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Cable Update (GBPUSD)

  • #429,081
  • Apr 21, 2016 5:58am Apr 21, 2016 5:58am
Quoting PatienceFx
{quote} this is the perfect answer to your query answered by the best expert in the entire industry http://technical-analysis.forexlive....pound-20160224
​why is he the best in the entire industry?
  • #429,082
  • Apr 21, 2016 6:01am Apr 21, 2016 6:01am
Quoting Don96
{quote} I can see 1.4 going again, perhaps a good chance to short from around these highs on this move, I think this is a small move within a move... 1.443xx may be the best chance at a short, if that swing provided a valid lower low and isn't a swing within a swing then 1.448x/1.446 may be good opportunities, I haven't looked beyond there for a chance to short, I'm setting all my trades up for longs lower down, so far 1.4011 was my best chance since I posted it a while back... but I'm still waiting for lower, although USDx doesn't look good in...
​
I guess my basis is on that daily trend line that hasn't been closed above yet, but it's looking a possibility today. Another is the 15 min downtrend that could be broken@144, which could just turn out to be a pull back from the hourly up move.
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  • #429,083
  • Apr 21, 2016 6:03am Apr 21, 2016 6:03am
Quoting Don96
{quote} ​why is he the best in the entire industry?
i said one of the best
  • #429,084
  • Apr 21, 2016 6:05am Apr 21, 2016 6:05am
short squeeze before US news?
More or less at 4384 breakout retest/candle reaction zone
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Come with me if you want to live....
  • #429,085
  • Apr 21, 2016 6:05am Apr 21, 2016 6:05am
Quoting redbaron1981
{quote} How come you think I missed the swissy? Surely there is till plenty of head room? I generally dont use fixed stops per se, I prefer vol based stops based around what would logically call my trade a failure. 2-3 weeks is an arbitrary figure I pulled out my head. I would only hold on that long if it was acting right. What kind of mid term target do you have for the cable?
I think there was a good opportunity a 1/4 above SNB day low, I don't think that G/CHF will get back to those lows, ( I hope it does because ill bet my house on longs) I just don't see it, 1.30xx is as far as ill look, 1.33 is a quarter of the move back up, some supports down there... (this is all ignoring the Brexit votes, I haven't been around long enough to see anything like this so I have no idea the impact but judging on BoJo a few months back and the impact he had on the pound, its probably going to be a big move one way or the other...) btw... I'm probably wrong about most/all of this

as for GU if you have the time/effort to go through some of my GU posts, its in there somewhere... 1.45/6 down to sub 1.4 before longer term 1.5
  • #429,086
  • Apr 21, 2016 6:07am Apr 21, 2016 6:07am
Quoting PatienceFx
{quote} i said one of the best
you didn't if you read back youll see, but was just a question as I was interested... not sure about the pound closes below 1.4 in 30 years being too valid... I agree I don't expect it to close below 1.4 this year but eh, theres a long way to go
  • #429,087
  • Apr 21, 2016 6:10am Apr 21, 2016 6:10am
Quoting redbaron1981
Hi Guys, Never really trade cable much so after a bit of help or criticism please. I am thinking about going long the pound either vs the USD or CHF with 2-3 week trade time. The cable looks ripe for a long not sure where I would put the stop but upside targets means it looks like a favorable RR. What do you guys think about this trade idea?
Hey there

I get where your coming from with the "ripe for a long" Idea. I wouldn't choose the USD as the opponent though. I've got the US Dollar Index at the bottom of Wave B of an Intermediate Wave 4 Triangle. I expect the US dollar to be at the start of a good uptrend which should continue for a good month.

I think the New Zealand would be a less Formidable opponent, for a long term trade.
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Phenomenal Return This Year: na
  • #429,088
  • Apr 21, 2016 6:12am Apr 21, 2016 6:12am
Quoting jsk3010
{quote} ​ I guess my basis is on that daily trend line that hasn't been closed above yet, but it's looking a possibility today. Another is the 15 min downtrend that could be broken@144, which could just turn out to be a pull back from the hourly up move. {image} {image}
ive got 4 fibs all intersecting at this level I mentioned the other day for a short, along with that trend line a few people have... its a good op for shorts... if it breaks its going to break, and I'm probably not going to be in short from 1.443xx standing in its way should it be a convincing break
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  • #429,089
  • Apr 21, 2016 6:20am Apr 21, 2016 6:20am
Quoting Don96
{quote} ​you should move your strategy to live... demo is pointless, unless your a beginner and don't have much idea, something to mess around with... for someone who clearly knows their stuff, basics at least... should be on live. pressing a button to sell on a demo with money that isn't real and you don't care about as much or at all, its different...
My strategy isn't finished and barely tested. I'm still changing some rules from time to time.
I have set the deadline for demotesting till the end of this year. Then will review and, if it's profitable, decide if I go live to begin with the smallest lotsize.

