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Cable Update (GBPUSD)

  • #372,061
  • Apr 16, 2014 5:51am Apr 16, 2014 5:51am
Quoting A-speculator
{quote} no mate, that's not what i worried of.. what i'm afraid of is.. seems like you are not into the idea of cutting loss.. this what worries me.. you let your loss to run even after you've seen valid breakout retest where you could cut the loss at minimum..
What???
The valid breakout retest is a bearish signal specs, did you not look at my charts??

lol.

Price breaks down, bounces off local support, comes back up and retests the breakout TL before going back down.

I put the lines on my chart!!

I explained to you in the plainest english I thought possible about my strategy. My SL is above the swing high/Low.

Sorry mate but it gets really hard sometimes
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  • #372,062
  • Apr 16, 2014 5:53am Apr 16, 2014 5:53am
Quoting Ill-b-back
{quote} That's rubbish, EU is over blown at resistance the same as Cable. Don't need intervention for a corrective drop from there. Anyway, I have seen EU and GU travel in opposite directions for weeks. Remember beginning of 2013?
that's how analysis on EG is required to get the idea in comparing the acceleration of eur and gbp.
  • #372,063
  • Apr 16, 2014 5:54am Apr 16, 2014 5:54am
Quoting Ill-b-back
{quote} Tell me, how do you get bullish for next 3 to 6 months? I have noticed Cable tends to roughly follow 3 monthly (quarterly) cycles, bullish then bearish.
Not a criticism or trying to start a heated debate (to many on here recently) but how has cable been bearish in the past 6 months? My view is more bearish despite the recent rise but I do question this comment and I am interested in your view on this.
  • #372,064
  • Apr 16, 2014 5:54am Apr 16, 2014 5:54am
Quoting albchr
{quote} {quote} I couldn't agree more with this. I too am a short term trader meaning I'm both long and short in any "TREND". But just because I'd short up here at strong SR does not negate the fact that this pair is bullish as hell "overall" long term. One look at a monthly/weekly chart should convince anyone I'd think?? This is just a weekly chart. Sure seems like solid consolidation ON TOP of strong support to me. Just "my" opinion though... {image}
If we scan back through the chart, looks like consolidation below strong long term resistance also

(to me)
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  • #372,065
  • Apr 16, 2014 5:55am Apr 16, 2014 5:55am
Quoting Ill-b-back
{quote} What??? The valid breakout retest is a bearish signal specs, did you not look at my charts?? lol. Price breaks down, bounces off local support, comes back up and retests the breakout TL before going back down. I put the lines on my chart!! I explained to you in the plainest english I thought possible about my strategy. My SL is above the swing high/Low. Sorry mate but it gets really hard sometimes
you mean this chart right? say price able to break 6820, what will be your view then?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily.png Size: 22 KB
  • #372,066
  • Apr 16, 2014 5:56am Apr 16, 2014 5:56am
Quoting InNeedOfHelp
{quote} Not a criticism or trying to start a heated debate (to many on here recently) but how has cable been bearish in the past 6 months? My view is more bearish despite the recent rise but I do question this comment and I am interested in your view on this.
HUH???

Where did I say Cable has been bearish for the last 6 months.
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  • #372,067
  • Apr 16, 2014 5:56am Apr 16, 2014 5:56am
Quoting A-speculator
{quote} you mean this chart right? say price able to break 6820, what will be your view then? {image}
yes
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  • #372,068
  • Apr 16, 2014 5:58am Apr 16, 2014 5:58am
Quoting A-speculator
{quote} you mean this chart right? say price able to break 6820, what will be your view then? {image}
Oh Lord above Specs, I'll say it AGAIN!!!

MY STOP IS ABOVE THE SWING HIGH/LOW'S.

So, if it breaks the high???????????

Bloody Hell.......
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  • #372,069
  • Apr 16, 2014 5:58am Apr 16, 2014 5:58am
Quoting Mr.C
{quote} Indeed, apparently that is exactly what I said. Chill man, why so many emotions? Feels like you're jumping all around your screen because of someone else's position. If the call has been made, it means that I saw some zones there and participated. That also means that I am playing both ways.
i know why u opened short cause it was 61% fibonachi level retraced from 6820. fibonachi works 50/50. in order to make good call we need to not blindlly look to tech analysis tools but look what is under all that picture.
  • #372,070
  • Apr 16, 2014 5:59am Apr 16, 2014 5:59am
I don't know if I'm on Acid so no one understands me or what...
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  • #372,071
  • Apr 16, 2014 6:01am Apr 16, 2014 6:01am
Quoting Ill-b-back
{quote} Oh Lord above Specs, I'll say it AGAIN!!! MY STOP IS ABOVE THE SWING HIGH/LOW'S. So, if it breaks the high??????????? Bloody Hell.......
what's up with the attitude bro?

