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Cable Update (GBPUSD)

  • #388,281
  • Edited 11:34am Jul 22, 2014 8:01am | Edited 11:34am
Quoting thegmann
{quote} resistance at 1.70550 if we break that most likely I exited my long for now going to re enter if we break above this point. and there we go lol... Targeting 1.70675
Or a drop to 1.7033 ish.............even a quick drop to 1.7017 or 1.6995.....then up
  • #388,282
  • Jul 22, 2014 8:02am Jul 22, 2014 8:02am
hopefully it holds below 7066
but still the daily RSI is not breaking the 50 level....
  • #388,283
  • Jul 22, 2014 8:03am Jul 22, 2014 8:03am
Quoting albchr
{quote} ... Something I tell myself every morning. I "mostly" listen but not always. I often regret when I don't.
I didn't sleep properly since saturday and tomorrow is another one of those days, but I don't want to miss that one, because lately days have been so boring, tomorrow might be the only volatile day of the week.
Everyone can see the chart, but only a few can actually read it.
  • #388,284
  • Jul 22, 2014 8:05am Jul 22, 2014 8:05am
Quoting Mr. Scott
{quote} {quote} No problem, if you remember it is not really there. But it is a target based on structure. Sorry. {quote}
Attached Image


I'll keep that in mind brother. And.....nice pit stop on the chart there sir. What was that one? Within a pip or two? Niiiiiiccccce
Ghost Rider - WWTBMD?
  • #388,285
  • Jul 22, 2014 8:09am Jul 22, 2014 8:09am
Quoting OnlineAddict
{quote} I didn't sleep properly since saturday and tomorrow is another one of those days, but I don't want to miss that one, because lately days have been so boring, tomorrow might be the only volatile day of the week.
I agree Nate. Get some early rest. You want to be up for London me thinks. I will be (as if I had a choice) ...lol
Ghost Rider - WWTBMD?
  • #388,286
  • Jul 22, 2014 8:16am Jul 22, 2014 8:16am
Quoting albchr
{quote} I agree Nate. Get some early rest. You want to be up for London me thinks. I will be (as if I had a choice) ...lol
Not many will be able to trade it though.......spikes.......platform freezing........... huge spreads....but nice to watch nonetheless.....
  • #388,287
  • Jul 22, 2014 8:16am Jul 22, 2014 8:16am
Quoting albchr
{quote} I agree Nate. Get some early rest. You want to be up for London me thinks. I will be (as if I had a choice) ...lol
My alarm will be set! Hope I will have a set up. If not, right back to sleep!
  • #388,288
  • Jul 22, 2014 8:16am Jul 22, 2014 8:16am
Quoting albchr
{quote} I agree Nate. Get some early rest. You want to be up for London me thinks. I will be (as if I had a choice) ...lol
I will probably sleep through asian session today and set alarm for start of london...because I will collapse if I try to watch both.
Everyone can see the chart, but only a few can actually read it.
  • #388,289
  • Jul 22, 2014 8:29am Jul 22, 2014 8:29am
Quoting Nate04
{quote} My alarm will be set! Hope I will have a set up. If not, right back to sleep!
Well the good news is, the fireworks don't start until 4:30am ET. So avoiding the Frankfurt fake anyway, You probably don't need to get up at 3am for London open. So you could have an extra hour and more than likely not miss "too" much? lol
Ghost Rider - WWTBMD?
  • #388,290
  • Jul 22, 2014 8:33am Jul 22, 2014 8:33am
Quoting cspip
{quote} Not many will be able to trade it though.......spikes.......platform freezing........... huge spreads....but nice to watch nonetheless.....
Best time for it for me. Unlike this dribble we've had for two days now.

Now that my broker seems to have fixed the freeze issue I was having, it's been smooth sailing this week and end of last. Hasn't skipped a beat! ...

