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Cable Update (GBPUSD)

  • #375,141
  • May 1, 2014 10:19am May 1, 2014 10:19am
Quoting Ryan3645
Guys I just had an interview with an investment bank and don't think it went that well :S They asked me loads and loads of questions, I answered one wrongly in the end but my thinking process was switched off :S :S. I asked them a lot of questions but lets see !!!! Donno if I will get to the next stage
So.... what was the question and what was your answer?
  • #375,142
  • May 1, 2014 10:21am May 1, 2014 10:21am
Quoting Luther
{quote} Wait on the one hour close. Not on the open of the last candle of the UK trading session. They will push for 6900. If it closes above then we rise. the orders are above 6910. If we get a fierce rejection there, then we drop. Close on the line, even bets, above 6910, continuation. imho {image}
how do you know the orders are above 6910? rejection this morning?
  • #375,143
  • May 1, 2014 10:28am May 1, 2014 10:28am
Quoting jonnypants
{quote} how do you know the orders are above 6910? rejection this morning?
You need to identify market equilibrium.

Open a 1H chart.

The main fighting point is on the doji candle center close before the drop, which is exactly on the 6900 line. Then you look at medium term sentiment from the 6918 to 6875 which set the short term range. You take the comfort outside of swing which is typically 10% above or below the half. This is where most people fold bets in a mid term market.
  • #375,144
  • May 1, 2014 10:29am May 1, 2014 10:29am
Quoting ruffryders
{quote} longer-term USDX is getting smacked since triple top formation on monthly charts. In FEB you had a bear engulfer, and April closing stick is also bearish. I view this chart as pretty bearish and a possible move also highlighted on the chart. There could be a minor pullback now on GU, however this won't last. Short-term 6950 barier once breached should be a smooth ride for 7050. Longer term I see much better upside on GU (2-4 months). {image}
yes i see but trying to work on the 5 min can be a a pain in the arse i have had some good moves but that was on the way down,, so i have to play it 50%fib pull back on the last 4 hour candle and enter short 6896,, scalping looking 15 to 20 pip max if you get in at the top your on a bonus ,, the 200 on the 5 min is the strength ??
  • #375,145
  • May 1, 2014 10:32am May 1, 2014 10:32am
Quoting Luther
{quote} You need to identify market equilibrium. Open a 1H chart. The main fighting point is on the doji candle center close before the drop, which is exactly on the 6900 line. Then you look at medium term sentiment from the 6918 to 6875 which set the short term range. You take the comfort outside of swing which is typically 10% above or below the half. This is where most people fold bets in a mid term market.
Dude, you're the boss!!! I'm coming down to Monaco tonight to trade with you; see you in the morning!
  • #375,146
  • May 1, 2014 10:33am May 1, 2014 10:33am
Quoting elbert3
{quote} made a few pounds today navin if you been reading the post think i will try 1 more off the fib numbers

well done bro
  • #375,147
  • May 1, 2014 10:48am May 1, 2014 10:48am
Quoting Luther
{quote} You need to identify market equilibrium. Open a 1H chart. The main fighting point is on the doji candle center close before the drop, which is exactly on the 6900 line. Then you look at medium term sentiment from the 6918 to 6875 which set the short term range. You take the comfort outside of swing which is typically 10% above or below the half. This is where most people fold bets in a mid term market.
I'm still not completely getting it, I thought a doji had a small body and looked like a cross? You're on about the long candle that is engulfed by the fib pattern?
  • #375,148
  • Edited 11:07am May 1, 2014 10:50am | Edited 11:07am
Quoting jonnypants
{quote} Dude, you're the boss!!! I'm coming down to Monaco tonight to trade with you; see you in the morning!

Here comes the test. If they can't go to the line it's a sign of weakness. But never judge strength on the 45M close. This is always the fake zone on smaller cycles. They held on the half line for a reason. Everyone is watching it. It is always about showing your hand, and catching suckers who jump early.

This doji. Inside the red circle.
Attached Image (click to enlarge)
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  • #375,149
  • May 1, 2014 10:53am May 1, 2014 10:53am
And here's the test.... like clockwork.
  • #375,150
  • May 1, 2014 11:00am May 1, 2014 11:00am
Quoting Luther
{quote} and catching suckers who jump early.
yes that's me! I always like to look for double tops and juicy bottoms!
OK off to study some more....cheers!
  • #375,151
  • May 1, 2014 11:00am May 1, 2014 11:00am
Quoting jonnypants
{quote} I'm still not completely getting it, I thought a doji had a small body and looked like a cross? You're on about the long candle that is engulfed by the fib pattern?
This is the candle that established mid term range.
Attached Image (click to enlarge)
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  • #375,152
  • May 1, 2014 11:02am May 1, 2014 11:02am
Quoting jonnypants
{quote} yes that's me! I always like to look for double tops and juicy bottoms! OK off to study some more....cheers!
LOL

Juicy bottoms account for my largest undeductible expenses.
  • #375,153
  • May 1, 2014 11:05am May 1, 2014 11:05am
Quoting Luther
{quote} This is the candle that established mid term range.
at what stage did you determine that?
what time zone r u in? that candle started an hour after London open.....
  • #375,154
  • Edited 7:13pm May 1, 2014 11:21am | Edited 7:13pm
Quoting jonnypants
{quote} at what stage did you determine that? what time zone r u in? that candle started an hour after London open.....
London Open doesn't move the market. It's about the fix.

Set the ADR. Move back to equilibrium to give each participant a chance to make their share and go after price is set.

This is why closes matter. It's washing 90% of the time, not outside targets. When discovery needs a new center point, that's where they flush.

The best way to see this is by understanding time as much as range. And that's as far as I'll go in talking about this.

Best of luck.
  • #375,155
  • May 1, 2014 11:26am May 1, 2014 11:26am
Today sucks!

Edit: sorry for the random post, but i think im losing it after watching today's PA for a while
http://www.stumbleupon.com/su/1A8hgR
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  • #375,156
  • May 1, 2014 11:31am May 1, 2014 11:31am
Quoting gjgjg
Today sucks! Edit: sorry for the random post, but i think im losing it after watching today's PA for a while http://www.stumbleupon.com/su/1A8hgR {image}
Today is a good day bro. Two useless suckers got wacked, that made my day. And GUs trading @ 6900, it's smokin hot.
  • #375,157
  • May 1, 2014 11:33am May 1, 2014 11:33am
Quoting luther
{quote} london open doesn't move the market. It's about the fix. Set the adr. Move back to equilibrium to give each participant a chance to make their share and go after price is set. This is why closes matter. It's washing 90% of the time, not outside targets. When discovery needs a new center point, that's where we flush. The best way to see this is by understanding time as much as range. And that's as far as i'll go in talking about this. Best of luck. Luther out .....sorry, couldn't resist.
we now need to take out 6886
  • #375,158
  • May 1, 2014 11:34am May 1, 2014 11:34am
nobody interested in EG? M1 heavy rejection near 8300, could be good for 200-300 points at least.
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  • #375,159
  • May 1, 2014 11:41am May 1, 2014 11:41am
Quoting ruffryders
nobody interested in eg? M1 heavy rejection near 8300, could be good for 200-300 points at least. {image}
yes i am in it 8205 ..???
  • #375,160
  • May 1, 2014 11:45am May 1, 2014 11:45am
Quoting ruffryders
nobody interested in eg? M1 heavy rejection near 8300, could be good for 200-300 points at least. {image}
Attached Image (click to enlarge)
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scalp it till it turns red
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