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Cable Update (GBPUSD)

  • #388,041
  • Jul 18, 2014 1:53pm Jul 18, 2014 1:53pm
Quoting albchr
{quote} Okie Dokie So I guess you're long from the bottom of today then. Well done! Have a great weekend folks.
No, my first long got stopped out and I didn't enter the 2nd, because we didn't have a higher double bottom. Next week, if you check my chart, you will know where I will be buying.
Everyone can see the chart, but only a few can actually read it.
  • #388,042
  • Jul 18, 2014 2:01pm Jul 18, 2014 2:01pm
@ ill b back and any of our senior member What causes a Big drop in the GBP and other currencies with out any Fundis
  • #388,043
  • Jul 18, 2014 2:01pm Jul 18, 2014 2:01pm
Bulls who missed the fakey buy setup on the daily, joined to the trend again!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdmicrodaily.png Size: 36 KB
Anything is math!
  • #388,044
  • Jul 18, 2014 2:14pm Jul 18, 2014 2:14pm
I could kick myself for not closing my short earlier. I sure hope this goes down a bit more. Holding shorts over weekend.
  • #388,045
  • Jul 18, 2014 2:15pm Jul 18, 2014 2:15pm
its true buyers make a market go down by taking profit ,they must sell ,then they buy again ,
but the dilemma we have is todays candle bullish or bearish ,

Quoting OnlineAddict
{quote} All I'm saying, that if I'm a bull and want to buy, I let the bears do their job. I just wait and with only bears on the market, the price drops quick. Then when the price is low enough, I start buying. For me, bulls and bears wanting the same, means one stay out and let the other do the job. Thats why most quick spikes get reversed, depends what timeframe they are done on. US market opened and it started falling right away...with not even an attempt to go from a little higher, which is normal for every session open, when price is falling....
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #388,046
  • Jul 18, 2014 2:20pm Jul 18, 2014 2:20pm
Quoting Bones
its true buyers make a market go down by taking profit ,they must sell ,then they buy again , but the dilemma we have is todays candle bullish or bearish , {quote}
Last time we had a candle like that around 6880, before an attack of 6997, it looked similar. The day had a similar pattern, too.
Everyone can see the chart, but only a few can actually read it.
  • #388,047
  • Jul 18, 2014 2:22pm Jul 18, 2014 2:22pm
Monday
1. Break above/below 1.7114
2. Break below/above 1.7058
  • #388,048
  • Jul 18, 2014 2:26pm Jul 18, 2014 2:26pm
Quoting DailyChart
Monday 1. Break above/below 1.7114 2. Break below/above 1.7058
So you are saying we will go either up or down.
Everyone can see the chart, but only a few can actually read it.
  • #388,049
  • Jul 18, 2014 2:27pm Jul 18, 2014 2:27pm
take eu I would say that is a bullish candle , but its purpose is pull back from oversold situ,
you prob find the exact opposite after at some point depending on the move,



Quoting OnlineAddict
{quote} Last time we had a candle like that around 6880, before an attack of 6997, it looked similar. The day had a similar pattern, too.
Attached Image (click to enlarge)
Click to Enlarge Name: eur USD d1 (DFB).png Size: 33 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #388,050
  • Jul 18, 2014 2:27pm Jul 18, 2014 2:27pm
I'm probably 100% wrong here but, what I see in the structure of today's PA is strong sellers (price moves down hard and fast), and then those sellers taking Friday profit (Price dribbles back up as sellers close positions).

I see no signs of "buyers" in the return up. Anyway, have a great weekend folks. The Coronas are cold and I'm finished for the week.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdmm30.png Size: 56 KB
Ghost Rider - WWTBMD?
  • #388,051
  • Jul 18, 2014 2:27pm Jul 18, 2014 2:27pm
Weather we are bearish or bullish is an interesting debate right now. Both sides could make points. There doesn't appear to be much news coming out on monday, so unless this whole Ukraine deal blows up some more, we might be waiting til Tuesday for any direction either way. In any event, i'll keep trading my plan no matter what.
  • #388,052
  • Jul 18, 2014 2:32pm Jul 18, 2014 2:32pm
Quoting Nate04
Weather we are bearish or bullish is an interesting debate right now. Both sides could make points. There doesn't appear to be much news coming out on monday, so unless this whole Ukraine deal blows up some more, we might be waiting til Tuesday for any direction either way. In any event, i'll keep trading my plan no matter what.
We could have a "no news" bullish monday during EU session. Wouldn't be the first time.
Everyone can see the chart, but only a few can actually read it.
  • #388,053
  • Jul 18, 2014 2:32pm Jul 18, 2014 2:32pm
how this candle sits I would say it can not take upper res ,but the line does bother me for bear ,
focus on bullish failure id say
Attached Image (click to enlarge)
Click to Enlarge Name: gbp USD d1 (DFB).png Size: 27 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #388,054
  • Jul 18, 2014 2:34pm Jul 18, 2014 2:34pm
It may finish somewhere around 1.7098 and good to go back to 1.7068............might see 1.7110 / 1.7120 ish before it drops or may drop before then to 1.7060-ish.........like over weekend........
  • #388,055
  • Jul 18, 2014 2:34pm Jul 18, 2014 2:34pm
Quoting TauTrader
{quote} Do not comment on something you do not know of. Another GURU.. Back to party.. Regards
I don't claim to be a guru, but I am not sure how continually adding to a losing position, with ever increasing lot sizes, is a good strategy.

