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Cable Update (GBPUSD)

  • #357,321
  • Jan 3, 2014 10:46am Jan 3, 2014 10:46am
Quoting Baggi
{quote} If we get there I'll buy some more. But I've already bought back my shorts.
The way I see it, the move down is in 3 waves (Corrective)
Unless I see a 4th and 5th wave being drawn (Indicating that it may be impulsive), I am bullish for the long haul.
If we do get 5 waves down (Which I seriously doubt), then I am bullish till 50% of the move down and then cautious from there with a tilt to being bearish.
Those who say it cannot be done should not interrupt those who are doing it
  • #357,322
  • Jan 3, 2014 10:50am Jan 3, 2014 10:50am
Quoting FxMaximus
{quote} Well that would work out nicely as I am Long GBP against some commodity currencies...however, I am looking for the smack down of the GBP against the USD. Oh this is fun stuff.
do you still keep the rising wedge scenario on w1?
  • #357,323
  • Jan 3, 2014 10:59am Jan 3, 2014 10:59am
Quoting PipTrapper
{quote} The way I see it, the move down is in 3 waves (Corrective) Unless I see a 4th and 5th wave being drawn (Indicating that it may be impulsive), I am bullish for the long haul. If we do get 5 waves down (Which I seriously doubt), then I am bullish till 50% of the move down and then cautious from there with a tilt to being bearish.
I don't know the first thing about wave trading. I do like my charts though and figuring out market sentiment by how things move on the charts.

But I always like fundamentals and if old ben comes out today and says he's going to start raising rates soon. Watch out.
  • #357,324
  • Jan 3, 2014 10:59am Jan 3, 2014 10:59am
is it the right time for buy? just want to grab 10 pips
  • #357,325
  • Jan 3, 2014 11:00am Jan 3, 2014 11:00am
Quoting PipTrapper
{quote} The way I see it, the move down is in 3 waves (Corrective) Unless I see a 4th and 5th wave being drawn (Indicating that it may be impulsive), I am bullish for the long haul. If we do get 5 waves down (Which I seriously doubt), then I am bullish till 50% of the move down and then cautious from there with a tilt to being bearish.
in my point of view: we had a test of 1,64, which was the breakout-level at the 26.12.13 where a bullrun started, ended above 1,66. if cable goes above Pivot (1,6487, H1) and SMA 100 (1,6496 H1 at the moment), chances are good that we will see new highes - eventually event-driven by heli-bens speach today? nothing i will bet on right now, just waiting for the signal in order to get a scalp...
fortis fortuna adiuvat
  • #357,326
  • Jan 3, 2014 11:03am Jan 3, 2014 11:03am
Quoting deltaone
{quote} in my point of view: we had a test of 1,64, which was the breakout-level at the 26.12.13 where a bullrun started, ended above 1,66. if cable goes above Pivot (1,6487, H1) and SMA 100 (1,6496 H1 at the moment), chances are good that we will see new highes - eventually event-driven by heli-bens speach today? nothing i will bet on right now, just waiting for the signal in order to get a scalp...
Yep, I agree with your view on pivots.
Do you only scalp? Any swing trades in your system?
Those who say it cannot be done should not interrupt those who are doing it
  • #357,327
  • Jan 3, 2014 11:08am Jan 3, 2014 11:08am
Quoting Baggi
{quote} I don't know the first thing about wave trading. I do like my charts though and figuring out market sentiment by how things move on the charts. But I always like fundamentals and if old ben comes out today and says he's going to start raising rates soon. Watch out.
Excellent. That's the way to do it mate. Whatever works and produces coin is all good.

Wave trading is actually quite simple for me. I count the waves and project them with fib retrace and extensions. I yawn a few times while waiting for the fly to land in my web, and then I put my 8 legs into action. Yum Yum

Sometimes the fly gets away, but that's the nature of FX.

Attached Image
Those who say it cannot be done should not interrupt those who are doing it
  • #357,328
  • Jan 3, 2014 11:08am Jan 3, 2014 11:08am
Quoting a16908
{quote} When a currency trader enters into a trade with the intent of protecting an existing or anticipated position from an unwanted move in the foreign currency exchange rates, they can be said to have entered into a forex hedge.
thanks !!1
  • #357,329
  • Jan 3, 2014 11:25am Jan 3, 2014 11:25am
Lil' pullback, but the Pound uptrend is still in place...no reason to get overtly short.
  • #357,330
  • Jan 3, 2014 11:26am Jan 3, 2014 11:26am
Quoting PipTrapper
{quote} Yep, I agree with your view on pivots. Do you only scalp? Any swing trades in your system?
hi piptrapper,
thanks for your reply.
yes, only scalping in my setup with real money, mainly event-driven, and no swing-trades, but this might change in the future, backtesting swing-trading is not finished at the moment. actual, i´m trading cable, eu and dow.
fortis fortuna adiuvat
  • #357,331
  • Jan 3, 2014 11:35am Jan 3, 2014 11:35am
Dear all,