Anyway, that's a day for me folks. Enjoy and trade safe.
Ghost Rider - WWTBMD?
  • #388,291
  • Jul 22, 2014 8:49am Jul 22, 2014 8:49am
Quoting albchr
{quote} Well the good news is, the fireworks don't start until 4:30am ET. So avoiding the Frankfurt fake anyway, You probably don't need to get up at 3am for London open. So you could have an extra hour and more than likely not miss "too" much? lol
I know going into this, that this is going to sound asinine... That being said, I exclusively trade the 4 hour charts, and my 4 hr candle closes at 3am, so that is when I *try* to wake up, knowing full well I could be falling into the frankfurt trap. Its ok though. I just follow my plan. If it doesn't work, its ok. Like I said before, I only have to win 4 out of 10 to be making money. And since I started posted posting my trades on here again, I'm 2 for 2. So far so good. HDA has his "patience" key word... Mine key phrase is stick to the plan! lol
  • #388,292
  • Jul 22, 2014 9:47am Jul 22, 2014 9:47am
I am SHORT GJ from 173.349 TP 172.589, Then should go up to 172.969, Then DOWN to FINAL Target 171.222
Lets see what happens
A good trader follows his rules, but great trader knows when to break them
  • #388,293
  • Jul 22, 2014 10:10am Jul 22, 2014 10:10am
Interresting facts about tomorrow and the rest of the week. Today will end up as a bearish daily candle(if nothing changes), today is the 5th bearish day. We didn't have 6 bearish days in a row since january 2013. Now we are in a 3rd bearish week, we didn't have 3 bearish weeks(with a bigger difference than a few pips) since june 2013. Just saying...statistically speaking, its safer to be long biased for the rest of the week, no matter what charts say.
Everyone can see the chart, but only a few can actually read it.
  • #388,294
  • Jul 22, 2014 10:12am Jul 22, 2014 10:12am
Quoting ill_be_back
I am SHORT GJ from 173.349 TP 172.589, Then should go up to 172.969, Then DOWN to FINAL Target 171.222 Lets see what happens
Or down to 172.754...........and going back up to 174.071
  • #388,295
  • Jul 22, 2014 10:15am Jul 22, 2014 10:15am
Quoting cspip
{quote} Or down to 172.754...........and going back up to 174.071
I can live with that
Lets see what happens
A good trader follows his rules, but great trader knows when to break them
  • #388,296
  • Jul 22, 2014 10:23am Jul 22, 2014 10:23am
  •  EDG
  • | Joined Feb 2007 | Status: Nothing is fixed. Keep an open mind | 229 Posts
Quoting OnlineAddict
Just saying...statistically speaking, its safer to be long biased for the rest of the week, no matter what charts say.

Not that you are wrong..but personally...i would have preferred to short at a high when price pullback...considering the downmove has been too entrenched and to me..its still in bear zone. A long entry would have to be a hit and run..action.
Hindsight is useless if you never learn anything out from it
  • #388,297
  • Jul 22, 2014 10:27am Jul 22, 2014 10:27am
Quoting EDG
{quote} Not that you are wrong..but personally...i would have preferred to short at a high when price pullback...considering the downmove has been too entrenched and to me..its still in bear zone. A long entry would have to be a hit and run..action.
Its not a safe way to trade just by that, of course, but its interresting, thats all. If we broke all those old statistics, it may be a reversal sign. For me, until 7143 gets touched again, I don't trust the bear. If we touch it tomorrow and go back below 71, I will turn into a bear, at least short term.
Everyone can see the chart, but only a few can actually read it.
  • #388,298
  • Jul 22, 2014 10:29am Jul 22, 2014 10:29am
  •  EDG
  • | Joined Feb 2007 | Status: Nothing is fixed. Keep an open mind | 229 Posts
Quoting OnlineAddict
{quote} Its not a safe way to trade just by that, of course, but its interresting, thats all. If we broke all those old statistics, it may be a reversal sign.
yea..true..anything can happen with the mktt. One can be right only at the moment
Hindsight is useless if you never learn anything out from it
  • #388,299
  • Jul 22, 2014 10:38am Jul 22, 2014 10:38am
Quoting OnlineAddict
{quote} Its not a safe way to trade just by that, of course, but its interresting, thats all. If we broke all those old statistics, it may be a reversal sign. For me, until 7143 gets touched again, I don't trust the bear. If we touch it tomorrow and go back below 71, I will turn into a bear, at least short term.
There is no higher probability one event PA going lower from current level then going lower lot more from 7143
I thought to share basic probability here.People fixated on specific numbers to have PA do something is unnatural way to approach market.
Natural way to approach is Price can do anything at any time.Your edge whatever that is putting odds in your favor one event happening more then another over series of trades.This concept flies over most new traders.

Regards
In trading, you have to be defensive and aggressive at the same time
  • #388,300
  • Jul 22, 2014 10:41am Jul 22, 2014 10:41am
Quoting OnlineAddict
Interresting facts about tomorrow and the rest of the week. Today will end up as a bearish daily candle(if nothing changes), today is the 5th bearish day. We didn't have 6 bearish days in a row since january 2013. Now we are in a 3rd bearish week, we didn't have 3 bearish weeks(with a bigger difference than a few pips) since june 2013. Just saying...statistically speaking, its safer to be long biased for the rest of the week, no matter what charts say.
.. Really?? No matter what the charts say?

Maybe you should close the charts and use a calculator then. 16 days (plus today so far) of bearish price action tells me quite a bit more than "statistics" ever will. I know we're still in a technical bull trend. I know you are Firmly a bull in this trend. Not saying this one has but trends DO end. But dude, seriously, everything you'll ever need to know is in the charts.

Now, can some talking head or data print come out and blow this puppy to 7300+? Sure. But neither the charts nor statistics will EVER show that. As of now, and from a purely PA point of view, this bad girl is going

One of the very first things I learned about this business was, past performance is no guarantee of future results. I don't care if we've had 30 bearish weeks in a row. If PA is saying down, I'm short.

Anyway, just my personal view. Best wishes.
Ghost Rider - WWTBMD?
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