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Cable Update (GBPUSD)

  • #340,881
  • May 13, 2013 4:50pm May 13, 2013 4:50pm
it's time to go UP again
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  • #340,882
  • May 13, 2013 4:59pm May 13, 2013 4:59pm
Quoting -sonny-
it's time to go UP again {image}
if its time to go up, then what is that little lonely red arrow doing down there sonny?
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #340,883
  • May 13, 2013 5:04pm May 13, 2013 5:04pm
Quoting baherhosni
{quote} if its time to go up, then what is that little lonely red arrow doing down there sonny?
if we break the red zone it's time to sell , plan B
  • #340,884
  • May 13, 2013 5:15pm May 13, 2013 5:15pm
Quoting -sonny-
{quote} if we break the red zone it's time to sell , plan B



I've taken a smaller than normal mechanical buy with very tight stop just a few pips below Mondays low

Ultimately I do think we go down a bit more today (Tues here), but Tuesdays close will be interesting.

Looking at the 4hr along with previous higher TF analysis, Euro may have even found her bottom today, who knows right.
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  • #340,885
  • May 13, 2013 5:17pm May 13, 2013 5:17pm
Quoting -sonny-
{quote} if we break the red zone it's time to sell , plan B
sonny... are you familiar with something called an H&S pattern? as you should see.. that zone where we re-enter the red zone is gona be the right shoulder, we're gona consolidate around there... then crack the bottom of that red zone to see us completing the H&S pattern down at 1.4850.
be cautious.
i have been warning countless time if we consolidate around these area long enough... the bottom may break.
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #340,886
  • May 13, 2013 5:19pm May 13, 2013 5:19pm
Quoting Ill-b-back
{quote} I've taken a smaller than normal mechanical buy with very tight stop just a few pips below Mondays low Ultimately I do think we go down a bit more today (Tues here), but Tuesdays close will be interesting. Looking at the 4hr along with previous higher TF analysis, Euro may have even found her bottom today, who knows right. {image}
Daily H&S buddy... Daily H&S
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We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #340,887
  • May 13, 2013 5:24pm May 13, 2013 5:24pm
Quoting fxtyrant
{quote} sonny... are you familiar with something called an H&S pattern? as you should see.. that zone where we re-enter the red zone is gona be the right shoulder, we're gona consolidate around there... then crack the bottom of that red zone to see us completing the H&S pattern down at 1.4850. be cautious. i have been warning countless time if we consolidate around these area long enough... the bottom may break.
yes, it's a possibility , for now I will follow plan A, than we'll see , if we break . I use a very strict money management, so for me it's not a problem.

thank for your advice fxtyrant
  • #340,888
  • May 13, 2013 5:33pm May 13, 2013 5:33pm
I am practicing my analysis and have set a pending short at 1,5327 i believe it to be a good spot to short.
  • #340,889
  • May 13, 2013 6:43pm May 13, 2013 6:43pm
Quoting fxtyrant
{quote} Daily H&S buddy... Daily H&S {image}
yeah got that, let's crack the neck line first shall we, don't want to get caught in a bear trap tomorrow
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  • #340,890
  • May 13, 2013 7:26pm May 13, 2013 7:26pm
Just looking for a few on the retest off congestion, but not thinking it will carry though today
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  • #340,891
  • May 13, 2013 7:49pm May 13, 2013 7:49pm
Be careful...counter move!
Quoting Ill-b-back
Just looking for a few on the retest off congestion, but not thinking it will carry though today {image}
  • #340,892
  • May 13, 2013 8:06pm May 13, 2013 8:06pm
Quoting Robby
Be careful...counter move!{quote}
Yes, I fully expect it to come back down and reach a new low around 5215 or so.

But I see this blue area as profit taking followed by a relatively slow retrace. This fat head top is not typical of a strong reversal move, I see it no were else on the daily charts that has then resulted in a complete reversal

The retrace has taken 2 candles to cover the up move by the highlighted bullish candle to the left and still it has not reached that candles low of 5257.

This combined with my higher TF analysis on the monthly and confluence points I highlighted earlier on the daily and weekly has me buying.

I know this goes against your analysis, but that's just the way it is

As you can see, I only play with peanuts right now but I am starting this quarter simply playing favourable R/R and low % risk.
My SL will nearly always be much, much smaller than my TP.

I know you want to help and this is appreciated, it always is, particularly when it is done in a constructive manner
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  • #340,893
  • May 13, 2013 8:18pm May 13, 2013 8:18pm
No. I though we were going to get this move on sunday to monday but we had a drop on the start of the week. Now we are going to get the dead cat bounce that you are playing right now. I hope your able to pull some profit out of the dead cat bounce. Glad to see you have a profitable scalp laid out. It should make that with no problem. I think you could get more personally on this move up. My opinion.
Quoting Ill-b-back
{quote} Yes, I fully expect it to come back down and reach a new low around 5215 or so. But I see this blue area as profit taking followed by a relatively slow retrace. This fat head top is not typical of a strong reversal move, I see it no were else on the daily charts that has then resulted in a complete reversal The retrace has taken 2 candles to cover the up move by the highlighted bullish candle to the left and still it has not reached that candles low of 5257. This combined with my higher TF analysis on the monthly and confluence points I...
  • #340,894
  • May 13, 2013 8:18pm May 13, 2013 8:18pm
4 hr.

