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Cable Update (GBPUSD)

  • #395,781
  • Sep 2, 2014 4:06am Sep 2, 2014 4:06am
Quoting Trader1111
I to don’t get it, good numbers mean a plus so up for GDB especially after this long downtrend. Something is fishy here and we suckers are scratching our heads going why. A manipulated FX or I’m I the only one confused here.

This is what we call in set and forget a daily and 4hr wow long, daily trend line and 4hr trend line down was broken to the long side, price comes back to the area which broke the down trend on the specific time frame, then long.....

Possible it shorts to next daily demand at 164944 area but the better level is at 164229 I am currently long at the moment just before news... I dont even look at news any more, they are just bull and bear traps unless at a really good area of supply and demand ....

The 4 hour area pushed price back down which was to be expected as this area did take out a daily demand area
  • #395,782
  • Sep 2, 2014 4:06am Sep 2, 2014 4:06am
Quoting Trader1111
I to don’t get it, good numbers mean a plus so up for GDB especially after this long downtrend. Something is fishy here and we suckers are scratching our heads going why. A manipulated FX or I’m I the only one confused here.

Don't read the news other than for entertainment. Learn pure price action and don't speculate on political or central bank decisions. They defy logic.
  • #395,783
  • Sep 2, 2014 4:07am Sep 2, 2014 4:07am
Quoting iaveight
{quote} This is what we call in set and forget a daily and 4hr wow long, daily trend line and 4hr trend line down was broken to the long side, price comes back to the area which broke the down trend on the specific time frame, then long..... Possible it shorts to next daily demand at 164944 area but the better level is at 164229 I am currently long at the moment just before news... I dont even look at news any more, they are just bull and bear traps unless at a really good area of supply and demand .... The 4 hour area pushed price back down which...
  • #395,784
  • Sep 2, 2014 4:07am Sep 2, 2014 4:07am
what does that mean by free pips?
Quoting YardiFX
Hi all told you last Friday to sell they are giving away free pips... I remain long
  • #395,785
  • Sep 2, 2014 4:08am Sep 2, 2014 4:08am
Quoting elbert3
{quote} still waiting ,,your just showing the other traders your true colours ,,no reply ,,mmmmmmmmmmm
Lmfao, you are seriously sitting around waiting for a reply? So sorry to disappoint, I was busy looking at the charts. It might behoove you to do more of that and less spouting off rubbish on a forum...

Maybe there are some more youtube videos you can go watch?
  • #395,786
  • Sep 2, 2014 4:09am Sep 2, 2014 4:09am
74% of retail traders are long cable. When it was going up they were all short. just an observation
  • #395,787
  • Sep 2, 2014 4:09am Sep 2, 2014 4:09am
Quoting pipster1
{quote} you are very correct sir! Took me 3 years, and over $10k, to pound that idea into my thick skull. Machines do all the trading for the big boys...and how do you think they program them? Technicals
I thank you for that. This'll be the last time I look to news to prove how "right" I am.

I just want to make money. Forget being "right." Waste of time and money.

:/
  • #395,788
  • Sep 2, 2014 4:09am Sep 2, 2014 4:09am
Quoting albchr
{quote} Yes you did. It's times like this I really miss being able to hedge. Taking advantage of the bumps while holding longer term was such a nice advantage long ago.
Its tempting for sure, but this is a high probability game not a cast iron guarantee certainty for anything.... you hedge an it goes against you, you end up with nothing.... you have position yourself, now stick with it... lol
Peace & Pips
  • #395,789
  • Sep 2, 2014 4:09am Sep 2, 2014 4:09am
Quoting OnlineAddict
{quote} Just by watching those news for a year or two. You can always counter trade the pre-news spike with a 10 pip SL. Ideally 5-15 minutes before the news. If there is no clear trend so close before the news, stay out.
Well if you are honestly catching 90%...I will have to look into it.
  • #395,790
  • Sep 2, 2014 4:10am Sep 2, 2014 4:10am
Quoting OnlineAddict
{quote} There are brokers who accept US clients and allow them to hedge.
Thanks OA. I already have one picked out. Just need to wait until I'm flat on all my open positions to make the switch.
Ghost Rider - WWTBMD?
  • #395,791
  • Sep 2, 2014 4:11am Sep 2, 2014 4:11am
Quoting pipster1
{quote} Well if you are honestly catching 90%...I will have to look into it.
Its not every move...but for example yesterday was a textbook example...price was moving up all the way towards news, up to 1 minute before the release. Those are the 90% cases. I even called the short from 6642 yesterday, 1 minute later we had 6614. As I said, to make it safe, use a 10 pip SL and wait for the clear ones. Today was messy, moved both ways before the news.
Everyone can see the chart, but only a few can actually read it.
  • #395,792
  • Sep 2, 2014 4:12am Sep 2, 2014 4:12am
Quoting albchr
{quote} Thanks OA. I already have one picked out. Just need to wait until I'm flat on all my open positions to make the switch.
No idea who you picked, but look into Tallinex, also. One of the best brokers I ever used and so far the only one without those spikes that never happen in real, just on brokers like Oanda, Fxpro, etc.
Everyone can see the chart, but only a few can actually read it.
  • #395,793
  • Sep 2, 2014 4:13am Sep 2, 2014 4:13am
Quoting wendyqq
what does that mean by free pips? {quote}
Very simple, for people to buy they need people to sell... but more importantly they need to buy in at a good entry.... once you can figure out what is a good entry your laughing
Peace & Pips
  • #395,794
  • Sep 2, 2014 4:14am Sep 2, 2014 4:14am
This baby may be ready to fall off the cliff, appears I exited my short too early. GU did make a LL dating back to late March. Am interested in a pullback sell at this point.
  • #395,795
  • Sep 2, 2014 4:17am Sep 2, 2014 4:17am
Quoting guyver_FiXer
Resistance around 1.6600 is being tested a few times. Reckon very short term to test 1.6540 area again before breaking out of this resistance. However with US being on Labour day on Monday and the news maybe hawkish towards the downside, then we could break this very weak trend line on 1H and test below first before breaking to the upside. Have a good weekend all. {image}
Same here, thought the GBP news would have made this 1.6600 more support. However, my view on the simple S/R has played out as I viewed earlier last week.

