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Cable Update (GBPUSD)

  • #428,101
  • Apr 12, 2016 10:28am Apr 12, 2016 10:28am
Quoting pressok
{quote} may be start go up from here ema 62 h1 or h4
close buy 40 pips . we are playing ranging now .
  • #428,102
  • Apr 12, 2016 10:29am Apr 12, 2016 10:29am
the move south is real and not fake. Price met resistance and got into the supply zone.

Current pullback is weak and will be sold into.
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  • #428,103
  • Apr 12, 2016 10:31am Apr 12, 2016 10:31am
Quoting nealpek
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
I really like the sound of this, thanks for sharing. I must admit, the only indicator that I use at the moment is the RSI, along with S/R and local trend lines (on daily and 4 hour charts).

But I really like the sound of doing away with indicators altogether, but they do sometimes offer great divergence opportunities.

I caught 94 pips of this downwards move, closed my position, and waiting for a retrace to reload another short.

Thanks for sharing (always learning!).
  • #428,104
  • Apr 12, 2016 10:42am Apr 12, 2016 10:42am
Hi all I can say is id be very surprised over the the res above ,that sell off looked a little early to me ,but always trade your own view ,if it goes back I'm def looking short over coming days

Quoting tuty1311
Hi bones. ?, I am still long ....should I have my positio and o short for now thanks
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #428,105
  • Apr 12, 2016 10:50am Apr 12, 2016 10:50am
I'm waiting for a new trade setup until the daily closes. Probably looking at a doji or spinning top, not expecting a lot more movement today..?

Entry signal on H4 is still good.

Outlook Update GBP/USD | 12/04/2016

 

  1. Trend D (EMA 200) - DOWN
  2. Speed D (EMA 55 / EMA 21) - DOWN
  3. Momentum D (SMA 8/EMA 5) - UP
  4. Momentum H4 (SMA 8/EMA 5) - UP

  1. Bias D/H4 (High and Low) - SHORT
  2. Entry H4 (SMA 8/EMA 5, RSI) - WAIT

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What's that smell? ---- I smell money!
  • #428,106
  • Apr 12, 2016 10:58am Apr 12, 2016 10:58am
#GBPUSD B @ 1.4240 / C 1.4280 for a scalp
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"W. D. Gann said that time is the most important factor among all things."
  • #428,107
  • Apr 12, 2016 11:07am Apr 12, 2016 11:07am
Quoting asgcorp
what kind of TP are you guys looking at on this short atm? Looks like we can do 4080 at least. Thoughts appriciated.
1.3400 aint kidding bro
  • #428,108
  • Apr 12, 2016 11:18am Apr 12, 2016 11:18am
Quoting asgcorp
the move south is real and not fake. Price met resistance and got into the supply zone. Current pullback is weak and will be sold into. {image}
Hi , I am stucked at 14323 long I need help ....where can I close my position and where can I go short?
thanks
  • #428,109
  • Apr 12, 2016 11:26am Apr 12, 2016 11:26am
Quoting asgcorp
what kind of TP are you guys looking at on this short atm? Looks like we can do 4080 at least. Thoughts appriciated.
This is what I am looking at but I am managing my trade closely. How we'll get there, I do not know.. An area for concern will be 1.4140 area unless this current bull$hit retrace continues.
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  • #428,110
  • Apr 12, 2016 11:33am Apr 12, 2016 11:33am
Decided to go for a new setup to catch the move tomorrow probably.

Sell Stop @ 1.42335
S/L @ 1.42835 (-50PIPS)
TP1 @ 1.41085 (+125PIPS)
TP2 @ 1.40435 (+190PIPS)

#13 Trade Journal
http://www.forexfactory.com/showthre...88#post8868988

Calling it a day. Time to relax, see you guys!
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What's that smell? ---- I smell money!
  • #428,111
  • Apr 12, 2016 11:41am Apr 12, 2016 11:41am
looks like mostly done for today. Expecting another push higher Wednesday session, quite possible re-test of 4280-4300 area and then will move lower realistic TP on short positions this week is TP1 @ 4140 and TP2 @ 4060.
  • #428,112
  • Apr 12, 2016 11:42am Apr 12, 2016 11:42am
Quoting tuty1311
{quote} Hi , I am stucked at 14323 long I need help ....where can I close my position and where can I go short? thanks
see above, but I recommend you don't use SL more then 25 points on GBPUSD, why no point to keep the loosers, cut loosers fast and look for another entry.
  • #428,113
  • Apr 12, 2016 11:43am Apr 12, 2016 11:43am
Quoting Makavell
{quote} 1.3400 aint kidding bro
yeah look anything is possible, but it ain't gonna happen tmrw for sure. )))
  • #428,114
  • Apr 12, 2016 11:46am Apr 12, 2016 11:46am
Quoting tuty1311
{quote} Hi , I am stucked at 14323 long I need help ....where can I close my position and where can I go short? thanks
see attached. but don't bet your farm on this.
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  • #428,115
  • Apr 12, 2016 11:53am Apr 12, 2016 11:53am
agree with you asgcorp. Hoping for some heavier volume higher up to catch those "late to the party" traders.
  • #428,116
  • Apr 12, 2016 12:07pm Apr 12, 2016 12:07pm
Also notice that GBPUSD is setting up in a major triangle pattern on Daily chart. Previously my take was that we were doing an inverted H&S on daily, but right now I'm not really sure about that.

Triangle setting up and prior to that we had a strong downtrend. Maybe Makavell is not far off with his target @ 3400.

What I do know is that we can't discard all options.

Longer-term doesn't really do much for me personally, since for most part I do trades for 40-80 points on GU. But still if you got the direciton right at least you are trading with the flow I guess.
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  • #428,117
  • Apr 12, 2016 12:08pm Apr 12, 2016 12:08pm
Quoting nealpek
agree with you asgcorp. Hoping for some heavier volume higher up to catch those "late to the party" traders.
+++
  • #428,118
  • Apr 12, 2016 12:12pm Apr 12, 2016 12:12pm
if the above triangle on D1 is legit then potentially this EW count makes sense to me. currently doing the C to D down.

Also the implication is that trading this triangle will get tougher once we get closer to the tip due to range contraction.
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  • #428,119
  • Apr 12, 2016 12:14pm Apr 12, 2016 12:14pm
Guys some feedback would be good. Do you think GU triangle is legit on daily?
  • #428,120
  • Apr 12, 2016 12:34pm Apr 12, 2016 12:34pm
Quoting asgcorp
Guys some feedback would be good. Do you think GU triangle is legit on daily?
I don't know much about EW as I am a supply and demand trader, however, I do agree with your analysis. Now sure how far this retrace will go but I also agree with 4360-80 range before we move downward as retail traders have bought right into supply. What we need now is institutional sellers to step in and continue the C-->D leg to form.
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