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Cable Update (GBPUSD)

  • #342,641
  • Jun 13, 2013 7:55am Jun 13, 2013 7:55am
Quoting Trader88q
its better to wait 1.580 now its clear. its a question of time and we will see 1.5750-1.5800 if not today then tomorow.
take it easy, you do not need to be emotional like this......may be it will suddenly down as soon as you close all your shorts and switch them to long...... Just kidding
  • #342,642
  • Jun 13, 2013 7:55am Jun 13, 2013 7:55am
Quoting Trader88q
dont short pound 5670 is not a resistance not a support its just only price !
Quoting Trader88q
stupid market. technically and fundamentally GBP must drop but it goes up.
Quoting Trader88q
its better to wait 1.580 now its clear. its a question of time and we will see 1.5750-1.5800 if not today then tomorow.
I just love how consistent you are with your inconsistency.
Ghost Rider - WWTBMD?
  • #342,643
  • Jun 13, 2013 7:58am Jun 13, 2013 7:58am
Quoting albchr
{quote} {quote} {quote} I just love how consistent you are with your inconsistency.
and i just love your trade balance in forex per carrier
  • #342,644
  • Jun 13, 2013 8:00am Jun 13, 2013 8:00am
Quoting Trader88q
{quote} and i just love your trade balance in forex per carrier
Thing of beauty, isn't it.
Ghost Rider - WWTBMD?
  • #342,645
  • Jun 13, 2013 8:39am Jun 13, 2013 8:39am
Quoting Ri Dwe
{quote} If you can spot an entry, you should be able to know where or when to exit. Get out when your indicator give you an entry signal. That is the simplest way. But sometime we get the entry signal too late. I use simple math for early warning. For daytrade I use 120-180 as target of one strike, weekly 200-320 and monthly 600 pips. If the rate get into the zone, I will look for resistance/support (Pivot/R/S, EMA, Fibo, whatever). {quote} I don't think it will go that far. It is not impossible, but doesn't occur very often. So don't push your...

Hey Ri Dwe, Thanks for your comments. I like your view/explanation on using the math as early warning, then if it gets in the zone then use resistance/support etc to decide ( I think the early warning term will stick in my head). Sometimes i may sort of get to the same conclusion on my own, but get unsure whether its right and if everyone else is doing something more obvious/simple.

Also thanks for your comments on the double top. Not sure what time frame your looking at however when i look at the 1 hour chart, on the double top i can see there is some major negative divergence. Which normally signify's a change in trend, and seeing as I am trying to trade a trend following technique at the moment, going long all of a sudden didn't look to good. lol

So i re-evaluated my position and closed it at 5 pips ahead, which is a lot better than what i would do in the past and be stubborn and ultimately hurting my position, at least this way i live to fight another day.(even if i needed to take a small loss better than losing the whole stop loss.) Plus I also get to watch it play out without stress now.

So lesson learned today, as well as identifying trend, then waiting for a pull back, I also need to check for indications of a change in trend. Seems so basic when you type it out.

Anyways many thanks, have a nice day mate.
Safety First
  • #342,646
  • Jun 13, 2013 10:22am Jun 13, 2013 10:22am
Last minute stop hunt...or....last line of defense for the dollar. She's looking pretty weak atm.
Attached Image (click to enlarge)
Click to Enlarge Name: USDLFX_GBPLFX_Daily.PNG Size: 60 KB
Ghost Rider - WWTBMD?
  • #342,647
  • Jun 13, 2013 10:28am Jun 13, 2013 10:28am
Making the head, h4
  • #342,648
  • Jun 13, 2013 10:29am Jun 13, 2013 10:29am
Took a short 5720
Key number is 5780 area 61.8Fib retrace
I will continue shorting.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.weekly.png Size: 56 KB
In trading, you have to be defensive and aggressive at the same time
  • #342,649
  • Jun 13, 2013 10:29am Jun 13, 2013 10:29am
Quoting FXMindset
Trying Long @ 1.5645 Stop @ 1.5580 TP : Open
Quoting FXMindset
{quote} added long @ 1.5674 stop @ 1.5632 TP : Open
1 Position Free Ride
2 Position TP target 1.5751
If there was easy money lying around,no one would be forcing it into your
  • #342,650
  • Jun 13, 2013 10:32am Jun 13, 2013 10:32am
Quoting Davit
Took a short 5720 Key number is 5780 area 61.8Fib retrace I will continue shorting. {image}
Agreed
Ghost Rider - WWTBMD?
  • #342,651
  • Jun 13, 2013 10:37am Jun 13, 2013 10:37am
Quoting albchr
{quote} Agreed

