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Cable Update (GBPUSD)

  • #354,581
  • Nov 27, 2013 6:06am Nov 27, 2013 6:06am
Quoting deltaone
Now we have R3. perhabs i will go short, but i will wait for the moment. lunch time with the kiddies
Yep... Lunch time for me also.
I'll be back for pre- NY trade to see what's happening.
Those who say it cannot be done should not interrupt those who are doing it
  • #354,582
  • Nov 27, 2013 6:07am Nov 27, 2013 6:07am
Quoting danzka
I believe GU met a good supply, I'm short
I'm short too since 1.6280 and adding short every 40 pips up to 1.6400 with sl @ 1.6850 for all shorts.

Good luck
  • #354,583
  • Nov 27, 2013 6:10am Nov 27, 2013 6:10am
Quoting PipTrapper
{quote} I wouldn't depend too much on the holding power of previous support and resistance after today. Thin liquidity has a tendency to turn these levels into wet toilet paper. However, I am watching 1.6292 and 1.6250 for possible support areas.

Thanks PT. yes i've 6287 in M1 and a bit lower than 6250 in M5. I agree those supports could be thrown as easyly as a toilet paper.
Don't be smart. Be rich.
  • #354,584
  • Nov 27, 2013 6:13am Nov 27, 2013 6:13am
Quoting maximinus
{quote} Hi Global, You have stolen/borrowed Chazzle's (old) status. Are you as good as this bastard ?
no no no

I took it from him

I was watching a vid of a talk by Linda Raschke ( first saw her on the "Floored" doc. ) she emphasised keeping things consistent - bet size etc - in order to see some consistency - which I understand to mean consistent input = consistent output - it's the way to go - I took GM's line to remind me to strive for the same approach
  • #354,585
  • Nov 27, 2013 6:13am Nov 27, 2013 6:13am
At this point, supposed that we're going to break january high within the next 24/48 hours, it would be interesting to see how many stops are there (is the high of the past 2 years).

An epic short squeeze? I would not rule it out, but i guess it's impossible right now to forecast what will happen.
Personally i see the possibility of a rejection (like happened in january) very unlikely now, so i see more probable the short-squeeze scenario.

Whatever, we'll find out soon.
  • #354,586
  • Nov 27, 2013 6:14am Nov 27, 2013 6:14am
Quoting maximinus
{quote} Hi Global, You have stolen/borrowed Chazzle's (old) status. Are you as good as this bastard ?
If you look again carefully, you will notice that I joined the forum 2 years before he did and I had that status all along...so he's the one who stole mine.


Anyway...no problem...he can have my leftovers.
Hear the music before the song is over ...
  • #354,587
  • Nov 27, 2013 6:14am Nov 27, 2013 6:14am
Quoting Cowboy11
GU has break its month's resistance, it will continue to go up till 1.67
  • #354,588
  • Nov 27, 2013 6:15am Nov 27, 2013 6:15am
Quoting chazzle
{quote} no no no I took it from him
Ok buddy. Hope you are well.

I still love this song : Nashenas - Beshnaw Az Nay.
Don't be smart. Be rich.
  • #354,589
  • Edited 6:48am Nov 27, 2013 6:17am | Edited 6:48am
Quoting chazzle
{quote} no no no I took it from him I was watching a vid of a talk by Linda Raschke ( first saw her on the "Floored" doc. ) she emphasised keeping things consistent - bet size etc - in order to see some consistency - which I understand to mean consistent input = consistent output - it's the way to go - I took GM's line to remind me to strive for the same approach
Hear the music before the song is over ...
  • #354,590
  • Nov 27, 2013 6:17am Nov 27, 2013 6:17am
Quoting GlobalMacro
{quote} Well...if you look again carefully, you will notice that I joined the forum 2 years before he did and I had that status all along...so he's the one who stole mine. Anyway...no problem...he can have my leftovers.
Sorry Global. I kindly teased you, and no intention to offend.
Don't be smart. Be rich.
  • #354,591
  • Nov 27, 2013 6:17am Nov 27, 2013 6:17am
Quoting maximinus
Can we consider it (somehow) as a W pattern and extremely bullish if today close above 6260 GU D {image}
Bullish or not, I just went short on a perfect AB=CD pattern which just got completed (small pos though)


Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh1.png Size: 61 KB


Cheers and good trading
Be water, my friend
  • #354,592
  • Nov 27, 2013 6:18am Nov 27, 2013 6:18am
Next resistance is @1.6377 (this year high),
and I personally think cable will fly through it if the US data missed expectation, even if it just a little.
And even if the data is good, I don't think cable will drop from 1.63 level, it will just hovering around this level since cable is in "super bull" condition now.
  • #354,593
  • Nov 27, 2013 6:20am Nov 27, 2013 6:20am
Quoting pcca-matrix
{quote} I'm short too since 1.6280 and adding short every 40 pips up to 1.6400 with sl @ 1.6850 for all shorts. Good luck
Hi,

trading with that kind of method would only kill you sooner or later,Just set and forget it with proper sl without adding any loses like many did here
accept your loss and find another entry opportunity,the moves will always coming again and again,The key is patient
  • #354,594
  • Nov 27, 2013 6:21am Nov 27, 2013 6:21am
Quoting maximinus
{quote} Sorry Global. I kindly teased you, and no intention to offend.
not a biggie.
Hear the music before the song is over ...
  • #354,595
  • Nov 27, 2013 6:22am Nov 27, 2013 6:22am
Quoting spocktrader
{quote} Bullish or not, I just went short on a perfect AB=CD pattern which just got completed (small pos though) {image} Cheers and good trading
I undertstand your rational and pos.

GL.
Don't be smart. Be rich.
  • #354,596
  • Nov 27, 2013 6:23am Nov 27, 2013 6:23am
We got to a very interesting level driven by news. I wouldn't get too excited talking about high figures just yet. It was a slow burning rally with a final help. I am enjoying the short for now @ 1.6324 with mouse precision
Best time to plant a tree was 20 years ago, second best is now
  • #354,597
  • Nov 27, 2013 6:31am Nov 27, 2013 6:31am
To all those people who left stranded by this bullish GBP move:

There is no fundamental reason for this move.. whenever the economic release stays as expected, we can expect a consolidation or move lower.. but it was not the case today even though we had worse export and bad import figures.
Reason for this move???, simple.. hunting stop loss of retailers.. I heard from a discrete source that there were 75% shorts for gbp pairs and especially for GBP/JPY and this shorts became 90% when gbp dropped initially for 10 mins or so after the GDP data. This was again a move by market to eat all stops for long trades. Once that is done, there were 90% stop losses for shorts which were eaten quickly after gbp/jpy moved higher and now taking a breather at 166 area...
All shorts are dusted now and it will be interesting to see what this pair does in the coming days.. so hang on and good luck.
  • #354,598
  • Nov 27, 2013 6:32am Nov 27, 2013 6:32am
Quoting maximinus
{quote} Ok buddy. Hope you are well. I still love this song : Nashenas - Beshnaw Az Nay.
yeah I'm good - I still look for other versions of that song now and then
  • #354,599
  • Nov 27, 2013 6:33am Nov 27, 2013 6:33am
Quoting pcca-matrix
{quote} I'm short too since 1.6280 and adding short every 40 pips up to 1.6400 with sl @ 1.6850 for all shorts. Good luck

Probably pair will get a retracement to 1.6250 area before moving to continue in the North direction
  • #354,600
  • Nov 27, 2013 6:37am Nov 27, 2013 6:37am
Quoting pcca-matrix
{quote} I'm short too since 1.6280 and adding short every 40 pips up to 1.6400 with sl @ 1.6850 for all shorts. Good luck
good luck to us
In the end its just a stupid numbers game
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