Should price came back and takes you out at breakeven...so what? You would lose a 25 pip profit, but if we drop the whole week that position alone could be worth a whole lot more than a bunch of 25 pip winners.

Still not too late to enter...thats the beauty of trend trading. More people are going to have to sell if this is to continue.
Most of my positions ideally last for a few hours at most. I am what one book describes as a gunner when it comes to choosing exits.

I exited for the reasons given in my previous post, if I had two positions it would of been an easy choice, move one trade to break even and close the other.
  • #336,773
  • Mar 11, 2013 5:55am Mar 11, 2013 5:55am
Quoting blobsaudio
Decided to cash the small profit as at a mid support line, near a round number, at a zone I have placed and what is to the left of where we are now. Should of opened two positions really.
See if you can reenter 4970 if the PA looks right..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #336,774
  • Mar 11, 2013 6:03am Mar 11, 2013 6:03am
Quoting blobsaudio
Most of my positions ideally last for a few hours at most. I am what one book describes as a gunner when it comes to choosing exits.

I exited for the reasons given in my previous post, if I had two positions it would of been an easy choice, move one trade to break even and close the other.
Yeah I understand, sometimes you just have to let it ride though. Nice trade regardless. Can't go broke taking a profit.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,775
  • Mar 11, 2013 6:57am Mar 11, 2013 6:57am
I just follow what politics and bankers, let say Mervin King and the government, do. They want to weaken their currency against all majors. The Cable follows them not analysis.

Quoting nAVIN2007
based on what?? give us a break
  • #336,776
  • Mar 11, 2013 7:23am Mar 11, 2013 7:23am
Weekly

14785 for a bounce/pause toward 1.44

checking PA on LTFs for a sign of that area providing influence - don't mind a short-term intraday long when the time is right ...
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  • #336,777
  • Mar 11, 2013 8:03am Mar 11, 2013 8:03am
4HR candle just closed and 1.49 and the 50% Fib of that candle are a pip apart. Nice level to take shorts.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,778
  • Mar 11, 2013 8:10am Mar 11, 2013 8:10am
Quoting chazzle
Weekly

14785 for a bounce/pause toward 1.44

checking PA on LTFs for a sign of that area providing influence - don't mind a short-term intraday long when the time is right ...
damn, missed

check ye olde momentum divergence on daily
Attached Image
  • #336,779
  • Mar 11, 2013 8:15am Mar 11, 2013 8:15am
Possible we don't even get back to 1.49. This is the first red 15 min candle after 5 consecutive green 15 min candles. As I'm typing this price is just dropping rapidly.

As far as possible low for today. I like the following:
1.4857 - This would mean 50% of today's range and 1.49 are in confluence.
1.4832 - This would mean 61.8% of today's range and 1.49 are in confluence.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #336,780
  • Mar 11, 2013 8:16am Mar 11, 2013 8:16am
H1

Friday low - can it hold?
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