And I have some books coming on trading psychology. Gonna read it first.
What's that smell? ---- I smell money!
  • #429,090
  • Apr 21, 2016 6:23am Apr 21, 2016 6:23am
What the Chinese year of the Red Monkey means for financial markets

http://news.forexlive.com/!/chinese-...onday-20160205
  • #429,091
  • Apr 21, 2016 6:23am Apr 21, 2016 6:23am
Quoting SteFX85
{quote} My strategy isn't finished and barely tested. I'm still changing some rules from time to time. I have set the deadline for demotesting till the end of this year. Then will review and, if it's profitable, decide if I go live to begin with the smallest lotsize. And I have some books coming on trading psychology. Gonna read it first.
​okay, do you have a live account?
  • #429,092
  • Apr 21, 2016 6:25am Apr 21, 2016 6:25am
Quoting Don96
{quote} ​okay, do you have a live account?
Not yet, no.
What's that smell? ---- I smell money!
  • #429,093
  • Apr 21, 2016 6:26am Apr 21, 2016 6:26am
Quoting PatienceFx
What the Chinese year of the Red Monkey means for financial markets http://news.forexlive.com/!/chinese-...onday-20160205
Mon - Tue cable makes a trend move

Wed - Friday cable ranges within the limits set

i have been watching this past couple of months
  • #429,094
  • Apr 21, 2016 6:28am Apr 21, 2016 6:28am
Btw if you have a set of rules that you follow whatever happens and you tested them and proven it's profitable in the long run.
The only thing you have to do is follow your rules if you are on a live account.
That will bring me some peace of mind.

No?
What's that smell? ---- I smell money!
  • #429,095
  • Apr 21, 2016 6:29am Apr 21, 2016 6:29am
#GBPUSD one good this pound has going for itself is that it is above the 45D = on the bullish side, still waiting to pull the trigger, pound @ Res now but dont sleep it could go higher...... today could be a bull trap, so the higher it goes the better to get in at a discount
Attached Image (click to enlarge)
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"W. D. Gann said that time is the most important factor among all things."
  • #429,096
  • Apr 21, 2016 6:31am Apr 21, 2016 6:31am
Quoting SteFX85
Btw if you have a set of rules that you follow whatever happens and you tested them and proven it's profitable in the long run. The only thing you have to do is follow your rules if you are on a live account. That will bring me some peace of mind. No?
​Following the rules with real money is where those psycology books 'could' help you out no end. Logically there should be no difference between trading live and demo, but most traders act on emotion. Something I am constantly working on
  • #429,097
  • Apr 21, 2016 6:32am Apr 21, 2016 6:32am
Quoting jsk3010
{quote} ​Following the rules with real money is where those psycology books 'could' help you out no end. Logically there should be no difference between trading live and demo, but most traders act on emotion. Something I am constantly working on
Sometimes I catch myself acting on emotion even on demo. Just because I want it to work I think..
What's that smell? ---- I smell money!
  • #429,098
  • Apr 21, 2016 6:33am Apr 21, 2016 6:33am
Quoting PatienceFx
{quote} Mon - Tue cable makes a trend move Wed - Friday cable ranges within the limits set i have been watching this past couple of months
Interesting!
Do your homework, follow the footprints of smart money
  • #429,099
  • Apr 21, 2016 6:36am Apr 21, 2016 6:36am
Quoting USDollar
#GBPUSD one good this pound has going for itself is that it is above the 45D = on the bullish side, still waiting to pull the trigger, pound @ Res now but dont sleep it could go higher...... today could be a bull trap, so the higher it goes the better to get in at a discount {image}
I agree, and i expect it to drop against Yen and Swiss concurrent.
Phenomenal Return This Year: na
  • #429,100
  • Apr 21, 2016 6:39am Apr 21, 2016 6:39am
Quoting SteFX85
{quote} Sometimes I catch myself acting on emotion even on demo. Just because I want it to work I think..
​These feelings only get amplified on live, especially when you find yourself in DD.
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