i'm just asking.. cause you made a ascending trendline above the high, it can be considered breakout retest if it is a bear flag situation.. not in this case imho.

anyway, sorry for bothering you bro..
  • #372,072
  • Apr 16, 2014 6:01am Apr 16, 2014 6:01am
Trully saying all that tech. indicators just dont work. Cause u can short from 38 or 50 or 61 but when u see the price brake all that levels and gone to 138% that is it. u are loosing money. those tech tool is like a fake cheese for mouses.
  • #372,073
  • Apr 16, 2014 6:03am Apr 16, 2014 6:03am
Quoting Ill-b-back
{quote} Oh Lord above Specs, I'll say it AGAIN!!! MY STOP IS ABOVE THE SWING HIGH/LOW'S. So, if it breaks the high??????????? Bloody Hell.......
Are you still maried crow victoria from 6200? i keep 6300,6400 last week closed 6160 from last year. This year crow victoria is the some kind of hell like never before.
  • #372,074
  • Apr 16, 2014 6:05am Apr 16, 2014 6:05am
Good day,

another possible scenario - this time long term..

We have serious resistance coming up from 1.6850.( This level would be a short scalp in itself - if touched)

We are entering a possible reversal area all the way up to 1.7065 - I doubt it strongly that we would continue past that. Not without a major retrace ( few 100 pips). His, however needs to happen quickly.

EU is bound to touch 1.4000 - I see that.

So - GU may hang around. We do however have levels lower that are also in play and WILL come into effect. Marked with Blue lines. See chart.

All the best
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily.png Size: 85 KB
  • #372,075
  • Apr 16, 2014 6:06am Apr 16, 2014 6:06am
Quoting Ill-b-back
{quote} If we scan back through the chart, looks like consolidation below strong long term resistance also (to me)

Hahaha...my brother, I'm sure most underwater shorts (not that yours won't pan out mind you) would agree with you That weekly goes back to the great fall of 2007. How much further back do you want to go?

Honest question bro, I'm not being a tart...

And by the way, I agreed with your post a ways back about cable likely ranging (again) this week.
Ghost Rider - WWTBMD?
  • #372,076
  • Apr 16, 2014 6:07am Apr 16, 2014 6:07am
I am still thinking how to make stable system in FX. I had 7 systems but that is not stable.
Do you guys can share your personal strategy. Cause of cause i know the rule Risk:Reward 1:3 or 1:5 but its hard when you get -1 and to reach +5 its hard. Theoretically yes its possible to make 1:5 but in practice 1:1.2
  • #372,077
  • Apr 16, 2014 6:08am Apr 16, 2014 6:08am
Quoting A-speculator
{quote} what's up with the attitude bro? i'm just asking.. cause you made a ascending trendline above the high, it can be considered breakout retest if it is a bear flag situation.. not in this case imho. anyway, sorry for bothering you bro..
Specs, the Ascending TL makes contact with the daily high candle of last week.
I said twice that I put my stops above the swing high/lows but you keep asking me questions about my strategy and what will I do if price breaks above the swing high, when I thought I had been pretty clear.

My stop will obviously get hit!!!

Sorry mate, I guess I'm just impatient at times.
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  • #372,078
  • Apr 16, 2014 6:08am Apr 16, 2014 6:08am
Quoting Ill-b-back
{quote} HUH??? Where did I say Cable has been bearish for the last 6 months.

Tell me, how do you get bullish for next 3 to 6 months? I have noticed Cable tends to roughly follow 3 monthly (quarterly) cycles, bullish then bearish.


You said above that cable tends to follow quarterly cycles which would imply Cable has been bearish in one of the last two quarters?
  • #372,079
  • Apr 16, 2014 6:10am Apr 16, 2014 6:10am
Quoting albchr
{quote} Hahaha...my brother, I'm sure most underwater shorts (not that yours won't pan out mind you) would agree with you That weekly goes back to the great fall of 2007. How much further back do you want to go? Honest question bro, I'm not being a tart...
My view is she is due for a well overdue retrace off resistance.
Considering the extent of the rise from 1.48, I doubt the retrace thus far has been enough.

I got to go, wife needs to chat about something

Have a great day mate
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  • #372,080
  • Apr 16, 2014 6:13am Apr 16, 2014 6:13am
Quoting InNeedOfHelp
{quote} Tell me, how do you get bullish for next 3 to 6 months? I have noticed Cable tends to roughly follow 3 monthly (quarterly) cycles, bullish then bearish. You said above that cable tends to follow quarterly cycles which would imply Cable has been bearish in one of the last two quarters?
I said roughly, not always.

The fact that we have been firmly bullish since September last year, and are now at strong resistance only reinforces my case for a decent quarterly retrace (in my mind anyway).
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