I am basically looking for classic Gartley AB=CD waiting for C leg
lets see if it works out.
In trading, you have to be defensive and aggressive at the same time
  • #342,652
  • Jun 13, 2013 10:40am Jun 13, 2013 10:40am
Quoting Davit
{quote} I am basically looking for classic Gartley AB=CD waiting for C leg lets see if it works out.
As we talked about back at the end of April, the 200 and 61.8 (5788) was the place to wait for. I should have been more patient last week but started building shorts too soon. I'll hold them though and as you say, see if it works out.
Ghost Rider - WWTBMD?
  • #342,653
  • Jun 13, 2013 10:53am Jun 13, 2013 10:53am
Quoting ladylike
Making the head, h4
yep it's possible
  • #342,654
  • Jun 13, 2013 12:34pm Jun 13, 2013 12:34pm
Wow weird retrace.... im major long now at 1.5678 with stops below 1.5637 looking for 1.5770-1.5810 area where expecting massive falls
Loser trying to become a winner!
  • #342,655
  • Jun 13, 2013 4:12pm Jun 13, 2013 4:12pm
Quoting MyOpinion
Wow weird retrace.... im major long now at 1.5678 with stops below 1.5637 looking for 1.5770-1.5810 area where expecting massive falls
Yes, taken a small long myself.

The fall maybe deceptively short though.

I am cautious around 5420
Come with me if you want to live....
  • #342,656
  • Jun 13, 2013 6:14pm Jun 13, 2013 6:14pm
Quoting siewhf
GBPUSD expects to be ranging in a short-to-medium term due to strengthening of both the GBP and USD. The GBP is surging to its strongest level in more than three months, given the improving economic data that signals an overall improvement in the UK economy, as the Bank of England (BOE) decided not to add stimulus last week. Similarly, the Dollar is strengthening, provided the better-than-expected jobs data over the past few months. Speculations on tapering the stimulus are rising as the economy’s recovery is in sight. If the Federal Reserve decides...
G/U may go to 1.583.

After July, I believe it will drop back to 1.50.
  • #342,657
  • Jun 14, 2013 1:01am Jun 14, 2013 1:01am
Quoting Grandhis
hi there,all Cable traders want to share my view to this pair for next week,... which is, still bullish for me.. {image}
looks like, the scenario for Cable I posted a week ago are still valid...
but I think I will close my long today,

want to see my pending sell limit executed afterall
  • #342,658
  • Jun 14, 2013 2:00am Jun 14, 2013 2:00am
looking for a down day today..not sure where we are heading but if usd moves well..supports down appear to stop this train..place the seat belt ladies

morning folks
  • #342,659
  • Jun 14, 2013 2:13am Jun 14, 2013 2:13am
Quoting FXMindset
{quote} {quote} Trying Long @ 1.5645 Stop @ 1.5580 TP : Open/added long @ 1.5674 stop @ 1.5632 TP : Open
Morning all,

Still hold long with target 1.5751 or above till 1.5866


Good Luck
If there was easy money lying around,no one would be forcing it into your
  • #342,660
  • Jun 14, 2013 2:35am Jun 14, 2013 2:35am
Quoting nAVIN2007
looking for a down day today..not sure where we are heading but if usd moves well..supports down appear to stop this train..place the seat belt ladies morning folks
Good morning nAVinator.

5540-50 area looks good.
I'm not shorting against this immediate trend but will look for a signal to buy
Come with me if you want to live....
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