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Cable Update (GBPUSD)

  • #347,021
  • Sep 16, 2013 4:23am Sep 16, 2013 4:23am
Shorted it, let's see if it goes down as my charts show.
  • #347,022
  • Sep 16, 2013 4:31am Sep 16, 2013 4:31am
Trading is not a game that 1+1=2 always.
  • #347,023
  • Sep 16, 2013 4:34am Sep 16, 2013 4:34am
anyone knows why the us index droped so much, but gold did not rise? It should be counter-trended?
  • #347,024
  • Sep 16, 2013 4:36am Sep 16, 2013 4:36am
5957 the current daily hi...supply encountered there after the opening gap up on Summers announcement....Price looking ever more over extended on subsequently higher t/f's...still a lot of traders feeling the pain from holding shorts. general opa uptrends 1hr to weekly persist at time of writing.

Will the gap fill anytime soon and ease some of the pain ?

G/L

To the immediate near-term upside

5950-57 prev 1hr/minor 4hr sw hi zone incl 5954 = Daily R2 @/around
5964 Weekly R1 @/around
5984 76.4% 6349-4811
5998-6058 prev minor weekly sw lo zone (non immed) incl 5998 = 61.8% 6746-4811, and 5995-6017 prev minor daily sw lo zone, 6024 = Daily R3 @/around, and 6052 = Weekly R2 @/around, and 6055 = Monthly R2 @/around
6122 85.4% 6349-4811
6165-6178 prev daily sw hi zone
[ 6180-6200 weekly desc t/line coming thru on this week's weekly candle (if reached.)
[ 6190-6210 weekly/monthly descending trend line (top of old monthly contracting triangle) coming thru on weekly candle
6278-6309-6349 prev daily/weekly/monthly sw hi zone incl 6278=76.4% 6746-4811, and 6309 = Weekly R3 @/around
6394 Monthly R3 @/around
ex member
  • #347,025
  • Sep 16, 2013 5:15am Sep 16, 2013 5:15am
imho there's nothing to be done with cable atm unless waiting for better price to long.. but perhaps you can find good price to long on gold at about current price..

just my 2 cents..
  • #347,026
  • Sep 16, 2013 5:18am Sep 16, 2013 5:18am
Quoting A-speculator
imho there's nothing to be done with cable atm unless waiting for better price to long.. but perhaps you can find good price to long on gold at about current price.. just my 2 cents..
the price i will be watching to long on cable is between 5820-5860 area..

good luck guys
  • #347,027
  • Sep 16, 2013 5:28am Sep 16, 2013 5:28am
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdmonthly.png Size: 56 KB
  • #347,028
  • Sep 16, 2013 5:48am Sep 16, 2013 5:48am
Quoting Rvb
{image}
Looking good..

Nice indi

Regards
  • #347,029
  • Sep 16, 2013 5:50am Sep 16, 2013 5:50am
Quoting 5percent
A1 Short entry @ 1.5951, stop 1.5960. -> Short term pull back shorts to 1.5895-85 or 1.5840. Will look for reaction upon reaching levels. Trade will be automatically BE upon 1.5928 broken, and stop loss will be taken upon 1.5960. Current hour close will determined the validity of my position. Hour close above 1.5950, position likely invalid, close under 1.5950 = likely valid. Further sell stops below 1.5927 to be activated favorably in Europe Sessions for the levels stated earlier, upon sell stop activated. Earlier A1 short will be BE + trail. If...
trading management applied as indicated.
  • #347,030
  • Sep 16, 2013 6:32am Sep 16, 2013 6:32am
I don't see a reason to short yet and won't consider it until 1.5995; if it breaks out above 1.6130 (the most active supply zone) i'll have to reassess. Will consider expanding position or TP between at 1.5840 then 1.5670 then 1.5543. Don't see it hitting 1.5995 before Wednesday, based on the channel in my chart.

The RSI and long stochastic are in overbought territory on the daily (Stochastic on weekly also) but we aren't seeing a dip below the overbought lines on either , so it still has room to move higher from where it stands today.

The MACD histogram is still making higher highs, but disparity between this session and the last is much smaller than those prior (bit early to call this as this session hasn't ended yet but i expect today to be quite flat).

Can i ask what charts you guys are using, the one i'm using is alright but i'm sure there are better.

MoominP
  • #347,031
  • Sep 16, 2013 6:36am Sep 16, 2013 6:36am
Good day,

We may be bound for a journey south on USD/JPY... Retail buyers entering in large numbers. What impact will this have on GU? Current negative correlation is 79% taken over a 50 period weekly

Regards
  • #347,032
  • Sep 16, 2013 7:08am Sep 16, 2013 7:08am
Quoting forexalien
{quote} Alien does not trade with stop loss. High probability trading with low exposure and I have learned my system well, to have the confidence to place winning trades, even when the market goes against you a little, that is an opportunity to add one more small position for more larger profit, But, you do need to know what you are doing with risk management and most don't. Multiple TF's are very Important also with this system, you need to understand what other TF's are doing before placing a trade to increase your odds. All indicators...
Oh I see. Well, enjoy your profit while it lasts. Averaging losers and exposing yourself to unlimited losses works for a while but not forever, eventually you'll get burned badly. You can't have risk management if you can't allocate your risk ahead of time.
  • #347,033
  • Sep 16, 2013 7:59am Sep 16, 2013 7:59am
We are 30 pips away from 1.6 people are talking shorts... this will be tested today.
  • #347,034
  • Sep 16, 2013 8:16am Sep 16, 2013 8:16am
Hello,

Is anyone dare to short GU now.. ?
  • #347,035
  • Sep 16, 2013 8:18am Sep 16, 2013 8:18am
Quoting andexQ
Hello, Is anyone dare to short GU now.. ?
short @ 1.5950 for 35 pips [email protected]
when GOD brings you a challenge he also gives you the power to deal with it
  • #347,036
  • Sep 16, 2013 8:24am Sep 16, 2013 8:24am
Quoting eitan1010
{quote} short @ 1.5950 for 35 pips [email protected]
Hi.. thanks for respond.

Just enter short too at 1.59518, target not defined..
  • #347,037
  • Sep 16, 2013 8:30am Sep 16, 2013 8:30am
Quoting Kanzler
{quote} Oh I see. Well, enjoy your profit while it lasts. Averaging losers and exposing yourself to unlimited losses works for a while but not forever, eventually you'll get burned badly. You can't have risk management if you can't allocate your risk ahead of time.
I understand Risk and I understand Trade Management.............
The More You Learn, The More You Earn.....
  • #347,038
  • Sep 16, 2013 9:04am Sep 16, 2013 9:04am
Quoting andexQ
{quote} Hi.. thanks for respond. Just enter short too at 1.59518, target not defined..
Add second short at 1.59487, open..
  • #347,039
  • Sep 16, 2013 9:24am Sep 16, 2013 9:24am
Quoting andexQ
{quote} Add second short at 1.59487, open..



G/L!!
when GOD brings you a challenge he also gives you the power to deal with it
  • #347,040
  • Sep 16, 2013 9:31am Sep 16, 2013 9:31am
Quoting eitan1010
{quote} G/L!!
Thanks Mate..

Be careful, level 1.5945 isn't safe yet..
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