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Cable Update (GBPUSD)

  • #336,901
  • Mar 13, 2013 8:43am Mar 13, 2013 8:43am
Quoting Mr.C
Hey people. Cable on my list today. Will be buying the pair if we'll get a pullback to ~1,4865. Weekly and ID range templates (#18,4) in action. Any thoughts? Chart.
Sold cable from 1,4955 - will try to play both ways.
Attached Image (click to enlarge)
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Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #336,902
  • Mar 13, 2013 8:51am Mar 13, 2013 8:51am
Quoting C345
Here's what I see for what it's worth - price seems to be stalling. Shorted at 74.2 will add if goes to 90/00 area.
Out with a tidy profit.
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Click to Enlarge Name: gbpusdh2.png Size: 31 KB
  • #336,903
  • Mar 13, 2013 8:58am Mar 13, 2013 8:58am
Hi,



What happened in 4 hours ?
First, GBP was rejected by rising trendline and rised 30 pip. So to ignore trendlines is not good idea.

However I decided to keep this position, as I expected gbp to make lower low.
Also I moved take profit to 1.4925
After GBP made lower top, it dropped sharply.
My target is hit.


What a nice day


Analyst



Quoting fx-analyst
Hi,

I just shorted GBP at 1.4961
Reasons:
1) Gbp general trend is down
2) Current rise is unstable (makes deep pullbacks)
3) Divergence on 15 min chart
4) 1 min is overbought

Think Gbp will test previous low at 1.4921, so take profit is 1.4930
Stop loss is 1.4990

Analyst
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Gbp_short15_TargetHit_March13.jpg Size: 98 KB
  • #336,904
  • Mar 13, 2013 9:05am Mar 13, 2013 9:05am
Quoting fx-analyst
Hi,



What happened in 4 hours ?
First, GBP was rejected by rising trendline and rised 30 pip. So to ignore trendlines is not good idea.

However I decided to keep this position, as I expected gbp to make lower low.
Also I moved take profit to 1.4925
After GBP made lower top, it dropped sharply.
My target is hit.


What a nice day


Analyst
Pound needs to go lower still and add to that better than expected retail figures from the US and you got your answer.
  • #336,905
  • Mar 13, 2013 9:14am Mar 13, 2013 9:14am
really hard to predict gbp nowadays.......... support change to 1.4905??
  • #336,906
  • Mar 13, 2013 9:24am Mar 13, 2013 9:24am
Quoting Gbpnewbird
really hard to predict gbp nowadays.........
Don't need to. Trade what you see, not what you predict and expect.
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #336,907
  • Mar 13, 2013 9:29am Mar 13, 2013 9:29am
Quoting Mr.C
Don't need to. Trade what you see, not what you predict and expect.
Totally agree. Look at today we see four attempts to break a resistance level on 60 min and we are in a clear downward trend. Why predict? Go with the flow.
  • #336,908
  • Mar 13, 2013 9:30am Mar 13, 2013 9:30am
Quoting Gbpnewbird
really hard to predict gbp nowadays.......... support change to 1.4905??
not hard to predict..some will look at this and see exactly why it is doing what it is doing..its knowledge which isnt adequate

i personally see on the 4hr a broken wedge..and pullback to breakout point.. now this particular setup makes it the last 4hr candle risky for breaking lower..will it break lower or hold..no idea

this is why trading is hard..technicals can only take u to a point..and belief in your ability determines the rest
your job is see the pits loaded with explosive..here is a mine

nobody can predict just forecast!!
  • #336,909
  • Mar 13, 2013 9:35am Mar 13, 2013 9:35am
Quoting Mr.C
Don't need to. Trade what you see, not what you predict and expect.

if base on what i see.....sell at daily high surely can make profit............
  • #336,910
  • Mar 13, 2013 9:41am Mar 13, 2013 9:41am
Quoting nAVIN2007
not hard to predict..some will look at this and see exactly why it is doing what it is doing..its knowledge which isnt adequate

i personally see on the 4hr a broken wedge..and pullback to breakout point.. now this particular setup makes it the last 4hr candle risky for breaking lower..will it break lower or hold..no idea

this is why trading is hard..technicals can only take u to a point..and belief in your ability determines the rest
your job is see the pits loaded with explosive..here is a mine

nobody can predict just forecast!!
In other words follow the price - agreed. Also depends if you day trading or taking longer positions. As a full time day trader I am interested in times of day - Frankfurt opening/ London opening etc. How often does London reverse the overnight move and New York reverse the London move. Maybe going off track but my point is know your market and you don't need to predict just follow.
  • #336,911
  • Mar 13, 2013 9:45am Mar 13, 2013 9:45am
Try looking at retail sales USA and look at what happened to the Euro. Now understand why cable's retracement stalled and reversed, breaking the hourly trend line. And I would have expected better from you navin since cable is trading a 4 hour channel it has been in for the last three months.
Gone to a better place
  • #336,912
  • Mar 13, 2013 9:49am Mar 13, 2013 9:49am
Quoting C345
In other words follow the price - agreed. Also depends if you day trading or taking longer positions. As a full time day trader I am interested in times of day - Frankfurt opening/ London opening etc. How often does London reverse the overnight move and New York reverse the London move. Maybe going off track but my point is know your market and you don't need to predict just follow.

i havent really noticed but generally i have found whatever happen in the night is reversed by london..but i have never tried to trade this
  • #336,913
  • Mar 13, 2013 9:51am Mar 13, 2013 9:51am
Quoting smikester
Try looking at retail sales USA and look at what happened to the Euro. Now understand why cable's retracement stalled and reversed, breaking the hourly trend line. And I would have expected better from you navin since cable is trading a 4 hour channel it has been in for the last three months.
really i havent actually been trading just buying..i didnt have an opportunity to see platform for 1 month..reckless i know
I wish i noticed the channel
  • #336,914
  • Mar 13, 2013 9:54am Mar 13, 2013 9:54am
Quoting nAVIN2007
really i havent actually been trading just buying..i didnt have an opportunity to see platform for 1 month..reckless i know
I wish i noticed the channel
What have you been buying?
Gone to a better place
  • #336,915
  • Mar 13, 2013 9:56am Mar 13, 2013 9:56am
Quoting smikester
What have you been buying?

gbp..
  • #336,916
  • Mar 13, 2013 9:58am Mar 13, 2013 9:58am
Quoting nAVIN2007
gbp..
Well 57% of FF members are long cable in a down trend. Not sure what to say.
  • #336,917
  • Mar 13, 2013 10:00am Mar 13, 2013 10:00am
35 may prove a decent entry for a retest of the days low...
Those that say do not know. Those that know do not say.
  • #336,918
  • Mar 13, 2013 10:06am Mar 13, 2013 10:06am
Quoting ohenry
35 may prove a decent entry for a retest of the days low...
Personally I'm out for the day that last hourly candle is scary. This could go either way (as always)
  • #336,919
  • Mar 13, 2013 10:07am Mar 13, 2013 10:07am
Quoting nAVIN2007
gbp..
That is funny. But yet, this week is up and we are overdue a retracement. I know you can hold your trades for years Navin so I suppose you will be buying right down to 1.00?
Gone to a better place
  • #336,920
  • Mar 13, 2013 10:12am Mar 13, 2013 10:12am
Quoting smikester
That is funny. But yet, this week is up and we are overdue a retracement. I know you can hold your trades for years Navin so I suppose you will be buying right down to 1.00?
This week is not up its more or less where it started. Anyway sorry to interrupt guys I go away. Happy trading.
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