Nice one baherhosni, I agree.
Things now seem to be lining up nicely next week for a 1.5 retest off resistance.
I'll be watching out for signs of a bounce from there.
Cable Update (GBPUSD)
- #337,081
- Mar 15, 2013 7:22pm Mar 15, 2013 7:22pm
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,052 Posts
- #337,082
- Mar 15, 2013 9:06pm Mar 15, 2013 9:06pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Attachment
Ah the ole head and shoulder patterns, very profitable trading when traded using some guide lines. Seems from your post you are favoring more down side. If you look at a little bigger picture there could possibly be a decent sized inverted head and shoulder pattern developing. Not quite as big as the one that developed at the top of this nice move down it has some work to do yet. At any rate, the powers that be that created the pattern at the top would appear to be taking some profits and reassessing things at these current...
lol,
love it
A move down to 1.5 seems counter to the short/medium term market sentiment judging by Thursdays move, so I'll probably only look at shorting to 1.5 area on a retest of the green line in the first chart to maximise R:R.
and a higher right shoulder. Interesting to note that the 1.61 extension of this short, falls exactly on the 50 fib retrace (4830 low to 5175 high) and 1.5 whole number and support.
If we get down there, I'll be looking for PA reasons to go long.
All the best
Come with me if you want to live....
- #337,088
- Mar 16, 2013 5:35am Mar 16, 2013 5:35am
Hi anindocortez,
I'm so sorry that you lost money. I have sometimes been in this situations like you. Then, I learned I must be very cautious when to open a new position. The pair is always going up and down but if you open a sell position when it is down and vice versa, then it may have a horrible result. For now, I'd suggest that keep away until you can see a confirmation about the trend.
Good Luck
I'm so sorry that you lost money. I have sometimes been in this situations like you. Then, I learned I must be very cautious when to open a new position. The pair is always going up and down but if you open a sell position when it is down and vice versa, then it may have a horrible result. For now, I'd suggest that keep away until you can see a confirmation about the trend.
Good Luck
Hello. I'm a newbie here. I'd been screwed by Poundsterling yesterday, I had short at 14874 and at 14950 suddenly price went up like crazy today up to 15175. I cut them both at 15091. Lost many wasted pips. Now I'm still holding my long at 15129 and price has just suddenly dropped again until 15087, I hedged it at 15088. I really don't know what to do. I got minimum equity. Anyone here would like to give me any suggestion please? Thank you in advance.
- #337,089
- Mar 16, 2013 8:48am Mar 16, 2013 8:48am
- | Commercial User | Joined Dec 2009 | 2,376 Posts
Hello. I'm a newbie here. I'd been screwed by Poundsterling yesterday, I had short at 14874 and at 14950 suddenly price went up like crazy today up to 15175. I cut them both at 15091. Lost many wasted pips. Now I'm still holding my long at 15129 and price has just suddenly dropped again until 15087, I hedged it at 15088. I really don't know what to do. I got minimum equity. Anyone here would like to give me any suggestion please? Thank you in advance.
now i think sterling have a bounce to up side to 1.5170 - 1.52 so keep your long and close it at this level don't be greedy close it once it reached the lower limit 1.5170 .you can then place a stop loss for your short at 1.5230 that's for you don't be greedy and add short positions ok
i think we will resume downtrend this week as it should and was this is my analysis as it shows that sterling closed under the pitchfork middle line at 1.5110 we may see a test of 1.5170 level i don't advice to long .i advice to short at 1.5170 stop loss at 1.5230 and target is down to 1.44 level in a period of several days .
if stop loss is taken out i advice to watch if price closed above 1.5230 for 4 hours that will be above median pitchfork line then target will be 1.55 then 1.57 so long with 1.5150 as stop loss
this is my analysis and i am just sharing it and it may be right and in most cases wrong so forgive me if it turns to be
thank you for all for reading it
have a nice day and newbie don't run behind market run in front of it
all have a nice weekend day and best wishes
focus while relaxed to see better
- #337,090
- Edited 4:22pm Mar 16, 2013 4:11pm | Edited 4:22pm
Voodoo Boodoo
lol,
love it
A move down to 1.5 seems counter to the short/medium term market sentiment judging by Thursdays move, so I'll probably only look at shorting to 1.5 area on a retest of the green line in the first chart to maximise R:R.
and a higher right shoulder. Interesting to note that the 1.61 extension of this short, falls exactly on the 50 fib retrace (4830 low to 5175 high) and 1.5 whole number and support.
If we get down there, I'll be looking for PA reasons to go long.
All the best
I never get married to one direction. Last week I was bearish, but this week I'm not so sure which way we'll head. I'd say that I was more sure last week was going to be down than I am saying this week will be up (this is only because last week the monthly/weekly direction aligned, but this week monthly/weekly direction contradicts each other).
Weekly chart worthy of a 3-bar reversal pattern. The pair showed a lot of strength by continuing Thursday's move into Friday.
On my chart I labeled where I would enter trades as if they were 4HR candles, but they are actually weekly/daily charts. So I'll simply watch on 4HR chart for confirming price action and take entries with the same method. So instead of putting a trade on with 50 pips risk on weekly chart, I can put on a trade with 15-20 pip risk on 4HR chart.
Entering at 1.51 with stop at 1.5060 is very aggressive, and less likely to work out compared to the weekly chart entry. I would say it is less likely just because of the speed of last month's candle.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
- #337,092
- Mar 16, 2013 4:46pm Mar 16, 2013 4:46pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Come with me if you want to live....
- #337,094
- Mar 16, 2013 5:06pm Mar 16, 2013 5:06pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
That's the problem right now...everyone seems unsure about Cable (E/U looks confused too). Plenty of reasons to go short, plenty of reasons to go long. I prefer to trade when all timeframes are pointing in the same direction (like last week). This week I think if we are really conservative with our entries its still possible to put on some good trades though.
Have you seen this contrarian indicator? Always good to be going against retail traders.
http://fxtrade.oanda.com/analysis/fo...r-book#GBP/USD
This missing "last" page button is very annoying.
Anyway trade safe, could be a bumpy ride this week
Inserted Video
Come with me if you want to live....
- #337,095
- Mar 16, 2013 6:40pm Mar 16, 2013 6:40pm
- | Commercial User | Joined May 2012 | 3,285 Posts
Yep, I heard about this somewhere
This missing "last" page button is very annoying.
Anyway trade safe, could be a bumpy ride this week
http://www.youtube.com/watch?v=8JwtXC3vmBg
- #337,096
- Mar 16, 2013 6:46pm Mar 16, 2013 6:46pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Is this what you're looking for?
Come with me if you want to live....
- #337,097
- Mar 16, 2013 6:47pm Mar 16, 2013 6:47pm
- | Commercial User | Joined May 2012 | 3,285 Posts
Yes thx for that
- #337,098
- Mar 16, 2013 9:06pm Mar 16, 2013 9:06pm
- | Commercial User | Joined Dec 2009 | 2,376 Posts
hi newbie take my advice never enter unless you have an edge price use any thing to confirm it like trends,BB or any thing else just don't run behind the move you will end cut in half .
now i think sterling have a bounce to up side to 1.5170 - 1.52 so keep your long and close it at this level don't be greedy close it once it reached the lower limit 1.5170 .you can then place a stop loss for your short at 1.5230 that's for you don't be greedy and add short positions ok
i think we will resume downtrend this week as it should and was this...
newbie follow 100pipsaday advice he is more wise than me i think he is right we may see 1.55 level so better to cur your short losses and keep longs i am sorry i just wanted to help but i could not
all have a nice day
focus while relaxed to see better
