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Cable Update (GBPUSD)

  • #428,481
  • Apr 15, 2016 8:14am Apr 15, 2016 8:14am
Quoting asgcorp
posted this 3 hours ago. was a last call also.
Do you know Elliott Wave at all?

Parts of it can be useful
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It takes a lot for me to IGNORE you, but you can try.
  • #428,482
  • Apr 15, 2016 8:14am Apr 15, 2016 8:14am
Quoting pet
entered buy position 1.4152, sl 1.4116, tp1 1.14190, tp2 1.4245, tp3 1.4308, 1.14350, how about this ? 36pips SL
What timeframe?
The courage of an ANT!!
  • #428,483
  • Apr 15, 2016 8:17am Apr 15, 2016 8:17am
Quoting Erebus
{quote} Do you know Elliott Wave at all? Parts of it can be useful {image}
yeah that's true, MT Predictor is OK, but I prefer manual counts over software. )) no idea about EW )) just getting started.
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  • #428,484
  • Apr 15, 2016 8:21am Apr 15, 2016 8:21am
Not great news from US this will turn up again?
  • #428,485
  • Apr 15, 2016 8:24am Apr 15, 2016 8:24am
Quoting pet
entered buy position 1.4152, sl 1.4116, tp1 1.14190, tp2 1.4245, tp3 1.4308, 1.14350, how about this ? 36pips SL
agree. i have buy too . tp at 1.4350
  • #428,486
  • Apr 15, 2016 8:26am Apr 15, 2016 8:26am
Quoting bondo
{quote} What timeframe?

i don't think it has anything to do with the specific time-frame, more like price itself, technically for me - it is 1.14190 I see as the decision point and for price to print above the level shows the bear hand is very weak momentarily but if it eventually gets above and close on TF higher than H1 and this area is able to support strongly then 1.14420 should entice mid outlook
  • #428,487
  • Apr 15, 2016 8:29am Apr 15, 2016 8:29am
Quoting pet
{quote} i don't think it has anything to do with the specific time-frame, more like price itself, technically for me - it is 1.14190 I see as the decision point and for price to print above the level shows the bear hand is very weak momentarily but if it eventually gets above and close on TF higher than H1 and this area is able to support strongly then 1.14420 should entice mid outlook
Ok I get u!!
The courage of an ANT!!
  • #428,488
  • Apr 15, 2016 8:54am Apr 15, 2016 8:54am
For you ASGCORP: Volume story. See the red bar with the 2 arrows? the corresponding volume is tiny. All of the next attempts to pass this bar failed on "relatively" very high volume when compared to the volume of the first red bar in question. As well, the last green vol bar is now greater than the red volume bar just before it, but so far, price just can't seem to pass this bar with higher vol! Interesting don't you think?
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  • #428,489
  • Apr 15, 2016 8:55am Apr 15, 2016 8:55am
Confuse...
I'm watching from time frame M15 to D1... but I don't see any sign of bullish.
I have short @1.4183.
Maybe I'm wrong or maybe I'm right.
Pennant pattern... one side will win
Don't trust me. I'm still newbie
  • #428,490
  • Apr 15, 2016 9:12am Apr 15, 2016 9:12am
buy, buy, buy 1.4200 will come some day !!!

Don'rt follow me on this one, i am joking . Like I said earlier its ROTTEN PA Today.

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  • #428,491
  • Apr 15, 2016 9:23am Apr 15, 2016 9:23am
Quoting PatienceFx
GBPJPY H4 has a very decent short read your own charts / do your own reading , then decide , its your account
adding to GJ shorts, cya guys next week

