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Cable Update (GBPUSD)

  • #352,301
  • Nov 7, 2013 11:50am Nov 7, 2013 11:50am
Quoting RamsesII
{quote} why not?
give me the reason. ecb has cut the rates and fall by 150pips. And now both r heading upwards. Why???

Will both the pair won't fall further???
  • #352,302
  • Nov 7, 2013 11:51am Nov 7, 2013 11:51am
Quoting TauTrader
Good day to you, looks like we will have a slightly bullish candle.. Could well continue - but a sign for me to run. So- closing all again now. Reaped a good lot of profit from this daily candle. Fortunate. Will not be posting tomorrow - travelling. Unless, off course,I wake up to a bearish daily All the best to you {image}
All best to you too MR. Tau
  • #352,303
  • Nov 7, 2013 11:51am Nov 7, 2013 11:51am
Quoting jitu.ahuja
Why gbp/usd and eur/usd is rising at ths moment???

Gods who move the market sometimes push clear stops then dump.
Pay attention to daily range.Price opened 6080 NY5pm dropped to 60 then back up to 6093 in sink with daily range.
What this means likelihood of further moves up is less then going below 6080 again.When market is uncertain about direction price goes in a range.
80% Forex is not trending.That's true on all time frames.
Daily=Range
Weekly =Range
Monthly =Range
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpusd.weekly.png Size: 47 KB
In trading, you have to be defensive and aggressive at the same time
  • #352,304
  • Nov 7, 2013 11:54am Nov 7, 2013 11:54am
Quoting Davit
{quote} Gods who move the market sometimes push clear stops then dump. Pay attention to daily range.Price opened 6080 NY5pm dropped to 60 then back up to 6093 in sink with daily range. What this means likelihood of further moves up is less then going below 6080 again.
So u mean to say bth pairs will fall further in the remaining trading hours for today???
  • #352,305
  • Nov 7, 2013 11:54am Nov 7, 2013 11:54am
The impulsive 1-2, i-ii appears to be failing, will be invalidated with a new high.

I'm offering the alternative bullish count, that shows this move down being an a-b-c correction, which could also force it to create a triangle range and push up in a final wave 5
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 7NOV13CABLETRI.png Size: 45 KB
Don't have an ego. Always question yourself and your ability.
  • #352,306
  • Nov 7, 2013 11:56am Nov 7, 2013 11:56am
Did not notice as I was dealing with a 1hr chart, that price was EXTREMELY rejected at the 200ema in the 4hr chart. My mistake for not be on the lookout.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 193 KB
  • #352,307
  • Nov 7, 2013 11:56am Nov 7, 2013 11:56am
Quoting jitu.ahuja
{quote} give me the reason.
there's your first problem... there doesn't need to be a reason and looking for one is a losing effort
Don't have an ego. Always question yourself and your ability.
  • #352,308
  • Nov 7, 2013 12:01pm Nov 7, 2013 12:01pm
Quoting RamsesII
{quote} there's your first problem... there doesn't need to be a reason and looking for one is a losing effort
Please clarify as I m unable to undrstnd u properly. I m nt tht technically gud, so plz guide me. As per ur chart I see that it will gone fall in wave 5. So do u mean to say tht i shld hold as it will fall further???
  • #352,309
  • Nov 7, 2013 12:05pm Nov 7, 2013 12:05pm
Quoting jitu.ahuja
{quote} So u mean to say bth pairs will fall further in the remaining trading hours for today???

Yes more likely.
I think only in probabilities.Daily GU has about 80-90pips last 20days 96
That number has been reached already.After 12pm EST London close volume drops.Usually when volume drops prices tend to drift down.
In trading, you have to be defensive and aggressive at the same time
  • #352,310
  • Nov 7, 2013 12:07pm Nov 7, 2013 12:07pm
Quoting jitu.ahuja
{quote} Please clarify as I m unable to undrstnd u properly. I m nt tht technically gud, so plz guide me. As per ur chart I see that it will gone fall in wave 5. So do u mean to say tht i shld hold as it will fall further???
Jitu,
Somebody may have told you that trading is very easy. If they did, they lied to you or forgot to tell you that it is only easy if you have experience dealing with all the intricacies of how the market operates.
If you really want to trade, first go here >>> http://www.babypips.com/school
and then practice in a demo account until you can achieve a decent return with which you are happy.
Those who say it cannot be done should not interrupt those who are doing it
  • #352,311
  • Nov 7, 2013 12:07pm Nov 7, 2013 12:07pm
Quoting RamsesII
The impulsive 1-2, i-ii appears to be failing, will be invalidated with a new high. I'm offering the alternative bullish count, that shows this move down being an a-b-c correction, which could also force it to create a triangle range and push up in a final wave 5 {image} {image}