Note strong bull candles on your weekly chart in line with monthly bull off long term support also.

The way I see it, until this monthly support/resistance area is broken south, we are simply shorting into a monthly bull train.
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  • #340,895
  • May 13, 2013 8:24pm May 13, 2013 8:24pm
Quoting Robby
No. I though we were going to get this move on sunday to monday but we had a drop on the start of the week. Now we are going to get the dead cat bounce that you are playing right now. I hope your able to pull some profit out of the dead cat bounce. Glad to see you have a profitable scalp laid out. It should make that with no problem. I think you could get more personally on this move up. My opinion.{quote}
Yes, I traded a small long on Monday morning (my time). It got stopped out after the US number but the loss is incredibly small in $ and %.

I look for setups at the end of each day. If I get a signal, I take the trade. This is something I wanted to do all of last year but I chose to use too big a trade size for my account, so my nerves stopped me from taking every signal and riding it to the end.

Not going to happen this year or ever again, I missed far too many pips last year and it was frustrating to see my setups take off without me.

I learnt that no matter how good a traders method is, once he starts shitting himself due to over leverage, it's game over.
Come with me if you want to live....
  • #340,896
  • May 13, 2013 8:41pm May 13, 2013 8:41pm
Yep! You haft to use your head and size the trade for the market. We diff on direction but you haft to look at it in the big picture. You say it's long and I say it's short. If you think the market is just correcting...ie counter to the normal movement then the position should be 1/5 to 1/10 or more the size of the normal direction. If you think it's long then you should be on the 10x size ( if basic things are meet...long is the last time the market moved up, is this spot above were it move up last? Clear fib low... If yes then you should be saying this is a valid low and go with it ) if it's a counter move then you should be 1/10 the size of the normal move. So this way you are not risking too much.

Fear is the hardest thing to over come. You haft to believe in your convictions!!! If you do not, this place will leave you with nothing. Sometime it is hard to step in. You haft to look at the data you have and understand what you are looking at and how to apply it. This is were the money comes in. If you have not learned how to look at all the data, you will lose your stack of money. The pocket book will teach you. Make you learn very fast. You can go play with demo accounts all you want. You will take 10 years to lean what you will lean in 3 months of trading real money because in the back of your head the brain dose not relate to any problem. When you trade real money your brain looks at the information differently because you are at risk. That is what you are fighting right now and you are trying to prove to yourself that is xxxxxx works no madder what direction the market is in. So you are forcing yourself into the market with low trades to see what happens. This will do 2 things for you. Sharpen your skills in entering and exiting. Exiting is alot harder than entering. But I do wish you well and I hope you make alot of money.
Quoting Ill-b-back
{quote} Yes, I traded a small long on Monday morning (my time). It got stopped out after the US number but the loss is incredibly small in $ and %. I look for setups at the end of each day. If I get a signal, I take the trade. This is something I wanted to do all of last year but I chose to use too big a trade size for my account, so my nerves stopped me from taking every signal and riding it to the end. Not going to happen this year or ever again, I missed far too many pips last year and it was frustrating to see my setups take off without...
  • #340,897
  • May 13, 2013 8:49pm May 13, 2013 8:49pm
Seems to me we are in the early stages of developing some new momentum as shown by the very first higher swing high at the beginning of this year.

This is my view until the supports are broken. I am simply playing the percentages off support and confluence points as previously highlighted earlier today and yesterday I think.

I also don't believe the Fed will end QE anytime soon, but that is just my opinion.
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  • #340,898
  • May 13, 2013 8:57pm May 13, 2013 8:57pm
Quoting Robby
Yep! You haft to use your head and size the trade for the market. We diff on direction but you haft to look at it in the big picture. You say it's long and I say it's short. If you think the market is just correcting...ie counter to the normal movement then the position should be 1/5 to 1/10 or more the size of the normal direction. If you think it's long then you should be on the 10x size ( if basic things are meet...long is the last time the market moved up, is this spot above were it move up last? Clear fib low... If yes then you should be saying...
Correct, I haven't demo traded for any real length of time since 2008 I think when I first started trading.
I don't like it, I find it is a waste of my time to do it for too long for the exact points you mentioned.
I am in small long right now as I think today will go lower, but I have a signal so taking the trade. It's a weak one but not going to miss it should the unexpected happen (last year taught me that).
Ultimately, I feel (and have charted) that there is very strong confluences around 5215 area or so and we closed very bearish today, so that is why tomorrow will probably grab my attention much more than today
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  • #340,899
  • May 13, 2013 8:59pm May 13, 2013 8:59pm
And thank you very much for your good wishes, I wish you all the same also.

May take me a while to get to 50 lots though

lol...
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  • #340,900
  • May 13, 2013 9:04pm May 13, 2013 9:04pm
Just came back and it triggered, cool. But after reading your guys thoughts i just closed it. I think i will enter a long with sl the low
Quoting Patternz
I am practicing my analysis and have set a pending short at 1,5327 i believe it to be a good spot to short.
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