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Cable Update (GBPUSD)

  • #428,521
  • Apr 15, 2016 1:54pm Apr 15, 2016 1:54pm
Quoting asgcorp
also the outlook for today I obviously didn't get a clear read on the price action. That's why I recommend using a tight stop loss, I entered short @ 4194 and had 15 points stop however moved that to BE and had a free run. You can't get all your entries rights, therefore cut loosers fast and let the winning trades run, that's the basics.
"cut loosers fast and let the winning trades run"

i did exactly that in this week, and i lost a lot! i used to trade with no stops, may be that was better...
  • #428,522
  • Apr 15, 2016 1:56pm Apr 15, 2016 1:56pm
Quoting asgcorp
looking at the daily chart price formed bullish pattern @ the perimeter of the triangle. This could indicate that we will test 4440 area without a re-test of recent lows near 4000. {image}
Call me crazy but im revising my target for GU from 1.3400 to 1.3000 if 1.4256 is not breached and we revisit 1.4105 as is currently. already in from 1.4250
  • #428,523
  • Apr 15, 2016 2:05pm Apr 15, 2016 2:05pm
Quoting asgcorp
{quote} that's true. Seasonality is very strong in April on GBP USD so we can definately do more upside. I was previously looking for another leg down, however with the current price structure on H4 and a sequence of higher lows looks like we are going straight for the kill @ 4440. {image}
Can you let us know where do u get these charts from?
Believe in your thesis and stick to the plan, don't get scared with moves
  • #428,524
  • Apr 15, 2016 2:06pm Apr 15, 2016 2:06pm
Quoting Makavell
{quote} Call me crazy but im revising my target for GU from 1.3400 to 1.3000 if 1.4256 is not breached and we revisit 1.4105 as is currently. already in from 1.4250
You could be right. I have to trade what I see. I can't deny the shift from bear to bull atm it's not long-term it's not month wide, but as of right now unless we clear below 4180 and have an H4 do full body close I will remain bullish until I see a change in bias.
  • #428,525
  • Apr 15, 2016 2:08pm Apr 15, 2016 2:08pm
Quoting She1
{quote} "cut loosers fast and let the winning trades run" i did exactly that in this week, and i lost a lot! i used to trade with no stops, may be that was better...
Look obviously you have to do whatever works best for you having said consider trading off higher time frame, H1 and H4 at least. If you were using a pretty simple/straightforward pivots-based system this week you would've done well! If you top this off with basic RSI 10 you can see hidden divergence, and you'd short sell @ 4300 when price got rejected @ DR1. So i dont know maybe you need to adjust your system, but seriously your stop loss should not be wider than 25 points if you are trading intraday.
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  • #428,526
  • Apr 15, 2016 2:14pm Apr 15, 2016 2:14pm
Quoting Makavell
{quote} Call me crazy but im revising my target for GU from 1.3400 to 1.3000 if 1.4256 is not breached and we revisit 1.4105 as is currently. already in from 1.4250
The deal that can not be argued is that price made a clear landing within the triangle boundary, therefore also shifting bias to bullish atm. Can't argue with that one.
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  • #428,527
  • Apr 15, 2016 2:33pm Apr 15, 2016 2:33pm
also a quick observation on volume and I'm sure Neil would be able to confirm this. We had significant volume flowing into this green tower candle, the red candle which is atm has very very thin volume in it, it's just a retrace, this move lacks strength. 4180-4190 retrace is perfectly fine it won't cancel the bullish outlook.
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  • #428,528
  • Apr 15, 2016 2:39pm Apr 15, 2016 2:39pm
the retrace and low volume in this red H4 candle probably means profit taking before NY fix and weekend.
  • #428,529
  • Apr 15, 2016 2:59pm Apr 15, 2016 2:59pm
Quoting niubee
{quote} I think I agree with you. I have draw trend line and got a slightly different price with your @1.4230. I have set my [email protected] and set sell limit @1.4230
well, you pretty much nailed that mofo to the pip
Come with me if you want to live....
  • #428,530
  • Apr 15, 2016 3:07pm Apr 15, 2016 3:07pm
I wonder if we have 1.3962x next, if 1.4233x holds, its got a shot.. I'm probably wrong​
  • #428,531
  • Apr 15, 2016 3:08pm Apr 15, 2016 3:08pm
bought x 5 std lots GU will hold over weekend. SL 4160. TP 4420.
  • #428,532
  • Apr 15, 2016 3:23pm Apr 15, 2016 3:23pm
Quoting Makavell
{quote} Call me crazy but im revising my target for GU from 1.3400 to 1.3000 if 1.4256 is not breached and we revisit 1.4105 as is currently. already in from 1.4250
I'm in short also, looking for a close below 4180
Come with me if you want to live....
  • #428,533
  • Apr 15, 2016 4:01pm Apr 15, 2016 4:01pm
a very good reason that GU will trade higher next week is EUR GBP topping action. Bear engulfer on weekly chart. EUR GBP has maxed out it's year range of 700-750 points. Pretty much it's topped out. EUR GBP down - GBP USD up. fairly straightforward.
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  • #428,534
  • Apr 15, 2016 4:02pm Apr 15, 2016 4:02pm
ok guys have a good weekend see you on Monday.
  • #428,535
  • Apr 15, 2016 4:15pm Apr 15, 2016 4:15pm
O my god .????
  • #428,536
  • Apr 15, 2016 4:32pm Apr 15, 2016 4:32pm
cable is side ,in a downward channel ,how would it react to the tl is the question
Attached Image(s) (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #428,537
  • Apr 15, 2016 4:45pm Apr 15, 2016 4:45pm
probably best to wait for retrace ,certainly tl is there and monthly open,I would agree to down
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur GBP w1 (DFB).png Size: 34 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #428,538
  • Apr 15, 2016 4:45pm Apr 15, 2016 4:45pm
Quoting asgcorp
a very good reason that GU will trade higher next week is EUR GBP topping action. Bear engulfer on weekly chart. EUR GBP has maxed out it's year range of 700-750 points. Pretty much it's topped out. EUR GBP down - GBP USD up. fairly straightforward. {image}
EG is approaching weekly support just below. I'm watching for a GU pump up to 4260 then watching for signs of rejection. Daily close above 4260 and bulls will have the reins for time being I think
Come with me if you want to live....
  • #428,539
  • Edited 5:24pm Apr 15, 2016 4:52pm | Edited 5:24pm
EU daily hinting at support on the weekly breakout retest
Come with me if you want to live....
  • #428,540
  • Apr 15, 2016 5:01pm Apr 15, 2016 5:01pm
eu has a real problem to break res from that location,and def not upper res high of wick anytime soon
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On-site guru & also FF member's' psychiatrist, when not drinking tea
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