Nice trading
In trading, you have to be defensive and aggressive at the same time
  • #352,312
  • Nov 7, 2013 12:09pm Nov 7, 2013 12:09pm
Quoting Davit
{quote} Yes more likely. I think only in probabilities.Daily GU has about 80-90pips last 20days 96 That number has been reached already.After 12pm EST London close volume drops.Usually when volume drops prices tend to drift down.
I would drop the last word from your last sentence.
Prices do tend to drift but not always down. Sometimes they drift up
Those who say it cannot be done should not interrupt those who are doing it
  • #352,313
  • Nov 7, 2013 12:12pm Nov 7, 2013 12:12pm
Quoting PipTrapper
{quote} Jitu, Somebody may have told you that trading is very easy. If they did, they lied to you or forgot to tell you that it is only easy if you have experience dealing with all the intricacies of how the market operates. If you really want to trade, first go here >>> http://www.babypips.com/school and then practice in a demo account until you can achieve a decent return with which you are happy.
Thnks buddy. I m learning from the babypips too.

In the meanwhile, I want a suggestn frm ur side as I hve gbp/usd sell deal open at 1.6065, tht's why I need to confirm shall i wait n hold this deal if there is a chances if gbp/usd gone fall in the remaining tradng hours for today.

I wud appreciate if you suggest me on ths
  • #352,314
  • Nov 7, 2013 12:14pm Nov 7, 2013 12:14pm
Quoting PipTrapper
{quote} I would drop the last word from your last sentence. Prices do tend to drift but not always down. Sometimes they drift up
Sir,

This slight bullishness has screwed my plan
  • #352,315
  • Nov 7, 2013 12:17pm Nov 7, 2013 12:17pm
Quoting PipTrapper
{quote} I would drop the last word from your last sentence. Prices do tend to drift but not always down. Sometimes they drift up

I meant in context of daily range.In absence of major news announcement once daily ADR has been reached the smart money basically is done for the day.
Yes Price can drift up as well but in immediate context I think we will go back 6060's or lower by days end.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #352,316
  • Nov 7, 2013 12:21pm Nov 7, 2013 12:21pm
Quoting Davit
{quote} I meant in context of daily range.In absence of major news announcement once daily ADR has been reached the smart money basically is done for the day. Yes Price can drift up as well but in immediate context I think we will go back 6060's or lower by days end. Regards
Well in that case, I retract my suggestions and offer my apologies. You are correct.
Those who say it cannot be done should not interrupt those who are doing it
  • #352,317
  • Nov 7, 2013 12:24pm Nov 7, 2013 12:24pm
Quoting PipTrapper
{quote} Well in that case, I retract my suggestions and offer my apologies. You are correct.

No need for apologies you are correct as well Price can do whatever.I only try to think from perspective of smart money.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #352,318
  • Nov 7, 2013 12:24pm Nov 7, 2013 12:24pm
Quoting PipTrapper
{quote} Well in that case, I retract my suggestions and offer my apologies. You are correct.
Sir,

Both of you are on the same side.. shorty.

Wishing this thing down.

I hope..

Regards
  • #352,319
  • Nov 7, 2013 12:24pm Nov 7, 2013 12:24pm
Quoting TauTrader
{quote} Sir, This slight bullishness has screwed my plan
Ha ha! Mine too!
  • #352,320
  • Nov 7, 2013 12:25pm Nov 7, 2013 12:25pm
Quoting TauTrader
{quote} Sir, This slight bullishness has screwed my plan
You're not alone, but a correction was needed after such a bearish move. Remember tomorrow is NFP and I'm pretty sure the market is pricing in as much dovishness as possible... but they will likely be surprised by a better than expected number tomorrow. It is all part of the business. The big sharks always have a plan to trap the small fish.

Hopefully you and I are the small fish that get away

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Those who say it cannot be done should not interrupt those who are doing it
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