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Cable Update (GBPUSD)

  • #428,041
  • Apr 12, 2016 7:59am Apr 12, 2016 7:59am
pressure is forming above 4265
  • #428,042
  • Apr 12, 2016 7:59am Apr 12, 2016 7:59am
Quoting Don96
1.4255​x/1.4250x
momentum looks too strong, 1.4241x/1.4234x may be last chances on this move
  • #428,043
  • Apr 12, 2016 8:04am Apr 12, 2016 8:04am
Look at the last vol spike, and the candle that goes with it. For the current push down, hourly just closed inside the previous vol bar, but so far, didn't close below it. Important info regarding defense of that vol. If price can't close below it, its real and is being defended for perhaps another push up, which i would like to see..
time will tell...
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  • #428,044
  • Apr 12, 2016 8:11am Apr 12, 2016 8:11am
got it. well I do hope that we move somewhere next 4 hours, cause after that it's pretty much a dud.
  • #428,045
  • Apr 12, 2016 8:13am Apr 12, 2016 8:13am
atm Im short but if I see shit hitting the fan I'll hedge until we test that neckline on M5. Previous H4 though is definately bearish.
  • #428,046
  • Apr 12, 2016 8:21am Apr 12, 2016 8:21am
ok let's do this retest and then off we go.
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  • #428,047
  • Apr 12, 2016 8:22am Apr 12, 2016 8:22am
Quoting Don96
{quote} momentum looks too strong, 1.4241x/1.4234x may be last chances on this move

What's your target for this short?
  • #428,048
  • Apr 12, 2016 8:25am Apr 12, 2016 8:25am
Quoting 10cents
{quote} What's your target for this short?
looking at these levels as possible st end to this move, I didn't short the quarter I posted, couldn't find a valid place for stop loss​

id consider a long here/
  • #428,049
  • Apr 12, 2016 8:25am Apr 12, 2016 8:25am
Quoting nealpek
Look at the last vol spike, and the candle that goes with it. For the current push down, hourly just closed inside the previous vol bar, but so far, didn't close below it. Important info regarding defense of that vol. If price can't close below it, its real and is being defended for perhaps another push up, which i would like to see.. time will tell... {image}
wow, such a peculiarity
thanks for pointing this out
  • #428,050
  • Apr 12, 2016 8:34am Apr 12, 2016 8:34am
you're welcome. There are only 3 things on a chart that can't lie. Volume, price, and where price changed direction. I prefer to use only what is real in my trading. Learn to use these tools and you will throw out and never use another indicator
  • #428,051
  • Apr 12, 2016 8:34am Apr 12, 2016 8:34am
on a side note how do you like the euro guys? How many traders are making money here what do you think?
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  • #428,052
  • Apr 12, 2016 8:40am Apr 12, 2016 8:40am
Neal I do agree with you completely and also once again it's very cool to have you trade with us here.

One more thing, is that though RSI is an indicator, you can pretty much use it very effectively if you look for divergence.

Here's GU H1, the price made a new high, still the RSI pretty much stayed flat, had a DB top pattern. So could be used at least for divergence.
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  • #428,053
  • Apr 12, 2016 8:46am Apr 12, 2016 8:46am
Nice touch on the daily
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What's that smell? ---- I smell money!
  • #428,054
  • Apr 12, 2016 8:47am Apr 12, 2016 8:47am
Quoting Don96
{quote} looking at these levels as possible st end to this move, I didn't short the quarter I posted, couldn't find a valid place for stop loss​ id consider a long here/
​
m5 is why I said id consider, missed 1.4250x missed by pip atm
  • #428,055
  • Apr 12, 2016 8:49am Apr 12, 2016 8:49am
All indicators can work, and they do sometimes. But how consistent are they overall? Placing a trade based on some mathematical algo, seems strange when the markets are so complex. The main reason people use MA's, rsi, etc is because they are not confident in their trading , and look to these tools as confirmation. If the "boys" are out to get your money, and they provide the tools for you to succeed, how reliable can they be? Once you are able to break free of them, your mindset on trading changes dramatically, because you learn to trade what you see, and not what you think!
  • #428,056
  • Apr 12, 2016 8:50am Apr 12, 2016 8:50am
Quoting nealpek
All indicators can work, and they do sometimes. But how consistent are they overall? Placing a trade based on some mathematical algo, seems strange when the markets are so complex. The main reason people use MA's, rsi, etc is because they are not confident in their trading , and look to these tools as confirmation. If the "boys" are out to get your money, and they provide the tools for you to succeed, how reliable can they be? Once you are able to break free of them, your mindset on trading changes dramatically, because you learn to...
that's not true...

and that seems very sensible and logical
  • #428,057
  • Apr 12, 2016 8:50am Apr 12, 2016 8:50am
Quoting nealpek
All indicators can work, and they do sometimes. But how consistent are they overall? Placing a trade based on some mathematical algo, seems strange when the markets are so complex. The main reason people use MA's, rsi, etc is because they are not confident in their trading , and look to these tools as confirmation. If the "boys" are out to get your money, and they provide the tools for you to succeed, how reliable can they be? Once you are able to break free of them, your mindset on trading changes dramatically, because you learn to trade what you...
I've been to BNP Paribas trading desk in London. Pretty sure they do use RSI there. Some other things I do agree are questionable.
  • #428,058
  • Apr 12, 2016 8:54am Apr 12, 2016 8:54am
ok no retest, good deal.
  • #428,059
  • Apr 12, 2016 8:57am Apr 12, 2016 8:57am
Sell stop got hit @ 1.42258.

Thumbs up!

#12 Trade Journal
http://www.forexfactory.com/showthre...51#post8868351
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What's that smell? ---- I smell money!
  • #428,060
  • Apr 12, 2016 8:58am Apr 12, 2016 8:58am
Patterns and party, down we go
Come with me if you want to live....
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