Many traders have ended their trading career doing this. I guess if you have an infinite account, the strategy would work. buy 20 lot goes lower, then 30 lot, etc...eventually price will turn, unless it is a true Black Swan event. I don't have the cash for that.

that martingale casino style works until it doesn't and when it doesn't you are through.

But since I "do not know of" I would love to learn something from a big-timer.

I would love to hear the details of your trade progression. What is steps do use when planning to enter a trade?
  • #388,056
  • Jul 18, 2014 2:40pm Jul 18, 2014 2:40pm
Quoting cspip
It may finish somewhere around 1.7098............might see 1.7110 / 1.7120 ish before it drops or may drop before then to 1.7060-ish.........like over weekend........

This is a great area for a turn, will keep an eye Monday and Tuesday for a decent entry trigger for a short. But with this strong reaction from 1.70330, any short I take will be 1-1 trade.

Actually feel like with this daily pinbar, we could not see a push to multi year highs from here. But as always, PA leads the way.

Have a nice weekend.
  • #388,057
  • Jul 18, 2014 2:41pm Jul 18, 2014 2:41pm
Quoting pipster1
{quote} I don't claim to be a guru, but I am not sure how continually adding to a losing position, with ever increasing lot sizes, is a good strategy. Many traders have ended their trading career doing this. I guess if you have an infinite account, the strategy would work. buy 20 lot goes lower, then 30 lot, etc...eventually price will turn, unless it is a true Black Swan event. I don't have the cash for that. that martingale casino style works until it doesn't and when it doesn't you are through. But since I "do not know of" I would love to learn...
you may have not notices, he´s playing high leveraged on demo account here, (nothing negative on demo!!) but the psycological component is completly missing here...
100K DD on demo, shit yes looks ugly but when this happen on a real account ...

Will say if he is able to show me an explorer of his REAL account traded with same aggression i might remove him from my ignore list,...

BUT

that won´t not happen.

have a nice friday
just do it
  • #388,058
  • Jul 18, 2014 2:43pm Jul 18, 2014 2:43pm
Quoting pipster1
{quote} I don't claim to be a guru, but I am not sure how continually adding to a losing position, with ever increasing lot sizes, is a good strategy. Many traders have ended their trading career doing this. I guess if you have an infinite account, the strategy would work. buy 20 lot goes lower, then 30 lot, etc...eventually price will turn, unless it is a true Black Swan event. I don't have the cash for that. that martingale casino style works until it doesn't and when it doesn't you are through. But since I "do not know of" I would love to learn...
I agree, martingale is risky. I like Tautrader, he is nice and polite, but I also remember he was longing the euro drop since 1.3850, until the account lost most of its $. As you said...it may work for weeks or even months, but then one trade kills the whole account and all the previous work is lost. Its not a problem to make 300% during a week, but also to lose it in 2 days then.
Everyone can see the chart, but only a few can actually read it.
  • #388,059
  • Jul 18, 2014 2:47pm Jul 18, 2014 2:47pm
Quoting albchr
I'm probably 100% wrong here but, what I see in the structure of today's PA is strong sellers (price moves down hard and fast), and then those sellers taking Friday profit (Price dribbles back up as sellers close positions). I see no signs of "buyers" in the return up. Anyway, have a great weekend folks. The Coronas are cold and I'm finished for the week. {image}
Its normal for both sellers and buyers to take profit, but thats why we see those 30-60% pullbacks. Thats a normal pullback within a trend continuation. An almost 100% pullback is not taking profit, imho.
Everyone can see the chart, but only a few can actually read it.
  • #388,060
  • Jul 18, 2014 2:49pm Jul 18, 2014 2:49pm
Quoting pipster1
{quote} This is a great area for a turn, will keep an eye Monday and Tuesday for a decent entry trigger for a short. But with this strong reaction from 1.70330, any short I take will be 1-1 trade. Actually feel like with this daily pinbar, we could not see a push to multi year highs from here. But as always, PA leads the way. Have a nice weekend.
You too

I'm thinking higher too, but a little lower first maybe.....

Just some crazy things happening around the world (which is usual for this crazy world)........gaps everwhere, best to stay out till next week
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