Rejection on Daily Resistance Lines @ Hourly Chart
Attached Image (click to enlarge)
Click to Enlarge Name: Pound.png Size: 23 KB
  • #357,332
  • Jan 3, 2014 11:45am Jan 3, 2014 11:45am
Quoting PipTrapper
{quote} HaHa... You're talking to a guy who believes anything is possible. If people think somebody is nuts here, they probably think it's me
Lol...
what I don't get though, is that Ben has already committed to low interest rates for a number of years into the future even after target unemployment reached.
He has already said he views the recovery as still fragile, noting the poor participation rate and growing "part time" employment.

Why are people betting on the low percentage shot that Ben will raise rates soon? Are they simply echoing a half hearted, half baked, wouldn't know my butt from my foot, media sentiment again who have clearly shown they love to twist, distort and manipulate Bens words?
Come with me if you want to live....
  • #357,333
  • Jan 3, 2014 11:47am Jan 3, 2014 11:47am
Quoting Ill-b-back
{quote} Lol... what I don't get though, is that Ben has already committed to low interest rates for a number of years into the future even after target unemployment reached. He has already said he views the recovery as still fragile, noting the poor participation rate and growing "part time" employment. Why are people betting on the low percentage shot that Ben will raise rates soon? Are they simply echoing a half hearted, half baked, wouldn't know my butt from my foot, media sentiment again who have clearly shown they love to twist, distort and...
Does it matter what Ben says? He's done.

What matters now is what Janet Yellen says/does.
  • #357,334
  • Jan 3, 2014 11:51am Jan 3, 2014 11:51am
Quoting Baggi
{quote} Does it matter what Ben says? He's done. What matters now is what Janet Yellen says/does.
Who is another Dove who is on record as prioritising stable employment and advocating loose policy to achieve it.
Is it patriotism or something because I don't get it.
Come with me if you want to live....
  • #357,335
  • Jan 3, 2014 11:51am Jan 3, 2014 11:51am
Dear all,

What both said doesn't Important - Ben or Janet
The Most Importantly is What the Chart Says


Regards
  • #357,336
  • Jan 3, 2014 11:54am Jan 3, 2014 11:54am
Quoting DailyChart
Dear all, What both said doesn't Important - Ben or Janet The Most Importantly is What the Chart Says Regards
Indeed.
Follow it.
Come with me if you want to live....
  • #357,337
  • Jan 3, 2014 11:58am Jan 3, 2014 11:58am
Quoting DailyChart
Dear all, What both said doesn't Important - Ben or Janet The Most Importantly is What the Chart Says Regards
does the chart make news or vice versa?

f.e. dow-scalping, knowing there´s an event, watching and trading the breakout above P without reading the news makes me smile, a nice little profit

http://td.md.it-finance.com/ProRealT...g&purpose=file
fortis fortuna adiuvat
  • #357,338
  • Jan 3, 2014 11:59am Jan 3, 2014 11:59am
Quoting DailyChart
Dear all, What both said doesn't Important - Ben or Janet The Most Importantly is What the Chart Says Regards
I think it's both important. Fundamentals can give us an edge.

The charts tell me what traders, the majority (Or the ones with the most money) are thinking. Basically, charts turn me into Professor X.

If we go down, this tells me that people are moving their money out and into something else. For example, if GBP/USD goes down, people are moving their money out of the pound and into the dollar (Or maybe something else that is weakening the pound). If it goes up, people are liking the pound. After hours and hours and days and days of this sort of trading, we can get a feel for what the majority of money wants to do and how it wants everything to go.

This is what charts are. Mind reading machines.
  • #357,339
  • Jan 3, 2014 12:01pm Jan 3, 2014 12:01pm
I don't like when the market is shooting up and the GBP/USD isn't following.

Could be though that everyone is gone for the weekend already, I suppose.
  • #357,340
  • Jan 3, 2014 12:03pm Jan 3, 2014 12:03pm
Quoting Baggi
{quote} I think it's both important. Fundamentals can give us an edge. The charts tell me what traders, the majority (Or the ones with the most money) are thinking. Basically, charts turn me into Professor X. If we go down, this tells me that people are moving their money out and into something else. For example, if GBP/USD goes down, people are moving their money out of the pound and into the dollar (Or maybe something else that is weakening the pound). If it goes up, people are liking the pound. After hours and hours and days and days of this...
in addition to your post i would say: the chart is the fastest news-ticker
fortis fortuna adiuvat
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