Now longs are going to struggle for some more ranging/consolidation time to get back to 1.6600 levels and beyond. these oversold indicators can stay oversold for quite some time. These Small retraces to the upside gives this Cable some breather for the bears to continue.

Will this current support hold around this area of 1.6530/40?. Looks doubtful.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 20 KB
  • #395,796
  • Sep 2, 2014 4:17am Sep 2, 2014 4:17am
Quoting OnlineAddict
{quote} No idea who you picked, but look into Tallinex, also. One of the best brokers I ever used and so far the only one without those spikes that never happen in real, just on brokers like Oanda, Fxpro, etc.
What a .... coincidence?
Ghost Rider - WWTBMD?
  • #395,797
  • Sep 2, 2014 4:20am Sep 2, 2014 4:20am
Quoting YardiFX
{quote} Its tempting for sure, but this is a high probability game not a cast iron guarantee certainty for anything.... you hedge an it goes against you, you end up with nothing.... you have position yourself, now stick with it... lol
You're telling me. I was SO tempted to bank all these yesterday and then wait for this to reload again like I did last time but, that's not what this trade is all about.

It still hasn't reached my base yet. It's getting closer but not there yet.
Ghost Rider - WWTBMD?
  • #395,798
  • Sep 2, 2014 4:20am Sep 2, 2014 4:20am
Quoting pipster1
I am semi-bullish on the GU at this point . I may take an entry if we get a push past 1.65840. Midrange charts show a double bottom followed by a higher high. If price tests 1.6605 level again I will place a pending buy (add position) at that level. Also since the last reset, I am counting 5 pushes down with failure on the 5th push (wave). A long retrace to 1.66230 - 1.66440 range seems reasonable if we get a breakout. Again this trade would be counter trend so a quick SL move to break even would be warranted if price heads for +15 or more above...
Mentioned last week that a return to 1.66300 area would be an opportunity to exit if you are holding a higher time frame long position.

Took this short last night...missed the better entry at 166180 and exited too early, but I will take it
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-09-02_GU.png Size: 53 KB
  • #395,799
  • Sep 2, 2014 4:21am Sep 2, 2014 4:21am
Quoting GlobalMacro
{quote} Taking half off @ 1.6620 for +50 pips and letting the rest run... The position is now risk-free. Why? Because : 1.6620 - 1.6570 = +0.0050 realized half => 1/2 x 0.0050 = +0.0025 Remaining risk @ 1.6520 => 1/2 x -0.0050 = -0.0025 => 0.0025 - 0.0025 = 0 i.e. risk-free. Folks please note : THIS is proper risk management , NOT adding to losers and averaging without a stop loss ! Keeping the remaining position open like this: long @ 1.6570 t / p : open s / l : 1.6520 BBL {image}
Quoting GlobalMacro
in long @ 1.6570 , t / p : open , s / l : 1.6519 {image}
...And out of the remaining half @ 1.6545
P&L :
1/2 x +0.0050 = +0.0025
1/2 x -0.0025 = -0.00125

= +12.5 pips
Position flat now.
Hear the music before the song is over ...
  • #395,800
  • Sep 2, 2014 4:23am Sep 2, 2014 4:23am
Quoting pipster1
This baby may be ready to fall off the cliff, appears I exited my short too early. GU did make a LL dating back to late March. Am interested in a pullback sell at this point.
Might be a triple bottom on the H4......could touch down to around 1.6508.....or bounce back up.......

.........but it did close above 1.6533...........
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