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Cable Update (GBPUSD)

  • #358,821
  • Jan 16, 2014 2:35am Jan 16, 2014 2:35am
Quoting petetong
Hello thread readers, is there any support here or will it drop to next support ? 38.2% of the 5853-6603 move here as well right now and in the lower zone 50% of that move. 4hr shown Best Wishes. {image}
Last support now R was 1.6384 next 1.626 if that breaks... look for 1.55 etc
  • #358,822
  • Jan 16, 2014 2:37am Jan 16, 2014 2:37am
Quoting petetong
Hello thread readers, is there any support here or will it drop to next support ? 38.2% of the 5853-6603 move here as well right now and in the lower zone 50% of that move. 4hr shown Best Wishes. {image}
petetong i think we might be going a little lower , if we get a retest of the level 1.367 area but thats how am looking at it.
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  • #358,823
  • Jan 16, 2014 2:37am Jan 16, 2014 2:37am
GU Daily
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  • #358,824
  • Jan 16, 2014 2:38am Jan 16, 2014 2:38am
Quoting IveGotQuads
{quote} Hmm I dont know about shorting this
I can see long term that the trend is still up, but my problem is when do we all admit that the trend is changing (i'm not personally saying it is)? It's easy to keep moving the trend line to suit and upward movement if we just keep lowering the top end.

Price is telling me that we have been having significantly lower highs and lows, we have a bearish engulfing on the weekly chart (and one is forming on the monthly chart)
  • #358,825
  • Jan 16, 2014 2:39am Jan 16, 2014 2:39am

Quoting JimmyC
GU Daily {image}
  • #358,826
  • Jan 16, 2014 2:40am Jan 16, 2014 2:40am
Quoting Griffo
{quote} I can see long term that the trend is still up, but my problem is when do we all admit that the trend is changing (i'm not personally saying it is)? It's easy to keep moving the trend line to suit and upward movement if we just keep lowering the top end. Price is telling me that we have been having significantly lower highs and lows, we have a bearish engulfing on the weekly chart (and one is forming on the monthly chart)
Google dow jones theory...

You are seeing the matrix



G/L
  • #358,827
  • Jan 16, 2014 2:44am Jan 16, 2014 2:44am
Quoting Griffo
{quote} I can see long term that the trend is still up, but my problem is when do we all admit that the trend is changing (i'm not personally saying it is)? It's easy to keep moving the trend line to suit and upward movement if we just keep lowering the top end. Price is telling me that we have been having significantly lower highs and lows, we have a bearish engulfing on the weekly chart (and one is forming on the monthly chart)
The weekly chart is long term but in this instance we are talking about now ..15 min chart analysis. If you want to short maybe wait for it to get to 1.6370 or around that zone. Right now the earlier longs were stopped out and the guys looking to trade the breakout short are been stopped out too right now. Classic bank manipulation which doesnt care about fundamentals or technicals but liquidity
  • #358,828
  • Jan 16, 2014 2:51am Jan 16, 2014 2:51am
Retail traders buying AU.... brave
  • #358,829
  • Jan 16, 2014 2:55am Jan 16, 2014 2:55am
GU 1H...
Note the hammer target R @ 1.63779 BUT wait for the close to confirm...
  • #358,830
  • Jan 16, 2014 2:58am Jan 16, 2014 2:58am
Quoting JimmyC
GU 1H... Note the hammer target R @ 1.63779 BUT wait for the close to confirm...
You going long ?
  • #358,831
  • Jan 16, 2014 2:59am Jan 16, 2014 2:59am
Looks like G/U being affected by GBP/AUD and still in consolidation
  • #358,832
  • Jan 16, 2014 3:00am Jan 16, 2014 3:00am
Quoting JimmyC
GU 1H... Note the hammer target R @ 1.63779 BUT wait for the close to confirm...

Long to 1.63730 counter trend risk 0.5 stop,,, 1.613 etc etc...
  • #358,833
  • Jan 16, 2014 3:01am Jan 16, 2014 3:01am
GU M15

attempting bullish reversal at LO again - 338 to go before any longs here
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  • #358,834
  • Jan 16, 2014 3:08am Jan 16, 2014 3:08am
Quoting JimmyC
{quote} Long to 1.63730 counter trend risk 0.5 stop,,, 1.613 etc etc...
My bad idea for the day... I would stop now...
  • #358,835
  • Jan 16, 2014 3:19am Jan 16, 2014 3:19am
Quoting JimmyC
{quote} My bad idea for the day... I would stop now...
SL = -0.5 had enough, going to shop with my 12% profit less 0.5%

No need to play the 15m the 1h seems to have the profits now...
  • #358,836
  • Jan 16, 2014 3:20am Jan 16, 2014 3:20am
Quoting JimmyC
{quote} My bad idea for the day... I would stop now...
Actually its not a bad idea you just got in too late for the risk to reward to be in your favor. if you get in say at 1.6337 and TP at 1.6373 your stop loss below the hammer would be 1.6314 that makes the trade a little shy of 2 to 1 making it risky to me. BUT if you had gotten in at 1.6320 and SL at 1.6298 (22 pip sl) and TP at 1.6377 you are now working with 3 to 1 and can take half off at 40 pip profit. Not to mention the massive room away from the hammer (about 14 pips) margin/cushion for error in your favor as well.

There are a lot of people that use this set up as their strategy and it works
  • #358,837
  • Jan 16, 2014 3:20am Jan 16, 2014 3:20am
You went out too early.
  • #358,838
  • Jan 16, 2014 3:25am Jan 16, 2014 3:25am
im taking a major hit on my new system im building, still short on gbp/usd tho
  • #358,839
  • Jan 16, 2014 3:32am Jan 16, 2014 3:32am
Quoting IveGotQuads
{quote} Actually its not a bad idea you just got in too late for the risk to reward to be in your favor. if you get in say at 1.6337 and TP at 1.6373 your stop loss below the hammer would be 1.6314 that makes the trade a little shy of 2 to 1 making it risky to me. BUT if you had gotten in at 1.6320 and SL at 1.6298 (22 pip sl) and TP at 1.6377 you are now working with 3 to 1 and can take half off at 40 pip profit. Not to mention the massive room away from the hammer (about 14 pips) margin/cushion for error in your favor as well. There are a lot...

I got out with money in my hand... No need to be right, just need money...

I'm closed, happy with the big mac money and the rent money from last night.... neither target was met but I bank the profit...

Traders don't need to be right they need to make money, I don't mind being wrong, as long as I've got cash in my hand

Even if Chazzle makes 100 pips on this trade, it doesn't really matterto me cause I did that overnight.... Good Luck to Chaz

The principal guys is if you make money, you've done your job...

Lose a little make a lot.

Have an excellent day, I've got other stuff to do... And I'm out flat, so no need to watch the market

Thanks for all the input and trade safe!

G/L
  • #358,840
  • Jan 16, 2014 3:32am Jan 16, 2014 3:32am
Quoting sakisf
You went out too early.
yeah and when you mentioned you were going long I could sense there was no confidence. For this trade you will need about average of 4-5 hrs to reach your target and get out because when NY opens they usually go the opposite direction like clockwork
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