I shorted when we retested the high of the day after a the spike (possibly a bit premature but was confident strong resistance). Strange day though, and would have expected a better retrace. For me its a flip of the coin tomorrow for the short term but long term bearish. We have the weekly trend line on the edge of holding, 200ma and the massive one hour volume spike on the 30th that opened exactly where we are holding resistance (which is why I took the short). The resistance line (the high of the day) has a lot of reasons to hold.
Cable Update (GBPUSD)
- #351,922
- Nov 5, 2013 5:31pm Nov 5, 2013 5:31pm
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
must admit I'm short already ,don't see anything myself ,other than w1 ,your tl 2 point {quote}
i'm just hoping to see market building something more....
actually the pressure to the downside looks somehow increasing, but there's still a strong demand.
the very best would be to see if price will now be able to get again into 1.61 area (6180 best) and how much time will be required to get there
otherwise, will be looking for opportunity < 1.60
90% of traders use TA, indicators and prediction
- #351,923
- Nov 5, 2013 5:35pm Nov 5, 2013 5:35pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
{quote} i left indicators ages ago... if i could, i would remove them from the platform so to have more free space in the harddrive
The supply/demand indie I have attached is not based on anything other than previous zones where price has been aggressively rejected and not yet breached.
The virgin ones (Only kissed once) which are indicated in bright colors, are always good for at least one more rejection before they get penetrated. If you just traded these virgin ones, you would have a greater than 70% win rate.
Those who say it cannot be done should not interrupt those who are doing it
- #351,924
- Nov 5, 2013 5:47pm Nov 5, 2013 5:47pm
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
{quote} Okay then ditch the sma. The supply/demand indie I have attached is not based on anything other than previous zones where price has been aggressively rejected and not yet breached. The virgin ones (Only kissed once) which are indicated in bright colors, are always good for at least one more rejection before they get penetrated. If you just traded these virgin ones, you would have a greater than 70% win rate. {file}
personally i prefer to draw those levels by my self (sometimes i don't even draw them) because i believe that some are more or less important, depending on the overall conditions around
90% of traders use TA, indicators and prediction
- #351,925
- Nov 5, 2013 6:00pm Nov 5, 2013 6:00pm
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
{quote} yep, that indi is quite good! the only one i would suggest to use indeed
then sometimes i'm used to 'give an eye' on what is happening in faster timeframes before triggering the trade... even watching the 1minute chart if need
90% of traders use TA, indicators and prediction
- #351,926
- Nov 5, 2013 6:02pm Nov 5, 2013 6:02pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
{quote} yep, that indi is quite good! the only one i would suggest to use indeed
Time for me to hit the sack, so good night.
Those who say it cannot be done should not interrupt those who are doing it
- #351,930
- Nov 5, 2013 9:48pm Nov 5, 2013 9:48pm
For GBPUSD I'm thinking a possible pullback to 1.600 or lower and then we could go to 6115 next.
So much for the pullback.
If price can hold in this area, it could reach my target sooner than expected.
- #351,933
- Nov 5, 2013 10:33pm Nov 5, 2013 10:33pm
{quote} So much for the pullback.
Wait for the PA to show reversal. Daily candle is strong. Just my 2 cents.
- #351,939
- Nov 5, 2013 11:34pm Nov 5, 2013 11:34pm
{quote} I like your chart, it indicates my short is madness
We could get a pullback when Frankie comes online. But I would watch if price forms a descending wedge because that's typically a good sign we will continue up.
{quote} Wait for the PA to show reversal. Daily candle is strong. Just my 2 cents.
I'm still long, but thanks. I agree nothing is indicating to short GBPUSD yet.