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  • #428,492
  • Apr 15, 2016 9:25am Apr 15, 2016 9:25am
Quoting nealpek
For you ASGCORP: Volume story. See the red bar with the 2 arrows? the corresponding volume is tiny. All of the next attempts to pass this bar failed on "relatively" very high volume when compared to the volume of the first red bar in question. As well, the last green vol bar is now greater than the red volume bar just before it, but so far, price just can't seem to pass this bar with higher vol! Interesting don't you think? {image}
If hourly candle won`t close below 200MA in this hour i think we will see move up, we are past option expiries, which could drag cable lower. Still said that, i`m holding short from 1.4182 with sl at 1.4216 and tp 1.405 next week. Tricky movement.
  • #428,493
  • Apr 15, 2016 9:29am Apr 15, 2016 9:29am
Quoting niubee
Confuse... I'm watching from time frame M15 to D1... but I don't see any sign of bullish. I have short @1.4183. Maybe I'm wrong or maybe I'm right. Pennant pattern... one side will win

lol.. this is the kind of market condition where brokers make a killing and several accounts are blown, even good scalpers will get burned, my take is when not sure then do not trade, the picture may become clearer much later, even if an action is missed it should not bother you as there will always be more, and you bet it should not be too difficult to make some pips off the market.

These kinds of scenario happens from time to time, one of my ways of mitigating such is to open two positions(some times more) in the same direction - 1 position SL = TP =R:R 1-1, then let the second position as far the trend allows

ie 1st position SL = 36 pips, TP = 36 + (spread)
2nd position SL = 36 pips, TP = min 1:2 R:R

If 1:1 target met, the 1st position is closed(my balance will remain the same even if I lose out on the other position. The SL on the second position can be moved to BE, depending on circumstance and trader's discretion), and the other allowed to continue,

This means I have already banked my risked amount , i don't not usually move the SL on the second position until well into trend - thats if the trade is succesful (usually is, i must say..wink!)
  • #428,494
  • Apr 15, 2016 9:34am Apr 15, 2016 9:34am
The reason I took this short, other than the volume story, is because of the Bazillion stops below just waiting to be swept. I could be wrong, or my timing could be off, but Its what I would do if I were in "control" of this market. Easy pickings! Time will tell...
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  • #428,495
  • Apr 15, 2016 9:36am Apr 15, 2016 9:36am
Quoting niubee
Confuse... I'm watching from time frame M15 to D1... but I don't see any sign of bullish. I have short @1.4183. Maybe I'm wrong or maybe I'm right. Pennant pattern... one side will win

This is interesting. I am currently reading a book called 'A Complete Guide To Volume Price Analysis' by Anna Coullin. Talks all about price and volume.

Its the key!!

Recommended read. For a Noob like me anyways.
  • #428,496
  • Apr 15, 2016 9:42am Apr 15, 2016 9:42am
Quoting trademb
{quote} This is interesting. I am currently reading a book called 'A Complete Guide To Volume Price Analysis' by Anna Coullin. Talks all about price and volume. Its the key!! Recommended read. For a Noob like me anyways.
http://www.forexfactory.com/showthread.php?t=241760

he is the expert on this topic
  • #428,497
  • Apr 15, 2016 9:51am Apr 15, 2016 9:51am
Quoting PatienceFx
{quote} http://www.forexfactory.com/showthread.php?t=241760 he is the expert on this topic
thanks mate.
  • #428,498
  • Apr 15, 2016 9:51am Apr 15, 2016 9:51am
One more interesting visual. The last 2 high vol green bars have more vol than the red bar before it yet price appears unable to go higher. All that volume without the corresponding movement says "something fishy" is going on. And all that vol can't "breakout" of the mini structure it is in.. Isn't trading fun!!!
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  • #428,499
  • Apr 15, 2016 10:14am Apr 15, 2016 10:14am
Quoting nealpek
One more interesting visual. The last 2 high vol green bars have more vol than the red bar before it yet price appears unable to go higher. All that volume without the corresponding movement says "something fishy" is going on. And all that vol can't "breakout" of the mini structure it is in.. Isn't trading fun!!! {image}
Book explains this exact anomaly. Alarm bells should be ringing.

Possibly reversal?
  • #428,500
  • Apr 15, 2016 10:16am Apr 15, 2016 10:16am
Quoting nealpek
One more interesting visual. The last 2 high vol green bars have more vol than the red bar before it yet price appears unable to go higher. All that volume without the corresponding movement says "something fishy" is going on. And all that vol can't "breakout" of the mini structure it is in.. Isn't trading fun!!! {image}

What software and volume indi are you using mate?
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